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Livermore
Livermore
ZHEN

Darlington Partners Capital Management, LP

SEC CIK
0001854440
Latest filing
Aug 14, 2026

The latest 13F from Darlington Partners Capital Management, LP covers Q2 2026 (filed Aug 14, 2026): 10 long positions worth $2.27B. The top 10 holdings make up 100.0% of the portfolio, and the largest is TPG Inc. (TPG) at 16.1%. Livermore has 21 filings on Form 13F from this institution, going back to Q4 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
0
Added
2
Est. +$56.6M
Reduced
3
Est. −$97.7M
Sold out
0

Top 5 holdings

Share of this quarter's portfolio value

  1. TPGTPG Inc.
    16.1%$364.9MHistory
  2. FOURShift4 Payments, Inc.
    15.4%$348.4MHistory
  3. LPLALPL Financial Holdings Inc.
    12.3%$279.7MHistory
  4. TKOTKO Group Holdings, Inc.
    12.0%$271.8MHistory
  5. CRMSalesforce, Inc.
    10.8%$244.7MHistory

Share of portfolio

Top 5 holdings and the other 5 positions, by share of portfolio value

  1. TPG16.1%
  2. FOUR15.4%
  3. LPLA12.3%
  4. TKO12.0%
  5. CRM10.8%
  6. Other 5 positions33.4%

Biggest buys

New and added positions, by estimated amount bought

  1. FOURShift4 Payments, Inc.
    +$28.5MAddedHistory
  2. LPLALPL Financial Holdings Inc.
    +$28.2MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. FOURShift4 Payments, Inc.
    +2.46 pp12.9% → 15.4%History
  2. LPLALPL Financial Holdings Inc.
    +0.28 pp12.1% → 12.3%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. LINELineage, Inc.
    −$53.4MReducedHistory
  2. WMGWarner Music Group Corp.
    −$22.9MReducedHistory
  3. FUNSix Flags Entertainment Corporation
    −$21.3MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. LINELineage, Inc.
    −1.15 pp4.1% → 2.9%History
  2. WMGWarner Music Group Corp.
    −0.65 pp8.7% → 8.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$2.27B
+$39.5M (+1.8%) vs. prior quarter
Positions
10
0 vs. prior quarter
Top 10 concentration
100.0%
Top 10 as share of value
Turnover
2.5%
Q2 2026, one quarter
Average holding period
10.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q4 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.14B (Q2 2025)

Q4 2021: $1.49BQ1 2022: $1.33BQ2 2022: $1.29BQ3 2022: $1.21BQ4 2022: $1.10BQ1 2023: $1.33BQ2 2023: $1.46BQ3 2023: $1.62BQ4 2023: $1.74BQ1 2024: $1.74BQ2 2024: $2.04BQ3 2024: $2.47BQ4 2024: $2.68BQ1 2025: $2.99BQ2 2025: $3.14BQ3 2025: $2.96BQ4 2025: $2.50BQ1 2026: $2.23BQ2 2026: $2.27B
Q4 2021Q2 2026
13F filings of Darlington Partners Capital Management, LP by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202610$2.27BTPGFOURLPLAvs. Q1 2026SEC
Q1 2026May 15, 202610$2.23BTPGCRMFOURvs. Q4 2025SEC
Q4 2025Feb 17, 202614$2.50BFOURCRMTPGvs. Q3 2025SEC
Q3 2025Nov 14, 202514$2.96BWMGFOURCRMvs. Q2 2025SEC
Q2 2025Aug 14, 202514$3.14BFOURTKOWMGvs. Q1 2025SEC
Q1 2025May 15, 202514$2.99BFOURWMGTKOvs. Q4 2024SEC
Q4 2024Feb 14, 202514$2.68BTKOCRMWMGvs. Q3 2024SEC
Q3 2024Nov 14, 202413$2.47BTKOCRMWMGvs. Q2 2024SEC
Q2 2024Sep 10, 2024Amended11$2.04BTKOCRMLNGvs. Q1 2024SEC
Q1 2024May 15, 202413$1.74BTKOCRMCOLDvs. Q4 2023SEC
Q4 2023Feb 14, 202416$1.74BBXWMGCRMvs. Q3 2023SEC
Q3 2023Nov 14, 202315$1.62BBXVRRMLNGvs. Q2 2023SEC
Q2 2023Aug 14, 202315$1.46BBXVRRMLNGvs. Q1 2023SEC
Q1 2023Jun 26, 202318$1.33BBXVRRMLNGvs. Q4 2022SEC
Q4 2022Feb 14, 202319$1.10BWMGBXVRRMvs. Q3 2022SEC
Q3 2022Nov 14, 202233$1.21BVRRMWMGLPLAvs. Q2 2022SEC
Q2 2022Aug 15, 202233$1.29BVRRMLPLAWMGvs. Q1 2022SEC
Q1 2022May 15, 202318$1.33BBXVRRMLNGvs. Q4 2021SEC
Q4 2021Feb 14, 202237$1.49BLNGWMGVRRM–SEC

13D and 13G filings

Companies where Darlington Partners Capital Management, LP reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

4 companies, largest stake first.

Companies where Darlington Partners Capital Management, LP owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
FOURShift4 Payments, Inc.13G/A8.30%6.58M shares+0.10 ppfrom 8.20%Mar 25, 20254 filingsMay 15, 2026SEC
FUNSix Flags Entertainment Corporation13G/A7.50%7.70M shares−1.00 ppfrom 8.50%Mar 11, 20256 filingsAug 14, 2026SEC
TPGTPG Inc.13G5.90%9.00M sharesNewMar 20, 20261 filingMar 20, 2026SEC
WMGWarner Music Group Corp.13G5.10%7.55M shares+0.60 ppfrom 4.50%Mar 25, 20255 filingsApr 1, 2026SEC

Latest filings

31 filings on file made by Darlington Partners Capital Management, LP or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Darlington Partners Capital Management, LP
CompanyFiled (ET)FormStakeChangeEvent dateFiling
FUNSix Flags Entertainment CorporationAug 14, 202612:40 PM ET13G/A7.50%7.70M shares−1.00 ppfrom 8.50%Jun 30, 2026SEC
OSOneStream, Inc.May 15, 20264:32 PM ET13G/A0.00%0 shares−5.30 ppfrom 5.30%Below 5%Mar 31, 2026SEC
FUNSix Flags Entertainment CorporationMay 15, 20264:30 PM ET13G/A8.50%8.70M shares+3.40 ppfrom 5.10%Mar 31, 2026SEC
FOURShift4 Payments, Inc.May 15, 20264:27 PM ET13G/A8.30%6.58M shares+0.10 ppfrom 8.20%Mar 31, 2026SEC
WMGWarner Music Group Corp.Apr 1, 20261:36 PM ET13G5.10%7.55M shares+0.60 ppfrom 4.50%Mar 25, 2026SEC
TPGTPG Inc.Mar 20, 20265:50 PM ET13G5.90%9.00M sharesNewMar 13, 2026SEC
WMGWarner Music Group Corp.Feb 13, 20262:39 PM ET13G/A4.50%6.65M shares−3.80 ppfrom 8.30%Below 5%Dec 31, 2025SEC
MLNKMeridianLink, Inc.Feb 13, 20262:38 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2025SEC
FUNSix Flags Entertainment CorporationFeb 13, 20262:37 PM ET13G/A5.10%5.20M shares−3.50 ppfrom 8.60%Dec 31, 2025SEC
FOURShift4 Payments, Inc.Feb 13, 20262:35 PM ET13G/A8.20%5.57M shares+1.20 ppfrom 7.00%Dec 31, 2025SEC
FUNSix Flags Entertainment CorporationAug 14, 20251:34 PM ET13G/A8.60%8.70M shares+1.40 ppfrom 7.20%Jun 30, 2025SEC
WMGWarner Music Group Corp.May 15, 20251:09 PM ET13G/A8.30%12.0M shares+1.00 ppfrom 7.30%Mar 31, 2025SEC
FUNSix Flags Entertainment CorporationMay 15, 20251:07 PM ET13G/A7.20%7.24M shares+1.30 ppfrom 5.90%Mar 31, 2025SEC
FOURShift4 Payments, Inc.May 15, 20251:03 PM ET13G/A7.00%4.77M shares+1.80 ppfrom 5.20%Mar 31, 2025SEC
WMGWarner Music Group Corp.Mar 25, 20257:21 PM ET13G/A7.30%10.4M shares+2.10 ppfrom 5.20%Dec 31, 2024SEC
WMGWarner Music Group Corp.Mar 25, 20257:19 PM ET13G5.20%7.35M sharesNewJun 4, 2024SEC
OSOneStream, Inc.Mar 25, 20257:17 PM ET13G5.30%3.84M sharesNewMar 11, 2025SEC
FOURShift4 Payments, Inc.Mar 25, 20257:15 PM ET13G5.20%3.50M sharesNewFeb 27, 2025SEC
FUNSix Flags Entertainment CorporationMar 11, 20254:06 PM ET13G5.90%5.91M sharesNewMar 4, 2025SEC
MLNKMeridianLink, Inc.Nov 14, 202413G/AOld format–––SEC