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Hedge fund

Darsana Capital Partners LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 1609098

Reported value
$22.3bn
100% in companies we cover
Positions we cover
15
Largest SPCX 77.8%
Copy, a year
+14.9%
S&P 500 +13.4%
Copy Sharpe ratio
0.63
S&P 500 0.71

How copying its 13F would have done

$10.0k$20.0k$40.0k 201520172019202120232025 $50.6k$43.5k
CopyS&P 500 $10,000 copying Darsana Capital Partners LP's filed holdings in companies we cover from February 20, 2015, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −54.1% (S&P 500 −31.8%); beta 1.05; alpha +1.8% a year (t = 0.44); last 12 months +3.8% against +12.1%.

Reported value by quarter

Darsana Capital Partners LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $500B $1T $1.5T Reported value, 2014-12-31: $1.3B Reported value, 2015-03-31: $1.2B Reported value, 2015-06-30: $1.6B Reported value, 2015-09-30: $1.6B Reported value, 2015-12-31: $1.5B Reported value, 2016-03-31: $1.8B Reported value, 2016-06-30: $1.6B Reported value, 2016-09-30: $1.8B Reported value, 2016-12-31: $1.9B Reported value, 2017-03-31: $1.7B Reported value, 2017-06-30: $1.6B Reported value, 2017-09-30: $2.3B Reported value, 2017-12-31: $2.6B Reported value, 2018-03-31: $2.9B Reported value, 2018-06-30: $3.2B Reported value, 2018-09-30: $3.2B Reported value, 2018-12-31: $2.4B Reported value, 2019-03-31: $2.7B Reported value, 2019-06-30: $3.1B Reported value, 2019-09-30: $2.7B Reported value, 2019-12-31: $2.9B Reported value, 2020-03-31: $2.1B Reported value, 2020-06-30: $1.7B Reported value, 2020-09-30: $2B Reported value, 2020-12-31: $3.5B Reported value, 2021-03-31: $3.6B Reported value, 2021-06-30: $3.3B Reported value, 2021-09-30: $3B Reported value, 2021-12-31: $2.2B Reported value, 2022-03-31: $2B Reported value, 2022-06-30: $1.9B Reported value, 2022-09-30: $1.9B Reported value, 2022-12-31: $1.5T Reported value, 2023-03-31: $1.5B Reported value, 2023-06-30: $1.6B Reported value, 2023-09-30: $2B Reported value, 2023-12-31: $2.8B Reported value, 2024-03-31: $3.1B Reported value, 2024-06-30: $3.7B Reported value, 2024-09-30: $4.1B Reported value, 2024-12-31: $3.3B Reported value, 2025-03-31: $3.4B Reported value, 2025-06-30: $3.5B Reported value, 2025-09-30: $4.2B Reported value, 2025-12-31: $5B Reported value, 2026-03-31: $4.7B Reported value, 2026-06-30: $22.3B 2014-12-31 2017-06-30 2019-12-31 2022-06-30 2026-06-30 $22.3B
View chart data
Period Reported value
2014-12-31 $1.3B
2015-03-31 $1.2B
2015-06-30 $1.6B
2015-09-30 $1.6B
2015-12-31 $1.5B
2016-03-31 $1.8B
2016-06-30 $1.6B
2016-09-30 $1.8B
2016-12-31 $1.9B
2017-03-31 $1.7B
2017-06-30 $1.6B
2017-09-30 $2.3B
2017-12-31 $2.6B
2018-03-31 $2.9B
2018-06-30 $3.2B
2018-09-30 $3.2B
2018-12-31 $2.4B
2019-03-31 $2.7B
2019-06-30 $3.1B
2019-09-30 $2.7B
2019-12-31 $2.9B
2020-03-31 $2.1B
2020-06-30 $1.7B
2020-09-30 $2B
2020-12-31 $3.5B
2021-03-31 $3.6B
2021-06-30 $3.3B
2021-09-30 $3B
2021-12-31 $2.2B
2022-03-31 $2B
2022-06-30 $1.9B
2022-09-30 $1.9B
2022-12-31 $1.5T
2023-03-31 $1.5B
2023-06-30 $1.6B
2023-09-30 $2B
2023-12-31 $2.8B
2024-03-31 $3.1B
2024-06-30 $3.7B
2024-09-30 $4.1B
2024-12-31 $3.3B
2025-03-31 $3.4B
2025-06-30 $3.5B
2025-09-30 $4.2B
2025-12-31 $5B
2026-03-31 $4.7B
2026-06-30 $22.3B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
SPCXSpace Exploration Technologies Corp77.85%$17.3bn101.46MNew
AMZNAmazon2.68%$595.9m2.50MNew
ECHOEchoStar2.28%$507.5m5.00M−28.6% Reduced
SHCSotera Health Co2.15%$479.3m27.00M+3.8% Added
GWREGuidewire Software, Inc.2.10%$468.1m3.80M−4.9% Reduced
HCAHCA Healthcare1.93%$428.9m1.10M+46.7% Added
FWONKLiberty Media Corp1.84%$409.1m4.30M0.0%
NYTNEW York Times Co1.57%$349.9m5.00M−0.8% Reduced
DKSDick's Sporting Goods, Inc.1.53%$340.2m1.50M+9.1% Added
WMGWarner Music Group Corp.1.45%$323.3m11.94M+0.8% Added
WINGWingstop Inc.1.17%$260.1m1.50M+20.0% Added
EFXEquifax1.07%$238.1m1.50M0.0%
SCHWCharles Schwab Corporation0.93%$207.6m2.25M0.0%
METAMeta Platforms0.76%$169.0m300.0KNew
VRTVertiv0.37%$82.0m244.9K−75.5% Reduced
CompanyBought (value)Shares
SPCXSpace Exploration Technologies Corp$17.3bn101.46M
AMZNAmazon$595.9m2.50M
METAMeta Platforms$169.0m300.0K
HCAHCA Healthcare$136.5m350.0K
WINGWingstop Inc.$43.4m250.0K
DKSDick's Sporting Goods, Inc.$28.4m125.0K
SHCSotera Health Co$17.8m1.00M
WMGWarner Music Group Corp.$2.5m93.2K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
VRTVertiv−$252.8m−755.1K
ECHOEchoStar−$203.0m−2.00M
SGISomnigroup International Inc.−$196.3m−2.66M
GWREGuidewire Software, Inc.−$24.1m−196.0K
NYTNEW York Times Co−$2.7m−38.7K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
SGISomnigroup International Inc.$196.3m2.66M
  • Industrials79.6%
  • Communication Services7.9%
  • Consumer Discretionary5.4%
  • Health Care4.1%
  • Technology2.1%
  • Financials0.9%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestFebruary 20, 2015 to November 2, 2026+14.9%+13.4%0.630.71−54.1%1.05
2018 onwardsJanuary 5, 2018 to November 2, 2026+16.1%+13.9%0.630.66−54.1%1.05
Last three yearsNovember 3, 2023 to November 2, 2026+25.1%+21.8%1.101.16−13.6%0.79
Last yearNovember 7, 2025 to November 2, 2026+3.1%+14.2%0.060.84−13.6%0.89

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.