D1 Capital Partners Q4 2025 13F Holdings and Activity Report

I. Institutional Overview: The Psychological Portrait and Scale Analysis of D1 Capital Partners

As we dissect the 13F filing for D1 Capital Partners , led by the formidable Dan Sundheim , for the fourth quarter of 2025, we are looking at a portfolio that serves as a masterclass in high-conviction, growth-oriented investing. Dan Sundheim, often categorized as a "Tiger Cub" due to his pedigree at Viking Global Investors, has carved out a unique identity for D1 Capital. The firm is known for its hybrid approach, blending public equity markets with significant private equity investments. However, the 13F report provides us with the essential window into the public side of this strategy, revealing a portfolio valued at approximately $10.70 billion as of December 31, 2025.

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II. Sector Allocation Analysis: Macro Signals and Track Selection

The 21% weight in Industrials is perhaps the most telling signal. In a market often obsessed with AI and software, Sundheim has placed his largest bet on the "physical" economy. This includes environmental services, flow control equipment, and transportation. This allocation suggests a macro view that favors companies benefiting from re-industrialization, infrastructure upgrades, and environmental compliance . These are businesses with high barriers to entry and "sticky" revenue models. By maintaining such a high weight here, D1 is signaling that they expect these "old economy" growth stories to provide a stable foundation (or "ballast") for the portfolio.

D1’s minimal exposure to Utilities (0.84%) and Healthcare (2.70%) confirms that Sundheim is not looking for "safety" in the traditional sense. He is not worried about a near-term recessionary collapse that would necessitate a flight to defensive sectors. Instead, his allocation to Materials (9.57%) and Real Estate (6.05%) suggests he is positioning for a "reflationary" or "steady growth" environment where tangible assets and industrial pricing power are rewarded. The reduction in Financials (7.03%) , specifically the exit of Nu Holdings and the reduction of Bank of America , might indicate a tactical retreat from interest-rate-sensitive "pure" banking plays in favor of more diversified growth drivers.

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III. Top 10 Holdings Deep Dive: Portfolio Cornerstone and Core Logic

With a market value exceeding $1 billion , CART remains D1’s undisputed top holding. This is a "conviction holding" in the truest sense. Sundheim has held this position since Q3 2023, and despite the stock's volatility since its IPO, he has maintained a massive 9.48% weight.

The Top 10 reveals a "Growth at a Reasonable Price" (GARP) tilt combined with high-conviction platform bets. Sundheim is balancing the high-multiple digital growth of RDDT and MELI with the more "grounded" valuations of JHX and KNX . This creates a portfolio that can perform in various market regimes—benefiting from tech rallies while remaining protected by industrial cash flows.

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IV. Major Buys/Additions: Offensive Direction and Capital Flow

The clustering is undeniable: E-commerce (Global) and Industrial/Housing Infrastructure . Sundheim is moving away from "speculative" tech and toward companies with dominant market share and proven unit economics . He is buying the "infrastructure" of modern life—whether it's the paint on a house (SHW), the delivery of a grocery bag (CART), or the cloud that runs the internet (AMZN).

Where did the money come from? As we will see in Section V, D1 exited Nu Holdings and Philip Morris , and reduced AppLovin and Bank of America . This is a clear "inventory reallocation." Sundheim is selling "mature" growth (PM) and "high-flying" tech (APP) to fund "platform" growth that he believes has more room to run (SE, MELI, AMZN). This rotation increases the portfolio's offensiveness in terms of growth potential but maintains a high level of quality by sticking to market leaders.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits: Risk Avoidance and Strategy Adjustment

The quality of these exits appears high. Sundheim is not panic-selling; he is optimizing . He is selling companies that are either "too slow" (PM), "too cyclical" (CRS), or "too expensive" (APP) to buy companies that are "inflecting" (SE, MELI). This "portfolio slimming" (reducing from 3.27% in BAC to 0.64%) allows the fund to focus its energy on its highest-conviction ideas.

The reduction in Core & Main (CNM) and Broadcom (AVGO) suggests that Sundheim is wary of "over-crowded" trades in the infrastructure and AI semiconductor space. By trimming these, he is reducing his exposure to areas where valuations might have outpaced fundamentals. The exit of Nu Holdings also signals a cautious view on pure-play digital banking, perhaps favoring more diversified e-commerce platforms instead.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

For the retail investor, the reference value here is the focus on "Platform" companies . Sundheim is not betting on "products"; he is betting on "ecosystems." A product can be disrupted; an ecosystem (like Amazon or MercadoLibre) is much harder to dislodge. His move into Sea Limited and MercadoLibre is a particularly bold signal that he believes international growth will outperform domestic US growth in the coming quarters.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.