D1 Capital Partners Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The scale of D1 Capital Partners’ portfolio indicates a significant presence in the global equity markets, yet the decision to maintain only 44 positions suggests a "best ideas" philosophy. In the world of institutional asset management, a portfolio of this size often drifts toward over-diversification, sometimes holding hundreds of stocks to mirror an index. However, Sundheim’s approach remains rooted in the belief that superior alpha is generated by concentrating capital into a limited number of structural winners where the firm possesses a deep informational or analytical edge. With an average position size of roughly $255 million, D1 is not merely "dabbling" in sectors; it is making meaningful bets that can significantly move the needle on overall performance.

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

II. Sector Allocation Analysis

While the portfolio remains growth-oriented, the 15.13% allocation to Industrials serves as a critical ballast. This is not a traditional "smokestack" industrial play; rather, it appears to be focused on companies with high barriers to entry and pricing power. The presence of materials (7.82%) and healthcare (7.06%) further diversifies the risk profile. Interestingly, the healthcare allocation, while smaller than tech, represents a significant area of new activity this quarter. By rotating capital into life sciences and healthcare equipment, D1 is likely seeking "idiosyncratic growth"—growth that is driven by scientific breakthroughs or demographic shifts rather than just the broad economic cycle.

Based on this allocation, we can infer that D1 Capital Partners is cautiously optimistic about the global economy but is highly selective about where it takes risk. The heavy weight in Consumer Discretionary and Industrials suggests they do not anticipate a severe, broad-based recession that would crush consumer spending or industrial investment. However, the aggressive pruning of certain tech names and the entry into healthcare suggest they are preparing for a market environment where "beta" (market-wide growth) is harder to find, and "alpha" (stock-specific growth) becomes the primary driver of returns.

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

III. Top 10 Holdings Deep Dive

Maplebear, operating as Instacart, remains the largest holding in the D1 portfolio, representing 7.52% of total assets. Despite the share count remaining unchanged this quarter, the portfolio weight dropped from 9.48% to 7.52%, a change primarily driven by the relative performance of the stock versus the rest of the portfolio and the influx of new capital into other positions. This is a "conviction holding" in every sense of the word. D1 has held this position since late 2023, signaling a long-term belief in the structural necessity of grocery delivery platforms.

The logic behind holding Instacart as a top position is likely rooted in its transition from a simple delivery service to a high-margin advertising and data platform. For D1, Instacart is not just a "logistics" company; it is a "digital shelf" company. By controlling the point of purchase for millions of households, Instacart creates a powerful ecosystem for consumer packaged goods (CPG) brands to market their products. The fact that Sundheim maintained the full position despite market volatility suggests he views the current valuation as an attractive entry point for a company that is still in the early stages of monetizing its massive data set.

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

IV. Major Buys/Additions

The entry into Nu Holdings (Nubank) as a completely new position with an estimated investment of $372 million is perhaps the most significant "new" signal in the report. Nu Holdings is the largest digital bank in the world outside of Asia, and its entry directly into D1’s top 10 holdings is a powerful endorsement of its business model. This is a " growth acceleration bet ." D1 is likely attracted to Nubank’s incredibly low customer acquisition cost and its ability to cross-sell high-margin financial products (credit cards, personal loans, insurance) to a massive, previously underbanked population in Brazil, Mexico, and Colombia.

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

The exit from GE HealthCare is particularly interesting given D1’s massive entry into other healthcare names like Thermo Fisher and Danaher. GEHC focuses on medical imaging and diagnostics hardware. By exiting GEHC while buying TMO and DHR, D1 is making a specific "sub-sector rotation" within healthcare. They are moving away from "heavy hardware" (imaging machines) and toward "consumables and life sciences tools" (reagents, genetic sequencers). This reflects a more sophisticated understanding of where the recurring revenue and higher margins lie within the healthcare ecosystem.

The overarching theme of these sells is a "flight from the familiar." Meta, Linde, and Sherwin-Williams are "consensus" high-quality stocks. By exiting them, Sundheim is moving his capital into "non-consensus" or "emerging" winners. This move optimizes the portfolio for a higher "active share"—meaning it will look less like the S&P 500 and more like a pure expression of D1’s unique research. They are raising the "hurdle rate" for what earns a spot in the $11 billion portfolio, and mature tech and cyclical industrials are the primary victims of this higher standard.

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

Sold What: Mature, high-multiple technology and "consensus" quality industrials (Meta, Linde, Synopsys). 2. Why Sell: To lock in multi-year profits and avoid the "valuation ceiling" of companies that have already achieved massive scale. 3. Bought What: Emerging market fintech, life sciences tools, and dominant last-mile logistics platforms (Nu Holdings, MercadoLibre, Danaher, Coupang). 4. Why Buy: To capture the "compounding phase" of companies that are just beginning to monetize their dominant ecosystems or are at the bottom of a cyclical trough (Life Sciences). 5. Overall Change: The portfolio has become more concentrated in "structural winners" with higher growth potential, while maintaining a "ballast" of high-quality balance sheets.

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.