D1 Capital

Q4 2025 13F · by Daniel Sundheim, founder

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $10.7B · prev $8.7B
Positions: 42 · prev 38
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves47 since the prior filing

+24.5 pp in · −24.1 pp out

New 13 +16.60 pp
Added 17 +7.93 pp
Trimmed 8 −12.37 pp
Exited 9 −11.73 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 69% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions30% of US stock

CART Maplebear Inc. held held9.5%
CLH Clean Harbors, Inc added−0.42 pp added−0.426.1%
FLS Flowserve Corporation added+0.40 pp added+0.405.0%
JHX James Hardie Industries plc added+0.54 pp added+0.544.7%
RDDT Reddit, Inc. added−0.80 pp added−0.804.5%

Positions42 in this filing · 9 exited


CARTMaplebear Inc.	9.48%	22,558,255	$1.0B	held	—	10 q
CLHClean Harbors, Inc	6.10%	2,781,882	$652M	added+14%	−0.42 pp	4 q
FLSFlowserve Corporation	4.96%	7,657,602	$531M	added+2%	+0.40 pp	3 q
JHXJames Hardie Industries plc	4.73%	24,402,713	$506M	added+28%	+0.54 pp	2 q
RDDTReddit, Inc.	4.55%	2,118,597	$487M	added+5%	−0.80 pp	4 q
MELIMercado Libre, Inc	4.22%	224,481	$452M	added+74%	+0.76 pp	2 q
APPApplovin Corporation Class A	4.21%	669,282	$451M	trimmed−20%	−2.69 pp	5 q
SESea Limited	4.15%	3,485,043	$445M	added×2.7	+1.50 pp	2 q
KNXKnight-Swift Transportation Holdings Inc. Class A	3.77%	7,718,299	$404M	added×2.1	+2.08 pp	2 q
KRCKilroy Realty Corp.	3.63%	10,400,212	$389M	added+23%	−0.49 pp	4 q
USFDUS Foods Holding Corp.	3.01%	4,283,474	$323M	added+27%	+0.05 pp	4 q
SCHWThe Charles Schwab Corporation	2.95%	3,154,790	$315M	trimmed−17%	−1.24 pp	4 q
SHWThe Sherwin-Williams Company	2.91%	962,124	$312M	new	+2.91 pp	new
AMZNAmazon.Com Inc	2.89%	1,340,523	$309M	new	+2.89 pp	new
XPOXPO, Inc.	2.58%	2,035,042	$277M	trimmed−19%	−1.14 pp	7 q
LINELineage, Inc.	2.42%	7,402,229	$259M	added+20%	−0.32 pp	6 q
DISThe Walt Disney Company	2.35%	2,215,000	$252M	added+84%	+0.76 pp	2 q
METAMeta Platforms, Inc. Class A	2.32%	376,162	$248M	added+39%	+0.03 pp	2 q
SPOTSpotify Technology S.A.	2.15%	395,900	$230M	new	+2.15 pp	new
NVDANvidia Corp	2.00%	1,149,711	$214M	added+86%	+0.68 pp	2 q
ENTGEntegris Inc	1.96%	2,493,416	$210M	added×2.2	+0.74 pp	6 q
LINLinde plc	1.93%	483,808	$206M	new	+1.93 pp	new
COFCapital One Financial	1.88%	828,210	$201M	trimmed−16%	−0.52 pp	5 q
ECHOEchoStar Corporation	1.88%	1,855,800	$202M	added×2.3	+1.16 pp	2 q
SNPSSynopsys Inc	1.66%	378,350	$178M	added×2.4	+0.77 pp	2 q
APOApollo Global Management, Inc.	1.57%	1,159,000	$168M	held	—	4 q
JCIJohnson Controls International plc	1.52%	1,354,486	$162M	new	+1.52 pp	new
GEHCGE HealthCare Technologies Inc.	1.35%	1,763,284	$145M	added+77%	+0.49 pp	6 q
CNMCore & Main, Inc.	1.29%	2,647,789	$138M	trimmed−49%	−1.91 pp	4 q
ADSKAutodesk Inc	1.26%	455,658	$135M	new	+1.26 pp	new
DHRDanaher Corporation	1.20%	559,727	$128M	trimmed−38%	−0.87 pp	3 q
ANETArista Networks	1.18%	962,429	$126M	new	+1.18 pp	new
AVGOBroadcom Inc.	1.16%	358,548	$124M	trimmed−46%	−1.37 pp	2 q
APGAPi Group Corporation	0.79%	2,204,600	$84M	held	—	2 q
TXNTexas Instruments Incorporated	0.79%	485,818	$84M	new	+0.79 pp	new
QQnity Electronics, Inc.	0.71%	937,135	$77M	new	+0.71 pp	new
BACBank of America Corporation	0.64%	1,245,247	$68M	trimmed−77%	−2.63 pp	4 q
AFRMAffirm Holdings, Inc. Class A	0.57%	820,000	$61M	held	—	4 q
NINiSource Inc.	0.47%	1,214,570	$51M	new	+0.47 pp	new
AEPAmerican Electric Power Company, Inc.	0.37%	344,100	$40M	new	+0.37 pp	new
PURRHyperliquid Strategies Inc	0.27%	8,000,000	$28M	new	+0.27 pp	new
MDLNMedline Inc. Class A	0.15%	377,131	$16M	new	+0.15 pp	new
PRMBPrimo Brands Corporation	—	−11,814,815	—	exited	−3.00 pp	—
NUNu Holdings Ltd.	—	−10,178,933	—	exited	−1.87 pp	—
CRSCarpenter Technology Corp	—	−505,329	—	exited	−1.42 pp	—
PMPhilip Morris International Inc.	—	−740,308	—	exited	−1.38 pp	—
WINGWingstop Inc	—	−472,135	—	exited	−1.36 pp	—
ALKAlaska Air Group, Inc.	—	−2,338,340	—	exited	−1.34 pp	—
LPXLouisiana-Pacific Corp.	—	−803,906	—	exited	−0.82 pp	—
TDGTransDigm Group Incorporated	—	−30,800	—	exited	−0.47 pp	—
LXEOLexeo Therapeutics, Inc.	—	−978,652	—	exited	−0.07 pp	—