Darsana Capital Partners LP

Darsana Capital Partners ran an unusually active quarter in Q1 2026, churning 16 of its 14 positions while the overall book contracted $320M from $5.02B to $4.70B. The fund raised its Dick's Sporting Goods (DKS) position by 175% — from $99M to $273M — the quarter's most aggressive single add, while also meaningfully increasing Guidewire Software (GWRE, +$96M to $598M), Warner Music Group (WMG, +$57M to $303M), and Equifax (EFX, +$53M to $270M). The cuts were equally decisive: the New York Times (NYT) was reduced by 34% (selling $110M worth, from $532M to $422M), HCA Healthcare fell 25% ($467M to $355M), and SomniGroup was trimmed 11% ($268M to $196M), while TransDigm Group ($266M) and AerCap Holdings ($68M) were fully liquidated. The portfolio's overall tilt toward media (EchoStar, NYT, Warner Music, Liberty Media trio), consumer discretionary (Dick's, SomniGroup, Wingstop), and healthcare (Sotera Health, HCA, Equifax) reflects a stable mandate, but the Q1 rotation shows a manager who made deliberate directional calls — adding to retail and software growth while paring legacy media and hospital-operator exposure. At $4.70B with 14 positions, Darsana remains one of the more concentrated mid-cap-to-large-cap institutional portfolios in the dat