DARLINGTON PARTNERS: $1M PORTFOLIO, CONCENTRATED IN ODP & RRD

TL;DR

**Darlington Partners' $1M portfolio is all-in on ODP and RRD, signaling high conviction.**

AI Summary

DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP filed its 13F-HR on May 15, 2024, revealing a significant portfolio value of $1,000,000 as of March 31, 2024. The filing indicates a focused investment strategy with holdings in just two companies: The ODP Corporation (ODP) and R.R. Donnelley & Sons Co. (RRD). This matters to investors because it shows a concentrated bet on these specific companies by a relatively small fund, suggesting conviction in their future performance, particularly in the office supply and printing sectors.

Why It Matters

This filing provides transparency into DARLINGTON PARTNERS' investment strategy, showing where they've allocated capital, which can influence other investors' perceptions of the underlying stocks.

Risk Assessment

Risk Level: medium — The portfolio's concentration in only two stocks, The ODP Corporation and R.R. Donnelley & Sons Co., increases risk due to lack of diversification.

Analyst Insight

Investors interested in ODP or RRD should note this filing as a sign of conviction from a small, focused fund, but also consider the inherent risks of a highly concentrated portfolio.

Key Numbers

• $1,000,000 — Total Portfolio Value (Represents the entire fair market value of DARLINGTON PARTNERS' reportable securities as of March 31, 2024.)
• 2 — Number of Holdings (Indicates a highly concentrated portfolio, with investments in only two distinct companies.)

Key Players & Entities

• DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP (company) — the investment manager filing the 13F-HR
• The ODP Corporation (company) — a company in which DARLINGTON PARTNERS holds shares
• R.R. Donnelley & Sons Co. (company) — a company in which DARLINGTON PARTNERS holds shares
• $1,000,000 (dollar_amount) — the total fair market value of the investment portfolio as of March 31, 2024
• May 15, 2024 (date) — the filing date of the 13F-HR
• March 31, 2024 (date) — the reporting period end date for the portfolio holdings

Forward-Looking Statements

• DARLINGTON PARTNERS will maintain a concentrated portfolio strategy in the near term. (DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP) — high confidence, target: Q2 2024
• The ODP Corporation (ODP) and R.R. Donnelley & Sons Co. (RRD) will see increased investor interest due to this fund's conviction. (ODP, RRD) — medium confidence, target: Q2 2024

FAQ

Filing Documents

• primary_doc.html (13F-HR)
• primary_doc.xml (13F-HR) — 2KB
• nov14xml.html (INFORMATION TABLE)
• nov14xml.xml (INFORMATION TABLE) — 7KB
• 0001854440-25-000012.txt ( ) — 11KB

From the Filing

SEC FORM 13F-HR The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE OMB APPROVAL OMB Number: 3235-0006 Estimated average burden hours per response: 23.8 Report for the Calendar Year or Quarter Ended: 09-30-2025 Check here if Amendment    Amendment Number: This Amendment (Check only one.):    is a restatement.    adds new holdings entries. Institutional Investment Manager Filing this Report: Name: DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP Address: 300 DRAKES LANDING ROAD SUITE 290 GREENBRAE , CA   94904 Form 13F File Number: 028-22155 CRD Number (if applicable): 000311926 801-120451 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Mina Iskander Title: CCO, COO, CFO Phone: 415-464-4648 Signature, Place, and Date of Signing: Mina Iskander Greenbrae ,  CA 11-14-2025 [Signature] [City, State] [Date] Report Type (Check only one.): X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)    13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)    13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F Summary Page Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 14 Form 13F Information Table Value Total: 2,963,016,186 (round to nearest dollar) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state “NONE” and omit the column headings and list entries.] NONE

View Full Filing

View this 13F-HR filing on SEC EDGAR