Great investors · Dan Sundheim · Q1 2025
What Dan Sundheim bought and sold in Q1 2025
D1 Capital Partners 13F portfolio as of Mar 31, 2025: 41 positions worth $6.5 bn. Largest: CART, ENTG, SCHW, XPO. Filed with the SEC on May 15, 2025.
The 13F is filed by D1 Capital Partners, not by Dan Sundheim personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewCharles SchwabSCHW+5.2 pp
- NewBank of AmericaBAC+4.7 pp
- NewCore & MainCNM+3.7 pp
- NewAlaska Air GroupALK+3.1 pp
- IncreasedAnsysANSS+3.0 pp
- NewRedditRDDT+2.9 pp
- NewPrimo BrandsPRMB+2.8 pp
- NewApollo Global ManagementAPO+2.7 pp
- NewCanadian Pacific Kansas CityCP+2.5 pp
- NewBecton, DickinsonBDX+2.4 pp
- IncreasedEntegrisENTG+2.0 pp
- NewCarpenter TechnologyCRS+1.7 pp
Sells in Q1 2025
- Sold outConstellation BrandsSTZ−5.2 pp
- ReducedPhilip Morris InternationalPM−5.2 pp
- ReducedGE Healthcare TechnologiesGEHC−2.8 pp
- Sold out3mMMM−2.7 pp
- Sold outMeta PlatformsMETA−2.3 pp
- Sold outSpotify TechnologySPOT−2.2 pp
- Sold outLive Nation EntertainmentLYV−2.0 pp
- ReducedRestaurant Brands InternationalQSR−1.7 pp
- Sold outPTCPTC−1.7 pp
- ReducedElevance HealthELV−1.5 pp
- ReducedRoyal Caribbean CruisesRCL−1.4 pp
- Sold outVistra OperationsVST−1.4 pp
44 companies with material moves, out of 52 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
D1 Capital Partners's Q1 2025 13F lists 41 lines of US-listed securities worth $6.5 bn; the largest is CART at 13.8% of the portfolio. It was accepted by the SEC on May 15, 2025 at 10:37 AM ET.
Against the previous quarter, it opened 18 positions (SCHW, BAC, CNM and ALK and 14 more), closed 12 (STZ, MMM, META and SPOT and 8 more), added to 8 (ANSS, AMZN, ENTG and XPO and 4 more) and trimmed 14 (PM, ELV, RCL and GEHC and 10 more). 1 line shows the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Maplebear CART | 22.6 M | $900M | 13.8% | no change |
| 2 | Entegris ENTG | 4.2 M | $370M | 5.66% | +53% |
| 3 | Charles Schwab SCHW | 4.4 M | $341M | 5.22% | new |
| 4 | XPO XPO | 3.1 M | $328M | 5.03% | +50% |
| 5 | Bank of America BAC | 7.3 M | $305M | 4.67% | new |
| 6 | Ansys ANSS | 864,345 | $274M | 4.19% | +247% |
| 7 | Elevance Health ELV | 578,411 | $252M | 3.85% | −28% |
| 8 | Core & Main CNM | 4.9 M | $239M | 3.66% | new |
| 9 | Philip Morris International PM | 1.5 M | $239M | 3.66% | −59% |
| 10 | Royal Caribbean Cruises RCL | 1.1 M | $229M | 3.51% | −29% |
| 11 | AppLovin APP | 790,000 | $209M | 3.21% | +64% |
| 12 | Alaska Air Group ALK | 4.1 M | $203M | 3.11% | new |
| 13 | Reddit RDDT | 1.8 M | $188M | 2.87% | new |
| 14 | Primo Brands PRMB | 5.2 M | $185M | 2.84% | new |
| 15 | Amazon.com AMZN | 951,234 | $181M | 2.77% | +132% |
| 16 | Apollo Global Management APO | 1.3 M | $175M | 2.68% | new |
| 17 | Canadian Pacific Kansas City CP | 2.3 M | $163M | 2.50% | new |
| 18 | Becton, Dickinson BDX | 672,000 | $154M | 2.36% | new |
| 19 | Capital One Financial COF | 811,000 | $145M | 2.23% | +67% |
| 20 | Lineage LINE | 2.5 M | $144M | 2.21% | −35% |
| 21 | Synopsys SNPS | 334,700 | $144M | 2.20% | +32% |
| 22 | Charles River Laboratories International CRL | 777,489 | $117M | 1.79% | −17% |
| 23 | Carpenter Technology CRS | 616,644 | $112M | 1.71% | new |
| 24 | GE Healthcare Technologies GEHC | 1.2 M | $101M | 1.55% | −64% |
| 25 | Nu Holdings NU | 9.8 M | $100M | 1.54% | −34% |
| 26 | US Foods Holding USFD | 1.3 M | $86.5M | 1.33% | new |
| 27 | Somnigroup International SGI | 1.3 M | $80.0M | 1.23% | new |
| 28 | Carvana CVNA | 370,000 | $77.4M | 1.19% | new |
| 29 | Toll Brothers TOL | 690,000 | $72.9M | 1.12% | −18% |
| 30 | Bath & Body Works BBWI | 2.2 M | $66.7M | 1.02% | −22% |
| 31 | Kilroy Realty KRC | 1.9 M | $61.8M | 0.95% | new |
| 32 | Lennar LEN | 468,433 | $53.8M | 0.82% | −30% |
| 33 | Cadence Design Systems CDNS | 198,000 | $50.4M | 0.77% | new |
| 34 | Clean Harbors CLH | 193,022 | $38.0M | 0.58% | new |
| 35 | Affirm Holdings AFRM | 820,000 | $37.1M | 0.57% | new |
| 36 | Intel INTC | 1.4 M | $32.8M | 0.50% | new |
| 37 | Applied Materials AMAT | 205,000 | $29.7M | 0.46% | +13% |
| 38 | Lam Research LRCX | 403,000 | $29.3M | 0.45% | −3.6% |
| 39 | Restaurant Brands International QSR | 92,833 | $6.2M | 0.09% | −95% |
| 40 | Warby Parker WRBY | 257,306 | $4.7M | 0.07% | −95% |
| 41 | Lexeo Therapeutics LXEO | 978,652 | $3.4M | 0.05% | −56% |
Positions it closed (12)
- Constellation Brands STZwas 5.61% · 1.5 M shares
- 3m MMMwas 2.91% · 1.4 M shares
- Meta Platforms METAwas 2.45% · 252,188 shares
- Spotify Technology SPOTwas 2.43% · 326,254 shares
- Live Nation Entertainment LYVwas 2.16% · 1.0 M shares
- PTC PTCwas 1.80% · 589,171 shares
- Vistra Operations VSTwas 1.54% · 672,000 shares
- Warner Music Group WMGwas 1.38% · 2.7 M shares
- Delta Air Lines DALwas 1.33% · 1.3 M shares
- MercadoLibre MELIwas 1.28% · 45,400 shares
- Mongodb MDBwas 1.27% · 327,000 shares
- YPF Sociedad Anonima YPFwas 0.26% · 374,276 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: D1 Capital Partners's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.