D1 Capital Partners is delivering strong performance in a challenging market environment, with its public equity portfolio rising 4.4% in April and 11.8% year-to-date – a sharp contrast to the S&P 500, which is down 4.9% over the same period including dividends, according to a report by Institutional investor
The gains place D1 among the top-performing hedge funds within the Tiger cub ecosystem and mark a strong continuation of the firm’s turnaround strategy initiated in mid-2022. Since implementing a risk-reduction and diversification plan that summer, the firm’s public portfolio has compounded at a net annualised rate of 33%, according to a source familiar with the figures.
D1, led by founder Dan Sundheim, declined to comment.
The firm’s equity exposure remains focused on industrials and consumer names, though specific contributors to April’s outperformance have not been disclosed. D1’s full Q1 US equity holdings are due to be released in the coming week, which could offer greater insight into recent drivers.
At the end of 2024, D1’s largest disclosed US-listed long was Maplebear, the parent company of Instacart, representing roughly 15.5% of its long book. While the stock was flat in April, it surged nearly 15% in early May, potentially boosting the current quarter’s returns.
Another major contributor has been Philip Morris International, which rose 8% in April and over 42% year-to-date — one of the firm’s most consistent performers.
Other top holdings showed mixed performance. Royal Caribbean gained more than 4% in April but is still down nearly 7% in 2025, despite a strong 2024. Constellation Brands rose 2.2% in April but is down 15% year-to-date, even after D1 nearly tripled its stake in the company during Q4 last year. Elevance Health fell 3.5% in April but has gained 14% in 2025. Meanwhile, 3M, D1’s tenth-largest long, dropped 5.4% in April but remains up 8% on the year.
