D1 Capital Partners’ equities book tumbled 6% in March, according to people familiar with the matter, making Dan Sundheim’s firm one of the worst-performing stock-pickers that month.
Its six-biggest stock bets as of year-end all lost money, led by industrials company Flowserve Corp. and home-building-products maker James Hardie Industries Plc, which dropped 17% and 22%, respectively. The hedge fund is still up 2.7% for the year, one of the people said.
D1, meanwhile, still managed to raise $2.7 billion for its new privates-focused fund, the person said, asking not to be identified because the information is confidential. It gathered an additional $300 million for co-investments, allowing clients to back specific deals alongside the fund.
Stocks and bonds tumbled in March and oil prices surged as the US and Israel attacked Iran, plunging the Middle East into turmoil. Viking Global Investors, Coatue Management and Maverick Capital each posted hedge fund declines of 5% or less. Tiger Global Management fared worse, falling 7.3%.
A representative for D1 declined to comment.
D1 has grown into a large venture capital and late-stage growth investor, with such bets accounting for roughly two-thirds of the $35 billion the firm manages. The rest is parked in stocks.
Last year, D1’s bet on SpaceX accounted for about 45% of its privates exposure, driving that portfolio’s 39% gain in 2025. Without that wager, the privates book would have returned 18%. Elon Musk’s company, which notched an $800 billion valuation in December, is expected to go public this year.
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