Dark Forest Capital Management’s NorthWestern Energy NWE Stock Holding History

Dark Forest Capital Management’s Portfolio NWE Stock Details NWE Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2025 Q4	–	Sell	-31,776	Closed	-$1.86M	–	1230
2025 Q3	$1.86M	Sell	31,776 -103,036	-76%	-$5.69M	0.07%	491
2025 Q2	$6.92M	Buy	134,812 +119,494	+780%	+$6.6M	0.28%	47
2025 Q1	$886K	Buy	+15,318	New	+$833K	0.04%	749
2023 Q4	–	Sell	-9,080	Closed	-$436K	–	907
2023 Q3	$436K	Buy	9,080 +1,454	+19%	+$77.5K	0.03%	760
2023 Q2	$433K	Buy	7,626 +5,948	+354%	+$348K	0.04%	684
2023 Q1	$97.1K	Buy	+1,678	New	+$95.8K	0.02%	665
2022 Q3	–	Sell	-7	Closed	–	–	1349
2022 Q2	$0	Buy	+7	New	+$417	﹤0.01%	1222
2022 Q1	–	Sell	-193	Closed	-$11K	–	1612
2021 Q4	$11K	Buy	+193	New	+$11K	﹤0.01%	895
2021 Q3	–	Sell	-1,607	Closed	-$97K	–	1461
2021 Q2	$97K	Buy	+1,607	New	+$105K	0.04%	329

Other funds holding NWE

BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return

American Century Companies Kansas City, Missouri $194B AUM 35% 1-Year Est. Return

Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return

Franklin Resources San Mateo, California $408B AUM 30.18% 1-Year Est. Return

RRAM

River Road Asset Management Louisville, Kentucky $8.99B AUM 12.83% 1-Year Est. Return

Neuberger Berman Group New York $131B AUM 28.36% 1-Year Est. Return

SFM

Systematic Financial Management Teaneck, New Jersey $4.36B AUM 40.56% 1-Year Est. Return

Fidelity Investments Boston, Massachusetts $1.9T AUM 41.92% 1-Year Est. Return

Dark Forest Capital Management's NWE Position: Q4 2025 in Review

Dark Forest Capital Management sold out of NorthWestern Energy (NWE) in Q4 2025, closing a stake of 31,776 shares — an estimated $1.86M sold.

Dark Forest Capital Management first reported a position in NWE in Q2 2021 and held it in 9 quarters. The position peaked at $6.92M in Q2 2025. 357 funds tracked by Wall St. Rank hold NWE as of Q4 2025.

Dark Forest Capital Management reported no remaining NorthWestern Energy position as of Q4 2025 after selling out during the quarter.
Dark Forest Capital Management sold 31,776 NorthWestern Energy shares in Q4 2025, an estimated $1.86M.
Dark Forest Capital Management first reported a position in NorthWestern Energy in Q2 2021 and held it in 9 quarters.
Dark Forest Capital Management's NorthWestern Energy position peaked at $6.92M in Q2 2025.
357 funds tracked by Wall St. Rank held NorthWestern Energy as of Q4 2025.

Based on Dark Forest Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.