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Dark Forest Capital Management’s SPS Commerce SPSC Stock Holding History

Dark Forest Capital Management’s Portfolio SPSC Stock Details SPSC Fund Activity
Bought
Maintained
Sold
Quarter Market Value Status Shares Change in
Stake 		Trade Value Portfolio Weight Portfolio Position
2025
Q4 		– Sell
-16,120
Closed -$1.68M – 1317
2025
Q3 		$1.68M Buy
16,120
+6,875
+74% +$818K 0.06% 532
2025
Q2 		$1.26M Buy
9,245
+2,993
+48% +$415K 0.05% 665
2025
Q1 		$830K Buy
6,252
+4,938
+376% +$776K 0.04% 776
2024
Q4 		$242K Buy
+1,314
New +$246K 0.04% 756
2023
Q4 		– Sell
-2,813
Closed -$480K – 1015
2023
Q3 		$480K Buy
2,813
+1,355
+93% +$241K 0.04% 731
2023
Q2 		$280K Buy
+1,458
New +$235K 0.03% 833
2022
Q3 		– Sell
-178
Closed -$20K – 1418
2022
Q2 		$20K Buy
+178
New +$20.1K ﹤0.01% 474

Other funds holding SPSC

BlackRock
BlackRock New York $5.72T AUM 30.48% 1-Year Est. Return
Vanguard Group
Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return
State Street
State Street Boston, Massachusetts $2.9T AUM 29.55% 1-Year Est. Return
Neuberger Berman Group
Neuberger Berman Group New York $131B AUM 28.36% 1-Year Est. Return
UBS Group
UBS Group Zurich, Switzerland $666B AUM 30.12% 1-Year Est. Return
Nordea Investment Management
Nordea Investment Management Stockholm, Sweden $107B AUM 24.58% 1-Year Est. Return
Geode Capital Management
Geode Capital Management Boston, Massachusetts $1.61T AUM 30.72% 1-Year Est. Return
Bank of America
Bank of America Charlotte, North Carolina $1.37T AUM 24.88% 1-Year Est. Return
Morgan Stanley
Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return
DGI
Disciplined Growth Investors Minneapolis, Minnesota $4.89B AUM 33.85% 1-Year Est. Return

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

Dark Forest Capital Management sold out of SPS Commerce (SPSC) in Q4 2025, closing a stake of 16,120 shares — an estimated $1.68M sold.

Dark Forest Capital Management first reported a position in SPSC in Q2 2022 and held it in 7 quarters. The position peaked at $1.68M in Q3 2025. 367 funds tracked by Wall St. Rank hold SPSC as of Q4 2025.

  • Dark Forest Capital Management reported no remaining SPS Commerce position as of Q4 2025 after selling out during the quarter.
  • Dark Forest Capital Management sold 16,120 SPS Commerce shares in Q4 2025, an estimated $1.68M.
  • Dark Forest Capital Management first reported a position in SPS Commerce in Q2 2022 and held it in 7 quarters.
  • Dark Forest Capital Management's SPS Commerce position peaked at $1.68M in Q3 2025.
  • 367 funds tracked by Wall St. Rank held SPS Commerce as of Q4 2025.

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