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DFCM

Dark Forest Capital Management Portfolio holdings

AUM $1.13B
1-Year Est. Return 18.74%
This Fund
S&P 500
This Quarter Est. Return
+2.5%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$678M
AUM Growth
-$104M
Cap. Flow
-$99.9M
Cap. Flow %
-14.72%
Top 10 Hldgs %
12.34%
Holding
1,351
New
414
Increased
244
Reduced
226
Closed
464

Top Buys

Rank Stock Value
1
CPRI icon
Capri Holdings
CPRI
+$7.2M
2
APP icon
Applovin
APP
+$6.91M
3
GWRE icon
Guidewire Software
GWRE
+$5.27M
4
COIN icon
Coinbase
COIN
+$4.5M
5
CC icon
Chemours
CC
+$4.1M

Top Sells

Rank Stock Value
1
XLU icon
State Street Utilities Select Sector SPDR ETF
XLU
+$22.5M
2
APO icon
Apollo Global Management
APO
+$15.4M
3
WDAY icon
Workday
WDAY
+$15.4M
4
FOUR icon
Shift4
FOUR
+$7.95M
5
AAPL icon
Apple
AAPL
+$6.93M

Sector Composition

Rank Sector Weight
1 Financials 14.4%
2 Industrials 14.26%
3 Consumer Discretionary 10.93%
4 Technology 10.77%
5 Healthcare 9.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OLED icon
326
Universal Display
OLED
$4.19B
$647K 0.1%
+4,425
New +$788K
BXP icon
327
Boston Properties
BXP
$11.1B
$644K 0.1%
8,662
+5,712
+194% +$463K
FIX icon
328
Comfort Systems
FIX
$59.6B
$643K 0.09%
+1,516
New +$666K
RNG icon
329
RingCentral
RNG
$5.28B
$643K 0.09%
+18,361
New +$660K
RDDT icon
330
Reddit
RDDT
$31.1B
$641K 0.09%
+3,922
New +$484K
ACN icon
331
Accenture
ACN
$108B
$640K 0.09%
1,819
-81
-4% -$29.2K
WERN icon
332
Werner Enterprises
WERN
$2.25B
$637K 0.09%
+17,729
New +$679K
MHO icon
333
M/I Homes
MHO
$3.84B
$636K 0.09%
+4,785
New +$753K
HLF icon
334
Herbalife
HLF
$1.29B
$633K 0.09%
94,616
+33,140
+54% +$246K
SXC icon
335
SunCoke Energy
SXC
$797M
$633K 0.09%
59,130
+41,806
+241% +$448K
CZR icon
336
Caesars Entertainment
CZR
$6.14B
$627K 0.09%
18,752
+13,063
+230% +$517K
ADBE icon
337
Adobe
ADBE
$105B
$626K 0.09%
1,408
+137
+11% +$67.8K
MEDP icon
338
Medpace
MEDP
$16.5B
$626K 0.09%
+1,884
New +$639K
EA
339
DELISTED
Electronic Arts
EA
$624K 0.09%
4,266
+2,531
+146% +$390K
SEIC icon
340
SEI Investments
SEIC
$12.6B
$624K 0.09%
7,564
-25,662
-77% -$2.01M
STLD icon
341
Steel Dynamics
STLD
$37.6B
$622K 0.09%
5,449
-6,008
-52% -$798K
TRIP icon
342
TripAdvisor
TRIP
$1.26B
$620K 0.09%
+41,988
New +$614K
CSCO icon
343
Cisco
CSCO
$479B
$620K 0.09%
10,474
-3,635
-26% -$208K
STAA icon
344
STAAR Surgical
STAA
$1.21B
$620K 0.09%
25,524
+15,866
+164% +$453K
USNA icon
345
Usana Health Sciences
USNA
$286M
$619K 0.09%
+17,245
New +$645K
LQDA icon
346
Liquidia Corp
LQDA
$8.02B
$616K 0.09%
+52,363
New +$572K
FLYW icon
347
Flywire
FLYW
$2.16B
$615K 0.09%
+29,820
New +$583K
DEA
348
Easterly Government Properties
DEA
$1.18B
$614K 0.09%
+21,624
New +$687K
CFFN icon
349
Capitol Federal Financial
CFFN
$1.1B
$614K 0.09%
+103,895
New +$662K
SMP icon
350
Standard Motor Products
SMP
$911M
$613K 0.09%
+19,782
New +$637K
12 13
14
15 16

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Dark Forest Capital Management's Q4 2024 Portfolio in Review

As of Q4 2024, Dark Forest Capital Management held 1,351 positions worth $678M, down 13% from $783M the previous quarter. Its ten largest holdings account for 12% of the portfolio.

Dark Forest Capital Management withdrew a net $99.9M in Q4 2024, closing 464 positions and reducing 226 holdings. Its most notable exit was State Street Utilities Select Sector SPDR ETF, an estimated $22.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 14% of assets, up from 13% a quarter earlier, followed by Industrials and Consumer Discretionary.

Against the trend, Dark Forest Capital Management opened a new position in Capri Holdings worth $5.57M.

  • Dark Forest Capital Management's largest Q4 2024 buy was Capri Holdings: 264,666 shares worth $5.57M.
  • Dark Forest Capital Management added most to Dover in Q4 2024, an estimated $2.97M increase.
  • Dark Forest Capital Management's biggest Q4 2024 reduction was Apollo Global Management, cutting an estimated $15.4M.
  • Dark Forest Capital Management fully exited State Street Utilities Select Sector SPDR ETF in Q4 2024, selling an estimated $22.5M.
  • Dark Forest Capital Management's ten largest holdings make up 12% of its $678M portfolio in Q4 2024.
  • Dark Forest Capital Management opened 414 new positions and closed 464 in Q4 2024.
  • Dark Forest Capital Management's portfolio value fell 13% quarter-over-quarter to $678M.

Based on Dark Forest Capital Management's 13F filing for Q4 2024, filed 14 Feb 2025.