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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
RPD icon
351
Rapid7
RPD
$773M
$610K 0.09%
+15,151
New +$615K
KMX icon
352
CarMax
KMX
$8.26B
$609K 0.09%
7,450
+4,027
+118% +$316K
IP icon
353
International Paper
IP
$22B
$609K 0.09%
11,310
+5,312
+89% +$285K
EGP icon
354
EastGroup Properties
EGP
$10.9B
$608K 0.09%
3,791
+2,691
+245% +$465K
NCLH icon
355
Norwegian Cruise Line
NCLH
$8.84B
$605K 0.09%
23,521
-5,979
-20% -$151K
CTAS icon
356
Cintas
CTAS
$81.3B
$601K 0.09%
3,292
+1,359
+70% +$286K
MAN icon
357
ManpowerGroup
MAN
$2.63B
$601K 0.09%
+10,418
New +$664K
ICUI icon
358
ICU Medical
ICUI
$4.61B
$596K 0.09%
+3,844
New +$650K
FLNC icon
359
Fluence Energy
FLNC
$2.44B
$596K 0.09%
+37,537
New +$735K
GIS icon
360
General Mills
GIS
$19.7B
$595K 0.09%
9,329
+4,559
+96% +$306K
TJX icon
361
TJX Companies
TJX
$178B
$595K 0.09%
4,924
-5,377
-52% -$642K
WEX icon
362
WEX
WEX
$6.31B
$595K 0.09%
+3,393
New +$636K
LNT icon
363
Alliant Energy
LNT
$18B
$595K 0.09%
10,058
+1,125
+13% +$68K
LTH icon
364
Life Time Group Holdings
LTH
$9.79B
$591K 0.09%
+26,740
New +$639K
DFS
365
DELISTED
Discover Financial Services
DFS
$588K 0.09%
3,393
+1,281
+61% +$210K
NBTB icon
366
NBT Bancorp
NBTB
$2.74B
$585K 0.09%
+12,244
New +$583K
MCK icon
367
McKesson
MCK
$101B
$584K 0.09%
1,025
+460
+81% +$258K
VVV icon
368
Valvoline
VVV
$4.51B
$582K 0.09%
+16,089
New +$644K
KBR icon
369
KBR
KBR
$4.8B
$582K 0.09%
10,043
-13,653
-58% -$871K
RLI icon
370
RLI Corp
RLI
$5.89B
$582K 0.09%
+7,058
New +$586K
CEG icon
371
Constellation Energy
CEG
$95.6B
$581K 0.09%
2,596
+983
+61% +$245K
EE icon
372
Excelerate Energy
EE
$1.11B
$579K 0.09%
+19,140
New +$518K
ALAB icon
373
Astera Labs
ALAB
$58B
$579K 0.09%
+4,371
New +$410K
RACE icon
374
Ferrari
RACE
$72.5B
$578K 0.09%
1,360
+749
+123% +$338K
BAP icon
375
Credicorp
BAP
$30.7B
$575K 0.08%
3,138
+1,831
+140% +$342K
13 14
15
16 17

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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.