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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
+10.07%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$666M
AUM Growth
-$632M
Cap. Flow
-$687M
Cap. Flow %
-103.08%
Top 10 Hldgs %
40.61%
Holding
1,194
New
130
Increased
97
Reduced
186
Closed
768

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$93.3M
2
P
Everpure Inc
P
+$18.1M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$15.9M
4
WDAY icon
Workday
WDAY
+$15.8M
5
APP icon
Applovin
APP
+$15.5M

Top Sells

Rank Stock Value
1
LULU icon
lululemon athletica
LULU
+$17.1M
2
KSS icon
Kohl's
KSS
+$11.8M
3
VMBS icon
Vanguard Mortgage-Backed Securities ETF
VMBS
+$11.6M
4
VCSH icon
Vanguard Short-Term Corporate Bond ETF
VCSH
+$8.19M
5
CNGL
Canna-Global Acquisition Corp. Class A Common Stock
CNGL
+$5.88M

Sector Composition

Rank Sector Weight
1 Communication Services 26.63%
2 Technology 15.32%
3 Financials 8.5%
4 Industrials 8.5%
5 Consumer Discretionary 7.4%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NE icon
26
Noble Corp
NE
$6.45B
$3.97M 0.6%
82,350
+74,544
+955% +$3.48M
JWN
27
DELISTED
Nordstrom
JWN
$3.91M 0.59%
211,822
-235,744
-53% -$3.62M
TCBI icon
28
Texas Capital Bancshares
TCBI
$4.4B
$3.85M 0.58%
59,628
+24,685
+71% +$1.42M
TNL icon
29
Travel + Leisure Co
TNL
$4.72B
$3.74M 0.56%
95,735
+68,086
+246% +$2.47M
HELE icon
30
Helen of Troy
HELE
$676M
$3.69M 0.55%
30,543
-4,601
-13% -$496K
NFE icon
31
New Fortress Energy
NFE
$99M
$3.35M 0.5%
88,685
+33,461
+61% +$1.15M
ICVT icon
32
iShares Convertible Bond ETF
ICVT
$7.44B
$3.22M 0.48%
41,009
-10,222
-20% -$757K
DOCU
33
DocuSign
DOCU
$10.5B
$3.18M 0.48%
53,555
+31,390
+142% +$1.44M
RHP icon
34
Ryman Hospitality Properties
RHP
$8.31B
$3.1M 0.47%
28,151
+23,084
+456% +$2.2M
TGNA
35
DELISTED
TEGNA Inc
TGNA
$3.06M 0.46%
199,923
+162,844
+439% +$2.44M
ULTA icon
36
Ulta Beauty
ULTA
$23B
$3.05M 0.46%
6,217
+1,917
+45% +$809K
AMH icon
37
American Homes 4 Rent
AMH
$12.4B
$3M 0.45%
83,426
+8,294
+11% +$290K
RITM icon
38
Rithm Capital
RITM
$5.62B
$2.95M 0.44%
275,810
+193,283
+234% +$1.92M
BPOP icon
39
Popular Inc
BPOP
$11.2B
$2.93M 0.44%
35,700
+24,510
+219% +$1.73M
MPT
40
Medical Properties Trust
MPT
$2.75B
$2.89M 0.43%
+588,696
New +$2.88M
TPL icon
41
Texas Pacific Land
TPL
$28B
$2.89M 0.43%
16,533
+8,406
+103% +$1.6M
EWJ icon
42
iShares MSCI Japan ETF
EWJ
$22.4B
$2.85M 0.43%
+44,493
New +$2.72M
CACC icon
43
Credit Acceptance
CACC
$6.15B
$2.83M 0.43%
5,316
+4,303
+425% +$1.93M
FIGS icon
44
FIGS
FIGS
$1.82B
$2.79M 0.42%
401,095
-294,327
-42% -$1.95M
OMF icon
45
OneMain Financial
OMF
$7.44B
$2.78M 0.42%
56,597
+39,586
+233% +$1.61M
FHI icon
46
Federated Hermes
FHI
$4.77B
$2.73M 0.41%
+80,540
New +$2.62M
APD icon
47
Air Products & Chemicals
APD
$65.2B
$2.62M 0.39%
+9,582
New +$2.63M
SPB icon
48
Spectrum Brands
SPB
$2.04B
$2.62M 0.39%
32,852
+18,148
+123% +$1.37M
HEI.A icon
49
HEICO Corp Class A
HEI.A
$36.6B
$2.56M 0.38%
18,000
– –
VGK icon
50
Vanguard FTSE Europe ETF
VGK
$31.1B
$2.53M 0.38%
+39,313
New +$2.35M
1
2
3 4 5

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Dark Forest Capital Management's Q4 2023 Portfolio in Review

As of Q4 2023, Dark Forest Capital Management held 1,194 positions worth $666M, down 49% from $1.3B the previous quarter. Its ten largest holdings account for 41% of the portfolio.

Dark Forest Capital Management withdrew a net $687M in Q4 2023, closing 768 positions and reducing 186 holdings. Its most notable exit was lululemon athletica, an estimated $17.1M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 27% of assets, up from 6.2% a quarter earlier, followed by Technology and Financials.

Against the trend, Dark Forest Capital Management opened a new position in Everpure Inc worth $18.4M.

  • Dark Forest Capital Management's largest Q4 2023 buy was Everpure Inc: 514,899 shares worth $18.4M.
  • Dark Forest Capital Management added most to Alphabet (Google) Class A in Q4 2023, an estimated $93.3M increase.
  • Dark Forest Capital Management's biggest Q4 2023 reduction was Kohl's, cutting an estimated $11.8M.
  • Dark Forest Capital Management fully exited lululemon athletica in Q4 2023, selling an estimated $17.1M.
  • Dark Forest Capital Management's ten largest holdings make up 41% of its $666M portfolio in Q4 2023.
  • Dark Forest Capital Management opened 130 new positions and closed 768 in Q4 2023.
  • Dark Forest Capital Management's portfolio value fell 49% quarter-over-quarter to $666M.

Based on Dark Forest Capital Management's 13F filing for Q4 2023, filed 14 Feb 2024.