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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
VRE
526
DELISTED
Veris Residential
VRE
$412K 0.06%
24,764
-23,941
-49% -$417K
DRI icon
527
Darden Restaurants
DRI
$24.4B
$412K 0.06%
2,205
-178
-7% -$29.9K
PRK icon
528
Park National Corp
PRK
$3.67B
$411K 0.06%
+2,397
New +$433K
BMI icon
529
Badger Meter
BMI
$4.03B
$410K 0.06%
1,933
-50
-3% -$10.9K
TFIN icon
530
Triumph Financial Inc
TFIN
$1.82B
$410K 0.06%
+4,507
New +$419K
MPC icon
531
Marathon Petroleum
MPC
$83.7B
$408K 0.06%
2,928
+1,046
+56% +$160K
RH icon
532
RH
RH
$3.71B
$408K 0.06%
+1,036
New +$368K
AMAT icon
533
Applied Materials
AMAT
$428B
$408K 0.06%
2,507
-276
-10% -$50K
SEMR
534
DELISTED
Semrush
SEMR
$408K 0.06%
34,309
+17,547
+105% +$236K
EQIX icon
535
Equinix
EQIX
$103B
$407K 0.06%
432
-504
-54% -$464K
RVLV icon
536
Revolve Group
RVLV
$1.73B
$407K 0.06%
+12,141
New +$376K
NSSC icon
537
Napco Security Technologies
NSSC
$1.48B
$405K 0.06%
11,378
+3,319
+41% +$127K
MRSH
538
Marsh
MRSH
$91.5B
$403K 0.06%
1,898
-3,650
-66% -$810K
FOX icon
539
Fox Class B
FOX
$23.9B
$402K 0.06%
8,787
-13
-0.1% -$547
TFSL icon
540
TFS Financial
TFSL
$4.93B
$402K 0.06%
+31,982
New +$426K
APH icon
541
Amphenol
APH
$209B
$401K 0.06%
5,770
-10,657
-65% -$746K
DG icon
542
Dollar General
DG
$27.9B
$398K 0.06%
+5,255
New +$414K
LEN icon
543
Lennar Class A
LEN
$21.2B
$398K 0.06%
3,016
+307
+11% +$49.9K
MDGL icon
544
Madrigal Pharmaceuticals
MDGL
$11.8B
$397K 0.06%
+1,286
New +$362K
AN icon
545
AutoNation
AN
$6.92B
$395K 0.06%
+2,323
New +$392K
TW icon
546
Tradeweb Markets
TW
$21.6B
$393K 0.06%
3,000
+1,047
+54% +$138K
PTON icon
547
Peloton Interactive
PTON
$2.49B
$391K 0.06%
44,999
+17,101
+61% +$133K
HTGC icon
548
Hercules Capital
HTGC
$3.23B
$391K 0.06%
+19,462
New +$380K
QCOM icon
549
Qualcomm
QCOM
$176B
$390K 0.06%
2,540
-884
-26% -$145K
WSO icon
550
Watsco Inc
WSO
$13.6B
$390K 0.06%
+823
New +$417K
20 21
22
23 24

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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.