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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
SNA icon
751
Snap-on
SNA
$21.5B
$245K 0.04%
721
-160
-18% -$54K
MRK icon
752
Merck
MRK
$318B
$245K 0.04%
2,460
-3,828
-61% -$395K
CARG icon
753
CarGurus
CARG
$3.47B
$244K 0.04%
+6,668
New +$229K
FLGT icon
754
Fulgent Genetics
FLGT
$527M
$243K 0.04%
+13,158
New +$257K
WING icon
755
Wingstop
WING
$3.18B
$242K 0.04%
851
+307
+56% +$104K
SPSC icon
756
SPS Commerce
SPSC
$2.64B
$242K 0.04%
+1,314
New +$246K
RSI icon
757
Rush Street Interactive
RSI
$2.88B
$238K 0.04%
17,367
+4,680
+37% +$56.9K
IRWD icon
758
Ironwood Pharmaceuticals
IRWD
$714M
$238K 0.04%
53,776
-74,638
-58% -$303K
BDX icon
759
Becton Dickinson
BDX
$48.2B
$238K 0.04%
1,050
-458
-30% -$106K
AVPT icon
760
AvePoint
AVPT
$2.71B
$237K 0.04%
+14,369
New +$218K
DASH icon
761
DoorDash
DASH
$93.7B
$237K 0.03%
+1,412
New +$232K
PFF icon
762
iShares Preferred and Income Securities ETF
PFF
$13.3B
$237K 0.03%
7,533
+560
+8% +$18.3K
CACI icon
763
CACI
CACI
$14.2B
$236K 0.03%
+585
New +$285K
JNJ icon
764
Johnson & Johnson
JNJ
$625B
$234K 0.03%
1,620
-4,167
-72% -$646K
PCOR icon
765
Procore
PCOR
$8.67B
$232K 0.03%
3,096
-7,240
-70% -$514K
SAM icon
766
Boston Beer
SAM
$1.92B
$231K 0.03%
+771
New +$233K
NTAP icon
767
NetApp
NTAP
$37.2B
$231K 0.03%
1,990
-6,746
-77% -$824K
CSTM icon
768
Constellium
CSTM
$3.99B
$231K 0.03%
+22,463
New +$276K
FULT icon
769
Fulton Financial
FULT
$4.64B
$230K 0.03%
+11,952
New +$234K
STBA icon
770
S&T Bancorp
STBA
$1.79B
$230K 0.03%
+6,023
New +$246K
SPG icon
771
Simon Property Group
SPG
$72.3B
$229K 0.03%
1,330
-2,086
-61% -$366K
AAL icon
772
American Airlines Group
AAL
$10.6B
$228K 0.03%
13,081
-11,329
-46% -$163K
UNP icon
773
Union Pacific
UNP
$174B
$228K 0.03%
999
-1,565
-61% -$371K
NNI icon
774
Nelnet
NNI
$4.7B
$228K 0.03%
+2,132
New +$236K
NFG icon
775
National Fuel Gas
NFG
$7.65B
$228K 0.03%
+3,752
New +$230K
29 30
31
32 33

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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.