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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
APGE icon
926
Apogee Therapeutics
APGE
$10.2B
– –
-14,230
Closed -$836K
APTV icon
927
Aptiv
APTV
$10.3B
– –
-3,818
Closed -$275K
ARI
928
Apollo Commercial Real Estate
ARI
$885M
– –
-19,383
Closed -$178K
ARQT icon
929
Arcutis Biotherapeutics
ARQT
$3.18B
– –
-16,817
Closed -$156K
ATEC icon
930
Alphatec Holdings
ATEC
$1.44B
– –
-10,570
Closed -$58.8K
ATO icon
931
Atmos Energy
ATO
$28.8B
– –
-1,705
Closed -$237K
AVB icon
932
AvalonBay Communities
AVB
$26.8B
– –
-2,330
Closed -$525K
AVGO icon
933
Broadcom
AVGO
$2.04T
– –
-13,084
Closed -$2.26M
AVNT icon
934
Avient
AVNT
$4.19B
– –
-4,521
Closed -$227K
AVY icon
935
Avery Dennison
AVY
$13.4B
– –
-3,808
Closed -$841K
AWR icon
936
American States Water
AWR
$3.46B
– –
-5,115
Closed -$426K
AX icon
937
Axos Financial
AX
$5.68B
– –
-7,609
Closed -$478K
AXON
938
Axon Enterprise
AXON
$46.4B
– –
-722
Closed -$289K
AXP icon
939
American Express
AXP
$230B
– –
-2,102
Closed -$570K
AYI icon
940
Acuity Brands
AYI
$10.8B
– –
-2,260
Closed -$622K
BA icon
941
Boeing
BA
$185B
– –
-2,351
Closed -$357K
BALL icon
942
Ball Corp
BALL
$16.8B
– –
-14,016
Closed -$952K
BAX icon
943
Baxter International
BAX
$14.2B
– –
-7,105
Closed -$270K
BBWI icon
944
Bath & Body Works
BBWI
$4.1B
– –
-50,403
Closed -$1.61M
BBY icon
945
Best Buy
BBY
$17.3B
– –
-5,510
Closed -$569K
BCC icon
946
Boise Cascade
BCC
$3.02B
– –
-3,159
Closed -$445K
BCO icon
947
Brink's
BCO
$4.62B
– –
-2,505
Closed -$290K
BF.B icon
948
Brown-Forman Class B
BF.B
$13.1B
– –
-4,157
Closed -$205K
BGS icon
949
B&G Foods
BGS
$286M
– –
-23,213
Closed -$206K
BIIB icon
950
Biogen
BIIB
$30.7B
– –
-2,797
Closed -$542K
36 37
38
39 40

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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.