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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
UAL icon
76
United Airlines
UAL
$41.9B
$1.53M 0.23%
15,757
+6,528
+71% +$552K
AGNC icon
77
AGNC Investment
AGNC
$12.6B
$1.53M 0.23%
166,078
-213,851
-56% -$2.09M
DDOG icon
78
Datadog
DDOG
$81.6B
$1.51M 0.22%
10,561
+7,723
+272% +$1.06M
VEEV icon
79
Veeva Systems
VEEV
$35.4B
$1.51M 0.22%
+7,164
New +$1.58M
STZ icon
80
Constellation Brands
STZ
$22.6B
$1.49M 0.22%
6,739
+5,756
+586% +$1.37M
HRI icon
81
Herc Holdings
HRI
$5.62B
$1.49M 0.22%
7,862
-13,668
-63% -$2.76M
LHX icon
82
L3Harris
LHX
$53.9B
$1.49M 0.22%
7,077
+5,213
+280% +$1.25M
PFSI icon
83
PennyMac Financial
PFSI
$4B
$1.47M 0.22%
14,381
-5,279
-27% -$552K
FRME icon
84
First Merchants
FRME
$2.69B
$1.45M 0.21%
+36,436
New +$1.47M
JNK icon
85
State Street SPDR Bloomberg High Yield Bond ETF
JNK
$6.91B
$1.45M 0.21%
15,214
-71
-0.5% -$6.85K
KHC icon
86
Kraft Heinz
KHC
$29.6B
$1.44M 0.21%
47,020
+37,180
+378% +$1.22M
FHI icon
87
Federated Hermes
FHI
$4.72B
$1.43M 0.21%
34,875
+29,377
+534% +$1.19M
WSBC icon
88
WesBanco
WSBC
$4B
$1.43M 0.21%
44,034
+33,768
+329% +$1.12M
ALLE icon
89
Allegion
ALLE
$14.3B
$1.43M 0.21%
10,953
+1,091
+11% +$154K
FLS icon
90
Flowserve
FLS
$10B
$1.41M 0.21%
+24,493
New +$1.41M
XLF icon
91
State Street Financial Select Sector SPDR ETF
XLF
$58.4B
$1.41M 0.21%
29,090
+11,029
+61% +$533K
WTM icon
92
White Mountains Insurance
WTM
$5.3B
$1.4M 0.21%
719
-132
-16% -$249K
CDE icon
93
Coeur Mining
CDE
$16.1B
$1.4M 0.21%
244,120
+223,144
+1,064% +$1.45M
BAC icon
94
Bank of America
BAC
$441B
$1.39M 0.2%
31,609
-8,684
-22% -$382K
ICVT icon
95
iShares Convertible Bond ETF
ICVT
$7.28B
$1.36M 0.2%
15,990
-244
-2% -$21K
ESGR
96
DELISTED
Enstar Group
ESGR
$1.34M 0.2%
4,148
-2,802
-40% -$907K
CRI icon
97
Carter's
CRI
$1.48B
$1.33M 0.2%
24,583
-48,938
-67% -$2.8M
MDT icon
98
Medtronic
MDT
$110B
$1.33M 0.2%
16,644
+10,779
+184% +$933K
WOR icon
99
Worthington Enterprises
WOR
$2.83B
$1.33M 0.2%
33,078
-3,861
-10% -$156K
PM icon
100
Philip Morris
PM
$293B
$1.32M 0.19%
10,977
-715
-6% -$90.2K
2 3
4
5 6

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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.