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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
SIGI icon
1001
Selective Insurance
SIGI
$5.73B
– –
-6,191
Closed -$639K
SIRI icon
1002
SiriusXM
SIRI
$10.1B
– –
-25,425
Closed -$1.15M
SJM icon
1003
J.M. Smucker
SJM
$12.8B
– –
-2,813
Closed -$346K
SJNK icon
1004
State Street SPDR Bloomberg Short Term High Yield Bond ETF
SJNK
$4.76B
– –
-142,561
Closed -$3.49M
HTO
1005
H2O America
HTO
$2.62B
– –
-16,955
Closed -$1.02M
SLQT icon
1006
SelectQuote
SLQT
$121M
– –
-30,163
Closed -$35.3K
SMCI icon
1007
Super Micro Computer
SMCI
$20.1B
– –
-76,150
Closed -$2.09M
SMPL icon
1008
Simply Good Foods
SMPL
$982M
– –
-8,760
Closed -$302K
SNBR
1009
DELISTED
Sleep Number
SNBR
– –
-16,888
Closed -$415K
SNDR icon
1010
Schneider National
SNDR
$6.25B
– –
-12,815
Closed -$355K
SNOW icon
1011
Snowflake
SNOW
$115B
– –
-8,588
Closed -$1.31M
SON icon
1012
Sonoco
SON
$5.74B
– –
-37,107
Closed -$2.02M
SPCE icon
1013
Virgin Galactic
SPCE
$398M
– –
-19,529
Closed -$703K
SPG icon
1014
Simon Property Group
SPG
$72.3B
– –
-6,938
Closed -$750K
SPSC icon
1015
SPS Commerce
SPSC
$2.64B
– –
-2,813
Closed -$480K
SPTN
1016
DELISTED
SpartanNash
SPTN
– –
-11,017
Closed -$242K
SPY icon
1017
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$823B
– –
-250,100
Closed -$107M
SR icon
1018
Spire
SR
$4.85B
– –
-12,807
Closed -$725K
SRPT icon
1019
Sarepta Therapeutics
SRPT
$1.77B
– –
-9,228
Closed -$1.12M
SSD icon
1020
Simpson Manufacturing
SSD
$8.16B
– –
-3,728
Closed -$558K
SSTK icon
1021
Shutterstock
SSTK
$219M
– –
-7,315
Closed -$278K
STC icon
1022
Stewart Information Services
STC
$2.08B
– –
-12,193
Closed -$534K
STEP icon
1023
StepStone Group
STEP
$3.82B
– –
-50,017
Closed -$1.58M
STGW icon
1024
Stagwell
STGW
$2.24B
– –
-30,303
Closed -$142K
STLD icon
1025
Steel Dynamics
STLD
$37.6B
– –
-4,572
Closed -$490K
39 40
41
42 43

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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.