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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
DIN icon
1026
Dine Brands
DIN
$452M
– –
-9,963
Closed -$311K
DINO icon
1027
HF Sinclair
DINO
$14.5B
– –
-31,312
Closed -$1.4M
DK icon
1028
Delek US
DK
$3.58B
– –
-15,589
Closed -$292K
DOC icon
1029
Healthpeak Properties
DOC
$14.8B
– –
-21,220
Closed -$485K
DOCU
1030
DocuSign
DOCU
$11.5B
– –
-90,886
Closed -$5.64M
DORM icon
1031
Dorman Products
DORM
$4.18B
– –
-5,416
Closed -$613K
DPZ icon
1032
Domino's
DPZ
$11.6B
– –
-610
Closed -$262K
DUK icon
1033
Duke Energy
DUK
$97.3B
– –
-8,937
Closed -$1.03M
DV icon
1034
DoubleVerify
DV
$2.03B
– –
-10,399
Closed -$175K
DVN icon
1035
Devon Energy
DVN
$47.3B
– –
-11,930
Closed -$467K
DYN icon
1036
Dyne Therapeutics
DYN
$4.9B
– –
-9,307
Closed -$334K
EBAY icon
1037
eBay
EBAY
$49.8B
– –
-4,652
Closed -$303K
EFSC icon
1038
Enterprise Financial Services Corp
EFSC
$2.39B
– –
-5,442
Closed -$279K
EIX icon
1039
Edison International
EIX
$26.4B
– –
-3,004
Closed -$262K
EL icon
1040
Estee Lauder
EL
$32B
– –
-2,774
Closed -$277K
ELV icon
1041
Elevance Health
ELV
$85.5B
– –
-1,479
Closed -$769K
EMN icon
1042
Eastman Chemical
EMN
$8.42B
– –
-2,627
Closed -$294K
EMR icon
1043
Emerson Electric
EMR
$88.3B
– –
-2,939
Closed -$321K
ENR icon
1044
Energizer
ENR
$1.55B
– –
-8,542
Closed -$271K
ENVA icon
1045
Enova International
ENVA
$6.29B
– –
-6,365
Closed -$533K
EOG icon
1046
EOG Resources
EOG
$70.7B
– –
-2,694
Closed -$331K
EQR icon
1047
Equity Residential
EQR
$25.1B
– –
-7,397
Closed -$551K
ES icon
1048
Eversource Energy
ES
$27.2B
– –
-6,467
Closed -$440K
ESTC icon
1049
Elastic
ESTC
$7.81B
– –
-20,858
Closed -$1.6M
ETN icon
1050
Eaton
ETN
$174B
– –
-2,262
Closed -$750K
40 41
42
43 44

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AT
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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.