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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
MKTX icon
1176
MarketAxess Holdings
MKTX
$5.72B
– –
-851
Closed -$218K
MMM icon
1177
3M
MMM
$94.3B
– –
-2,780
Closed -$380K
MMSI icon
1178
Merit Medical Systems
MMSI
$5.32B
– –
-2,482
Closed -$245K
MNST icon
1179
Monster Beverage
MNST
$88.5B
– –
-4,922
Closed -$257K
MO icon
1180
Altria Group
MO
$114B
– –
-18,805
Closed -$960K
MOH icon
1181
Molina Healthcare
MOH
$10.3B
– –
-653
Closed -$225K
MPWR icon
1182
Monolithic Power Systems
MPWR
$68.9B
– –
-325
Closed -$300K
MRC
1183
DELISTED
MRC Global
MRC
– –
-27,621
Closed -$352K
MRNA icon
1184
Moderna
MRNA
$23.6B
– –
-3,047
Closed -$204K
MSA icon
1185
Mine Safety
MSA
$7.49B
– –
-1,619
Closed -$287K
MTCH icon
1186
Match Group
MTCH
$8.55B
– –
-10,951
Closed -$414K
MTB icon
1187
M&T Bank
MTB
$36.2B
– –
-1,485
Closed -$265K
MTH icon
1188
Meritage Homes
MTH
$4.86B
– –
-3,006
Closed -$308K
MTRN icon
1189
Materion
MTRN
$6.04B
– –
-2,820
Closed -$315K
MU icon
1190
Micron Technology
MU
$991B
– –
-4,456
Closed -$462K
NEM icon
1191
Newmont
NEM
$119B
– –
-8,823
Closed -$472K
NEXT icon
1192
NextDecade
NEXT
$1.78B
– –
-12,018
Closed -$56.6K
NFLX icon
1193
Netflix
NFLX
$309B
– –
-11,490
Closed -$815K
NI icon
1194
NiSource
NI
$20.4B
– –
-8,205
Closed -$284K
NKE icon
1195
Nike
NKE
$61.9B
– –
-7,562
Closed -$668K
NMRA icon
1196
Neumora Therapeutics
NMRA
$302M
– –
-55,489
Closed -$733K
NOW icon
1197
ServiceNow
NOW
$129B
– –
-3,200
Closed -$572K
NRG icon
1198
NRG Energy
NRG
$24.8B
– –
-7,953
Closed -$725K
NSC icon
1199
Norfolk Southern
NSC
$75.1B
– –
-2,469
Closed -$614K
NWSA icon
1200
News Corp Class A
NWSA
$15.4B
– –
-8,659
Closed -$231K
46 47
48
49 50

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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.