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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
YUMC icon
1326
Yum China
YUMC
$16.3B
– –
-8,345
Closed -$376K
ZBH icon
1327
Zimmer Biomet
ZBH
$18.4B
– –
-2,980
Closed -$322K
ZETA icon
1328
Zeta Global
ZETA
$6.69B
– –
-8,779
Closed -$262K
ZION icon
1329
Zions Bancorporation
ZION
$10.3B
– –
-15,965
Closed -$754K
ZNTL icon
1330
Zentalis Pharmaceuticals
ZNTL
$302M
– –
-25,706
Closed -$94.6K
ZTS icon
1331
Zoetis
ZTS
$30B
– –
-2,439
Closed -$477K
BTSG icon
1332
BrightSpring Health Services
BTSG
$12.4B
– –
-72,661
Closed -$1.07M
DAY
1333
DELISTED
Dayforce
DAY
– –
-28,730
Closed -$1.76M
CPAY icon
1334
Corpay
CPAY
$25.7B
– –
-848
Closed -$265K
SOLV icon
1335
Solventum
SOLV
$14.1B
– –
-3,790
Closed -$264K
GEV icon
1336
GE Vernova
GEV
$264B
– –
-1,658
Closed -$423K
LB
1337
LandBridge Co
LB
$2.1B
– –
-21,587
Closed -$844K
SW
1338
Smurfit Westrock
SW
$25.3B
– –
-4,663
Closed -$230K
TXNM
1339
TXNM Energy Inc
TXNM
$5.94B
– –
-12,145
Closed -$532K
PENG
1340
Penguin Solutions Inc
PENG
$2.99B
– –
-11,201
Closed -$235K
TPC
1341
Tutor Perini Cor
TPC
$5.21B
– –
-8,485
Closed -$230K
LGF.A
1342
DELISTED
Lions Gate Entertainment Corp. Class A Voting Shares
LGF.A
– –
-24,977
Closed -$196K
BERY
1343
DELISTED
Berry Global Group, Inc.
BERY
– –
-8,366
Closed -$522K
ALTM
1344
DELISTED
Arcadium Lithium plc
ALTM
– –
-915,507
Closed -$2.61M
CTLT
1345
DELISTED
CATALENT, INC.
CTLT
– –
-3,341
Closed -$202K
MRO
1346
DELISTED
Marathon Oil Corporation
MRO
– –
-7,579
Closed -$202K
RCM
1347
DELISTED
R1 RCM Inc. Common Stock
RCM
– –
-60,254
Closed -$854K
AXNX
1348
DELISTED
Axonics, Inc. Common Stock
AXNX
– –
-28,098
Closed -$1.96M
SQSP
1349
DELISTED
Squarespace, Inc.
SQSP
– –
-15,909
Closed -$739K
VGR
1350
DELISTED
Vector Group Ltd.
VGR
– –
-20,605
Closed -$307K
51 52 53
54
55

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OHIF
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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.