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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
+5.34%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$407M
AUM Growth
-$182M
Cap. Flow
-$198M
Cap. Flow %
-48.62%
Top 10 Hldgs %
20.41%
Holding
1,725
New
514
Increased
247
Reduced
247
Closed
619

Top Buys

Rank Stock Value
1
NSTC
Northern Star Investment Corp. III
NSTC
+$5.99M
2
TTC icon
Toro Company
TTC
+$5.07M
3
ACM icon
Aecom
ACM
+$4.77M
4
NSTD
Northern Star Investment Corp. IV
NSTD
+$4.6M
5
MDH
MDH Acquisition Corp.
MDH
+$4.42M

Top Sells

Rank Stock Value
1
ENPC
Executive Network Partnering Corporation
ENPC
+$23.9M
2
ASZ
Austerlitz Acquisition Corporation II
ASZ
+$11.2M
3
TIP icon
iShares TIPS Bond ETF
TIP
+$8.14M
4
SNRH
Senior Connect Acquisition Corp. I Class A Common Stock
SNRH
+$7.68M
5
AUS
Austerlitz Acquisition Corporation I
AUS
+$6.96M

Sector Composition

Rank Sector Weight
1 Financials 58.86%
2 Healthcare 8.81%
3 Industrials 8.57%
4 Technology 5.6%
5 Energy 5.02%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TBCP
1576
DELISTED
Thunder Bridge Capital Partners III Inc. Class A Common Stock
TBCP
– –
-52,003
Closed -$513K
CFIV
1577
DELISTED
CF Acquisition Corp. IV Class A common stock
CFIV
– –
-10,661
Closed -$106K
VRTV
1578
DELISTED
VERITIV CORPORATION
VRTV
– –
-19
Closed -$2K
VMW
1579
DELISTED
VMware, Inc
VMW
– –
-4
Closed –
MTRY
1580
DELISTED
Monterey Innovation Acquisition Corp. Common Stock
MTRY
– –
-80,363
Closed -$812K
LTRPA
1581
DELISTED
Liberty TripAdvisor Holdings, Inc. Series A
LTRPA
– –
-13,121
Closed -$14K
SFR
1582
DELISTED
Appreciate Holdings, Inc. Class A Common Stock
SFR
– –
-56,604
Closed -$563K
BTWN
1583
DELISTED
Bridgetown Holdings Limited Class A Ordinary Shares
BTWN
– –
-189,544
Closed -$1.9M
NUVA
1584
DELISTED
NuVasive, Inc.
NUVA
– –
-1,280
Closed -$56K
FXCO
1585
DELISTED
Financial Strategies Acquisition Corp. Class A Common Stock
FXCO
– –
-246,392
Closed -$2.47M
FXLV
1586
DELISTED
F45 Training Holdings Inc.
FXLV
– –
-737
Closed -$2K
GFX
1587
DELISTED
Golden Falcon Acquisition Corp.
GFX
– –
-419,708
Closed -$4.18M
FRG
1588
DELISTED
Franchise Group, Inc.
FRG
– –
-64,581
Closed -$1.57M
ARNC
1589
DELISTED
Arconic Corporation
ARNC
– –
-921
Closed -$16K
KDNY
1590
DELISTED
Chinook Therapeutics, Inc. Common Stock
KDNY
– –
-162
Closed -$3K
ARBG
1591
DELISTED
Aequi Acquisition Corp
ARBG
– –
-301,106
Closed -$3M
CPUH
1592
DELISTED
Compute Health Acquisition Corp.
CPUH
– –
-160,718
Closed -$1.58M
AJRD
1593
DELISTED
Aerojet Rocketdyne Holdings
AJRD
– –
-247
Closed -$10K
ISEE
1594
DELISTED
IVERIC bio, Inc. Common Stock
ISEE
– –
-5,201
Closed -$93K
MRAI
1595
DELISTED
Marpai, Inc. Class A Common Stock
MRAI
– –
-1,045
Closed -$4K
ROCC
1596
DELISTED
Ranger Oil Corporation Class A Common Stock
ROCC
– –
-2,972
Closed -$93K
RUTH
1597
DELISTED
Ruth's Hospitality Group, Inc.
RUTH
– –
-263
Closed -$4K
SNRH
1598
DELISTED
Senior Connect Acquisition Corp. I Class A Common Stock
SNRH
– –
-772,535
Closed -$7.68M
AQUA
1599
DELISTED
Evoqua Water Technologies Corp. Common Stock
AQUA
– –
-864
Closed -$29K
RIDE
1600
DELISTED
Lordstown Motors Corp. Class A Common Stock
RIDE
– –
-20
Closed -$1K
62 63
64
65 66

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Dark Forest Capital Management's Q4 2022 Portfolio in Review

As of Q4 2022, Dark Forest Capital Management held 1,725 positions worth $407M, down 31% from $589M the previous quarter. Its ten largest holdings account for 20% of the portfolio.

Dark Forest Capital Management withdrew a net $198M in Q4 2022, closing 619 positions and reducing 247 holdings. Its most notable exit was Executive Network Partnering Corporation, an estimated $23.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 59% of assets, up from 55% a quarter earlier, followed by Healthcare and Industrials.

Against the trend, Dark Forest Capital Management opened a new position in Toro Company worth $5.42M.

  • Dark Forest Capital Management's largest Q4 2022 buy was Toro Company: 47,868 shares worth $5.42M.
  • Dark Forest Capital Management added most to Northern Star Investment Corp. III in Q4 2022, an estimated $5.99M increase.
  • Dark Forest Capital Management's biggest Q4 2022 reduction was iShares TIPS Bond ETF, cutting an estimated $8.14M.
  • Dark Forest Capital Management fully exited Executive Network Partnering Corporation in Q4 2022, selling an estimated $23.9M.
  • Dark Forest Capital Management's ten largest holdings make up 20% of its $407M portfolio in Q4 2022.
  • Dark Forest Capital Management opened 514 new positions and closed 619 in Q4 2022.
  • Dark Forest Capital Management's portfolio value fell 31% quarter-over-quarter to $407M.

Based on Dark Forest Capital Management's 13F filing for Q4 2022, filed 13 Feb 2023.