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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
AUD
1601
DELISTED
Audacy, Inc.
AUD
– –
-23,923
Closed -$9K
TA
1602
DELISTED
TravelCenters of America LLC
TA
– –
-2,907
Closed -$157K
PGRW
1603
DELISTED
Progress Acquisition Corp. Class A Common Stock
PGRW
– –
-132,243
Closed -$1.32M
EVOJ
1604
DELISTED
Evo Acquisition Corp. Class A Common Stock
EVOJ
– –
-52,010
Closed -$513K
MAXR
1605
DELISTED
Maxar Technologies Inc. Common Stock
MAXR
– –
-3
Closed –
HZON
1606
DELISTED
Horizon Acquisition Corporation II
HZON
– –
-13,902
Closed -$139K
BMAQ
1607
DELISTED
Blockchain Moon Acquisition Corp. Common Stock
BMAQ
– –
-43,419
Closed -$434K
GWII
1608
DELISTED
Good Works II Acquisition Corp. Common Stock
GWII
– –
-94,595
Closed -$947K
SRNE
1609
DELISTED
Sorrento Therapeutics, Inc.
SRNE
– –
-2,246
Closed -$4K
LHCG
1610
DELISTED
LHC Group LLC
LHCG
– –
-250
Closed -$41K
CTAQ
1611
DELISTED
Carney Technology Acquisition Corp. II Class A Common Stock
CTAQ
– –
-122,775
Closed -$1.22M
KNBE
1612
DELISTED
KnowBe4, Inc. Class A Common Stock
KNBE
– –
-6
Closed –
VIVO
1613
DELISTED
Meridian Bioscience Inc
VIVO
– –
-8,212
Closed -$259K
ARCK
1614
DELISTED
Arbor Rapha Capital Bioholdings Corp. I Class A Common Stock
ARCK
– –
-10,246
Closed -$104K
PKBO
1615
DELISTED
Peak Bio, Inc. Common Stock
PKBO
– –
-49,247
Closed -$492K
POSH
1616
DELISTED
Poshmark, Inc. Class A Common Stock
POSH
– –
-369
Closed -$6K
ASAX
1617
DELISTED
Astrea Acquisition Corp. Class A Common Stock
ASAX
– –
-181,082
Closed -$1.78M
FACA
1618
DELISTED
Figure Acquisition Corp. I
FACA
– –
-5,195
Closed -$51K
CLAS
1619
DELISTED
Class Acceleration Corp.
CLAS
– –
-396,474
Closed -$3.92M
AKIC
1620
DELISTED
Sports Ventures Acquisition Corp. Class A Ordinary Shares
AKIC
– –
-17,984
Closed -$179K
FTVI
1621
DELISTED
FinTech Acquisition Corp. VI Class A Common Stock
FTVI
– –
-39,305
Closed -$391K
SHCA
1622
DELISTED
Spindletop Health Acquisition Corp. Class A Common Stock
SHCA
– –
-13,379
Closed -$135K
OMEG
1623
DELISTED
Omega Alpha SPAC Class A Ordinary Shares
OMEG
– –
-2,584
Closed -$26K
SPTK
1624
DELISTED
SportsTek Acquisition Corp. Class A Common Stock
SPTK
– –
-21,270
Closed -$210K
MON
1625
DELISTED
Monument Circle Acquisition Corp. Class A Common Stock
MON
– –
-106,258
Closed -$1.05M
63 64
65
66 67

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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.