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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
ACII
1676
DELISTED
Atlas Crest Investment Corp. II
ACII
– –
-42,828
Closed -$421K
OHPA
1677
DELISTED
Orion Acquisition Corp. Class A common stock
OHPA
– –
-3,534
Closed -$35K
HMCO
1678
DELISTED
HumanCo Acquisition Corp. Class A Common Stock
HMCO
– –
-86,227
Closed -$857K
SWET
1679
DELISTED
Athlon Acquisition Corp. Class A Common stock
SWET
– –
-187,936
Closed -$1.85M
TMAC
1680
DELISTED
The Music Acquisition Corporation
TMAC
– –
-44,729
Closed -$440K
TSIB
1681
DELISTED
Tishman Speyer Innovation Corp. II Class A common stock
TSIB
– –
-20,640
Closed -$203K
LMACA
1682
DELISTED
Liberty Media Acquisition Corporation Series A Common Stock
LMACA
– –
-222,447
Closed -$2.21M
CRU
1683
DELISTED
Crucible Acquisition Corporation
CRU
– –
-249,011
Closed -$2.48M
PHIC
1684
DELISTED
Population Health Investment Co., Inc. Class A Ordinary Share
PHIC
– –
-6,358
Closed -$64K
SBII
1685
DELISTED
Sandbridge X2 Corp.
SBII
– –
-4,095
Closed -$40K
JYAC
1686
DELISTED
Jiya Acquisition Corp. Class A Common Stock
JYAC
– –
-18,709
Closed -$187K
ASZ
1687
DELISTED
Austerlitz Acquisition Corporation II
ASZ
– –
-1,141,815
Closed -$11.2M
FVT
1688
DELISTED
Fortress Value Acquisition Corp. III
FVT
– –
-22,404
Closed -$222K
FVIV
1689
DELISTED
Fortress Value Acquisition Corp. IV
FVIV
– –
-21,657
Closed -$213K
AUS
1690
DELISTED
Austerlitz Acquisition Corporation I
AUS
– –
-709,376
Closed -$6.96M
CLR
1691
DELISTED
CONTINENTAL RESOURCES INC.
CLR
– –
-3,474
Closed -$232K
GAPA
1692
DELISTED
G&P Acquisition Corp.
GAPA
– –
-566,766
Closed -$5.66M
AXH
1693
DELISTED
Industrial Human Capital, Inc.
AXH
– –
-345,059
Closed -$3.5M
NOAC
1694
DELISTED
Natural Order Acquisition Corp. Common Stock
NOAC
– –
-145,801
Closed -$1.46M
IS
1695
DELISTED
ironSource Ltd.
IS
– –
-180
Closed -$1K
HAAC
1696
DELISTED
Health Assurance Acquisition Corp. Class A Common Stock
HAAC
– –
-173,030
Closed -$1.73M
HTAQ
1697
DELISTED
Hunt Companies Acquisition Corp. I
HTAQ
– –
-14,410
Closed -$146K
LUXA
1698
DELISTED
Lux Health Tech Acquisition Corp. Class A Common Stock
LUXA
– –
-54,870
Closed -$550K
PIPP
1699
DELISTED
Pine Island Acquisition Corp.
PIPP
– –
-47,177
Closed -$471K
TEKK
1700
DELISTED
Tekkorp Digital Acquisition Corp. Class A Ordinary Shares
TEKK
– –
-31,998
Closed -$320K
65 66 67
68
69

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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.