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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
TLN
151
Talen Energy Corp
TLN
$16.2B
$1.07M 0.16%
+5,316
New +$1.04M
BPOP icon
152
Popular Inc
BPOP
$11.2B
$1.07M 0.16%
11,324
+4,652
+70% +$446K
RCL icon
153
Royal Caribbean
RCL
$85.7B
$1.06M 0.16%
4,615
-578
-11% -$128K
VNT icon
154
Vontier
VNT
$4.97B
$1.05M 0.16%
+28,837
New +$1.06M
HUBB icon
155
Hubbell
HUBB
$26.8B
$1.05M 0.15%
2,506
+943
+60% +$421K
L icon
156
Loews
L
$23.7B
$1.05M 0.15%
12,388
+6,714
+118% +$553K
OZK icon
157
Bank OZK
OZK
$5.63B
$1.05M 0.15%
23,524
+13,694
+139% +$626K
GS icon
158
Goldman Sachs
GS
$301B
$1.04M 0.15%
1,822
+724
+66% +$404K
XHB icon
159
State Street SPDR S&P Homebuilders ETF
XHB
$1.53B
$1.04M 0.15%
9,981
-7,841
-44% -$920K
URBN icon
160
Urban Outfitters
URBN
$6.65B
$1.04M 0.15%
+18,878
New +$806K
HLT icon
161
Hilton Worldwide
HLT
$72.5B
$1.03M 0.15%
4,153
+2,061
+99% +$504K
NBIS
162
Nebius Group N.V.
NBIS
$48.2B
$1.02M 0.15%
+37,002
New +$902K
ZBRA icon
163
Zebra Technologies
ZBRA
$17.2B
$1.02M 0.15%
2,650
+1,210
+84% +$469K
NOC icon
164
Northrop Grumman
NOC
$80.7B
$1.02M 0.15%
2,177
+1,205
+124% +$606K
SLB icon
165
SLB Ltd
SLB
$76.5B
$1.01M 0.15%
26,363
+18,872
+252% +$792K
LKFN icon
166
Lakeland Financial Corp
LKFN
$1.55B
$1.01M 0.15%
14,675
+10,804
+279% +$749K
PGR icon
167
Progressive
PGR
$125B
$998K 0.15%
4,164
-12
-0.3% -$3.02K
ABNB icon
168
Airbnb
ABNB
$90B
$997K 0.15%
7,585
+2,890
+62% +$389K
OMF icon
169
OneMain Financial
OMF
$7.48B
$993K 0.15%
19,047
-49,739
-72% -$2.58M
GGG icon
170
Graco
GGG
$13.5B
$990K 0.15%
+11,748
New +$1.02M
SEM
171
DELISTED
Select Medical
SEM
$989K 0.15%
52,470
+30,864
+143% +$595K
UHS icon
172
Universal Health Services
UHS
$10.3B
$987K 0.15%
5,501
+1,216
+28% +$248K
HI
173
DELISTED
Hillenbrand
HI
$984K 0.15%
31,966
+23,539
+279% +$711K
EXR icon
174
Extra Space Storage
EXR
$31.6B
$981K 0.14%
6,558
+2,726
+71% +$447K
EME icon
175
Emcor
EME
$35.7B
$978K 0.14%
+2,155
New +$1.02M
5 6
7
8 9

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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.