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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
CVII
1
DELISTED
Churchill Capital Corp VII Class A Common Stock
CVII
$13M 3.2%
1,305,581
+25,000
+2% +$248K
QFTA
2
DELISTED
Quantum FinTech Acquisition Corporation
QFTA
$9.9M 2.43%
984,612
– –
MIT
3
DELISTED
Mason Industrial Technology, Inc.
MIT
$9.88M 2.43%
988,339
– –
FSNB
4
DELISTED
Fusion Acquisition Corp. II
FSNB
$8.55M 2.1%
851,456
+423,308
+99% +$4.21M
CCV
5
DELISTED
Churchill Capital Corp V
CCV
$8.41M 2.07%
846,170
– –
HORI
6
DELISTED
Emerging Markets Horizon Corp. Class A Ordinary Shares
HORI
$7.19M 1.77%
701,207
– –
HHLA
7
DELISTED
HH&L Acquisition Co.
HHLA
$6.88M 1.69%
680,372
– –
CCVI
8
DELISTED
Churchill Capital Corp VI
CCVI
$6.58M 1.62%
658,810
+220,589
+50% +$2.19M
SOC icon
9
Sable Offshore Corp
SOC
$893M
$6.32M 1.55%
628,753
+17,524
+3% +$175K
NSTC
10
DELISTED
Northern Star Investment Corp. III
NSTC
$6.27M 1.54%
623,530
+601,423
+2,721% +$5.99M
DGNU
11
DELISTED
Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares
DGNU
$6.13M 1.51%
621,539
+14,561
+2% +$143K
CNGL
12
DELISTED
Canna-Global Acquisition Corp. Class A Common Stock
CNGL
$5.58M 1.37%
543,436
– –
KVSA
13
DELISTED
Khosla Ventures Acquisition Co. Class A Common Stock
KVSA
$5.57M 1.37%
558,439
+310,009
+125% +$3.08M
TTC icon
14
Toro Company
TTC
$8.72B
$5.42M 1.33%
+47,868
New +$5.07M
KVSC
15
DELISTED
Khosla Ventures Acquisition Co. III Class A Common Stock
KVSC
$5.36M 1.32%
538,638
+347,538
+182% +$3.44M
JMAC
16
DELISTED
Maxpro Capital Acquisition Corp. Class A Common Stock
JMAC
$5.26M 1.29%
508,128
– –
ACM icon
17
Aecom
ACM
$8.69B
$5.16M 1.27%
+60,716
New +$4.77M
TWLV
18
DELISTED
Twelve Seas Investment Company II Class A Common Stock
TWLV
$5.1M 1.25%
507,382
+425,574
+520% +$4.23M
PICC
19
DELISTED
Pivotal Investment Corporation III
PICC
$4.91M 1.21%
484,842
+414,729
+592% +$4.13M
NSTD
20
DELISTED
Northern Star Investment Corp. IV
NSTD
$4.88M 1.2%
485,935
+461,715
+1,906% +$4.6M
RS icon
21
Reliance Steel & Aluminium
RS
$20.2B
$4.79M 1.18%
23,668
+19,019
+409% +$3.79M
MDH
22
DELISTED
MDH Acquisition Corp.
MDH
$4.64M 1.14%
461,738
+443,175
+2,387% +$4.42M
PEB icon
23
Pebblebrook Hotel Trust
PEB
$2.15B
$4.39M 1.08%
328,009
+282,468
+620% +$4.32M
FSRX
24
DELISTED
FinServ Acquisition Corp. II Class A Common Stock
FSRX
$4.31M 1.06%
428,849
+382,296
+821% +$3.8M
FRSG
25
DELISTED
First Reserve Sustainable Growth Corp. Class A Common Stock
FRSG
$3.95M 0.97%
392,900
+171,560
+78% +$1.71M
1
2 3 4 5

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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.