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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
GOOGL icon
1
Alphabet (Google) Class A
GOOGL
$3.9T
$19.1M 2.82%
100,988
-2
-0% -$350
CRH icon
2
CRH
CRH
$66B
$13.3M 1.95%
143,258
+2,177
+2% +$209K
TTD icon
3
Trade Desk
TTD
$7.97B
$9.58M 1.41%
81,497
-54,128
-40% -$6.7M
APP icon
4
Applovin
APP
$131B
$8.84M 1.3%
+27,308
New +$6.91M
HYG icon
5
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$7.79M 1.15%
99,072
+21,969
+28% +$1.74M
VWO icon
6
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$5.69M 0.84%
129,275
+12,764
+11% +$593K
CPRI icon
7
Capri Holdings
CPRI
$1.78B
$5.57M 0.82%
+264,666
New +$7.2M
GWRE icon
8
Guidewire Software
GWRE
$11.5B
$4.75M 0.7%
+28,197
New +$5.27M
ENTG icon
9
Entegris
ENTG
$19.6B
$4.62M 0.68%
46,601
-5,543
-11% -$584K
BKLN icon
10
Invesco Senior Loan ETF
BKLN
$7.09B
$4.43M 0.65%
210,392
-15,820
-7% -$334K
COIN icon
11
Coinbase
COIN
$40.8B
$4.4M 0.65%
+17,726
New +$4.5M
LBRDK icon
12
Liberty Broadband Class C
LBRDK
$4.16B
$4.13M 0.61%
55,231
-18,675
-25% -$1.56M
CC icon
13
Chemours
CC
$2.6B
$3.56M 0.53%
+210,762
New +$4.1M
V icon
14
Visa
V
$674B
$3.54M 0.52%
11,195
+5,686
+103% +$1.71M
ACI icon
15
Albertsons Companies
ACI
$5.37B
$3.53M 0.52%
179,956
-100,712
-36% -$1.91M
LNG icon
16
Cheniere Energy
LNG
$57.9B
$3.5M 0.52%
16,302
+12,903
+380% +$2.62M
VUG icon
17
Vanguard Growth ETF
VUG
$216B
$3.44M 0.51%
50,268
+15,552
+45% +$1.04M
RPRX icon
18
Royalty Pharma
RPRX
$26.1B
$3.42M 0.5%
134,116
-10,362
-7% -$275K
HEI.A icon
19
HEICO Corp Class A
HEI.A
$35.3B
$3.35M 0.49%
18,003
+3
+0% +$605
CWAN
20
DELISTED
Clearwater Analytics
CWAN
$3.27M 0.48%
118,993
+98,245
+474% +$2.79M
DOV icon
21
Dover
DOV
$27.4B
$3.25M 0.48%
17,315
+15,203
+720% +$2.97M
ARWR icon
22
Arrowhead Research
ARWR
$12.1B
$3.25M 0.48%
172,623
+78,078
+83% +$1.61M
FTI icon
23
TechnipFMC
FTI
$30.8B
$3.24M 0.48%
111,787
-98,304
-47% -$2.8M
DAL icon
24
Delta Air Lines
DAL
$55.3B
$3.19M 0.47%
52,726
+46,881
+802% +$2.77M
GT icon
25
Goodyear
GT
$2.04B
$3.06M 0.45%
340,320
-273,858
-45% -$2.5M
1
2 3 4 5

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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.