DARK FOREST CAPITAL MANAGEMENT LP
Long book
$1.13B
Q1 2026
Positions
766
Top-10 weight
8%
concentration
Last quarter
+13.9%
SPY +14.8%
Turnover
60%
of book per quarter
Strategy in plain words
auto-generated from filingsDARK FOREST CAPITAL MANAGEMENT LP is a quantitative fund whose holdings reflect models, not opinions, running a $1.13B US long book across 766 positions.
The portfolio is broadly diversified across 766 positions (top 10 only 8%). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: POPULAR INC, AXIS CAPITAL HOLDINGS LTD, COEUR MINING INC, ROKU INC, UNION PACIFIC CORP.
Over the last 9 quarters its long book ran on average 0.4pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.1%
Q2 2024
+8.6%
Q3 2024
+2.2%
Q4 2024
-5.6%
Q1 2025
+8.5%
Q2 2025
+6.6%
Q3 2025
+2.1%
Q4 2025
+0.3%
Q1 2026
+13.9%
Sector allocation
Financials 22%
Industrials 16%
Technology 16%
Consumer discretionary 9%
Healthcare 8%
Services media 7%
Utilities 6%
Other 5%
Long book by quarter
What does DARK FOREST own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BPOP POPULAR INC | Financials | 87.9K | $11.8M | 1.0% | +29.3% |
| AXS AXIS CAPITAL HOLDINGS LTD | Financials | 108.5K | $11.0M | 1.0% | -30.5% |
| CDE COEUR MINING INC | Materials | 575.1K | $10.8M | 1.0% | +1007.2% |
| ROKU ROKU INC | Communications | 104.6K | $9.9M | 0.9% | +91.5% |
| UNP UNION PACIFIC CORP | Industrials | 38.6K | $9.4M | 0.8% | -33.4% |
| TOST TOAST INC-CLASS A | Technology | 333.8K | $8.9M | 0.8% | -20.2% |
| TPG TPG INC | Financials | 211.6K | $8.6M | 0.8% | +753.2% |
| SSNC SS&C TECHNOLOGIES HOLDINGS | Technology | 119.8K | $8.1M | 0.7% | +21.2% |
| HUBS HUBSPOT INC | Technology | 32.0K | $7.8M | 0.7% | +208.3% |
| ZM ZOOM COMMUNICATIONS INC | Technology | 95.9K | $7.7M | 0.7% | +105.3% |
| MU MICRON TECHNOLOGY INC | Technology | 21.9K | $7.4M | 0.7% | +62.9% |
| SOFI SOFI TECHNOLOGIES INC | Financials | 450.9K | $7.2M | 0.6% | +286.6% |
| GOOG ALPHABET INC-CL C | Technology | 24.2K | $7.0M | 0.6% | -5.8% |
| BFAM BRIGHT HORIZONS FAMILY SOLUT | Services media | 84.3K | $6.9M | 0.6% | -5.5% |
| AFRM AFFIRM HOLDINGS INC | Financials | 150.1K | $6.9M | 0.6% | +147.4% |
| ATMU ATMUS FILTRATION TECHNOLOGIE | Industrials | 116.3K | $6.6M | 0.6% | -23.5% |
| FERG FERGUSON ENTERPRISES INC | Consumer discretionary | 28.3K | $6.6M | 0.6% | +52.2% |
| AAPL APPLE INC | Technology | 25.9K | $6.6M | 0.6% | -1.9% |
| FCNCA FIRST CITIZENS BCSHS -CL A | Financials | 3.5K | $6.5M | 0.6% | +39.9% |
| OMF ONEMAIN HOLDINGS INC | Financials | 120.4K | $6.4M | 0.6% | -17.4% |
| OWL BLUE OWL CAPITAL INC | Financials | 701.3K | $6.4M | 0.6% | +194.9% |
| ALSN ALLISON TRANSMISSION HOLDING | Industrials | 54.6K | $6.4M | 0.6% | -52.7% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 74.2K | $6.3M | 0.6% | New |
| DTE DTE ENERGY COMPANY | Utilities | 42.8K | $6.3M | 0.6% | -47.0% |
| BOKF BOK FINANCIAL CORPORATION | Financials | 46.8K | $6.0M | 0.5% | -21.9% |
| NIC NICOLET BANKSHARES INC | Financials | 40.2K | $6.0M | 0.5% | +1019.5% |
| LNG CHENIERE ENERGY INC | Utilities | 20.8K | $5.9M | 0.5% | -38.9% |
| PFSI PENNYMAC FINANCIAL SERVICES | Financials | 67.1K | $5.9M | 0.5% | -19.6% |
| DKNG DRAFTKINGS INC-CL A | Services media | 270.0K | $5.8M | 0.5% | +212.4% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 33.1K | $5.8M | 0.5% | +25.7% |
| LAZ LAZARD INC | Financials | 133.4K | $5.7M | 0.5% | -23.5% |
| SYK STRYKER CORP | Healthcare | 17.0K | $5.6M | 0.5% | +499.2% |
| RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 112.1K | $5.4M | 0.5% | -59.7% |
| BA BOEING CO/THE | Industrials | 25.6K | $5.1M | 0.5% | +39.6% |
| Z ZILLOW GROUP INC - C | Services media | 120.2K | $5.0M | 0.4% | +2156.3% |
| WTM WHITE MOUNTAINS INSURANCE GP | Financials | 2.3K | $5.0M | 0.4% | -37.6% |
| TJX TJX COMPANIES INC | Consumer discretionary | 30.7K | $4.9M | 0.4% | +142.9% |
| FLO FLOWERS FOODS INC | Consumer staples | 593.5K | $4.8M | 0.4% | +160.2% |
| ITW ILLINOIS TOOL WORKS | Industrials | 18.5K | $4.8M | 0.4% | -41.2% |
| MSFT MICROSOFT CORP | Technology | 12.9K | $4.8M | 0.4% | -25.9% |
| LPLA LPL FINANCIAL HOLDINGS INC | Financials | 15.6K | $4.7M | 0.4% | New |
| CACC CREDIT ACCEPTANCE CORP | Financials | 11.0K | $4.7M | 0.4% | +65.9% |
| ALNY ALNYLAM PHARMACEUTICALS INC | Healthcare | 13.7K | $4.5M | 0.4% | +104.1% |
| AMAT APPLIED MATERIALS INC | Technology | 12.9K | $4.4M | 0.4% | -57.9% |
| TPC TUTOR PERINI CORP | Industrials | 57.2K | $4.4M | 0.4% | +155.2% |
| MSI MOTOROLA SOLUTIONS INC | Technology | 10.1K | $4.4M | 0.4% | +1518.6% |
| HON HONEYWELL INTERNATIONAL INC | Industrials | 19.4K | $4.4M | 0.4% | +20.5% |
| COP CONOCOPHILLIPS | Energy | 32.3K | $4.3M | 0.4% | +150.7% |
| JPM JPMORGAN CHASE & CO | Financials | 14.4K | $4.2M | 0.4% | +273.5% |
| CPB THE CAMPBELL'S COMPANY | Consumer staples | 190.2K | $4.2M | 0.4% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 766 | $1.13B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 931 | $2.19B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR/ARESTATEMENT | Nov 17, 2025 | 1111 | $2.66B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 1143 | $2.51B | SEC ↗ | |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 1146 | $2.51B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 1201 | $2.20B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 887 | $678.2M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 937 | $782.5M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 637 | $546.3M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 673 | $590.6M | canonical | SEC ↗ |
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