Dark Forest Capital Management portfolio

What changed this quarter

1077 positions with a change (321 new, 286 added to, 164 trimmed, 306 sold); also, 5 exited through an acquisition or merger, 1 entered through a spin-off. 10 are listed here: those of 0.5 points of the portfolio or more (up to 12).

• iShares Msci India ETF+1.1 ppof portfolioNew
  — → 1.1%
• Popular−0.8 ppof portfolioSold out
  1.0% → —
• Berkshire Hathaway+0.7 ppof portfolioNew
  — → 0.7%
• Roku−0.6 ppof portfolioSold out
  0.9% → —
• Union Pacific−82%fewer sharesReduced
  0.8% → 0.1%
• EOG Resources+1,863%more sharesIncreased
  under 0.1% → 0.6%
• TPG−97%fewer sharesReduced
  0.8% → under 0.1%
• Idex+0.5 ppof portfolioNew
  — → 0.5%
• Toast−85%fewer sharesReduced
  0.8% → 0.1%
• Coeur Mining−84%fewer sharesReduced
  1.0% → 0.1%

The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight?: what it bought or sold, excluding price effects.

Top holdings

• iShares Msci India ETFINDA1.1%
• Axis Capital HoldingsAXS0.9%
• Micron TechnologyMU0.8%
• Ss&c Technologies HoldingsSSNC0.7%
• Berkshire HathawayBRK/B0.7%
• Eli LillyLLY0.7%
• DTE EnergyDTE0.6%
• WEC Energy GroupWEC0.6%
• EOG ResourcesEOG0.6%
• Illinois Tool WorksITW0.5%
• IdexIEX0.5%
• PennyMac Financial ServicesPFSI0.5%
• Fifth Third BancorpFITB0.5%
• Blue OWL CapitalOWL0.5%
• Royalty PharmaRPRX0.5%
• Onemain HoldingsOMF0.5%
• American ExpressAXP0.5%
• Travelers CompaniesTRV0.5%
• Citizens Financial GroupCFG0.4%
• Primo BrandsPRMB0.4%
• PaychexPAYX0.4%
• AbbVieABBV0.4%
• HubSpotHUBS0.4%
• MicrosoftMSFT0.4%
• Applied MaterialsAMAT0.4%
• NVRNVR0.4%
• CencoraCOR0.4%
• Huntington BancsharesHBAN0.4%
• JPMorgan ChaseJPM0.4%
• Unum GroupUNM0.4%
• DraftkingsDKNG0.4%
• VisaV0.4%
• First Financial BanksharesFFIN0.4%
• Prudential FinancialPRU0.4%
• LoewsL0.4%
• Modine ManufacturingMOD0.4%
• Freeport-McMoRanFCX0.4%
• Construction PartnersROAD0.4%
• Kinder MorganKMI0.4%
• Conagra BrandsCAG0.4%
• T-mobile USTMUS0.4%
• Houlihan LokeyHLI0.4%
• PepsicoPEP0.3%
• Zillow GroupZ0.3%
• CVB FinancialCVBF0.3%
• Zoom CommunicationsZM0.3%
• Tutor PeriniTPC0.3%
• EcolabECL0.3%
• Valero EnergyVLO0.3%
• LPL Financial HoldingsLPLA0.3%
• XylemXYL0.3%
• Karman HoldingsKRMN0.3%
• ResMedRMD0.3%
• Nicolet BanksharesNIC0.3%
• V. F.VFC0.3%
• Helios TechnologiesHLIO0.3%
• Intuitive SurgicalISRG0.3%
• Dillard’sDDS0.3%
• GracoGGG0.3%
• Charles SchwabSCHW0.3%
• RTXRTX0.3%
• Seagate Technology HoldingsSTX0.3%
• Boston BeerSAM0.3%
• TE ConnectivityTEL0.3%
• IES HoldingsIESC0.3%
• SeaboardSEB0.3%
• Boot Barn HoldingsBOOT0.3%
• Texas RoadhouseTXRH0.3%
• Cognizant Technology SolutionsCTSH0.3%
• WabtecWAB0.3%
• CintasCTAS0.3%
• RLIRLI0.3%
• Darden RestaurantsDRI0.3%
• Select Water SolutionsWTTR0.3%
• Equitable HoldingsEQH0.3%
• Merit Medical SystemsMMSI0.3%
• Dentsply SironaXRAY0.3%
• BoeingBA0.3%
• Associated Banc-CorpASB0.3%
• FiservFISV0.3%
• Vistance NetworksVISN0.3%
• IncyteINCY0.3%
• Boston ScientificBSX0.3%
• MarzettiMZTI0.3%
• Bj’s Wholesale Club HoldingsBJ0.3%
• Church & DwightCHD0.3%
• Allison Transmission HoldingsALSN0.3%
• Silgan HoldingsSLGN0.3%
• SempraSRE0.3%
• Eastman ChemicalEMN0.3%
• Cboe Global MarketsCBOE0.3%
• TXNM EnergyTXNM0.3%
• McKESSONMCK0.3%
• Madison Square Garden EntertainmentMSGE0.3%
• MSA SafetyMSA0.3%
• Sirius XM HoldingsSIRI0.3%
• Parker-hannifinPH0.3%
• Arrow ElectronicsARW0.3%
• AccentureACN0.3%
• American Electric PowerAEP0.3%