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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
+6.88%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.66B
AUM Growth
+$149M
Cap. Flow
+$50.1M
Cap. Flow %
1.89%
Top 10 Hldgs %
6.39%
Holding
1,542
New
400
Increased
350
Reduced
355
Closed
431

Top Buys

Rank Stock Value
1
L icon
Loews
L
+$17.8M
2
INDA icon
iShares MSCI India ETF
INDA
+$17.3M
3
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$16.4M
4
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$16.2M
5
WMT icon
Walmart Inc
WMT
+$10M

Top Sells

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$14.9M
2
NVDA icon
NVIDIA
NVDA
+$12.5M
3
BAC icon
Bank of America
BAC
+$12.5M
4
PANW icon
Palo Alto Networks
PANW
+$11.6M
5
AAPL icon
Apple
AAPL
+$10.5M

Sector Composition

Rank Sector Weight
1 Financials 18.09%
2 Industrials 14.85%
3 Technology 14.22%
4 Consumer Discretionary 11.61%
5 Healthcare 8.99%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AROC icon
226
Archrock
AROC
$5.8B
$3.67M 0.14%
+139,606
New +$3.37M
META icon
227
Meta Platforms (Facebook)
META
$1.51T
$3.66M 0.14%
4,990
+1,999
+67% +$1.49M
FR icon
228
First Industrial Realty Trust
FR
$8.44B
$3.61M 0.14%
70,235
+21,222
+43% +$1.07M
CCO icon
229
Clear Channel Outdoor Holdings
CCO
$1.23B
$3.61M 0.14%
+2,286,904
New +$2.85M
WAFD icon
230
WaFd
WAFD
$2.75B
$3.61M 0.14%
119,208
+7,761
+7% +$238K
XHR
231
Xenia Hotels & Resorts
XHR
$1.79B
$3.6M 0.14%
262,212
+104,664
+66% +$1.42M
PL icon
232
Planet Labs
PL
$8.53B
$3.58M 0.13%
275,728
-37,430
-12% -$289K
DAL icon
233
Delta Air Lines
DAL
$60.1B
$3.57M 0.13%
62,990
+35,104
+126% +$2M
NBHC icon
234
National Bank Holdings
NBHC
$1.9B
$3.57M 0.13%
92,495
+45,971
+99% +$1.78M
PG icon
235
Procter & Gamble
PG
$339B
$3.57M 0.13%
+23,237
New +$3.63M
TOL icon
236
Toll Brothers
TOL
$14.5B
$3.57M 0.13%
25,841
-25,736
-50% -$3.36M
TFX icon
237
Teleflex
TFX
$5.98B
$3.55M 0.13%
+29,019
New +$3.52M
TOWN icon
238
Towne Bank
TOWN
$3.42B
$3.52M 0.13%
101,936
+41
+0% +$1.47K
NSP icon
239
Insperity
NSP
$2.01B
$3.52M 0.13%
71,561
+38,730
+118% +$2.12M
INGR icon
240
Ingredion
INGR
$6.58B
$3.52M 0.13%
28,786
+3,124
+12% +$403K
ROP icon
241
Roper Technologies
ROP
$39.8B
$3.49M 0.13%
6,989
+4,171
+148% +$2.22M
PATH icon
242
UiPath
PATH
$7.8B
$3.47M 0.13%
+259,385
New +$3.07M
DOV icon
243
Dover
DOV
$28.4B
$3.46M 0.13%
20,734
-29,393
-59% -$5.28M
BCPC
244
Balchem Corp
BCPC
$5.72B
$3.44M 0.13%
22,896
-1,075
-4% -$169K
CPRT icon
245
Copart
CPRT
$27.5B
$3.43M 0.13%
76,257
+37,210
+95% +$1.75M
RCL icon
246
Royal Caribbean
RCL
$85.6B
$3.43M 0.13%
10,590
-7,440
-41% -$2.49M
XP icon
247
XP
XP
$8.39B
$3.42M 0.13%
+181,901
New +$3.26M
MMM icon
248
3M
MMM
$94.3B
$3.42M 0.13%
22,010
+16,209
+279% +$2.5M
REGN icon
249
Regeneron Pharmaceuticals
REGN
$80.8B
$3.41M 0.13%
+6,069
New +$3.43M
MLI icon
250
Mueller Industries
MLI
$15.2B
$3.4M 0.13%
67,286
+48,158
+252% +$2.21M
8 9
10
11 12

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Dark Forest Capital Management's Q3 2025 Portfolio in Review

As of Q3 2025, Dark Forest Capital Management held 1,542 positions worth $2.66B, up 6% from $2.51B the previous quarter. Its ten largest holdings account for 6.4% of the portfolio.

Dark Forest Capital Management's Q3 2025 filing shows 400 new, 350 increased, 355 reduced and 431 closed positions. Its largest new stake was iShares MSCI India ETF: 324,340 shares worth $16.9M. The largest sale was Cheniere Energy, an estimated $14.9M.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 18% a quarter earlier, followed by Industrials and Technology.

  • Dark Forest Capital Management's largest Q3 2025 buy was iShares MSCI India ETF: 324,340 shares worth $16.9M.
  • Dark Forest Capital Management added most to Loews in Q3 2025, an estimated $17.8M increase.
  • Dark Forest Capital Management's biggest Q3 2025 reduction was Cheniere Energy, cutting an estimated $14.9M.
  • Dark Forest Capital Management fully exited Bank of America in Q3 2025, selling an estimated $12.5M.
  • Dark Forest Capital Management's ten largest holdings make up 6.4% of its $2.66B portfolio in Q3 2025.
  • Dark Forest Capital Management opened 400 new positions and closed 431 in Q3 2025.
  • Dark Forest Capital Management's portfolio value rose 6% quarter-over-quarter to $2.66B.

Based on Dark Forest Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.