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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
+2.94%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.19B
AUM Growth
-$467M
Cap. Flow
-$490M
Cap. Flow %
-22.36%
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499

Top Buys

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$24.8M
2
TOST icon
Toast
TOST
+$12.4M
3
VICI icon
VICI Properties
VICI
+$8.48M
4
NEE icon
NextEra Energy
NEE
+$8.18M
5
CVX icon
Chevron
CVX
+$7.94M

Top Sells

Rank Stock Value
1
BAH icon
Booz Allen Hamilton
BAH
+$15M
2
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$14.9M
3
GS icon
Goldman Sachs
GS
+$14.7M
4
L icon
Loews
L
+$13.6M
5
INDA icon
iShares MSCI India ETF
INDA
+$13.5M

Sector Composition

Rank Sector Weight
1 Financials 17.75%
2 Industrials 14.65%
3 Technology 14.45%
4 Consumer Discretionary 10.89%
5 Healthcare 9.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTRI icon
226
Centuri Holdings
CTRI
$2.41B
$3.05M 0.14%
120,921
-15,038
-11% -$336K
KYMR icon
227
Kymera Therapeutics
KYMR
$8.94B
$3.05M 0.14%
39,207
+8,155
+26% +$551K
DECK icon
228
Deckers Outdoor
DECK
$13.3B
$3.04M 0.14%
29,365
+17,073
+139% +$1.6M
ORC
229
Orchid Island Capital
ORC
$1.31B
$3.04M 0.14%
422,596
+26,203
+7% +$191K
DDS icon
230
Dillards
DDS
$9.56B
$3.03M 0.14%
5,004
-3,935
-44% -$2.48M
MP icon
231
MP Materials
MP
$9.1B
$3.02M 0.14%
+59,754
New +$3.79M
LXP icon
232
LXP Industrial Trust
LXP
$3.57B
$3M 0.14%
60,573
+52,577
+658% +$2.52M
CHE icon
233
Chemed
CHE
$7.22B
$3M 0.14%
7,006
+2,215
+46% +$964K
SLAB icon
234
Silicon Laboratories
SLAB
$7.23B
$2.99M 0.14%
22,849
+20,118
+737% +$2.64M
CWAN
235
DELISTED
Clearwater Analytics
CWAN
$2.98M 0.14%
123,581
+7,195
+6% +$144K
DKNG icon
236
DraftKings
DKNG
$11.9B
$2.98M 0.14%
86,426
+42,754
+98% +$1.41M
ZION icon
237
Zions Bancorporation
ZION
$10.3B
$2.98M 0.14%
50,874
-46,920
-48% -$2.56M
D icon
238
Dominion Energy
D
$59.3B
$2.98M 0.14%
+50,778
New +$3.06M
EXPO icon
239
Exponent
EXPO
$3.24B
$2.97M 0.14%
42,823
-2,217
-5% -$156K
CCO icon
240
Clear Channel Outdoor Holdings
CCO
$1.23B
$2.96M 0.14%
1,338,739
-948,165
-41% -$1.76M
COLB icon
241
Columbia Banking Systems
COLB
$8.84B
$2.94M 0.13%
+105,200
New +$2.85M
CACC icon
242
Credit Acceptance
CACC
$6.08B
$2.94M 0.13%
6,625
+6,195
+1,441% +$2.87M
AVT icon
243
Avnet
AVT
$7.92B
$2.92M 0.13%
+60,743
New +$2.99M
SNX icon
244
TD Synnex
SNX
$20.2B
$2.91M 0.13%
+19,381
New +$2.97M
TEL icon
245
TE Connectivity
TEL
$62.6B
$2.91M 0.13%
12,787
-9,044
-41% -$2.09M
AMT icon
246
American Tower
AMT
$80.4B
$2.9M 0.13%
16,528
+2,023
+14% +$368K
BEN icon
247
Franklin Resources
BEN
$17.2B
$2.88M 0.13%
120,463
-100,678
-46% -$2.31M
W icon
248
Wayfair
W
$14.6B
$2.88M 0.13%
28,641
-40,982
-59% -$3.94M
LBRT icon
249
Liberty Energy
LBRT
$3.25B
$2.87M 0.13%
155,495
-230,762
-60% -$3.86M
THR
250
DELISTED
Thermon Group Holdings
THR
$2.87M 0.13%
77,101
+10,798
+16% +$354K
8 9
10
11 12

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Dark Forest Capital Management's Q4 2025 Portfolio in Review

As of Q4 2025, Dark Forest Capital Management held 1,430 positions worth $2.19B, down 18% from $2.66B the previous quarter. Its ten largest holdings account for 7% of the portfolio.

Dark Forest Capital Management withdrew a net $490M in Q4 2025, closing 499 positions and reducing 326 holdings. Its most notable exit was Booz Allen Hamilton, an estimated $15M position sold in full.

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

Against the trend, Dark Forest Capital Management opened a new position in VICI Properties worth $8.03M.

  • Dark Forest Capital Management's largest Q4 2025 buy was VICI Properties: 285,590 shares worth $8.03M.
  • Dark Forest Capital Management added most to iShares MSCI Emerging Markets ETF in Q4 2025, an estimated $24.8M increase.
  • Dark Forest Capital Management's biggest Q4 2025 reduction was iShares MSCI Brazil ETF, cutting an estimated $14.9M.
  • Dark Forest Capital Management fully exited Booz Allen Hamilton in Q4 2025, selling an estimated $15M.
  • Dark Forest Capital Management's ten largest holdings make up 7% of its $2.19B portfolio in Q4 2025.
  • Dark Forest Capital Management opened 319 new positions and closed 499 in Q4 2025.
  • Dark Forest Capital Management's portfolio value fell 18% quarter-over-quarter to $2.19B.

Based on Dark Forest Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.