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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
MCK icon
251
McKesson
MCK
$101B
$3.39M 0.13%
4,388
+3,478
+382% +$2.45M
WD icon
252
Walker & Dunlop
WD
$1.53B
$3.38M 0.13%
40,469
-21,919
-35% -$1.77M
CVBF icon
253
CVB Financial
CVBF
$3.99B
$3.37M 0.13%
178,361
+99,790
+127% +$1.99M
MUR icon
254
Murphy Oil
MUR
$4.78B
$3.36M 0.13%
118,365
+80,992
+217% +$2.04M
ORA icon
255
Ormat Technologies
ORA
$6.65B
$3.36M 0.13%
+34,896
New +$3.15M
GM icon
256
General Motors
GM
$76.8B
$3.34M 0.13%
54,776
-116,110
-68% -$6.47M
NVRI icon
257
Enviri
NVRI
$620M
$3.31M 0.12%
+260,599
New +$2.69M
PRIM icon
258
Primoris Services
PRIM
$4.45B
$3.3M 0.12%
+24,057
New +$2.58M
TMDX icon
259
Transmedics
TMDX
$2.91B
$3.3M 0.12%
29,405
+23,696
+415% +$2.77M
ARES icon
260
Ares Management
ARES
$30.9B
$3.29M 0.12%
20,569
-21,101
-51% -$3.81M
MKC icon
261
McCormick & Company Non-Voting
MKC
$14.2B
$3.28M 0.12%
49,024
+42,562
+659% +$2.98M
SAM icon
262
Boston Beer
SAM
$1.92B
$3.28M 0.12%
15,493
-11,199
-42% -$2.38M
HTH icon
263
Hilltop Holdings
HTH
$2.24B
$3.26M 0.12%
+97,535
New +$3.18M
CPT icon
264
Camden Property Trust
CPT
$11.3B
$3.26M 0.12%
30,510
+10,710
+54% +$1.18M
WDFC icon
265
WD-40
WDFC
$3.15B
$3.25M 0.12%
16,432
+3,831
+30% +$830K
CDE icon
266
Coeur Mining
CDE
$17.9B
$3.24M 0.12%
172,895
-201,546
-54% -$2.47M
VG
267
Venture Global Inc
VG
$32.9B
$3.24M 0.12%
228,119
+138,879
+156% +$1.98M
EPAM icon
268
EPAM Systems
EPAM
$5.03B
$3.23M 0.12%
+21,446
New +$3.52M
POST icon
269
Post Holdings
POST
$3.57B
$3.23M 0.12%
30,059
-1,788
-6% -$192K
PNFP icon
270
Pinnacle Financial Partners Inc
PNFP
$15.8B
$3.21M 0.12%
34,263
-1,654
-5% -$165K
HNI icon
271
HNI Corp
HNI
$3.59B
$3.21M 0.12%
68,559
+45,101
+192% +$2.14M
RDNT icon
272
RadNet
RDNT
$5.69B
$3.2M 0.12%
+42,022
New +$2.73M
ALE
273
DELISTED
Allete
ALE
$3.19M 0.12%
+48,111
New +$3.13M
INTU icon
274
Intuit
INTU
$89B
$3.18M 0.12%
4,661
-3,681
-44% -$2.65M
DHR icon
275
Danaher
DHR
$144B
$3.17M 0.12%
+15,990
New +$3.18M
9 10
11
12 13

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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.