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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
MAN icon
251
ManpowerGroup
MAN
$2.63B
$2.86M 0.13%
+96,161
New +$3M
ELAN icon
252
Elanco Animal Health
ELAN
$11.1B
$2.85M 0.13%
+125,929
New +$2.74M
EXAS
253
DELISTED
Exact Sciences
EXAS
$2.85M 0.13%
28,058
+20,119
+253% +$1.62M
SRRK icon
254
Scholar Rock
SRRK
$6.44B
$2.84M 0.13%
+64,534
New +$2.42M
DRH icon
255
Diamondrock Hospitality Co
DRH
$2.56B
$2.84M 0.13%
317,177
-275,986
-47% -$2.35M
LHX icon
256
L3Harris
LHX
$53.4B
$2.84M 0.13%
9,680
-5,337
-36% -$1.54M
TKO icon
257
TKO Group
TKO
$13.6B
$2.83M 0.13%
13,536
-25,001
-65% -$4.86M
CHDN icon
258
Churchill Downs
CHDN
$6.12B
$2.82M 0.13%
24,824
-13,771
-36% -$1.43M
PODD icon
259
Insulet
PODD
$9.79B
$2.81M 0.13%
9,887
+7,769
+367% +$2.43M
MRSH
260
Marsh
MRSH
$91.5B
$2.8M 0.13%
15,066
+8,264
+121% +$1.54M
RELY icon
261
Remitly
RELY
$5.14B
$2.78M 0.13%
+201,799
New +$2.93M
V icon
262
Visa
V
$677B
$2.77M 0.13%
+7,905
New +$2.69M
SIG icon
263
Signet Jewelers
SIG
$3.76B
$2.77M 0.13%
33,372
+28,895
+645% +$2.74M
HCA icon
264
HCA Healthcare
HCA
$89.5B
$2.75M 0.13%
5,892
-3,188
-35% -$1.48M
AZO icon
265
AutoZone
AZO
$51.1B
$2.75M 0.13%
811
+559
+222% +$2.11M
WPC icon
266
W.P. Carey
WPC
$16.4B
$2.75M 0.13%
+42,707
New +$2.84M
DDOG icon
267
Datadog
DDOG
$84B
$2.75M 0.13%
20,210
+2,757
+16% +$436K
COLD icon
268
Americold
COLD
$4.27B
$2.75M 0.13%
+213,635
New +$2.62M
CNO icon
269
CNO Financial Group
CNO
$5.1B
$2.75M 0.13%
+64,683
New +$2.64M
NOW icon
270
ServiceNow
NOW
$129B
$2.74M 0.13%
+17,912
New +$3.07M
NVR icon
271
NVR
NVR
$17B
$2.74M 0.13%
376
+71
+23% +$531K
DAL icon
272
Delta Air Lines
DAL
$60.1B
$2.74M 0.13%
39,502
-23,488
-37% -$1.47M
OKLO
273
Oklo
OKLO
$8.42B
$2.74M 0.13%
+38,199
New +$4.26M
DEI icon
274
Douglas Emmett
DEI
$1.96B
$2.74M 0.13%
249,326
-4,374
-2% -$54.8K
CACI icon
275
CACI
CACI
$14.2B
$2.74M 0.13%
5,141
-11,451
-69% -$6.47M
9 10
11
12 13

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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.