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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
BCO icon
276
Brink's
BCO
$4.62B
$3.17M 0.12%
27,100
-3,373
-11% -$353K
PFSI icon
277
PennyMac Financial
PFSI
$4.02B
$3.16M 0.12%
25,521
+8,580
+51% +$928K
RITM icon
278
Rithm Capital
RITM
$5.69B
$3.16M 0.12%
277,149
+147,477
+114% +$1.79M
DV icon
279
DoubleVerify
DV
$2.03B
$3.15M 0.12%
263,126
+86,798
+49% +$1.29M
BRSL
280
Brightstar Lottery PLC
BRSL
$2.03B
$3.15M 0.12%
+182,685
New +$2.92M
EXPO icon
281
Exponent
EXPO
$3.24B
$3.13M 0.12%
45,040
-51,743
-53% -$3.7M
NWN icon
282
Northwest Natural Holdings
NWN
$2.12B
$3.12M 0.12%
69,416
-21,656
-24% -$898K
MTH icon
283
Meritage Homes
MTH
$4.86B
$3.1M 0.12%
42,784
-18,166
-30% -$1.35M
MHO icon
284
M/I Homes
MHO
$3.84B
$3.08M 0.12%
21,333
-5,068
-19% -$686K
SM icon
285
SM Energy
SM
$6.87B
$3.08M 0.12%
123,388
+64,068
+108% +$1.73M
RNR icon
286
RenaissanceRe
RNR
$13.4B
$3.06M 0.12%
+12,063
New +$2.92M
PRGS icon
287
Progress Software
PRGS
$1.76B
$3.06M 0.11%
+69,552
New +$3.21M
CNS icon
288
Cohen & Steers
CNS
$4.3B
$3.05M 0.11%
46,563
+27,094
+139% +$1.99M
ROAD icon
289
Construction Partners
ROAD
$6.77B
$3.04M 0.11%
23,944
+15,972
+200% +$1.82M
ACLX
290
DELISTED
Arcellx
ACLX
$3.02M 0.11%
36,794
+16,761
+84% +$1.21M
IONS icon
291
Ionis Pharmaceuticals
IONS
$9.4B
$3.02M 0.11%
+46,092
New +$2.25M
TTC icon
292
Toro Company
TTC
$9.49B
$3.01M 0.11%
39,512
+17,261
+78% +$1.32M
CHTR icon
293
Charter Communications
CHTR
$18.2B
$3M 0.11%
10,891
+4,030
+59% +$1.22M
HLIT icon
294
Harmonic Inc
HLIT
$1.28B
$2.98M 0.11%
292,764
+132,487
+83% +$1.25M
NUE icon
295
Nucor
NUE
$62.1B
$2.97M 0.11%
21,909
+17,196
+365% +$2.43M
HWC icon
296
Hancock Whitney
HWC
$6.24B
$2.96M 0.11%
+47,274
New +$2.9M
DEA
297
Easterly Government Properties
DEA
$1.18B
$2.95M 0.11%
128,675
+72,421
+129% +$1.65M
BOOT icon
298
Boot Barn
BOOT
$4.95B
$2.94M 0.11%
17,762
+11,357
+177% +$1.96M
APH icon
299
Amphenol
APH
$209B
$2.94M 0.11%
+23,780
New +$2.61M
BLDR icon
300
Builders FirstSource
BLDR
$8.04B
$2.92M 0.11%
+24,120
New +$3.2M
10 11
12
13 14

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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.