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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
AGX icon
276
Argan
AGX
$8.37B
$2.72M 0.12%
+8,667
New +$2.75M
FUL icon
277
H.B. Fuller
FUL
$3.28B
$2.71M 0.12%
+45,651
New +$2.68M
MPT
278
Medical Properties Trust
MPT
$2.81B
$2.71M 0.12%
+542,793
New +$2.83M
FULT icon
279
Fulton Financial
FULT
$4.64B
$2.71M 0.12%
140,171
+77,836
+125% +$1.43M
WINA icon
280
Winmark
WINA
$1.32B
$2.7M 0.12%
6,678
+5,413
+428% +$2.32M
CERT icon
281
Certara
CERT
$1.25B
$2.69M 0.12%
+305,031
New +$3.14M
ANF icon
282
Abercrombie & Fitch
ANF
$5B
$2.68M 0.12%
21,282
+13,762
+183% +$1.2M
ALNY icon
283
Alnylam Pharmaceuticals
ALNY
$29.3B
$2.67M 0.12%
6,715
-4,883
-42% -$2.16M
ORCL icon
284
Oracle
ORCL
$423B
$2.65M 0.12%
+13,605
New +$3.24M
RPM icon
285
RPM International
RPM
$15B
$2.64M 0.12%
25,431
+6,936
+38% +$751K
DOC icon
286
Healthpeak Properties
DOC
$14.8B
$2.64M 0.12%
+164,194
New +$2.89M
HIW icon
287
Highwoods Properties
HIW
$3.47B
$2.64M 0.12%
+102,192
New +$2.88M
DX
288
Dynex Capital
DX
$3.21B
$2.64M 0.12%
+188,302
New +$2.54M
SLGN icon
289
Silgan Holdings
SLGN
$4.41B
$2.64M 0.12%
65,336
-37,437
-36% -$1.52M
BBY icon
290
Best Buy
BBY
$17.3B
$2.62M 0.12%
39,160
+13,090
+50% +$999K
LW icon
291
Lamb Weston
LW
$7.19B
$2.61M 0.12%
+62,407
New +$3.67M
RBC icon
292
RBC Bearings
RBC
$18B
$2.61M 0.12%
+5,813
New +$2.46M
NWL icon
293
Newell Brands
NWL
$2.56B
$2.6M 0.12%
+699,323
New +$2.83M
MHK icon
294
Mohawk Industries
MHK
$9.22B
$2.6M 0.12%
23,752
+2,449
+11% +$281K
DAY
295
DELISTED
Dayforce
DAY
$2.59M 0.12%
+37,440
New +$2.58M
KMI icon
296
Kinder Morgan
KMI
$68.7B
$2.58M 0.12%
93,963
-64,905
-41% -$1.75M
SON icon
297
Sonoco
SON
$5.74B
$2.57M 0.12%
58,850
-116,204
-66% -$4.81M
UAL icon
298
United Airlines
UAL
$42.1B
$2.57M 0.12%
+22,948
New +$2.32M
INSM icon
299
Insmed
INSM
$28.6B
$2.56M 0.12%
14,732
+5,490
+59% +$1M
ED icon
300
Consolidated Edison
ED
$39.9B
$2.56M 0.12%
25,775
+12,649
+96% +$1.26M
10 11
12
13 14

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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.