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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
MFA
301
MFA Financial
MFA
$933M
$2.92M 0.11%
317,895
+25,911
+9% +$250K
PRU icon
302
Prudential Financial
PRU
$41.8B
$2.92M 0.11%
+28,115
New +$2.96M
KEYS icon
303
Keysight
KEYS
$58.3B
$2.91M 0.11%
16,651
-15,166
-48% -$2.53M
ELF icon
304
e.l.f. Beauty
ELF
$5.81B
$2.91M 0.11%
21,954
+8,984
+69% +$1.11M
TXN icon
305
Texas Instruments
TXN
$261B
$2.9M 0.11%
+15,810
New +$3.09M
GPN icon
306
Global Payments
GPN
$22.8B
$2.9M 0.11%
34,944
+8,377
+32% +$705K
CINF icon
307
Cincinnati Financial
CINF
$27.1B
$2.9M 0.11%
18,342
-4,748
-21% -$721K
RYTM icon
308
Rhythm Pharmaceuticals
RYTM
$7.96B
$2.89M 0.11%
28,639
-6,190
-18% -$575K
SEI
309
Solaris Energy Infrastructure
SEI
$3.82B
$2.89M 0.11%
+72,191
New +$2.26M
VMC icon
310
Vulcan Materials
VMC
$36.9B
$2.88M 0.11%
9,360
-4,129
-31% -$1.17M
CTRI icon
311
Centuri Holdings
CTRI
$2.41B
$2.88M 0.11%
+135,959
New +$2.89M
CMI icon
312
Cummins
CMI
$88.7B
$2.87M 0.11%
6,806
-2,293
-25% -$879K
SHW icon
313
Sherwin-Williams
SHW
$89.8B
$2.87M 0.11%
+8,295
New +$2.92M
BANF icon
314
BancFirst
BANF
$3.8B
$2.87M 0.11%
22,675
+1,654
+8% +$214K
GL icon
315
Globe Life
GL
$14.3B
$2.87M 0.11%
20,051
+15,874
+380% +$2.15M
HWM icon
316
Howmet Aerospace
HWM
$112B
$2.86M 0.11%
14,563
-17,807
-55% -$3.25M
ROK icon
317
Rockwell Automation
ROK
$49B
$2.85M 0.11%
+8,148
New +$2.81M
XYL icon
318
Xylem
XYL
$28.1B
$2.84M 0.11%
19,281
-5,355
-22% -$743K
CVNA icon
319
Carvana
CVNA
$77.9B
$2.84M 0.11%
37,605
-16,100
-30% -$1.15M
UTHR icon
320
United Therapeutics
UTHR
$23.1B
$2.83M 0.11%
6,743
+5,240
+349% +$1.76M
WEX icon
321
WEX
WEX
$6.31B
$2.81M 0.11%
17,855
+5,367
+43% +$888K
STX icon
322
Seagate
STX
$184B
$2.81M 0.11%
11,886
+3,091
+35% +$528K
FCPT icon
323
Four Corners Property Trust
FCPT
$2.75B
$2.81M 0.11%
114,962
-9,639
-8% -$249K
PNR icon
324
Pentair
PNR
$11B
$2.8M 0.11%
25,315
+13,471
+114% +$1.44M
HALO icon
325
Halozyme
HALO
$12.2B
$2.8M 0.11%
+38,217
New +$2.54M
11 12
13
14 15

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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.