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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
WMK icon
301
Weis Markets
WMK
$1.86B
$2.56M 0.12%
+39,931
New +$2.66M
PNC icon
302
PNC Financial Services
PNC
$101B
$2.55M 0.12%
+12,237
New +$2.36M
CUZ icon
303
Cousins Properties
CUZ
$4.88B
$2.54M 0.12%
+98,715
New +$2.57M
PSN icon
304
Parsons
PSN
$5.08B
$2.53M 0.12%
40,870
+25,086
+159% +$1.96M
HLMN icon
305
Hillman Solutions
HLMN
$1.79B
$2.52M 0.11%
290,658
-6,654
-2% -$60K
TKR icon
306
Timken Company
TKR
$9.03B
$2.52M 0.11%
+29,913
New +$2.38M
JOE icon
307
St. Joe Company
JOE
$3.83B
$2.5M 0.11%
42,145
-10,528
-20% -$590K
COR icon
308
Cencora
COR
$61.2B
$2.49M 0.11%
+7,359
New +$2.51M
FLO icon
309
Flowers Foods
FLO
$1.57B
$2.48M 0.11%
228,111
+42,693
+23% +$496K
NTAP icon
310
NetApp
NTAP
$37.2B
$2.47M 0.11%
+23,104
New +$2.64M
GLXY
311
Galaxy Digital Inc
GLXY
$3.93B
$2.45M 0.11%
+109,385
New +$3.39M
LVS icon
312
Las Vegas Sands
LVS
$29.6B
$2.43M 0.11%
37,353
+13,402
+56% +$821K
VOYA icon
313
Voya Financial
VOYA
$9.19B
$2.43M 0.11%
+32,633
New +$2.38M
DPZ icon
314
Domino's
DPZ
$11.6B
$2.43M 0.11%
5,827
+1,490
+34% +$621K
RVLV icon
315
Revolve Group
RVLV
$1.73B
$2.43M 0.11%
+80,355
New +$1.94M
GCMG icon
316
GCM Grosvenor
GCMG
$820M
$2.42M 0.11%
+213,756
New +$2.44M
LRCX icon
317
Lam Research
LRCX
$390B
$2.41M 0.11%
14,101
-63,701
-82% -$9.91M
CME icon
318
CME Group
CME
$94.8B
$2.41M 0.11%
8,835
-7,698
-47% -$2.09M
KMT icon
319
Kennametal
KMT
$2.52B
$2.41M 0.11%
84,818
+67,904
+401% +$1.73M
MYRG icon
320
MYR Group
MYRG
$5.25B
$2.41M 0.11%
11,007
-13,366
-55% -$2.91M
EHC icon
321
Encompass Health
EHC
$12.4B
$2.4M 0.11%
22,656
-29,843
-57% -$3.46M
MHO icon
322
M/I Homes
MHO
$3.84B
$2.4M 0.11%
18,751
-2,582
-12% -$341K
CAT icon
323
Caterpillar
CAT
$387B
$2.39M 0.11%
+4,171
New +$2.32M
AXTA icon
324
Axalta
AXTA
$8.17B
$2.38M 0.11%
73,778
-106,755
-59% -$3.13M
HWC icon
325
Hancock Whitney
HWC
$6.24B
$2.38M 0.11%
37,415
-9,859
-21% -$599K
11 12
13
14 15

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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.