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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
LOB icon
326
Live Oak Bancshares
LOB
$1.97B
$2.8M 0.11%
79,497
+19,418
+32% +$669K
MUSA icon
327
Murphy USA
MUSA
$9.61B
$2.8M 0.11%
7,211
+101
+1% +$40K
CZR icon
328
Caesars Entertainment
CZR
$6.14B
$2.8M 0.11%
103,534
+19,424
+23% +$526K
FRME icon
329
First Merchants
FRME
$2.67B
$2.8M 0.11%
74,171
-38,869
-34% -$1.55M
NHI icon
330
National Health Investors
NHI
$3.65B
$2.8M 0.11%
35,161
-30,695
-47% -$2.3M
AMT icon
331
American Tower
AMT
$80.4B
$2.79M 0.1%
14,505
+11,680
+413% +$2.43M
KWR icon
332
Quaker Houghton
KWR
$2.92B
$2.78M 0.1%
21,131
+14,066
+199% +$1.85M
EXE
333
Expand Energy Corp
EXE
$21.5B
$2.78M 0.1%
26,164
+3,224
+14% +$324K
ORC
334
Orchid Island Capital
ORC
$1.31B
$2.78M 0.1%
+396,393
New +$2.82M
ETSY icon
335
Etsy
ETSY
$7.85B
$2.76M 0.1%
+41,544
New +$2.48M
ALGT icon
336
Allegiant Air
ALGT
$2.57B
$2.75M 0.1%
45,325
+12,462
+38% +$715K
LILAK icon
337
Liberty Latin America Class C
LILAK
$1.64B
$2.75M 0.1%
358,969
+141,323
+65% +$965K
AMRC icon
338
Ameresco
AMRC
$1.36B
$2.75M 0.1%
+81,995
New +$1.88M
PAHC icon
339
Phibro Animal Health
PAHC
$1.39B
$2.75M 0.1%
+67,986
New +$2.25M
MHK icon
340
Mohawk Industries
MHK
$9.22B
$2.75M 0.1%
21,303
-39
-0.2% -$4.83K
HLMN icon
341
Hillman Solutions
HLMN
$1.79B
$2.73M 0.1%
+297,312
New +$2.68M
OS
342
DELISTED
OneStream Inc
OS
$2.72M 0.1%
+147,752
New +$3.24M
CMS icon
343
CMS Energy
CMS
$22.3B
$2.72M 0.1%
+37,161
New +$2.67M
PENN icon
344
PENN Entertainment
PENN
$2.71B
$2.7M 0.1%
+140,418
New +$2.63M
TOST icon
345
Toast
TOST
$19.9B
$2.7M 0.1%
73,846
+56,135
+317% +$2.44M
SKYW icon
346
Skywest
SKYW
$4.34B
$2.69M 0.1%
26,768
-22,532
-46% -$2.52M
WDC icon
347
Western Digital
WDC
$150B
$2.69M 0.1%
+22,395
New +$1.83M
WMG icon
348
Warner Music
WMG
$13.8B
$2.69M 0.1%
+78,907
New +$2.52M
TW icon
349
Tradeweb Markets
TW
$21.6B
$2.69M 0.1%
24,194
+14,059
+139% +$1.81M
MMSI icon
350
Merit Medical Systems
MMSI
$5.32B
$2.68M 0.1%
32,259
+25,881
+406% +$2.25M
12 13
14
15 16

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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.