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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
EFOR
326
Everforth Inc
EFOR
$1.32B
$2.38M 0.11%
+49,377
New +$2.28M
FDX icon
327
FedEx
FDX
$75.4B
$2.36M 0.11%
8,170
-2,170
-21% -$570K
OKE icon
328
Oneok
OKE
$54.5B
$2.36M 0.11%
32,107
+12,611
+65% +$893K
ELME
329
Elme Communities
ELME
$144M
$2.36M 0.11%
+135,411
New +$2.3M
IVZ icon
330
Invesco
IVZ
$13.9B
$2.35M 0.11%
89,630
+44,360
+98% +$1.08M
CBSH icon
331
Commerce Bancshares
CBSH
$8.5B
$2.35M 0.11%
44,971
+38,170
+561% +$2M
CRAI icon
332
CRA International
CRAI
$1.06B
$2.35M 0.11%
+11,716
New +$2.21M
GTES icon
333
Gates Industrial Corporation Ltd.
GTES
$7.15B
$2.33M 0.11%
108,513
+49,647
+84% +$1.15M
ALG icon
334
Alamo Group
ALG
$2.05B
$2.33M 0.11%
+13,868
New +$2.41M
COHR icon
335
Coherent
COHR
$74.2B
$2.32M 0.11%
12,595
+4,699
+60% +$703K
AHR icon
336
American Healthcare REIT
AHR
$10.9B
$2.32M 0.11%
49,287
+34,350
+230% +$1.59M
IBM icon
337
IBM
IBM
$224B
$2.31M 0.11%
7,808
-390
-5% -$117K
LECO icon
338
Lincoln Electric
LECO
$15.4B
$2.3M 0.11%
9,612
-6,949
-42% -$1.65M
TLN
339
Talen Energy Corp
TLN
$16.7B
$2.3M 0.1%
6,125
+3,286
+116% +$1.28M
ETN icon
340
Eaton
ETN
$174B
$2.28M 0.1%
7,158
+1,465
+26% +$519K
LEN icon
341
Lennar Class A
LEN
$21.2B
$2.27M 0.1%
22,075
+5,003
+29% +$604K
TSN icon
342
Tyson Foods
TSN
$20.4B
$2.26M 0.1%
+38,558
New +$2.12M
HLNE icon
343
Hamilton Lane
HLNE
$5.57B
$2.26M 0.1%
16,797
+12,287
+272% +$1.55M
MZTI
344
The Marzetti Company
MZTI
$3.11B
$2.26M 0.1%
+13,718
New +$2.29M
SCL icon
345
Stepan Co
SCL
$1.48B
$2.25M 0.1%
47,471
-488
-1% -$22.4K
SCCO icon
346
Southern Copper
SCCO
$166B
$2.24M 0.1%
15,896
-37,805
-70% -$5M
HCC icon
347
Warrior Met Coal
HCC
$4.86B
$2.23M 0.1%
+25,299
New +$1.9M
LOB icon
348
Live Oak Bancshares
LOB
$1.97B
$2.22M 0.1%
64,574
-14,923
-19% -$500K
ENS icon
349
EnerSys
ENS
$6.99B
$2.22M 0.1%
15,108
-44,707
-75% -$5.97M
SMG icon
350
ScottsMiracle-Gro
SMG
$3.66B
$2.21M 0.1%
37,958
+29,336
+340% +$1.65M
12 13
14
15 16

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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.