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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
CHCO icon
351
City Holding Co
CHCO
$2.04B
$2.68M 0.1%
21,657
+2,450
+13% +$307K
BOX icon
352
Box
BOX
$4.6B
$2.67M 0.1%
82,786
-18,037
-18% -$584K
LPG icon
353
Dorian LPG
LPG
$1.96B
$2.66M 0.1%
89,148
-31,607
-26% -$949K
MCRI icon
354
Monarch Casino & Resort
MCRI
$2.23B
$2.66M 0.1%
25,088
+2,655
+12% +$266K
GEF icon
355
Greif
GEF
$5.04B
$2.65M 0.1%
44,390
+10,444
+31% +$674K
AYI icon
356
Acuity Brands
AYI
$10.8B
$2.64M 0.1%
7,675
-13,486
-64% -$4.3M
APD icon
357
Air Products & Chemicals
APD
$67.6B
$2.64M 0.1%
9,680
-12,225
-56% -$3.54M
FBIN icon
358
Fortune Brands Innovations
FBIN
$6.06B
$2.62M 0.1%
+49,133
New +$2.77M
ALEX
359
DELISTED
Alexander & Baldwin
ALEX
$2.62M 0.1%
144,045
+130,252
+944% +$2.39M
BBWI icon
360
Bath & Body Works
BBWI
$4.1B
$2.62M 0.1%
101,662
+48,525
+91% +$1.44M
PWR icon
361
Quanta Services
PWR
$101B
$2.61M 0.1%
6,308
+4,613
+272% +$1.79M
CI icon
362
Cigna
CI
$74.6B
$2.61M 0.1%
+9,067
New +$2.68M
ALKT icon
363
Alkami Technology
ALKT
$2.11B
$2.61M 0.1%
+105,035
New +$2.68M
IOSP icon
364
Innospec
IOSP
$2.28B
$2.61M 0.1%
33,798
+4,601
+16% +$384K
JOE icon
365
St. Joe Company
JOE
$3.83B
$2.61M 0.1%
52,673
+1,966
+4% +$99.1K
MGEE icon
366
MGE Energy Inc
MGEE
$3.08B
$2.6M 0.1%
30,926
+2,445
+9% +$209K
COLM icon
367
Columbia Sportswear
COLM
$2.94B
$2.57M 0.1%
49,213
-18,110
-27% -$1.02M
CPNG icon
368
Coupang
CPNG
$29.2B
$2.57M 0.1%
79,774
+5,334
+7% +$161K
MDT icon
369
Medtronic
MDT
$112B
$2.56M 0.1%
+26,886
New +$2.47M
SGRY icon
370
Surgery Partners
SGRY
$2.03B
$2.54M 0.1%
117,474
-16,094
-12% -$359K
CRK icon
371
Comstock Resources
CRK
$3.94B
$2.54M 0.1%
+128,127
New +$2.37M
UFPI icon
372
UFP Industries
UFPI
$5.19B
$2.54M 0.1%
27,132
+5,852
+28% +$591K
NFG icon
373
National Fuel Gas
NFG
$7.65B
$2.53M 0.1%
27,443
-23,224
-46% -$2.02M
SNV
374
DELISTED
Synovus
SNV
$2.52M 0.09%
51,375
-123,518
-71% -$6.33M
THRM icon
375
Gentherm
THRM
$1.27B
$2.51M 0.09%
+73,596
New +$2.49M
13 14
15
16 17

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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.