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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
SCHW
351
Charles Schwab
SCHW
$187B
$2.21M 0.1%
22,128
+4,763
+27% +$452K
USLM icon
352
United States Lime & Minerals
USLM
$3.44B
$2.21M 0.1%
18,452
+13,973
+312% +$1.73M
AAOI icon
353
Applied Optoelectronics
AAOI
$11.5B
$2.2M 0.1%
+63,183
New +$1.89M
JBL icon
354
Jabil
JBL
$35.8B
$2.2M 0.1%
9,653
-12,317
-56% -$2.63M
PNTG icon
355
Pennant Group
PNTG
$1.36B
$2.2M 0.1%
78,190
+31,682
+68% +$843K
AUR icon
356
Aurora
AUR
$13.8B
$2.19M 0.1%
571,321
+291,135
+104% +$1.33M
MORN icon
357
Morningstar
MORN
$7.53B
$2.19M 0.1%
10,071
-15,186
-60% -$3.29M
ACHC icon
358
Acadia Healthcare
ACHC
$2.94B
$2.18M 0.1%
+153,817
New +$2.91M
VST icon
359
Vistra
VST
$47.4B
$2.18M 0.1%
13,508
+4,007
+42% +$730K
PENN icon
360
PENN Entertainment
PENN
$2.71B
$2.18M 0.1%
147,740
+7,322
+5% +$114K
CVS icon
361
CVS Health
CVS
$122B
$2.17M 0.1%
27,405
+13,511
+97% +$1.07M
GSHD icon
362
Goosehead Insurance
GSHD
$2.32B
$2.15M 0.1%
29,172
+7,721
+36% +$550K
WOR icon
363
Worthington Enterprises
WOR
$2.86B
$2.15M 0.1%
41,646
-35,656
-46% -$1.97M
MGEE icon
364
MGE Energy Inc
MGEE
$3.08B
$2.14M 0.1%
27,338
-3,588
-12% -$295K
EPR icon
365
EPR Properties
EPR
$4.77B
$2.13M 0.1%
42,775
-68,103
-61% -$3.55M
POOL icon
366
Pool Corp
POOL
$7.5B
$2.13M 0.1%
9,319
-5,079
-35% -$1.32M
MASI
367
DELISTED
Masimo
MASI
$2.13M 0.1%
16,385
+6,376
+64% +$913K
AMH icon
368
American Homes 4 Rent
AMH
$12.5B
$2.12M 0.1%
66,087
-9,250
-12% -$296K
CAI
369
Caris Life Sciences
CAI
$6.43B
$2.11M 0.1%
78,163
+46,506
+147% +$1.31M
QCRH icon
370
QCR Holdings
QCRH
$1.7B
$2.1M 0.1%
25,172
+16,648
+195% +$1.31M
BC icon
371
Brunswick
BC
$5.28B
$2.09M 0.1%
+28,190
New +$1.91M
ASH icon
372
Ashland
ASH
$3.5B
$2.09M 0.1%
35,602
-10,171
-22% -$538K
KBH icon
373
KB Home
KBH
$3.59B
$2.08M 0.1%
36,889
-20,976
-36% -$1.29M
ST icon
374
Sensata Technologies
ST
$6.79B
$2.08M 0.09%
62,347
+16,943
+37% +$542K
ARCC icon
375
Ares Capital
ARCC
$14.4B
$2.06M 0.09%
+102,041
New +$2.06M
13 14
15
16 17

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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.