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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
HHH icon
376
Howard Hughes
HHH
$4.03B
$2.06M 0.09%
25,768
+20,869
+426% +$1.73M
HRMY icon
377
Harmony Biosciences
HRMY
$2.24B
$2.06M 0.09%
54,928
-2,978
-5% -$97.9K
ARHS icon
378
Arhaus
ARHS
$1.36B
$2.05M 0.09%
182,851
-43,815
-19% -$455K
IESC icon
379
IES Holdings
IESC
$15.2B
$2.05M 0.09%
5,268
+1,195
+29% +$480K
KMB icon
380
Kimberly-Clark
KMB
$36.5B
$2.04M 0.09%
20,174
+16,221
+410% +$1.77M
OTTR icon
381
Otter Tail
OTTR
$3.94B
$2.03M 0.09%
+25,090
New +$2.03M
DLTR icon
382
Dollar Tree
DLTR
$25.2B
$2.03M 0.09%
16,478
-39,410
-71% -$4.22M
MNST icon
383
Monster Beverage
MNST
$88.5B
$2.02M 0.09%
26,378
+15,755
+148% +$1.13M
RRX icon
384
Regal Rexnord
RRX
$11.9B
$2.02M 0.09%
+14,361
New +$2.04M
RLI icon
385
RLI Corp
RLI
$5.89B
$2.01M 0.09%
31,467
-30,544
-49% -$1.92M
FOLD
386
DELISTED
Amicus Therapeutics
FOLD
$2M 0.09%
+140,300
New +$1.38M
SONO icon
387
Sonos
SONO
$1.85B
$2M 0.09%
113,703
-191,326
-63% -$3.34M
EXPE icon
388
Expedia Group
EXPE
$37.3B
$1.99M 0.09%
+7,031
New +$1.74M
FRSH icon
389
Freshworks
FRSH
$3.27B
$1.99M 0.09%
162,606
-22,648
-12% -$268K
BXSL icon
390
Blackstone Secured Lending
BXSL
$5.72B
$1.99M 0.09%
+75,598
New +$2.03M
ACN icon
391
Accenture
ACN
$108B
$1.99M 0.09%
+7,418
New +$1.88M
AMRX icon
392
Amneal Pharmaceuticals
AMRX
$5.79B
$1.99M 0.09%
+157,954
New +$1.81M
TRS icon
393
TriMas Corp
TRS
$1.44B
$1.99M 0.09%
56,046
-43,116
-43% -$1.51M
EIX icon
394
Edison International
EIX
$26.4B
$1.97M 0.09%
+32,801
New +$1.88M
AROC icon
395
Archrock
AROC
$5.8B
$1.96M 0.09%
75,167
-64,439
-46% -$1.6M
ACVA icon
396
ACV Auctions
ACVA
$1.3B
$1.95M 0.09%
243,047
-141,542
-37% -$1.15M
APAM icon
397
Artisan Partners
APAM
$3.02B
$1.95M 0.09%
+47,836
New +$2.04M
ALHC icon
398
Alignment Healthcare
ALHC
$2.98B
$1.95M 0.09%
98,567
+71,445
+263% +$1.28M
MBIN icon
399
Merchants Bancorp
MBIN
$2.49B
$1.95M 0.09%
57,154
+7,431
+15% +$244K
MCHP icon
400
Microchip Technology
MCHP
$46B
$1.94M 0.09%
30,508
-7,888
-21% -$487K
14 15
16
17 18

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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.