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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
CELH icon
401
Celsius Holdings
CELH
$7.03B
$2.38M 0.09%
+41,392
New +$2.16M
RBRK icon
402
Rubrik
RBRK
$18.5B
$2.38M 0.09%
28,926
+17,974
+164% +$1.55M
LOAR icon
403
Loar Holdings
LOAR
$6.64B
$2.37M 0.09%
+29,633
New +$2.23M
TPC
404
Tutor Perini Cor
TPC
$5.21B
$2.37M 0.09%
36,085
-17,511
-33% -$976K
HE icon
405
Hawaiian Electric Industries
HE
$2.14B
$2.37M 0.09%
214,310
+167,637
+359% +$1.91M
PMT
406
PennyMac Mortgage Investment
PMT
$842M
$2.37M 0.09%
192,921
+73,355
+61% +$906K
ABNB icon
407
Airbnb
ABNB
$107B
$2.36M 0.09%
19,450
+17,672
+994% +$2.29M
BRKR icon
408
Bruker
BRKR
$8.14B
$2.33M 0.09%
71,779
+51,614
+256% +$1.84M
OHI icon
409
Omega Healthcare
OHI
$14.7B
$2.33M 0.09%
55,096
+34,436
+167% +$1.39M
SMMT icon
410
Summit Therapeutics
SMMT
$11.1B
$2.32M 0.09%
+112,199
New +$2.72M
BRO icon
411
Brown & Brown
BRO
$23.9B
$2.32M 0.09%
24,689
+17,572
+247% +$1.71M
IBM icon
412
IBM
IBM
$224B
$2.31M 0.09%
8,198
-11,763
-59% -$3.08M
PRLB icon
413
Protolabs
PRLB
$2.13B
$2.31M 0.09%
46,204
+7,304
+19% +$335K
NVCR icon
414
NovoCure
NVCR
$1.91B
$2.3M 0.09%
+177,830
New +$2.38M
AMTM
415
Amentum Holdings
AMTM
$6.05B
$2.3M 0.09%
+95,866
New +$2.33M
SCL icon
416
Stepan Co
SCL
$1.48B
$2.29M 0.09%
47,959
+20,242
+73% +$1.05M
GTY
417
Getty Realty Corp
GTY
$2.07B
$2.29M 0.09%
85,212
-25,676
-23% -$716K
BUSE icon
418
First Busey Corp
BUSE
$2.56B
$2.28M 0.09%
98,454
-45,808
-32% -$1.09M
SSD icon
419
Simpson Manufacturing
SSD
$8.16B
$2.27M 0.09%
13,544
-25,085
-65% -$4.49M
PLAY icon
420
Dave & Buster's
PLAY
$357M
$2.27M 0.09%
+124,745
New +$3.28M
STNE icon
421
StoneCo
STNE
$2.58B
$2.26M 0.09%
+119,475
New +$1.9M
FCF icon
422
First Commonwealth Financial
FCF
$2.17B
$2.25M 0.08%
132,231
-7,368
-5% -$126K
PYPL icon
423
PayPal
PYPL
$50.5B
$2.24M 0.08%
33,331
+15,921
+91% +$1.12M
WWD icon
424
Woodward
WWD
$21.4B
$2.23M 0.08%
+8,839
New +$2.2M
AVA icon
425
Avista
AVA
$3.24B
$2.23M 0.08%
58,855
-117,826
-67% -$4.38M
15 16
17
18 19

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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.