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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
CDP icon
426
COPT Defense Properties
CDP
$4.21B
$1.83M 0.08%
65,720
-145,690
-69% -$4.2M
PB icon
427
Prosperity Bancshares
PB
$8.89B
$1.82M 0.08%
26,380
-94,063
-78% -$6.35M
NOC icon
428
Northrop Grumman
NOC
$81.2B
$1.81M 0.08%
+3,183
New +$1.85M
TTI icon
429
TETRA Technologies
TTI
$1.26B
$1.81M 0.08%
+193,488
New +$1.49M
NSP icon
430
Insperity
NSP
$2.01B
$1.8M 0.08%
46,580
-24,981
-35% -$998K
FCN icon
431
FTI Consulting
FCN
$4.18B
$1.8M 0.08%
+10,525
New +$1.74M
CRS icon
432
Carpenter Technology
CRS
$28.4B
$1.8M 0.08%
5,710
-12,622
-69% -$3.8M
UFPI icon
433
UFP Industries
UFPI
$5.19B
$1.8M 0.08%
19,717
-7,415
-27% -$679K
THRM icon
434
Gentherm
THRM
$1.27B
$1.79M 0.08%
49,275
-24,321
-33% -$876K
COIN icon
435
Coinbase
COIN
$40.5B
$1.79M 0.08%
7,907
+6,444
+440% +$1.92M
NKTR icon
436
Nektar Therapeutics
NKTR
$2.58B
$1.79M 0.08%
42,277
+33,092
+360% +$1.85M
FMC icon
437
FMC
FMC
$1.33B
$1.78M 0.08%
128,590
+101,231
+370% +$1.93M
OZK icon
438
Bank OZK
OZK
$5.61B
$1.78M 0.08%
38,674
+26,183
+210% +$1.22M
PHM icon
439
Pultegroup
PHM
$25.3B
$1.78M 0.08%
+15,155
New +$1.86M
AAMI
440
Acadian Asset Management
AAMI
$3.19B
$1.78M 0.08%
37,792
-45,751
-55% -$2.11M
RYAN icon
441
Ryan Specialty Holdings
RYAN
$11B
$1.77M 0.08%
+34,354
New +$1.88M
SYY icon
442
Sysco
SYY
$40.3B
$1.77M 0.08%
+24,022
New +$1.83M
FIX icon
443
Comfort Systems
FIX
$59.6B
$1.77M 0.08%
1,896
-29
-2% -$26.8K
GPN icon
444
Global Payments
GPN
$22.8B
$1.76M 0.08%
22,788
-12,156
-35% -$978K
NBTB icon
445
NBT Bancorp
NBTB
$2.74B
$1.76M 0.08%
42,416
+4,230
+11% +$176K
GL icon
446
Globe Life
GL
$14.3B
$1.75M 0.08%
12,514
-7,537
-38% -$1.02M
QXO
447
QXO Inc
QXO
$17.4B
$1.75M 0.08%
90,580
+40,669
+81% +$779K
LFST icon
448
Lifestance Health
LFST
$4.14B
$1.74M 0.08%
246,647
+221,127
+866% +$1.33M
HD icon
449
Home Depot
HD
$355B
$1.72M 0.08%
+4,993
New +$1.83M
PAYC icon
450
Paycom
PAYC
$9.69B
$1.71M 0.08%
+10,710
New +$1.9M
16 17
18
19 20

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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.