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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
SOFI icon
451
SoFi Technologies
SOFI
$23.7B
$2.1M 0.08%
79,471
-68,964
-46% -$1.64M
CWAN
452
DELISTED
Clearwater Analytics
CWAN
$2.1M 0.08%
116,386
+68,128
+141% +$1.38M
BFH icon
453
Bread Financial
BFH
$4.38B
$2.09M 0.08%
+37,562
New +$2.32M
TXT icon
454
Textron
TXT
$15.4B
$2.09M 0.08%
+24,686
New +$2.01M
REX icon
455
REX American Resources
REX
$1.41B
$2.08M 0.08%
67,889
+14,865
+28% +$423K
RUN icon
456
Sunrun
RUN
$2.46B
$2.06M 0.08%
118,974
-1,265
-1% -$16.9K
SBUX icon
457
Starbucks
SBUX
$120B
$2.05M 0.08%
+24,182
New +$2.16M
LII icon
458
Lennox International
LII
$15.2B
$2.04M 0.08%
+3,860
New +$2.25M
PLAB icon
459
Photronics
PLAB
$1.93B
$2.04M 0.08%
+88,955
New +$1.9M
LYFT icon
460
Lyft
LYFT
$6.63B
$2.04M 0.08%
92,722
+57,650
+164% +$965K
GPI icon
461
Group 1 Automotive
GPI
$3.18B
$2.03M 0.08%
+4,647
New +$2.08M
VERX icon
462
Vertex
VERX
$1.94B
$2.02M 0.08%
+81,547
New +$2.36M
BMY icon
463
Bristol-Myers Squibb
BMY
$132B
$2.01M 0.08%
44,573
-24,559
-36% -$1.15M
NXRT
464
NexPoint Residential Trust
NXRT
$652M
$2.01M 0.08%
62,348
+13,778
+28% +$454K
VRNS icon
465
Varonis Systems
VRNS
$5B
$2M 0.08%
34,837
+19,925
+134% +$1.11M
GNTX icon
466
Gentex
GNTX
$5.07B
$1.99M 0.07%
70,164
-23,819
-25% -$633K
CURB
467
Curbline Properties
CURB
$3.41B
$1.98M 0.07%
88,791
-39,766
-31% -$897K
SBH icon
468
Sally Beauty Holdings
SBH
$1.58B
$1.98M 0.07%
121,489
+60,472
+99% +$760K
BBY icon
469
Best Buy
BBY
$17.3B
$1.97M 0.07%
+26,070
New +$1.87M
RNG icon
470
RingCentral
RNG
$5.28B
$1.96M 0.07%
69,222
+44,410
+179% +$1.29M
MET icon
471
MetLife
MET
$62.1B
$1.94M 0.07%
23,610
-68,619
-74% -$5.4M
A icon
472
Agilent Technologies
A
$41.2B
$1.94M 0.07%
15,126
+2,422
+19% +$293K
CSR
473
Centerspace
CSR
$952M
$1.94M 0.07%
32,881
+15,975
+94% +$923K
URBN icon
474
Urban Outfitters
URBN
$6.59B
$1.93M 0.07%
27,085
-31,491
-54% -$2.32M
CPK icon
475
Chesapeake Utilities
CPK
$3.21B
$1.93M 0.07%
14,356
-15,747
-52% -$1.96M
17 18
19
20 21

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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.