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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
KAI icon
451
Kadant
KAI
$3.99B
$1.71M 0.08%
+5,987
New +$1.7M
FIS icon
452
Fidelity National Information Services
FIS
$22.1B
$1.68M 0.08%
+25,324
New +$1.67M
ITT icon
453
ITT
ITT
$19.1B
$1.68M 0.08%
9,694
+7,311
+307% +$1.31M
TGT icon
454
Target
TGT
$68B
$1.68M 0.08%
+17,203
New +$1.59M
JBHT icon
455
JB Hunt Transport Services
JBHT
$25.2B
$1.68M 0.08%
8,635
-22,114
-72% -$3.8M
VKTX icon
456
Viking Therapeutics
VKTX
$4B
$1.67M 0.08%
+47,423
New +$1.68M
NUVB icon
457
Nuvation Bio
NUVB
$2.32B
$1.67M 0.08%
+185,843
New +$1.15M
DVA icon
458
DaVita
DVA
$11.7B
$1.66M 0.08%
14,637
+12,803
+698% +$1.56M
APPN icon
459
Appian
APPN
$2.48B
$1.64M 0.08%
46,395
-9,255
-17% -$330K
WING icon
460
Wingstop
WING
$3.18B
$1.64M 0.07%
+6,862
New +$1.7M
DINO icon
461
HF Sinclair
DINO
$14.5B
$1.64M 0.07%
+35,490
New +$1.83M
MDXG icon
462
MiMedx Group
MDXG
$633M
$1.63M 0.07%
240,971
+226,112
+1,522% +$1.58M
FSS icon
463
Federal Signal
FSS
$7.83B
$1.63M 0.07%
+14,976
New +$1.71M
WVE icon
464
Wave Life Sciences
WVE
$1.2B
$1.62M 0.07%
95,068
-167,509
-64% -$1.7M
CORZ icon
465
Core Scientific
CORZ
$6.75B
$1.62M 0.07%
110,991
+86,748
+358% +$1.51M
VLO icon
466
Valero Energy
VLO
$85.9B
$1.62M 0.07%
9,925
-24,128
-71% -$4.09M
DAR icon
467
Darling Ingredients
DAR
$9.44B
$1.61M 0.07%
44,740
+4,434
+11% +$150K
LITE icon
468
Lumentum
LITE
$69.3B
$1.61M 0.07%
4,368
-34,136
-89% -$8.77M
TIGO icon
469
Millicom
TIGO
$16.3B
$1.6M 0.07%
28,904
-1,879
-6% -$94.6K
MOS icon
470
The Mosaic Company
MOS
$7.33B
$1.6M 0.07%
66,300
+15,638
+31% +$421K
UI icon
471
Ubiquiti
UI
$34.3B
$1.59M 0.07%
+2,877
New +$1.82M
GNTX icon
472
Gentex
GNTX
$5.07B
$1.59M 0.07%
68,394
-1,770
-3% -$42.7K
FAF icon
473
First American
FAF
$7.58B
$1.59M 0.07%
+25,891
New +$1.62M
CON
474
Concentra Group Holdings
CON
$4.36B
$1.59M 0.07%
+80,541
New +$1.61M
FLOC
475
Flowco Holdings
FLOC
$911M
$1.58M 0.07%
84,557
+51,816
+158% +$865K
17 18
19
20 21

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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.