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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
IDA icon
26
Idacorp
IDA
$8.27B
$9.42M 0.35%
71,266
+68,569
+2,542% +$8.49M
TCBI icon
27
Texas Capital Bancshares
TCBI
$4.37B
$9.34M 0.35%
110,521
+66,402
+151% +$5.67M
FERG icon
28
Ferguson
FERG
$49.2B
$9.09M 0.34%
40,461
-16,975
-30% -$3.84M
JPM icon
29
JPMorgan Chase
JPM
$958B
$9.04M 0.34%
+28,657
New +$8.52M
NLY icon
30
Annaly Capital Management
NLY
$17.1B
$8.98M 0.34%
444,467
+69,793
+19% +$1.45M
MTB icon
31
M&T Bank
MTB
$36.6B
$8.77M 0.33%
+44,361
New +$8.7M
DTE icon
32
DTE Energy
DTE
$29.1B
$8.37M 0.31%
59,182
+50,933
+617% +$6.98M
CACI icon
33
CACI
CACI
$11.4B
$8.28M 0.31%
16,592
+5,777
+53% +$2.79M
PECO icon
34
Phillips Edison & Co
PECO
$5.31B
$8.26M 0.31%
240,702
+222,092
+1,193% +$7.7M
POR icon
35
Portland General Electric
POR
$5.8B
$8.18M 0.31%
185,942
-26,679
-13% -$1.12M
PLD icon
36
Prologis
PLD
$132B
$8.1M 0.3%
70,699
+32,907
+87% +$3.62M
ZM icon
37
Zoom
ZM
$29.2B
$8.07M 0.3%
97,793
+74,949
+328% +$5.85M
OVV icon
38
Ovintiv
OVV
$16.3B
$8.04M 0.3%
199,065
+123,288
+163% +$5.03M
PB icon
39
Prosperity Bancshares
PB
$8.93B
$7.99M 0.3%
120,443
+27,670
+30% +$1.9M
TSCO icon
40
Tractor Supply
TSCO
$17.4B
$7.97M 0.3%
140,206
+131,282
+1,471% +$7.73M
RPRX icon
41
Royalty Pharma
RPRX
$25.5B
$7.93M 0.3%
+224,632
New +$8.13M
RGA icon
42
Reinsurance Group of America
RGA
$15.5B
$7.9M 0.3%
+41,115
New +$7.87M
CB icon
43
Chubb
CB
$135B
$7.83M 0.29%
27,741
+21,049
+315% +$5.79M
ROKU icon
44
Roku
ROKU
$21.7B
$7.82M 0.29%
78,070
+37,871
+94% +$3.49M
TKO icon
45
TKO Group
TKO
$13.8B
$7.78M 0.29%
38,537
+20,262
+111% +$3.7M
LAUR icon
46
Laureate Education
LAUR
$5.27B
$7.76M 0.29%
246,178
+176,077
+251% +$4.61M
NVDA icon
47
NVIDIA
NVDA
$5.35T
$7.75M 0.29%
41,540
-71,980
-63% -$12.5M
KEX icon
48
Kirby Corp
KEX
$7.01B
$7.63M 0.29%
91,437
+57,623
+170% +$5.79M
SON icon
49
Sonoco
SON
$5.79B
$7.54M 0.28%
175,054
+114,962
+191% +$5.31M
SUI icon
50
Sun Communities
SUI
$14.8B
$7.5M 0.28%
58,135
+31,003
+114% +$3.92M
1
2
3 4 5

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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.