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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
MSFT icon
26
Microsoft
MSFT
$3.63T
$8.39M 0.38%
17,355
-4,971
-22% -$2.49M
LTH icon
27
Life Time Group Holdings
LTH
$10.1B
$8.29M 0.38%
312,040
+243,986
+359% +$6.35M
SBUX icon
28
Starbucks
SBUX
$121B
$8.17M 0.37%
97,064
+72,882
+301% +$6.15M
GOOG icon
29
Alphabet (Google) Class C
GOOG
$4.42T
$8.07M 0.37%
+25,723
New +$7.37M
VICI icon
30
VICI Properties
VICI
$29B
$8.03M 0.37%
+285,590
New +$8.48M
AMAT icon
31
Applied Materials
AMAT
$429B
$7.9M 0.36%
30,731
+8,965
+41% +$2.15M
ATMU icon
32
Atmus Filtration Technologies
ATMU
$4.42B
$7.89M 0.36%
151,943
+26,507
+21% +$1.28M
LAUR icon
33
Laureate Education
LAUR
$5.27B
$7.86M 0.36%
233,506
-12,672
-5% -$391K
VRT icon
34
Vertiv
VRT
$108B
$7.83M 0.36%
48,338
+21,974
+83% +$3.82M
AGNC icon
35
AGNC Investment
AGNC
$12.7B
$7.77M 0.35%
724,956
+621,972
+604% +$6.39M
ITW icon
36
Illinois Tool Works
ITW
$85.2B
$7.75M 0.35%
31,475
+5,578
+22% +$1.39M
AVGO icon
37
Broadcom
AVGO
$2T
$7.67M 0.35%
22,149
+703
+3% +$251K
EWZ icon
38
iShares MSCI Brazil ETF
EWZ
$9.18B
$7.62M 0.35%
239,954
-470,939
-66% -$14.9M
WTM icon
39
White Mountains Insurance
WTM
$5.25B
$7.51M 0.34%
+3,615
New +$7.07M
RTX icon
40
RTX Corp
RTX
$297B
$7.51M 0.34%
40,959
+36,868
+901% +$6.4M
AMZN icon
41
Amazon
AMZN
$2.94T
$7.48M 0.34%
32,391
-17,109
-35% -$3.91M
COF icon
42
Capital One
COF
$136B
$7.31M 0.33%
30,157
-46,487
-61% -$10.3M
UHAL.B icon
43
U-Haul Holding Co Series N
UHAL.B
$12.6B
$7.29M 0.33%
156,067
+8,741
+6% +$426K
PNR icon
44
Pentair
PNR
$11B
$7.28M 0.33%
69,904
+44,589
+176% +$4.76M
SITE icon
45
SiteOne Landscape Supply
SITE
$4.42B
$7.28M 0.33%
+58,433
New +$7.4M
MRVL icon
46
Marvell Technology
MRVL
$193B
$7.22M 0.33%
84,980
+76,759
+934% +$6.72M
AAPL icon
47
Apple
AAPL
$4.51T
$7.19M 0.33%
26,442
+10,084
+62% +$2.71M
BOKF icon
48
BOK Financial
BOKF
$8.79B
$7.1M 0.32%
59,939
+45,534
+316% +$5.11M
SF
49
Stifel
SF
$12.8B
$6.99M 0.32%
83,769
+55,407
+195% +$4.43M
PLXS icon
50
Plexus
PLXS
$7.37B
$6.95M 0.32%
47,268
+4,712
+11% +$691K
1
2
3 4 5

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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.