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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
AMKR icon
476
Amkor Technology
AMKR
$13.7B
$1.93M 0.07%
67,844
-269,771
-80% -$6.49M
WVE icon
477
Wave Life Sciences
WVE
$1.2B
$1.92M 0.07%
262,577
-18,188
-6% -$147K
MO icon
478
Altria Group
MO
$114B
$1.92M 0.07%
+29,076
New +$1.84M
TDC icon
479
Teradata
TDC
$2.55B
$1.91M 0.07%
+88,778
New +$1.91M
DRI icon
480
Darden Restaurants
DRI
$24.4B
$1.91M 0.07%
10,012
+5,100
+104% +$1.05M
RCUS icon
481
Arcus Biosciences
RCUS
$3.64B
$1.9M 0.07%
140,021
-142,650
-50% -$1.48M
SFBS
482
ServisFirst Bancshares
SFBS
$4.86B
$1.9M 0.07%
23,596
-21,385
-48% -$1.77M
FIBK icon
483
First Interstate BancSystem
FIBK
$3.58B
$1.9M 0.07%
59,607
-113,184
-66% -$3.52M
INVA icon
484
Innoviva
INVA
$1.48B
$1.9M 0.07%
104,046
+54,945
+112% +$1.07M
NDAQ icon
485
Nasdaq
NDAQ
$52.9B
$1.9M 0.07%
21,467
-30,691
-59% -$2.84M
HBI
486
DELISTED
Hanesbrands
HBI
$1.89M 0.07%
+286,271
New +$1.58M
LTH icon
487
Life Time Group Holdings
LTH
$9.79B
$1.88M 0.07%
68,054
-33,626
-33% -$959K
SHAK icon
488
Shake Shack
SHAK
$2.87B
$1.87M 0.07%
+20,007
New +$2.3M
DPZ icon
489
Domino's
DPZ
$11.6B
$1.87M 0.07%
4,337
+639
+17% +$290K
FOUR icon
490
Shift4
FOUR
$3.26B
$1.87M 0.07%
24,109
+11,651
+94% +$1.08M
NWE icon
491
NorthWestern Energy
NWE
$4.43B
$1.86M 0.07%
31,776
-103,036
-76% -$5.69M
VST icon
492
Vistra
VST
$47.4B
$1.86M 0.07%
9,501
-8,499
-47% -$1.68M
ARW icon
493
Arrow Electronics
ARW
$10.4B
$1.85M 0.07%
15,255
-51,355
-77% -$6.46M
BOW
494
Bowhead Specialty Holdings
BOW
$1.1B
$1.85M 0.07%
68,240
+45,265
+197% +$1.42M
ROST icon
495
Ross Stores
ROST
$81.9B
$1.83M 0.07%
12,001
+606
+5% +$86.5K
SVV icon
496
Savers
SVV
$1.88B
$1.82M 0.07%
137,424
+3,248
+2% +$37.3K
ADC icon
497
Agree Realty
ADC
$9.41B
$1.81M 0.07%
+25,423
New +$1.84M
HBAN icon
498
Huntington Bancshares
HBAN
$35.5B
$1.8M 0.07%
104,382
+61,386
+143% +$1.05M
OLLI icon
499
Ollie's Bargain Outlet
OLLI
$4.94B
$1.8M 0.07%
+14,016
New +$1.86M
SXC icon
500
SunCoke Energy
SXC
$797M
$1.8M 0.07%
220,474
-22,695
-9% -$181K
18 19
20
21 22

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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.