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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
CPT icon
476
Camden Property Trust
CPT
$11.3B
$1.58M 0.07%
14,391
-16,119
-53% -$1.68M
TPG icon
477
TPG
TPG
$7.86B
$1.58M 0.07%
24,796
+6,767
+38% +$399K
AMG icon
478
Affiliated Managers Group
AMG
$9.76B
$1.58M 0.07%
5,479
+3,841
+234% +$993K
DXCM icon
479
DexCom
DXCM
$32B
$1.58M 0.07%
+23,760
New +$1.54M
LUNR icon
480
Intuitive Machines
LUNR
$2.63B
$1.58M 0.07%
+97,086
New +$1.12M
LCII icon
481
LCI Industries
LCII
$2.65B
$1.57M 0.07%
+12,971
New +$1.38M
PDFS icon
482
PDF Solutions
PDFS
$2.07B
$1.57M 0.07%
55,068
+3,721
+7% +$103K
HLIO icon
483
Helios Technologies
HLIO
$2.76B
$1.57M 0.07%
29,264
+6,833
+30% +$368K
AN icon
484
AutoNation
AN
$6.92B
$1.56M 0.07%
+7,564
New +$1.57M
CHTR icon
485
Charter Communications
CHTR
$18.2B
$1.56M 0.07%
7,465
-3,426
-31% -$771K
VERA icon
486
Vera Therapeutics
VERA
$2.36B
$1.55M 0.07%
30,682
-4,254
-12% -$151K
PEB icon
487
Pebblebrook Hotel Trust
PEB
$2.05B
$1.55M 0.07%
137,147
+48,696
+55% +$536K
CUBI icon
488
Customers Bancorp
CUBI
$2.77B
$1.55M 0.07%
21,228
-2,512
-11% -$172K
WELL icon
489
Welltower
WELL
$171B
$1.55M 0.07%
+8,326
New +$1.56M
BCC icon
490
Boise Cascade
BCC
$3.02B
$1.54M 0.07%
+20,962
New +$1.53M
DEA
491
Easterly Government Properties
DEA
$1.18B
$1.54M 0.07%
72,561
-56,114
-44% -$1.22M
UHS icon
492
Universal Health Services
UHS
$10.5B
$1.54M 0.07%
+7,050
New +$1.56M
PRMB
493
Primo Brands
PRMB
$8.54B
$1.53M 0.07%
93,724
+25,821
+38% +$477K
TRV icon
494
Travelers Companies
TRV
$80.2B
$1.53M 0.07%
5,273
+2,163
+70% +$609K
HOOD icon
495
Robinhood
HOOD
$83.9B
$1.53M 0.07%
13,510
+4,614
+52% +$600K
SNDX icon
496
Syndax Pharmaceuticals
SNDX
$1.82B
$1.53M 0.07%
+72,703
New +$1.27M
WULF icon
497
TeraWulf
WULF
$8.52B
$1.53M 0.07%
132,892
+51,249
+63% +$687K
IDT icon
498
IDT Corp
IDT
$1.62B
$1.52M 0.07%
29,743
+21,011
+241% +$1.05M
BCO icon
499
Brink's
BCO
$4.62B
$1.52M 0.07%
13,048
-14,052
-52% -$1.61M
SMMT icon
500
Summit Therapeutics
SMMT
$11.1B
$1.52M 0.07%
87,069
-25,130
-22% -$473K
18 19
20
21 22

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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.