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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
EMN icon
501
Eastman Chemical
EMN
$8.42B
$1.8M 0.07%
28,484
-12,678
-31% -$885K
CLF icon
502
Cleveland-Cliffs
CLF
$6.99B
$1.8M 0.07%
+147,180
New +$1.55M
GH icon
503
Guardant Health
GH
$22.6B
$1.78M 0.07%
28,513
-45,549
-62% -$2.48M
MTDR icon
504
Matador Resources
MTDR
$6.09B
$1.78M 0.07%
39,567
-81,741
-67% -$3.99M
SAFT icon
505
Safety Insurance
SAFT
$1.52B
$1.77M 0.07%
25,098
+6,419
+34% +$466K
NAGE
506
Niagen Bioscience
NAGE
$247M
$1.77M 0.07%
190,085
+138,752
+270% +$1.4M
THR
507
DELISTED
Thermon Group Holdings
THR
$1.77M 0.07%
66,303
+58,485
+748% +$1.57M
MDLZ icon
508
Mondelez International
MDLZ
$79.9B
$1.77M 0.07%
28,330
-31,690
-53% -$2.04M
VSXY
509
Victoria's Secret
VSXY
$7.83B
$1.77M 0.07%
+65,169
New +$1.46M
TREE icon
510
LendingTree
TREE
$451M
$1.77M 0.07%
+27,285
New +$1.57M
KYMR icon
511
Kymera Therapeutics
KYMR
$8.94B
$1.76M 0.07%
31,052
+5,102
+20% +$230K
MOS icon
512
The Mosaic Company
MOS
$7.33B
$1.76M 0.07%
50,662
-15,545
-23% -$535K
ATEC icon
513
Alphatec Holdings
ATEC
$1.44B
$1.76M 0.07%
120,712
+46,167
+62% +$643K
ETNB
514
DELISTED
89bio
ETNB
$1.75M 0.07%
118,872
-147,523
-55% -$1.5M
CWH icon
515
Camping World
CWH
$653M
$1.75M 0.07%
110,576
-4,717
-4% -$80.8K
AL
516
DELISTED
Air Lease Corp
AL
$1.74M 0.07%
27,315
-23,690
-46% -$1.42M
MTX icon
517
Minerals Technologies
MTX
$2.34B
$1.73M 0.07%
+27,916
New +$1.7M
OSIS icon
518
OSI Systems
OSIS
$3.89B
$1.73M 0.07%
6,954
+1,089
+19% +$249K
WAB icon
519
Wabtec
WAB
$49.3B
$1.73M 0.06%
+8,610
New +$1.7M
PTON icon
520
Peloton Interactive
PTON
$2.49B
$1.72M 0.06%
191,356
-80,975
-30% -$603K
LEG icon
521
Leggett & Platt
LEG
$1.31B
$1.71M 0.06%
+192,975
New +$1.84M
RES icon
522
RPC Inc
RES
$1.3B
$1.71M 0.06%
359,076
-53,468
-13% -$252K
ERII icon
523
Energy Recovery
ERII
$443M
$1.71M 0.06%
110,704
+84,402
+321% +$1.19M
DG icon
524
Dollar General
DG
$27.9B
$1.7M 0.06%
+16,495
New +$1.81M
SJM icon
525
J.M. Smucker
SJM
$12.8B
$1.7M 0.06%
15,672
-2,043
-12% -$222K
19 20
21
22 23

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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.