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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
OGS icon
501
ONE Gas
OGS
$5.04B
$1.52M 0.07%
+19,691
New +$1.58M
CF icon
502
CF Industries
CF
$17.3B
$1.52M 0.07%
+19,623
New +$1.61M
IRTC icon
503
iRhythm Holdings
IRTC
$4.2B
$1.52M 0.07%
8,548
+5,715
+202% +$1.01M
HWM icon
504
Howmet Aerospace
HWM
$112B
$1.51M 0.07%
7,381
-7,182
-49% -$1.43M
ASAN icon
505
Asana
ASAN
$2.13B
$1.51M 0.07%
+110,032
New +$1.51M
FLEX icon
506
Flex
FLEX
$44.8B
$1.51M 0.07%
24,923
-56,113
-69% -$3.47M
TPC
507
Tutor Perini Cor
TPC
$5.21B
$1.5M 0.07%
22,395
-13,690
-38% -$898K
XENE icon
508
Xenon Pharmaceuticals
XENE
$6.12B
$1.5M 0.07%
+33,459
New +$1.41M
CVI icon
509
CVR Energy
CVI
$3.13B
$1.49M 0.07%
+58,673
New +$2M
STNG icon
510
Scorpio Tankers
STNG
$3.81B
$1.49M 0.07%
29,347
+9,852
+51% +$562K
CLVT icon
511
Clarivate
CLVT
$1.16B
$1.49M 0.07%
+446,147
New +$1.59M
CXW icon
512
CoreCivic
CXW
$3.19B
$1.48M 0.07%
+77,282
New +$1.42M
OPTU
513
Optimum Communications Inc
OPTU
$301M
$1.47M 0.07%
888,946
-862,778
-49% -$1.76M
NBHC icon
514
National Bank Holdings
NBHC
$1.9B
$1.46M 0.07%
38,502
-53,993
-58% -$2.03M
AVNT icon
515
Avient
AVNT
$4.19B
$1.46M 0.07%
+46,845
New +$1.45M
CI icon
516
Cigna
CI
$74.6B
$1.46M 0.07%
5,305
-3,762
-41% -$1.05M
STLA icon
517
Stellantis
STLA
$20.8B
$1.46M 0.07%
+133,844
New +$1.44M
JJSF icon
518
J&J Snack Foods
JJSF
$1.71B
$1.46M 0.07%
16,127
+1,490
+10% +$135K
NBIX icon
519
Neurocrine Biosciences
NBIX
$16.6B
$1.45M 0.07%
+10,248
New +$1.48M
RCUS icon
520
Arcus Biosciences
RCUS
$3.64B
$1.44M 0.07%
60,614
-79,407
-57% -$1.62M
CNA icon
521
CNA Financial
CNA
$14.1B
$1.44M 0.07%
30,089
-49,194
-62% -$2.27M
FOR icon
522
Forestar Group
FOR
$1.51B
$1.44M 0.07%
58,303
+8,619
+17% +$220K
WSFS icon
523
WSFS Financial
WSFS
$4.15B
$1.43M 0.07%
+25,893
New +$1.42M
NEO icon
524
NeoGenomics
NEO
$2.13B
$1.43M 0.07%
121,265
-5,316
-4% -$57.4K
BHE icon
525
Benchmark Electronics
BHE
$2.96B
$1.42M 0.07%
33,298
+20,518
+161% +$889K
19 20
21
22 23

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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.