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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
APPN icon
526
Appian
APPN
$2.48B
$1.7M 0.06%
55,650
-104,298
-65% -$3.13M
VTR icon
527
Ventas
VTR
$47.9B
$1.7M 0.06%
24,253
+6,273
+35% +$422K
AESI icon
528
Atlas Energy Solutions
AESI
$1.41B
$1.69M 0.06%
+148,430
New +$1.82M
MKTX icon
529
MarketAxess Holdings
MKTX
$5.72B
$1.69M 0.06%
9,673
+2,151
+29% +$421K
AON icon
530
Aon
AON
$76B
$1.69M 0.06%
4,726
+1,014
+27% +$367K
KNSA icon
531
Kiniksa Pharmaceuticals
KNSA
$5.93B
$1.68M 0.06%
43,346
-4,861
-10% -$158K
SPSC icon
532
SPS Commerce
SPSC
$2.64B
$1.68M 0.06%
16,120
+6,875
+74% +$818K
TTAN
533
ServiceTitan Inc
TTAN
$8.19B
$1.68M 0.06%
+16,628
New +$1.82M
AZZ icon
534
AZZ Inc
AZZ
$4.54B
$1.68M 0.06%
+15,362
New +$1.7M
CDTX
535
DELISTED
Cidara Therapeutics
CDTX
$1.67M 0.06%
+17,465
New +$1.11M
DKS icon
536
Dick's Sporting Goods
DKS
$18.7B
$1.67M 0.06%
7,509
+174
+2% +$37.9K
ELS icon
537
Equity Lifestyle Properties
ELS
$12.6B
$1.66M 0.06%
27,356
-45,545
-62% -$2.76M
SCHW
538
Charles Schwab
SCHW
$187B
$1.66M 0.06%
17,365
-55,843
-76% -$5.3M
BJRI icon
539
BJ's Restaurants
BJRI
$1.48B
$1.66M 0.06%
54,284
+20,024
+58% +$714K
SSB icon
540
SouthState Bank Corp
SSB
$10.5B
$1.66M 0.06%
+16,755
New +$1.65M
EPRT icon
541
Essential Properties Realty Trust
EPRT
$6.62B
$1.65M 0.06%
55,583
+47,312
+572% +$1.45M
NKE icon
542
Nike
NKE
$61.9B
$1.65M 0.06%
+23,708
New +$1.77M
SBCF icon
543
Seacoast Banking Corp of Florida
SBCF
$3.35B
$1.65M 0.06%
54,318
-45,840
-46% -$1.36M
HAE icon
544
Haemonetics
HAE
$4B
$1.65M 0.06%
33,903
+18,207
+116% +$1.13M
CRWD icon
545
CrowdStrike
CRWD
$218B
$1.65M 0.06%
+13,460
New +$1.53M
FCFS icon
546
FirstCash
FCFS
$8.78B
$1.65M 0.06%
10,407
-3,764
-27% -$526K
IDXX icon
547
Idexx Laboratories
IDXX
$46.2B
$1.65M 0.06%
2,580
-6,819
-73% -$4.14M
PLYM
548
DELISTED
Plymouth Industrial REIT
PLYM
$1.65M 0.06%
+73,750
New +$1.35M
USPH icon
549
US Physical Therapy
USPH
$1.22B
$1.64M 0.06%
19,346
-7,089
-27% -$568K
ESS icon
550
Essex Property Trust
ESS
$18.5B
$1.64M 0.06%
6,132
+3,653
+147% +$987K
20 21
22
23 24

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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.