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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
RSI icon
526
Rush Street Interactive
RSI
$2.88B
$1.41M 0.06%
+72,687
New +$1.34M
ADPT icon
527
Adaptive Biotechnologies
ADPT
$3.97B
$1.41M 0.06%
86,886
-14,509
-14% -$237K
CRK icon
528
Comstock Resources
CRK
$3.94B
$1.4M 0.06%
60,403
-67,724
-53% -$1.49M
RKT icon
529
Rocket Companies
RKT
$38.9B
$1.4M 0.06%
72,221
+27,998
+63% +$501K
CTAS icon
530
Cintas
CTAS
$81.3B
$1.39M 0.06%
7,399
-47,064
-86% -$8.87M
SPHR icon
531
Sphere Entertainment
SPHR
$5.73B
$1.39M 0.06%
+14,632
New +$1.11M
CRVL icon
532
CorVel
CRVL
$3.19B
$1.39M 0.06%
20,522
+900
+5% +$65.2K
FBIN icon
533
Fortune Brands Innovations
FBIN
$6.06B
$1.39M 0.06%
27,757
-21,376
-44% -$1.07M
GKOS icon
534
Glaukos
GKOS
$10.6B
$1.39M 0.06%
+12,268
New +$1.17M
RGEN icon
535
Repligen
RGEN
$9.25B
$1.38M 0.06%
8,425
+5,431
+181% +$851K
SBAC icon
536
SBA Communications
SBAC
$19.5B
$1.38M 0.06%
7,121
+5,779
+431% +$1.12M
HLT icon
537
Hilton Worldwide
HLT
$71.5B
$1.37M 0.06%
4,781
+3,658
+326% +$996K
CELC icon
538
Celcuity
CELC
$4.52B
$1.37M 0.06%
+13,718
New +$1.13M
HLX icon
539
Helix Energy Solutions
HLX
$1.41B
$1.36M 0.06%
217,383
+79,749
+58% +$530K
VRRM icon
540
Verra Mobility
VRRM
$744M
$1.36M 0.06%
60,777
-38,841
-39% -$887K
MTDR icon
541
Matador Resources
MTDR
$6.09B
$1.36M 0.06%
32,074
-7,493
-19% -$315K
REX icon
542
REX American Resources
REX
$1.41B
$1.36M 0.06%
42,103
-25,786
-38% -$840K
SYNA icon
543
Synaptics
SYNA
$4.15B
$1.36M 0.06%
18,356
-70,982
-79% -$4.98M
EL icon
544
Estee Lauder
EL
$32B
$1.35M 0.06%
12,923
-15,266
-54% -$1.48M
ROL icon
545
Rollins
ROL
$18.2B
$1.35M 0.06%
+22,432
New +$1.32M
SMPL icon
546
Simply Good Foods
SMPL
$982M
$1.35M 0.06%
66,994
+30,033
+81% +$625K
OFG icon
547
OFG Bancorp
OFG
$2.21B
$1.34M 0.06%
+32,814
New +$1.34M
HURN icon
548
Huron Consulting
HURN
$2.42B
$1.34M 0.06%
+7,756
New +$1.27M
FWONA icon
549
Liberty Media Series A
FWONA
$23.6B
$1.34M 0.06%
15,000
– –
ASML icon
550
ASML
ASML
$669B
$1.34M 0.06%
+1,252
New +$1.31M
20 21
22
23 24

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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.