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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
DKNG icon
551
DraftKings
DKNG
$11.9B
$1.63M 0.06%
43,672
+32,625
+295% +$1.45M
VRSK icon
552
Verisk Analytics
VRSK
$25B
$1.63M 0.06%
+6,484
New +$1.78M
AORT icon
553
Artivion
AORT
$1.32B
$1.62M 0.06%
+38,343
New +$1.45M
IESC icon
554
IES Holdings
IESC
$15.2B
$1.62M 0.06%
+4,073
New +$1.4M
UDR icon
555
UDR
UDR
$12.3B
$1.62M 0.06%
43,381
-83,571
-66% -$3.26M
WSC icon
556
WillScot Mobile Mini Holdings
WSC
$4.41B
$1.61M 0.06%
+76,237
New +$1.96M
TMHC
557
DELISTED
Taylor Morrison
TMHC
$1.61M 0.06%
+24,364
New +$1.6M
BOKF icon
558
BOK Financial
BOKF
$8.74B
$1.61M 0.06%
+14,405
New +$1.54M
JLL icon
559
Jones Lang LaSalle
JLL
$16.7B
$1.6M 0.06%
+5,368
New +$1.53M
GSHD icon
560
Goosehead Insurance
GSHD
$2.32B
$1.6M 0.06%
+21,451
New +$1.89M
HRMY icon
561
Harmony Biosciences
HRMY
$2.24B
$1.6M 0.06%
57,906
-27,442
-32% -$945K
NBTB icon
562
NBT Bancorp
NBTB
$2.74B
$1.59M 0.06%
+38,186
New +$1.64M
FIX icon
563
Comfort Systems
FIX
$59.6B
$1.59M 0.06%
1,925
+921
+92% +$624K
MBIN icon
564
Merchants Bancorp
MBIN
$2.49B
$1.58M 0.06%
49,723
+14,043
+39% +$461K
FIVN icon
565
FIVE9
FIVN
$2.54B
$1.58M 0.06%
65,130
+56,097
+621% +$1.48M
RSG icon
566
Republic Services
RSG
$65.7B
$1.58M 0.06%
+6,867
New +$1.61M
DBRG icon
567
DigitalBridge
DBRG
$2.95B
$1.57M 0.06%
+133,927
New +$1.5M
WH icon
568
Wyndham Hotels & Resorts
WH
$5.48B
$1.56M 0.06%
19,514
-20,574
-51% -$1.77M
NABL icon
569
N-able
NABL
$940M
$1.56M 0.06%
199,697
+42,355
+27% +$340K
IT icon
570
Gartner
IT
$11.7B
$1.56M 0.06%
+5,925
New +$1.73M
CUBI icon
571
Customers Bancorp
CUBI
$2.77B
$1.55M 0.06%
23,740
-19,779
-45% -$1.3M
LADR
572
Ladder Capital
LADR
$1.24B
$1.55M 0.06%
141,793
-36,781
-21% -$414K
ASB icon
573
Associated Banc-Corp
ASB
$5.91B
$1.54M 0.06%
+59,835
New +$1.53M
BV icon
574
BrightView Holdings
BV
$1.07B
$1.53M 0.06%
114,118
-22,437
-16% -$333K
JAZZ icon
575
Jazz Pharmaceuticals
JAZZ
$16.7B
$1.52M 0.06%
11,540
-13,933
-55% -$1.67M
21 22
23
24 25

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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.