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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
MCRI icon
551
Monarch Casino & Resort
MCRI
$2.23B
$1.34M 0.06%
13,996
-11,092
-44% -$1.07M
PAY icon
552
Paymentus
PAY
$4.86B
$1.34M 0.06%
42,351
+31,736
+299% +$1.04M
OPEN icon
553
Opendoor
OPEN
$3.38B
$1.34M 0.06%
+229,086
New +$1.64M
ATRO icon
554
Astronics
ATRO
$3.84B
$1.33M 0.06%
+29,449
New +$1.23M
ARQT icon
555
Arcutis Biotherapeutics
ARQT
$3.18B
$1.33M 0.06%
45,758
+18,391
+67% +$471K
SWK icon
556
Stanley Black & Decker
SWK
$15.7B
$1.33M 0.06%
17,875
+2,819
+19% +$199K
PAG icon
557
Penske Automotive Group
PAG
$14.2B
$1.32M 0.06%
+8,364
New +$1.38M
PCTY icon
558
Paylocity
PCTY
$7.98B
$1.32M 0.06%
8,658
+5,060
+141% +$753K
ATEN icon
559
A10 Networks
ATEN
$1.95B
$1.32M 0.06%
+74,366
New +$1.32M
WK icon
560
Workiva
WK
$3.54B
$1.31M 0.06%
+15,154
New +$1.34M
SNY icon
561
Sanofi
SNY
$104B
$1.3M 0.06%
+26,856
New +$1.33M
PEGA icon
562
Pegasystems
PEGA
$5.38B
$1.29M 0.06%
+21,568
New +$1.26M
TMDX icon
563
Transmedics
TMDX
$2.91B
$1.29M 0.06%
10,588
-18,817
-64% -$2.36M
UCB
564
United Community Banks
UCB
$4.28B
$1.29M 0.06%
+41,208
New +$1.27M
MTX icon
565
Minerals Technologies
MTX
$2.34B
$1.29M 0.06%
21,100
-6,816
-24% -$404K
OCUL icon
566
Ocular Therapeutix
OCUL
$2.02B
$1.28M 0.06%
105,627
+22,188
+27% +$270K
GXO icon
567
GXO Logistics
GXO
$5.55B
$1.28M 0.06%
+24,287
New +$1.28M
BKU icon
568
Bankunited
BKU
$3.36B
$1.27M 0.06%
+28,542
New +$1.18M
FG icon
569
F&G Annuities & Life
FG
$3.62B
$1.27M 0.06%
+41,232
New +$1.29M
J icon
570
Jacobs Solutions
J
$17B
$1.27M 0.06%
+9,599
New +$1.41M
CGNX icon
571
Cognex
CGNX
$11.3B
$1.27M 0.06%
35,251
-51,521
-59% -$2.09M
IIPR icon
572
Innovative Industrial Properties
IIPR
$1.72B
$1.26M 0.06%
26,679
+19,913
+294% +$1.03M
BELFB
573
Bel Fuse Inc Class B
BELFB
$4.21B
$1.25M 0.06%
7,384
+1,252
+20% +$196K
PII icon
574
Polaris
PII
$4.07B
$1.25M 0.06%
+19,783
New +$1.3M
JPM icon
575
JPMorgan Chase
JPM
$950B
$1.25M 0.06%
3,867
-24,790
-87% -$7.68M
21 22
23
24 25

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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.