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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
PRCT icon
576
Procept Biorobotics
PRCT
$1.17B
$1.25M 0.06%
39,602
+32,149
+431% +$1.07M
GSAT icon
577
Globalstar
GSAT
$10.8B
$1.24M 0.06%
+20,388
New +$1.13M
ALKT icon
578
Alkami Technology
ALKT
$2.11B
$1.24M 0.06%
53,863
-51,172
-49% -$1.13M
WRB icon
579
W.R. Berkley
WRB
$26.6B
$1.24M 0.06%
17,708
+6,979
+65% +$514K
IE icon
580
Ivanhoe Electric
IE
$1.74B
$1.24M 0.06%
77,659
+54,037
+229% +$773K
MGRC icon
581
McGrath RentCorp
MGRC
$2.92B
$1.24M 0.06%
11,786
+4,563
+63% +$495K
DRS icon
582
Leonardo DRS
DRS
$12B
$1.24M 0.06%
36,256
+7,594
+26% +$280K
DLR icon
583
Digital Realty Trust
DLR
$71.7B
$1.23M 0.06%
7,964
-21,575
-73% -$3.54M
IT icon
584
Gartner
IT
$11.7B
$1.23M 0.06%
4,873
-1,052
-18% -$253K
IMNM icon
585
Immunome
IMNM
$2.83B
$1.23M 0.06%
+57,153
New +$1M
HAE icon
586
Haemonetics
HAE
$4B
$1.22M 0.06%
15,239
-18,664
-55% -$1.25M
VICR icon
587
Vicor
VICR
$10.2B
$1.22M 0.06%
11,144
-69,041
-86% -$5.87M
SEM
588
DELISTED
Select Medical
SEM
$1.22M 0.06%
81,918
+34,680
+73% +$490K
SKY icon
589
Champion Homes
SKY
$5.14B
$1.22M 0.06%
+14,379
New +$1.13M
RDW icon
590
Redwire
RDW
$3.25B
$1.21M 0.06%
159,774
+129,329
+425% +$949K
GFF icon
591
Griffon
GFF
$4.86B
$1.21M 0.06%
+16,459
New +$1.22M
COP icon
592
ConocoPhillips
COP
$141B
$1.2M 0.06%
+12,871
New +$1.16M
AI icon
593
C3.ai
AI
$1.59B
$1.2M 0.05%
+88,987
New +$1.42M
RNR icon
594
RenaissanceRe
RNR
$13.4B
$1.2M 0.05%
4,263
-7,800
-65% -$2.05M
TOWN icon
595
Towne Bank
TOWN
$3.42B
$1.2M 0.05%
35,831
-66,105
-65% -$2.23M
HUN icon
596
Huntsman Corp
HUN
$1.77B
$1.19M 0.05%
118,920
+92,466
+350% +$847K
SNA icon
597
Snap-on
SNA
$21.5B
$1.19M 0.05%
+3,450
New +$1.18M
TTD icon
598
Trade Desk
TTD
$6.49B
$1.18M 0.05%
+31,217
New +$1.38M
DHI icon
599
D.R. Horton
DHI
$42.3B
$1.18M 0.05%
8,217
-27,689
-77% -$4.22M
GPI icon
600
Group 1 Automotive
GPI
$3.18B
$1.18M 0.05%
3,005
-1,642
-35% -$674K
22 23
24
25 26

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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.