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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
JEF icon
601
Jefferies Financial Group
JEF
$13.1B
$1.45M 0.05%
22,148
+15,663
+242% +$955K
BXP icon
602
Boston Properties
BXP
$11.1B
$1.45M 0.05%
19,453
+13,752
+241% +$970K
VYX icon
603
NCR Voyix
VYX
$1.14B
$1.45M 0.05%
+115,166
New +$1.52M
PCVX icon
604
Vaxcyte
PCVX
$8.64B
$1.44M 0.05%
40,101
+21,002
+110% +$696K
LBRDK icon
605
Liberty Broadband Class C
LBRDK
$5.15B
$1.44M 0.05%
22,703
+15,524
+216% +$1.08M
OTIS icon
606
Otis Worldwide
OTIS
$28.2B
$1.43M 0.05%
+15,677
New +$1.42M
FWONA icon
607
Liberty Media Series A
FWONA
$23.6B
$1.43M 0.05%
15,000
– –
ENR icon
608
Energizer
ENR
$1.55B
$1.43M 0.05%
+57,267
New +$1.5M
OKE icon
609
Oneok
OKE
$54.5B
$1.42M 0.05%
19,496
-4,235
-18% -$324K
REVG
610
DELISTED
REV Group
REVG
$1.42M 0.05%
+25,088
New +$1.33M
AMSC icon
611
American Superconductor
AMSC
$1.59B
$1.42M 0.05%
23,858
-10,889
-31% -$544K
WGS icon
612
GeneDx Holdings
WGS
$2.3B
$1.41M 0.05%
13,132
-10,923
-45% -$1.19M
JJSF icon
613
J&J Snack Foods
JJSF
$1.71B
$1.41M 0.05%
+14,637
New +$1.62M
UEC icon
614
Uranium Energy
UEC
$5.57B
$1.39M 0.05%
104,371
-86,115
-45% -$862K
ST icon
615
Sensata Technologies
ST
$6.79B
$1.39M 0.05%
45,404
+21,198
+88% +$670K
LION icon
616
Lionsgate Studios
LION
$3.86B
$1.38M 0.05%
+200,132
New +$1.29M
AME icon
617
Ametek
AME
$58.2B
$1.38M 0.05%
7,334
-2,467
-25% -$454K
MRSH
618
Marsh
MRSH
$91.5B
$1.37M 0.05%
+6,802
New +$1.4M
RWT
619
Redwood Trust
RWT
$594M
$1.36M 0.05%
235,084
+84,291
+56% +$504K
VVV icon
620
Valvoline
VVV
$4.51B
$1.36M 0.05%
+37,903
New +$1.45M
DFH icon
621
Dream Finders Homes
DFH
$1.36B
$1.35M 0.05%
+52,014
New +$1.43M
PHIN icon
622
Phinia Inc
PHIN
$2.74B
$1.35M 0.05%
+23,401
New +$1.26M
BR icon
623
Broadridge
BR
$19B
$1.34M 0.05%
5,620
-6,263
-53% -$1.56M
DUOL icon
624
Duolingo
DUOL
$6.12B
$1.34M 0.05%
+4,157
New +$1.39M
AMCR icon
625
Amcor
AMCR
$22.1B
$1.33M 0.05%
32,630
-28,149
-46% -$1.26M
23 24
25
26 27

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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.