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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
CWT icon
601
California Water Service
CWT
$3.12B
$1.18M 0.05%
27,119
-70,877
-72% -$3.23M
ECPG icon
602
Encore Capital Group
ECPG
$2.13B
$1.17M 0.05%
21,582
-74,363
-78% -$3.58M
AMR icon
603
Alpha Metallurgical Resources
AMR
$1.93B
$1.17M 0.05%
5,851
-3,382
-37% -$585K
GTY
604
Getty Realty Corp
GTY
$2.07B
$1.17M 0.05%
42,681
-42,531
-50% -$1.18M
VRSN icon
605
VeriSign
VRSN
$26.6B
$1.16M 0.05%
4,784
-12,981
-73% -$3.26M
CNXN icon
606
PC Connection
CNXN
$2.12B
$1.16M 0.05%
20,032
-3,399
-15% -$202K
CNXC icon
607
Concentrix
CNXC
$1.57B
$1.15M 0.05%
27,617
+9,141
+49% +$371K
PTON icon
608
Peloton Interactive
PTON
$2.49B
$1.13M 0.05%
183,425
-7,931
-4% -$55.8K
ZG icon
609
Zillow
ZG
$7.63B
$1.13M 0.05%
16,522
-11
-0.1% -$774
TDG icon
610
TransDigm Group
TDG
$67.7B
$1.13M 0.05%
846
+667
+373% +$874K
JEF icon
611
Jefferies Financial Group
JEF
$13.1B
$1.12M 0.05%
18,126
-4,022
-18% -$231K
ONT
612
Onterris Inc
ONT
$580M
$1.12M 0.05%
45,187
+3,271
+8% +$86.4K
EOSE icon
613
Eos Energy Enterprises
EOSE
$1.51B
$1.12M 0.05%
97,555
+72,993
+297% +$1.05M
PRK icon
614
Park National Corp
PRK
$3.67B
$1.11M 0.05%
7,301
+1,389
+23% +$219K
BLBD icon
615
Blue Bird Corp
BLBD
$2.18B
$1.11M 0.05%
+23,512
New +$1.23M
LBTYA icon
616
Liberty Global Class A
LBTYA
$3.6B
$1.1M 0.05%
+99,143
New +$1.1M
WFC icon
617
Wells Fargo
WFC
$264B
$1.1M 0.05%
11,807
-54,016
-82% -$4.69M
ATI icon
618
ATI
ATI
$31B
$1.1M 0.05%
+9,542
New +$930K
RCL icon
619
Royal Caribbean
RCL
$85.6B
$1.09M 0.05%
3,911
-6,679
-63% -$1.89M
LAC
620
Lithium Americas
LAC
$1.17B
$1.09M 0.05%
+249,768
New +$1.44M
GAP
621
The Gap Inc
GAP
$7.37B
$1.09M 0.05%
+42,522
New +$1.03M
NMRK icon
622
Newmark Group
NMRK
$2.63B
$1.09M 0.05%
62,723
+16,531
+36% +$290K
BL icon
623
BlackLine
BL
$1.72B
$1.07M 0.05%
+19,408
New +$1.07M
HIMS icon
624
Hims & Hers Health
HIMS
$7.31B
$1.07M 0.05%
+33,007
New +$1.41M
AAON icon
625
Aaon
AAON
$7.77B
$1.07M 0.05%
+14,009
New +$1.29M
23 24
25
26 27

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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.