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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
INSM icon
626
Insmed
INSM
$28.6B
$1.33M 0.05%
+9,242
New +$1.13M
WLDN icon
627
Willdan Group
WLDN
$1.3B
$1.33M 0.05%
+13,760
New +$1.3M
HAYW icon
628
Hayward Holdings
HAYW
$3.36B
$1.33M 0.05%
87,935
-83,192
-49% -$1.27M
PDFS icon
629
PDF Solutions
PDFS
$2.07B
$1.33M 0.05%
51,347
+2,990
+6% +$65.3K
WHD icon
630
Cactus
WHD
$5.44B
$1.32M 0.05%
33,530
+18,444
+122% +$776K
FOR icon
631
Forestar Group
FOR
$1.51B
$1.32M 0.05%
49,684
+13,911
+39% +$357K
ED icon
632
Consolidated Edison
ED
$39.9B
$1.32M 0.05%
13,126
-24,592
-65% -$2.47M
REYN icon
633
Reynolds Consumer Products
REYN
$5.59B
$1.31M 0.05%
53,567
+36,794
+219% +$833K
BGC icon
634
BGC Group
BGC
$4.89B
$1.31M 0.05%
138,421
+128,057
+1,236% +$1.28M
PSN icon
635
Parsons
PSN
$5.08B
$1.31M 0.05%
+15,784
New +$1.22M
TDS icon
636
Telephone and Data Systems
TDS
$3.75B
$1.3M 0.05%
+33,231
New +$1.28M
FBRT
637
Franklin BSP Realty Trust
FBRT
$657M
$1.3M 0.05%
+120,043
New +$1.32M
DRS icon
638
Leonardo DRS
DRS
$12B
$1.3M 0.05%
+28,662
New +$1.25M
TECH icon
639
Bio-Techne
TECH
$11.3B
$1.3M 0.05%
+23,347
New +$1.25M
LRN icon
640
Stride
LRN
$3.43B
$1.29M 0.05%
8,688
-21,594
-71% -$3.17M
LVS icon
641
Las Vegas Sands
LVS
$29.6B
$1.29M 0.05%
23,951
-55,102
-70% -$2.9M
NHC icon
642
National Healthcare
NHC
$3.38B
$1.29M 0.05%
10,589
-2,365
-18% -$255K
STBA icon
643
S&T Bancorp
STBA
$1.79B
$1.28M 0.05%
34,097
-4,072
-11% -$156K
AHRT
644
AH Realty Trust
AHRT
$517M
$1.28M 0.05%
182,626
+120,825
+196% +$857K
NEXT icon
645
NextDecade
NEXT
$1.78B
$1.28M 0.05%
+188,459
New +$1.82M
HOOD icon
646
Robinhood
HOOD
$83.9B
$1.27M 0.05%
+8,896
New +$970K
ALB icon
647
Albemarle
ALB
$15.5B
$1.27M 0.05%
15,692
+9,403
+150% +$725K
HTLD icon
648
Heartland Express
HTLD
$956M
$1.27M 0.05%
151,102
+52,494
+53% +$444K
DECK icon
649
Deckers Outdoor
DECK
$13.3B
$1.25M 0.05%
+12,292
New +$1.34M
BMI icon
650
Badger Meter
BMI
$4.03B
$1.25M 0.05%
+6,972
New +$1.37M
24 25
26
27 28

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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.