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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
VAL icon
626
Valaris
VAL
$5.47B
$1.06M 0.05%
21,126
-63,398
-75% -$3.4M
QBTS icon
627
D-Wave Quantum Inc. Common Stock
QBTS
$7.73B
$1.06M 0.05%
+40,608
New +$1.18M
MWA icon
628
Mueller Water Products
MWA
$4.16B
$1.06M 0.05%
+44,523
New +$1.1M
ZETA icon
629
Zeta Global
ZETA
$6.69B
$1.05M 0.05%
51,783
+3,991
+8% +$74.6K
OC icon
630
Owens Corning
OC
$12.4B
$1.05M 0.05%
+9,412
New +$1.1M
STBA icon
631
S&T Bancorp
STBA
$1.79B
$1.05M 0.05%
26,605
-7,492
-22% -$289K
CRSP icon
632
CRISPR Therapeutics
CRSP
$5.17B
$1.05M 0.05%
+19,939
New +$1.19M
LRN icon
633
Stride
LRN
$3.43B
$1.04M 0.05%
16,085
+7,397
+85% +$672K
MMI icon
634
Marcus & Millichap
MMI
$1.19B
$1.04M 0.05%
+38,073
New +$1.1M
INGR icon
635
Ingredion
INGR
$6.58B
$1.04M 0.05%
9,398
-19,388
-67% -$2.19M
LILAK icon
636
Liberty Latin America Class C
LILAK
$1.64B
$1.03M 0.05%
152,602
-206,367
-57% -$1.54M
PHAT icon
637
Phathom Pharmaceuticals
PHAT
$692M
$1.03M 0.05%
+62,248
New +$889K
PGR icon
638
Progressive
PGR
$125B
$1.03M 0.05%
4,531
-105
-2% -$23.7K
AEVA
639
Aeva Technologies
AEVA
$1.86B
$1.02M 0.05%
77,156
+47,356
+159% +$674K
AM icon
640
Antero Midstream
AM
$10.1B
$1.02M 0.05%
+57,528
New +$1.04M
OS
641
DELISTED
OneStream Inc
OS
$1.02M 0.05%
55,662
-92,090
-62% -$1.76M
KEX icon
642
Kirby Corp
KEX
$6.93B
$1.02M 0.05%
9,261
-82,176
-90% -$8.35M
VIK icon
643
Viking Holdings
VIK
$47.2B
$1.02M 0.05%
+14,279
New +$911K
PMT
644
PennyMac Mortgage Investment
PMT
$842M
$1.01M 0.05%
80,783
-112,138
-58% -$1.4M
BKH icon
645
Black Hills Corp
BKH
$5.69B
$1.01M 0.05%
14,593
-85,410
-85% -$5.76M
TOL icon
646
Toll Brothers
TOL
$14.5B
$1.01M 0.05%
7,474
-18,367
-71% -$2.49M
PRGS icon
647
Progress Software
PRGS
$1.76B
$1.01M 0.05%
23,498
-46,054
-66% -$2.01M
FRHC icon
648
Freedom Holding
FRHC
$9.49B
$1.01M 0.05%
8,265
+4,055
+96% +$588K
IONS icon
649
Ionis Pharmaceuticals
IONS
$9.4B
$1M 0.05%
12,691
-33,401
-72% -$2.52M
WAFD icon
650
WaFd
WAFD
$2.75B
$1M 0.05%
31,339
-87,869
-74% -$2.71M
24 25
26
27 28

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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.