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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
DAR icon
651
Darling Ingredients
DAR
$9.44B
$1.24M 0.05%
40,306
-74,038
-65% -$2.47M
MRP
652
Millrose Properties Inc
MRP
$4.81B
$1.24M 0.05%
36,987
-85,138
-70% -$2.75M
SANM icon
653
Sanmina
SANM
$10.9B
$1.24M 0.05%
10,796
-49,817
-82% -$5.6M
BLKB icon
654
Blackbaud
BLKB
$2.08B
$1.24M 0.05%
19,219
+1,977
+11% +$129K
NSC icon
655
Norfolk Southern
NSC
$75.1B
$1.24M 0.05%
+4,112
New +$1.14M
AXON
656
Axon Enterprise
AXON
$46.4B
$1.23M 0.05%
+1,718
New +$1.3M
AX icon
657
Axos Financial
AX
$5.68B
$1.23M 0.05%
+14,554
New +$1.27M
PLMR icon
658
Palomar
PLMR
$3.45B
$1.23M 0.05%
+10,549
New +$1.34M
ZG icon
659
Zillow
ZG
$7.63B
$1.23M 0.05%
16,533
+28
+0.2% +$2.2K
OLN icon
660
Olin
OLN
$2.12B
$1.23M 0.05%
+49,215
New +$1.09M
PSA icon
661
Public Storage
PSA
$61.3B
$1.23M 0.05%
4,256
+742
+21% +$213K
LCID icon
662
Lucid Motors
LCID
$2.77B
$1.23M 0.05%
+51,662
New +$1.17M
VLY icon
663
Valley National Bancorp
VLY
$8.04B
$1.23M 0.05%
115,721
+91,072
+369% +$910K
COLL icon
664
Collegium Pharmaceutical
COLL
$956M
$1.23M 0.05%
+35,044
New +$1.22M
ONON icon
665
On Holding
ONON
$12.5B
$1.23M 0.05%
+28,951
New +$1.38M
CSGP icon
666
CoStar Group
CSGP
$12.3B
$1.22M 0.05%
14,497
-8,156
-36% -$721K
KNX icon
667
Knight Transportation
KNX
$11.4B
$1.22M 0.05%
30,951
-74,715
-71% -$3.24M
EXTR icon
668
Extreme Networks
EXTR
$3.15B
$1.22M 0.05%
58,902
+5,602
+11% +$111K
TLN
669
Talen Energy Corp
TLN
$16.7B
$1.21M 0.05%
2,839
-4,086
-59% -$1.48M
CBU icon
670
Community Bank
CBU
$3.41B
$1.2M 0.05%
+20,483
New +$1.19M
COCO icon
671
Vita Coco
COCO
$3.6B
$1.2M 0.05%
28,270
-8,265
-23% -$306K
STE icon
672
Steris
STE
$23.1B
$1.19M 0.04%
4,822
-3,279
-40% -$785K
CBRE icon
673
CBRE Group
CBRE
$42.9B
$1.19M 0.04%
7,554
-14,150
-65% -$2.19M
AMSF icon
674
AMERISAFE
AMSF
$540M
$1.19M 0.04%
+27,099
New +$1.22M
CHYM
675
Chime Financial
CHYM
$11B
$1.19M 0.04%
+58,767
New +$1.67M
25 26
27
28 29

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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.