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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
RH icon
651
RH
RH
$3.71B
$1M 0.05%
5,595
+4,526
+423% +$774K
SYK icon
652
Stryker
SYK
$130B
$998K 0.05%
2,839
-16,848
-86% -$6.14M
FRPT icon
653
Freshpet
FRPT
$3.22B
$998K 0.05%
16,373
-83,315
-84% -$4.73M
SIGI icon
654
Selective Insurance
SIGI
$5.73B
$994K 0.05%
11,875
-18,815
-61% -$1.51M
SGI
655
Somnigroup International
SGI
$13.7B
$989K 0.05%
+11,079
New +$968K
ISRG icon
656
Intuitive Surgical
ISRG
$134B
$983K 0.04%
+1,736
New +$924K
WKC icon
657
World Kinect Corp
WKC
$1.86B
$981K 0.04%
+41,852
New +$1.03M
AES icon
658
AES
AES
$10.5B
$977K 0.04%
68,148
+21,084
+45% +$297K
CRGY icon
659
Crescent Energy
CRGY
$3.82B
$974K 0.04%
+116,137
New +$1.02M
XMTR icon
660
Xometry
XMTR
$5.34B
$967K 0.04%
+16,259
New +$917K
PPC icon
661
Pilgrim's Pride
PPC
$6.54B
$961K 0.04%
24,647
-120,205
-83% -$4.62M
PLYM
662
DELISTED
Plymouth Industrial REIT
PLYM
$959K 0.04%
43,851
-29,899
-41% -$657K
VSXY
663
Victoria's Secret
VSXY
$7.83B
$959K 0.04%
17,711
-47,458
-73% -$1.88M
WLDN icon
664
Willdan Group
WLDN
$1.3B
$953K 0.04%
9,198
-4,562
-33% -$449K
SJM icon
665
J.M. Smucker
SJM
$12.8B
$935K 0.04%
9,564
-6,108
-39% -$631K
TNET icon
666
TriNet
TNET
$3.14B
$932K 0.04%
+15,770
New +$937K
SYBT icon
667
Stock Yards Bancorp
SYBT
$2.6B
$932K 0.04%
+14,355
New +$965K
HNGE
668
Hinge Health
HNGE
$7.21B
$929K 0.04%
19,998
+14,086
+238% +$678K
SBRA icon
669
Sabra Healthcare REIT
SBRA
$5.37B
$927K 0.04%
48,934
-230,249
-82% -$4.27M
CDE icon
670
Coeur Mining
CDE
$17.9B
$926K 0.04%
51,945
-120,950
-70% -$2.1M
AAT
671
American Assets Trust
AAT
$1.4B
$924K 0.04%
48,816
-55,886
-53% -$1.08M
IMAX icon
672
IMAX
IMAX
$2.66B
$916K 0.04%
24,773
+13,786
+125% +$481K
LMAT icon
673
LeMaitre Vascular
LMAT
$1.86B
$907K 0.04%
+11,179
New +$962K
SGHC icon
674
SGHC Ltd
SGHC
$6.63B
$900K 0.04%
+75,317
New +$905K
KKR icon
675
KKR & Co
KKR
$92.3B
$898K 0.04%
+7,042
New +$876K
25 26
27
28 29

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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.