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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
SG icon
676
Sweetgreen
SG
$642M
$896K 0.04%
+132,494
New +$911K
WMS icon
677
Advanced Drainage Systems
WMS
$10.9B
$895K 0.04%
6,179
+4,603
+292% +$666K
AUPH icon
678
Aurinia Pharmaceuticals
AUPH
$2.11B
$894K 0.04%
+56,035
New +$794K
CNX icon
679
CNX Resources
CNX
$5.2B
$891K 0.04%
24,236
+12,057
+99% +$432K
PTEN icon
680
Patterson-UTI
PTEN
$3.76B
$891K 0.04%
+145,814
New +$871K
MBC icon
681
MasterBrand
MBC
$1.91B
$891K 0.04%
80,666
+52,844
+190% +$619K
INCY icon
682
Incyte
INCY
$24.4B
$882K 0.04%
+8,928
New +$864K
BIRK icon
683
Birkenstock
BIRK
$7.07B
$881K 0.04%
+21,535
New +$912K
LEVI icon
684
Levi Strauss
LEVI
$9.39B
$878K 0.04%
42,356
+19,000
+81% +$409K
VG
685
Venture Global Inc
VG
$32.9B
$873K 0.04%
128,015
-100,104
-44% -$834K
LASR icon
686
nLIGHT
LASR
$3.17B
$865K 0.04%
+23,073
New +$771K
URBN icon
687
Urban Outfitters
URBN
$6.59B
$862K 0.04%
11,460
-15,625
-58% -$1.11M
TRN icon
688
Trinity Industries
TRN
$2.38B
$859K 0.04%
32,507
-144,563
-82% -$3.93M
DXC icon
689
DXC Technology
DXC
$1.73B
$855K 0.04%
+58,331
New +$802K
MNTN
690
MNTN Inc
MNTN
$821M
$851K 0.04%
71,264
+46,268
+185% +$666K
TAP icon
691
Molson Coors Class B
TAP
$8.09B
$850K 0.04%
18,208
+8,018
+79% +$370K
HSIC icon
692
Henry Schein
HSIC
$9.82B
$848K 0.04%
11,225
-2,740
-20% -$193K
INSP icon
693
Inspire Medical Systems
INSP
$1.74B
$844K 0.04%
+9,156
New +$876K
SN icon
694
SharkNinja
SN
$26.1B
$841K 0.04%
7,516
+1,637
+28% +$161K
MKTX icon
695
MarketAxess Holdings
MKTX
$5.72B
$839K 0.04%
4,628
-5,045
-52% -$861K
ERIE icon
696
Erie Indemnity
ERIE
$13.2B
$838K 0.04%
+2,924
New +$873K
QUBT icon
697
Quantum Computing Inc
QUBT
$2.07B
$837K 0.04%
+81,575
New +$1.16M
SBH icon
698
Sally Beauty Holdings
SBH
$1.58B
$836K 0.04%
58,648
-62,841
-52% -$947K
ARMK icon
699
Aramark
ARMK
$14.7B
$832K 0.04%
22,565
-6,066
-21% -$231K
TCBI icon
700
Texas Capital Bancshares
TCBI
$4.32B
$831K 0.04%
9,181
-101,340
-92% -$8.9M
26 27
28
29 30

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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.