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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
BBNX
701
Beta Bionics
BBNX
$715M
$1.12M 0.04%
+56,259
New +$989K
XERS icon
702
Xeris Biopharma Holdings
XERS
$1.45B
$1.11M 0.04%
+136,731
New +$908K
PGY icon
703
Pagaya Technologies
PGY
$1.78B
$1.1M 0.04%
37,117
-95,331
-72% -$3.08M
ARMK icon
704
Aramark
ARMK
$14.7B
$1.1M 0.04%
28,631
-51,325
-64% -$2.08M
LMND icon
705
Lemonade
LMND
$4.1B
$1.1M 0.04%
20,527
-15,721
-43% -$767K
RIVN icon
706
Rivian
RIVN
$23.2B
$1.1M 0.04%
+74,701
New +$1M
SIRI icon
707
SiriusXM
SIRI
$10.1B
$1.09M 0.04%
46,976
+13,899
+42% +$322K
STNG icon
708
Scorpio Tankers
STNG
$3.81B
$1.09M 0.04%
19,495
-3,395
-15% -$167K
LDOS icon
709
Leidos
LDOS
$17.3B
$1.09M 0.04%
+5,776
New +$1.01M
BRZE icon
710
Braze
BRZE
$2.99B
$1.09M 0.04%
38,343
-45,727
-54% -$1.3M
AFRM icon
711
Affirm
AFRM
$25.2B
$1.09M 0.04%
14,876
+11,610
+355% +$884K
MTZ icon
712
MasTec
MTZ
$21.9B
$1.08M 0.04%
+5,098
New +$934K
AZO icon
713
AutoZone
AZO
$51.1B
$1.08M 0.04%
252
-774
-75% -$3.11M
ENVX icon
714
Enovix
ENVX
$1.03B
$1.08M 0.04%
108,421
-33,746
-24% -$373K
CIVI
715
DELISTED
Civitas Resources
CIVI
$1.08M 0.04%
+33,186
New +$1.06M
ABCB icon
716
Ameris Bancorp
ABCB
$5.89B
$1.08M 0.04%
14,680
-24,445
-62% -$1.72M
UTZ icon
717
Utz Brands
UTZ
$1.25B
$1.07M 0.04%
88,337
+76,194
+627% +$1.01M
ULS icon
718
UL Solutions
ULS
$15.8B
$1.06M 0.04%
14,951
+12,087
+422% +$824K
FWRG icon
719
First Watch Restaurant Group
FWRG
$766M
$1.05M 0.04%
+67,318
New +$1.17M
RMD icon
720
ResMed
RMD
$30.7B
$1.05M 0.04%
3,839
+631
+20% +$172K
HII icon
721
Huntington Ingalls Industries
HII
$12.8B
$1.05M 0.04%
+3,646
New +$971K
CVS icon
722
CVS Health
CVS
$122B
$1.05M 0.04%
13,894
-19,013
-58% -$1.3M
ACDC icon
723
ProFrac Holding
ACDC
$787M
$1.05M 0.04%
282,844
+160,752
+132% +$885K
KRYS icon
724
Krystal Biotech
KRYS
$9.66B
$1.04M 0.04%
5,903
+399
+7% +$59.7K
MTAL
725
DELISTED
Metals Acquisition
MTAL
$1.04M 0.04%
+85,164
New +$1.03M
27 28
29
30 31

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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.