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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
GWRE icon
701
Guidewire Software
GWRE
$14.2B
$827K 0.04%
+4,116
New +$910K
HOMB icon
702
Home BancShares
HOMB
$6.18B
$820K 0.04%
29,510
-120,700
-80% -$3.35M
NMIH icon
703
NMI Holdings
NMIH
$3.36B
$820K 0.04%
+20,097
New +$760K
WDC icon
704
Western Digital
WDC
$150B
$818K 0.04%
4,747
-17,648
-79% -$2.68M
BBT
705
Beacon Financial Corp
BBT
$2.66B
$815K 0.04%
+30,896
New +$783K
AGCO icon
706
AGCO
AGCO
$7.2B
$809K 0.04%
+7,752
New +$824K
PRLB icon
707
Protolabs
PRLB
$2.13B
$807K 0.04%
15,943
-30,261
-65% -$1.55M
USB icon
708
US Bancorp
USB
$99.6B
$799K 0.04%
+14,970
New +$736K
GVA icon
709
Granite Construction
GVA
$5.62B
$794K 0.04%
6,883
-469
-6% -$50.4K
GO icon
710
Grocery Outlet
GO
$980M
$792K 0.04%
78,434
+23,442
+43% +$295K
JANX icon
711
Janux Therapeutics
JANX
$967M
$792K 0.04%
57,363
+33,716
+143% +$793K
PL icon
712
Planet Labs
PL
$8.53B
$787K 0.04%
39,929
-235,799
-86% -$3.38M
PRME icon
713
Prime Medicine
PRME
$559M
$784K 0.04%
+225,859
New +$1M
PGNY icon
714
Progyny
PGNY
$2.2B
$783K 0.04%
30,494
-245
-0.8% -$5.63K
APLS
715
DELISTED
Apellis Pharmaceuticals
APLS
$781K 0.04%
+31,091
New +$729K
EIG icon
716
Employers Holdings
EIG
$889M
$781K 0.04%
+18,080
New +$737K
ORI icon
717
Old Republic International
ORI
$10.4B
$761K 0.03%
16,680
+10,930
+190% +$474K
ALKS icon
718
Alkermes
ALKS
$8.25B
$761K 0.03%
+27,203
New +$815K
LEN.B icon
719
Lennar Class B
LEN.B
$20.8B
$761K 0.03%
8,000
-20
-0.2% -$2.27K
OI icon
720
O-I Glass
OI
$1.08B
$761K 0.03%
+51,549
New +$682K
BGC icon
721
BGC Group
BGC
$4.89B
$760K 0.03%
85,108
-53,313
-39% -$480K
PUMP icon
722
ProPetro Holding
PUMP
$1.35B
$757K 0.03%
79,628
+68,657
+626% +$597K
CLH icon
723
Clean Harbors
CLH
$16.3B
$756K 0.03%
3,224
-24,143
-88% -$5.52M
FLNC icon
724
Fluence Energy
FLNC
$2.44B
$755K 0.03%
38,150
-28,825
-43% -$543K
MOH icon
725
Molina Healthcare
MOH
$10.3B
$752K 0.03%
4,332
-6,820
-61% -$1.12M
27 28
29
30 31

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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.