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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
UHAL.B icon
51
U-Haul Holding Co Series N
UHAL.B
$12.8B
$7.5M 0.28%
147,326
+94,100
+177% +$5.01M
VEEV icon
52
Veeva Systems
VEEV
$35.4B
$7.45M 0.28%
24,995
-14,814
-37% -$4.17M
SYK icon
53
Stryker
SYK
$129B
$7.28M 0.27%
+19,687
New +$7.61M
CVX icon
54
Chevron
CVX
$371B
$7.18M 0.27%
+46,214
New +$7.16M
LLY icon
55
Eli Lilly
LLY
$1.06T
$7.11M 0.27%
9,319
+458
+5% +$341K
ESNT icon
56
Essent Group
ESNT
$6.04B
$7.09M 0.27%
111,479
+21,625
+24% +$1.31M
BNL icon
57
Broadstone Net Lease
BNL
$4.06B
$7.08M 0.27%
396,124
+266,801
+206% +$4.59M
AVGO icon
58
Broadcom
AVGO
$2T
$7.08M 0.27%
21,446
+5,432
+34% +$1.67M
KHC icon
59
Kraft Heinz
KHC
$29.6B
$7.02M 0.26%
269,592
-158,345
-37% -$4.3M
TMUS icon
60
T-Mobile US
TMUS
$193B
$6.97M 0.26%
29,121
+10,613
+57% +$2.57M
CRH icon
61
CRH
CRH
$65B
$6.91M 0.26%
+57,653
New +$6.09M
FTAI icon
62
FTAI Aviation
FTAI
$22.7B
$6.9M 0.26%
41,380
+942
+2% +$134K
AOS icon
63
A.O. Smith
AOS
$8.56B
$6.77M 0.25%
92,226
-6,303
-6% -$450K
ENS icon
64
EnerSys
ENS
$6.83B
$6.76M 0.25%
+59,815
New +$5.88M
ITW icon
65
Illinois Tool Works
ITW
$84.8B
$6.75M 0.25%
25,897
+22,194
+599% +$5.78M
EHC icon
66
Encompass Health
EHC
$12.4B
$6.67M 0.25%
52,499
+37,934
+260% +$4.52M
EPR icon
67
EPR Properties
EPR
$4.7B
$6.43M 0.24%
110,878
+102,877
+1,286% +$5.78M
OMF icon
68
OneMain Financial
OMF
$7.48B
$6.42M 0.24%
113,660
+84,597
+291% +$4.99M
URI icon
69
United Rentals
URI
$72.4B
$6.37M 0.24%
6,669
+3,025
+83% +$2.7M
CLH icon
70
Clean Harbors
CLH
$16.2B
$6.36M 0.24%
27,367
-36
-0.1% -$8.52K
SCCO icon
71
Southern Copper
SCCO
$161B
$6.34M 0.24%
53,701
+1,865
+4% +$183K
GGG icon
72
Graco
GGG
$13.5B
$6.33M 0.24%
74,561
-72,605
-49% -$6.21M
AIT icon
73
Applied Industrial Technologies
AIT
$13.3B
$6.33M 0.24%
24,243
+817
+3% +$214K
CRUS icon
74
Cirrus Logic
CRUS
$6.23B
$6.32M 0.24%
50,454
-687
-1% -$76.5K
HQY icon
75
HealthEquity
HQY
$8.65B
$6.28M 0.24%
66,292
+60,220
+992% +$5.67M
1 2
3
4 5

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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.