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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
CAG icon
51
Conagra Brands
CAG
$7.11B
$6.91M 0.32%
398,934
+376,940
+1,714% +$6.69M
XRAY icon
52
Dentsply Sirona
XRAY
$2.64B
$6.85M 0.31%
+599,434
New +$7.04M
VLY icon
53
Valley National Bancorp
VLY
$8.01B
$6.71M 0.31%
574,542
+458,821
+396% +$5.09M
LNG icon
54
Cheniere Energy
LNG
$55.7B
$6.63M 0.3%
34,119
+17,446
+105% +$3.66M
EBC icon
55
Eastern Bankshares
EBC
$5.26B
$6.45M 0.29%
350,044
+293,287
+517% +$5.37M
MMM icon
56
3M
MMM
$93.2B
$6.43M 0.29%
40,169
+18,159
+83% +$2.97M
RNG icon
57
RingCentral
RNG
$5.18B
$6.41M 0.29%
221,917
+152,695
+221% +$4.35M
RGLD icon
58
Royal Gold
RGLD
$18.5B
$6.4M 0.29%
28,774
+24,254
+537% +$4.81M
MS icon
59
Morgan Stanley
MS
$336B
$6.34M 0.29%
35,689
-3,062
-8% -$511K
ANET icon
60
Arista Networks
ANET
$242B
$6.28M 0.29%
+47,910
New +$6.6M
KMPR icon
61
Kemper
KMPR
$1.76B
$6.21M 0.28%
153,223
+79,105
+107% +$3.39M
SUI icon
62
Sun Communities
SUI
$14.7B
$6.09M 0.28%
49,155
-8,980
-15% -$1.12M
NVDA icon
63
NVIDIA
NVDA
$5.3T
$6.05M 0.28%
32,440
-9,100
-22% -$1.69M
LIF
64
Life360
LIF
$4.83B
$5.94M 0.27%
92,663
+90,137
+3,568% +$7.49M
ROKU icon
65
Roku
ROKU
$22.3B
$5.92M 0.27%
54,602
-23,468
-30% -$2.38M
ROP icon
66
Roper Technologies
ROP
$39.3B
$5.91M 0.27%
13,272
+6,283
+90% +$2.91M
ROAD icon
67
Construction Partners
ROAD
$5.65B
$5.89M 0.27%
54,257
+30,313
+127% +$3.41M
VEEV icon
68
Veeva Systems
VEEV
$35.4B
$5.88M 0.27%
26,332
+1,337
+5% +$355K
DIS icon
69
Walt Disney
DIS
$182B
$5.8M 0.26%
+50,947
New +$5.61M
FELE icon
70
Franklin Electric
FELE
$4.83B
$5.71M 0.26%
59,724
+49,260
+471% +$4.7M
CFR icon
71
Cullen/Frost Bankers
CFR
$10.2B
$5.67M 0.26%
+44,743
New +$5.61M
URI icon
72
United Rentals
URI
$72.4B
$5.65M 0.26%
6,978
+309
+5% +$268K
PNW icon
73
Pinnacle West Capital
PNW
$12.2B
$5.63M 0.26%
63,424
-47,568
-43% -$4.26M
BMY icon
74
Bristol-Myers Squibb
BMY
$131B
$5.61M 0.26%
104,004
+59,431
+133% +$2.86M
LYFT icon
75
Lyft
LYFT
$6.2B
$5.6M 0.26%
289,319
+196,597
+212% +$4.09M
1 2
3
4 5

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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.