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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
IVZ icon
726
Invesco
IVZ
$13.9B
$1.04M 0.04%
45,270
-178,262
-80% -$3.7M
TPG icon
727
TPG
TPG
$7.86B
$1.04M 0.04%
+18,029
New +$1.06M
RPD icon
728
Rapid7
RPD
$773M
$1.03M 0.04%
+55,138
New +$1.16M
CFFN icon
729
Capitol Federal Financial
CFFN
$1.1B
$1.03M 0.04%
162,563
-106,107
-39% -$663K
APO icon
730
Apollo Global Management
APO
$73.4B
$1.03M 0.04%
+7,743
New +$1.1M
EBC icon
731
Eastern Bankshares
EBC
$5.23B
$1.03M 0.04%
56,757
-68,673
-55% -$1.13M
EE icon
732
Excelerate Energy
EE
$1.11B
$1.02M 0.04%
+40,361
New +$1.01M
VRNT
733
DELISTED
Verint Systems
VRNT
$1.02M 0.04%
50,181
+32,742
+188% +$674K
KNSL icon
734
Kinsale Capital Group
KNSL
$8.51B
$1.02M 0.04%
2,389
-874
-27% -$396K
VERA icon
735
Vera Therapeutics
VERA
$2.36B
$1.02M 0.04%
34,936
-390
-1% -$9.02K
AIR icon
736
AAR Corp
AIR
$5.76B
$1.01M 0.04%
+11,279
New +$859K
VBTX
737
DELISTED
Veritex Holdings
VBTX
$1.01M 0.04%
30,149
-64,371
-68% -$2.08M
AGNC icon
738
AGNC Investment
AGNC
$12.9B
$1.01M 0.04%
102,984
-53,824
-34% -$522K
INTA icon
739
Intapp
INTA
$2.91B
$1.01M 0.04%
+24,639
New +$1.07M
PEB icon
740
Pebblebrook Hotel Trust
PEB
$2.05B
$1.01M 0.04%
88,451
-76,971
-47% -$830K
DBX icon
741
Dropbox
DBX
$8.12B
$1.01M 0.04%
+33,278
New +$952K
FELE icon
742
Franklin Electric
FELE
$4.84B
$996K 0.04%
+10,464
New +$990K
APOG icon
743
Apogee Enterprises
APOG
$908M
$993K 0.04%
22,793
-13,457
-37% -$578K
LSTR icon
744
Landstar System
LSTR
$6.21B
$989K 0.04%
+8,068
New +$1.07M
ECG
745
Everus Construction Group
ECG
$6.99B
$986K 0.04%
11,504
+5,948
+107% +$442K
CHH icon
746
Choice Hotels
CHH
$4.8B
$986K 0.04%
+9,223
New +$1.13M
GILD icon
747
Gilead Sciences
GILD
$165B
$982K 0.04%
+8,844
New +$1.01M
NEO icon
748
NeoGenomics
NEO
$2.13B
$977K 0.04%
+126,581
New +$887K
LAZ icon
749
Lazard
LAZ
$4.31B
$977K 0.04%
18,512
+137
+0.7% +$7.39K
OCUL icon
750
Ocular Therapeutix
OCUL
$2.02B
$975K 0.04%
83,439
-78,464
-48% -$938K
28 29
30
31 32

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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.