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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
FBNC icon
726
First Bancorp
FBNC
$2.68B
$752K 0.03%
14,799
-26,947
-65% -$1.37M
CPRT icon
727
Copart
CPRT
$27.5B
$742K 0.03%
18,965
-57,292
-75% -$2.38M
UMH
728
UMH Properties
UMH
$1.36B
$739K 0.03%
+46,461
New +$698K
URGN icon
729
UroGen Pharma
URGN
$2.29B
$738K 0.03%
+31,516
New +$684K
YETI icon
730
Yeti Holdings
YETI
$3.95B
$736K 0.03%
16,668
-46,810
-74% -$1.8M
CURB
731
Curbline Properties
CURB
$3.41B
$733K 0.03%
31,562
-57,229
-64% -$1.33M
BX icon
732
Blackstone
BX
$110B
$729K 0.03%
+4,732
New +$719K
FSLY icon
733
Fastly Inc
FSLY
$3.66B
$728K 0.03%
+71,532
New +$705K
CFLT
734
DELISTED
Confluent
CFLT
$728K 0.03%
24,061
-84,805
-78% -$2.08M
VMI icon
735
Valmont Industries
VMI
$9.53B
$727K 0.03%
+1,808
New +$736K
FCX icon
736
Freeport-McMoran
FCX
$97.5B
$726K 0.03%
14,289
-109,919
-88% -$4.76M
PWR icon
737
Quanta Services
PWR
$101B
$724K 0.03%
1,716
-4,592
-73% -$2.02M
WT icon
738
WisdomTree
WT
$3.22B
$721K 0.03%
+59,165
New +$715K
LMND icon
739
Lemonade
LMND
$4.1B
$707K 0.03%
9,935
-10,592
-52% -$712K
UAA icon
740
Under Armour
UAA
$2.6B
$705K 0.03%
141,922
-94,156
-40% -$436K
FAST icon
741
Fastenal
FAST
$59.5B
$702K 0.03%
17,488
+5,679
+48% +$239K
SPY icon
742
State Street SPDR S&P 500 ETF Trust
SPY
$823B
$700K 0.03%
+1,027
New +$694K
FFIN icon
743
First Financial Bankshares
FFIN
$4.97B
$700K 0.03%
23,429
-119,801
-84% -$3.78M
VRTS icon
744
Virtus Investment Partners
VRTS
$1.1B
$699K 0.03%
4,282
+826
+24% +$140K
ESTC icon
745
Elastic
ESTC
$7.81B
$698K 0.03%
9,250
-41,593
-82% -$3.39M
NHI icon
746
National Health Investors
NHI
$3.65B
$689K 0.03%
9,016
-26,145
-74% -$2M
TYL icon
747
Tyler Technologies
TYL
$12.8B
$685K 0.03%
+1,509
New +$719K
HLIT icon
748
Harmonic Inc
HLIT
$1.28B
$685K 0.03%
69,213
-223,551
-76% -$2.25M
BOW
749
Bowhead Specialty Holdings
BOW
$1.1B
$683K 0.03%
23,932
-44,308
-65% -$1.18M
EW icon
750
Edwards Lifesciences
EW
$51.7B
$677K 0.03%
7,938
-20,472
-72% -$1.68M
28 29
30
31 32

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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.