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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
GEO icon
751
The GEO Group
GEO
$4.04B
$974K 0.04%
47,541
+8,014
+20% +$183K
DBD icon
752
Diebold Nixdorf
DBD
$2.56B
$970K 0.04%
+17,013
New +$1.01M
GDEN
753
DELISTED
Golden Entertainment
GDEN
$970K 0.04%
41,129
+8,603
+26% +$229K
LEN.B icon
754
Lennar Class B
LEN.B
$20.8B
$962K 0.04%
8,020
+22
+0.3% +$2.61K
PRK icon
755
Park National Corp
PRK
$3.67B
$961K 0.04%
5,912
-6,486
-52% -$1.09M
CAI
756
Caris Life Sciences
CAI
$6.43B
$958K 0.04%
+31,657
New +$1.01M
QXO
757
QXO Inc
QXO
$17.4B
$951K 0.04%
49,911
+28,973
+138% +$600K
CE icon
758
Celanese
CE
$4.82B
$950K 0.04%
22,582
+13,006
+136% +$647K
ZETA icon
759
Zeta Global
ZETA
$6.69B
$950K 0.04%
+47,792
New +$858K
KRUS icon
760
Kura Sushi USA
KRUS
$593M
$943K 0.04%
+15,877
New +$1.27M
ACMR icon
761
ACM Research
ACMR
$5.79B
$943K 0.04%
24,096
+9,094
+61% +$270K
HUM icon
762
Humana
HUM
$46.2B
$942K 0.04%
3,620
-15,533
-81% -$4.08M
COTY icon
763
Coty
COTY
$2.48B
$939K 0.04%
+232,533
New +$1.07M
MRNA icon
764
Moderna
MRNA
$23.6B
$935K 0.04%
+36,209
New +$1.01M
EZPW icon
765
Ezcorp Inc
EZPW
$1.71B
$933K 0.04%
+48,998
New +$768K
WULF icon
766
TeraWulf
WULF
$8.52B
$932K 0.04%
81,643
+38,916
+91% +$297K
NRG icon
767
NRG Energy
NRG
$24.8B
$929K 0.03%
+5,736
New +$894K
HSIC icon
768
Henry Schein
HSIC
$9.82B
$927K 0.03%
+13,965
New +$967K
SHO icon
769
Sunstone Hotel Investors
SHO
$2.06B
$925K 0.03%
+98,772
New +$908K
FMC icon
770
FMC
FMC
$1.33B
$920K 0.03%
+27,359
New +$1.07M
SMPL icon
771
Simply Good Foods
SMPL
$982M
$917K 0.03%
+36,961
New +$1.09M
TNDM icon
772
Tandem Diabetes Care
TNDM
$1.56B
$917K 0.03%
75,535
+14,533
+24% +$197K
RDDT icon
773
Reddit
RDDT
$31.1B
$917K 0.03%
3,987
-15,652
-80% -$3.19M
NIC icon
774
Nicolet Bankshares
NIC
$3.62B
$914K 0.03%
6,799
+3,579
+111% +$475K
CMCSA icon
775
Comcast
CMCSA
$90B
$911K 0.03%
+29,007
New +$972K
29 30
31
32 33

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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.