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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
NET icon
751
Cloudflare
NET
$107B
$668K 0.03%
3,389
-422
-11% -$89.3K
AMSF icon
752
AMERISAFE
AMSF
$540M
$666K 0.03%
17,328
-9,771
-36% -$394K
BMI icon
753
Badger Meter
BMI
$4.03B
$663K 0.03%
3,802
-3,170
-45% -$571K
TREX icon
754
Trex
TREX
$5.01B
$663K 0.03%
+18,889
New +$764K
XPO icon
755
XPO
XPO
$23.7B
$662K 0.03%
+4,871
New +$664K
ALRM icon
756
Alarm.com
ALRM
$2.85B
$661K 0.03%
+12,964
New +$661K
MRTN icon
757
Marten Transport
MRTN
$1.22B
$661K 0.03%
58,108
-8,133
-12% -$86.3K
OUST icon
758
Ouster
OUST
$2.92B
$659K 0.03%
30,472
+7,613
+33% +$201K
ELF icon
759
e.l.f. Beauty
ELF
$5.81B
$657K 0.03%
8,639
-13,315
-61% -$1.31M
UAMY icon
760
United States Antimony
UAMY
$1.02B
$646K 0.03%
+128,716
New +$1.01M
CHCO icon
761
City Holding Co
CHCO
$2.04B
$645K 0.03%
5,408
-16,249
-75% -$1.98M
VSEC icon
762
VSE Corp
VSEC
$6.12B
$644K 0.03%
+3,729
New +$638K
AZZ icon
763
AZZ Inc
AZZ
$4.54B
$644K 0.03%
6,009
-9,353
-61% -$969K
CAVA icon
764
CAVA Group
CAVA
$7.27B
$640K 0.03%
+10,906
New +$608K
RAPP
765
Rapport Therapeutics
RAPP
$2.18B
$639K 0.03%
+21,074
New +$583K
BBNX
766
Beta Bionics
BBNX
$715M
$637K 0.03%
20,906
-35,353
-63% -$944K
DVAX
767
DELISTED
Dynavax Technologies
DVAX
$635K 0.03%
+41,304
New +$455K
BCAX
768
Bicara Therapeutics
BCAX
$1.84B
$633K 0.03%
+37,636
New +$643K
PLMR icon
769
Palomar
PLMR
$3.45B
$627K 0.03%
4,651
-5,898
-56% -$720K
CMPR icon
770
Cimpress
CMPR
$2.31B
$620K 0.03%
+9,316
New +$632K
SRPT icon
771
Sarepta Therapeutics
SRPT
$1.77B
$619K 0.03%
+28,780
New +$607K
BTU icon
772
Peabody Energy
BTU
$2.9B
$619K 0.03%
20,850
+10,842
+108% +$319K
COST icon
773
Costco
COST
$420B
$619K 0.03%
+718
New +$651K
SEE
774
DELISTED
Sealed Air
SEE
$614K 0.03%
14,815
-46,541
-76% -$1.8M
CWH icon
775
Camping World
CWH
$653M
$614K 0.03%
63,080
-47,496
-43% -$588K
29 30
31
32 33

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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.