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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
CTS icon
776
CTS Corp
CTS
$1.89B
$909K 0.03%
+22,771
New +$944K
LOPE icon
777
Grand Canyon Education
LOPE
$3.98B
$907K 0.03%
4,131
-5,883
-59% -$1.13M
RGLD icon
778
Royal Gold
RGLD
$19.5B
$907K 0.03%
4,520
-32,266
-88% -$5.58M
TXNM
779
TXNM Energy Inc
TXNM
$5.94B
$903K 0.03%
+15,968
New +$906K
HLX icon
780
Helix Energy Solutions
HLX
$1.41B
$903K 0.03%
+137,634
New +$866K
SXI icon
781
Standex International
SXI
$4.12B
$899K 0.03%
4,242
-1,465
-26% -$277K
SR icon
782
Spire
SR
$4.85B
$897K 0.03%
11,005
-11,254
-51% -$856K
DY icon
783
Dycom Industries
DY
$12.3B
$893K 0.03%
3,062
-10,120
-77% -$2.66M
GO icon
784
Grocery Outlet
GO
$980M
$883K 0.03%
54,992
-150,825
-73% -$2.41M
AXSM icon
785
Axsome Therapeutics
AXSM
$10.9B
$883K 0.03%
7,267
-9,624
-57% -$1.08M
SRE icon
786
Sempra
SRE
$54.8B
$878K 0.03%
9,757
-92,548
-90% -$7.49M
RVTY icon
787
Revvity
RVTY
$12.8B
$877K 0.03%
+10,003
New +$908K
DYN icon
788
Dyne Therapeutics
DYN
$4.9B
$871K 0.03%
68,888
+47,604
+224% +$543K
CNR
789
Core Natural Resources Inc
CNR
$4.45B
$870K 0.03%
+10,424
New +$781K
TRV icon
790
Travelers Companies
TRV
$80.2B
$868K 0.03%
3,110
-6,426
-67% -$1.72M
BELFB
791
Bel Fuse Inc Class B
BELFB
$4.21B
$865K 0.03%
+6,132
New +$781K
NMRK icon
792
Newmark Group
NMRK
$2.63B
$861K 0.03%
46,192
+20,001
+76% +$325K
RKT icon
793
Rocket Companies
RKT
$38.9B
$857K 0.03%
44,223
+7,149
+19% +$125K
CNXC icon
794
Concentrix
CNXC
$1.57B
$853K 0.03%
18,476
-66,533
-78% -$3.55M
COHR icon
795
Coherent
COHR
$74.2B
$851K 0.03%
+7,896
New +$787K
RHP icon
796
Ryman Hospitality Properties
RHP
$7.63B
$850K 0.03%
+9,491
New +$928K
HRB icon
797
H&R Block
HRB
$5.86B
$848K 0.03%
+16,777
New +$887K
MGRC icon
798
McGrath RentCorp
MGRC
$2.92B
$847K 0.03%
7,223
-5,530
-43% -$667K
ALK icon
799
Alaska Air
ALK
$5.58B
$839K 0.03%
16,864
-54,810
-76% -$3.05M
WRB icon
800
W.R. Berkley
WRB
$26.6B
$822K 0.03%
10,729
-48,906
-82% -$3.48M
30 31
32
33 34

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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.