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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
SW
801
Smurfit Westrock
SW
$25.3B
$821K 0.03%
19,291
-5,640
-23% -$255K
AMGN icon
802
Amgen
AMGN
$222B
$820K 0.03%
+2,907
New +$843K
NET icon
803
Cloudflare
NET
$107B
$818K 0.03%
+3,811
New +$778K
VIR icon
804
Vir Biotechnology
VIR
$1.49B
$817K 0.03%
+143,068
New +$732K
SPXC icon
805
SPX Corp
SPXC
$10.8B
$815K 0.03%
4,365
+2,399
+122% +$443K
PATK icon
806
Patrick Industries
PATK
$2.85B
$815K 0.03%
+7,876
New +$828K
ASTH icon
807
Astrana Health
ASTH
$1.77B
$813K 0.03%
+28,667
New +$777K
TRUP icon
808
Trupanion
TRUP
$1.18B
$810K 0.03%
+18,711
New +$889K
GVA icon
809
Granite Construction
GVA
$5.62B
$806K 0.03%
7,352
-24,666
-77% -$2.53M
TENB icon
810
Tenable Holdings
TENB
$4.01B
$806K 0.03%
+27,641
New +$863K
RRC icon
811
Range Resources
RRC
$8.95B
$804K 0.03%
21,352
-59,670
-74% -$2.13M
ZTS icon
812
Zoetis
ZTS
$30B
$799K 0.03%
5,458
-4,119
-43% -$623K
UPS icon
813
United Parcel Service
UPS
$88.9B
$793K 0.03%
9,499
-26,418
-74% -$2.39M
KVYO icon
814
Klaviyo
KVYO
$4.73B
$791K 0.03%
+28,562
New +$922K
VRTX icon
815
Vertex Pharmaceuticals
VRTX
$126B
$787K 0.03%
+2,010
New +$840K
DTM icon
816
DT Midstream
DTM
$13.4B
$781K 0.03%
+6,908
New +$722K
MSM icon
817
MSC Industrial Direct
MSM
$6.86B
$771K 0.03%
+8,364
New +$746K
ARE icon
818
Alexandria Real Estate Equities
ARE
$8.56B
$770K 0.03%
+9,239
New +$740K
GNRC icon
819
Generac Holdings
GNRC
$12.5B
$768K 0.03%
+4,588
New +$804K
HL icon
820
Hecla Mining
HL
$11.3B
$755K 0.03%
62,428
-329,014
-84% -$2.64M
PLGO
821
Pelagos Insurance Capital
PLGO
$2.14B
$748K 0.03%
+41,188
New +$687K
MIRM icon
822
Mirum Pharmaceuticals
MIRM
$6.14B
$739K 0.03%
10,082
-6,394
-39% -$406K
GOLF icon
823
Acushnet Holdings
GOLF
$5.45B
$739K 0.03%
+9,413
New +$731K
PSEC icon
824
Prospect Capital
PSEC
$1.17B
$738K 0.03%
268,440
-276,955
-51% -$828K
HOG icon
825
Harley-Davidson
HOG
$2.71B
$738K 0.03%
26,445
+872
+3% +$23.4K
31 32
33
34 35

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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.