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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
AVDL
801
DELISTED
Avadel Pharmaceuticals
AVDL
$547K 0.03%
25,397
-21,505
-46% -$418K
SHC icon
802
Sotera Health
SHC
$5.38B
$541K 0.02%
+30,660
New +$507K
CVBF icon
803
CVB Financial
CVBF
$3.99B
$540K 0.02%
29,043
-149,318
-84% -$2.86M
MCW
804
DELISTED
Mister Car Wash
MCW
$539K 0.02%
+97,030
New +$511K
EMN icon
805
Eastman Chemical
EMN
$8.42B
$539K 0.02%
8,440
-20,044
-70% -$1.24M
BURL icon
806
Burlington
BURL
$23.2B
$522K 0.02%
+1,808
New +$490K
BCPC
807
Balchem Corp
BCPC
$5.72B
$522K 0.02%
3,401
-19,495
-85% -$2.98M
FROG icon
808
JFrog
FROG
$10.8B
$516K 0.02%
+8,255
New +$469K
ACDC icon
809
ProFrac Holding
ACDC
$787M
$505K 0.02%
129,703
-153,141
-54% -$625K
APPF icon
810
AppFolio
APPF
$7.04B
$503K 0.02%
+2,163
New +$514K
RF icon
811
Regions Financial
RF
$26.8B
$502K 0.02%
+18,533
New +$473K
GOGO icon
812
Gogo Inc
GOGO
$493M
$499K 0.02%
107,120
+61,013
+132% +$447K
KNX icon
813
Knight Transportation
KNX
$11.4B
$498K 0.02%
9,519
-21,432
-69% -$1M
PBI icon
814
Pitney Bowes
PBI
$2.39B
$497K 0.02%
+47,055
New +$488K
NEXT icon
815
NextDecade
NEXT
$1.78B
$493K 0.02%
93,502
-94,957
-50% -$566K
CLSK icon
816
CleanSpark
CLSK
$3.16B
$491K 0.02%
+48,548
New +$728K
SVV icon
817
Savers
SVV
$1.88B
$490K 0.02%
52,462
-84,962
-62% -$873K
SHLS icon
818
Shoals Technologies Group
SHLS
$1.5B
$486K 0.02%
+57,210
New +$514K
SAH icon
819
Sonic Automotive
SAH
$2.61B
$483K 0.02%
+7,807
New +$517K
CENTA icon
820
Central Garden & Pet Co Class A
CENTA
$2.44B
$482K 0.02%
+16,497
New +$477K
APH icon
821
Amphenol
APH
$209B
$478K 0.02%
3,538
-20,242
-85% -$2.71M
SEI
822
Solaris Energy Infrastructure
SEI
$3.82B
$476K 0.02%
10,347
-61,844
-86% -$2.99M
BBAI icon
823
BigBear.ai
BBAI
$1.57B
$475K 0.02%
+87,985
New +$575K
COLM icon
824
Columbia Sportswear
COLM
$2.94B
$473K 0.02%
8,581
-40,632
-83% -$2.17M
OPFI icon
825
OppFi
OPFI
$803M
$471K 0.02%
45,070
+13,596
+43% +$138K
31 32
33
34 35

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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.