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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
FDS icon
826
Factset
FDS
$10.2B
$731K 0.03%
+2,553
New +$975K
FRHC icon
827
Freedom Holding
FRHC
$9.49B
$725K 0.03%
+4,210
New +$710K
FLNC icon
828
Fluence Energy
FLNC
$2.44B
$723K 0.03%
+66,975
New +$560K
ECVT icon
829
Ecovyst
ECVT
$1.14B
$719K 0.03%
82,094
-84,972
-51% -$749K
VISN
830
Vistance Networks Inc
VISN
$2.52B
$718K 0.03%
+46,391
New +$602K
NCNO icon
831
nCino
NCNO
$2.1B
$718K 0.03%
+26,488
New +$774K
WEC icon
832
WEC Energy
WEC
$35.1B
$717K 0.03%
6,254
+1,273
+26% +$138K
AVDL
833
DELISTED
Avadel Pharmaceuticals
AVDL
$716K 0.03%
46,902
-248,234
-84% -$3.23M
THG icon
834
Hanover Insurance
THG
$7.98B
$715K 0.03%
+3,939
New +$675K
MNST icon
835
Monster Beverage
MNST
$88.5B
$715K 0.03%
10,623
-14,913
-58% -$931K
BJ icon
836
BJs Wholesale Club
BJ
$12.3B
$713K 0.03%
7,643
+3,790
+98% +$387K
NEE icon
837
NextEra Energy
NEE
$177B
$711K 0.03%
+9,424
New +$689K
PLTK icon
838
Playtika
PLTK
$1.12B
$710K 0.03%
182,466
-133,925
-42% -$547K
MRTN icon
839
Marten Transport
MRTN
$1.22B
$706K 0.03%
+66,241
New +$805K
EG icon
840
Everest Group
EG
$14.4B
$704K 0.03%
+2,010
New +$679K
ICHR icon
841
Ichor Holdings
ICHR
$2.56B
$698K 0.03%
+39,850
New +$757K
CAH icon
842
Cardinal Health
CAH
$55.4B
$695K 0.03%
+4,426
New +$684K
EVH icon
843
Evolent Health
EVH
$447M
$693K 0.03%
+81,901
New +$795K
MRVL icon
844
Marvell Technology
MRVL
$196B
$691K 0.03%
+8,221
New +$605K
VNO icon
845
Vornado Realty Trust
VNO
$7.38B
$691K 0.03%
17,041
-3,548
-17% -$138K
RTX icon
846
RTX Corp
RTX
$301B
$685K 0.03%
+4,091
New +$635K
ACIW icon
847
ACI Worldwide
ACIW
$5.42B
$683K 0.03%
12,938
+7,888
+156% +$373K
TVTX icon
848
Travere Therapeutics
TVTX
$5.78B
$681K 0.03%
28,483
-24,775
-47% -$466K
IDCC icon
849
InterDigital
IDCC
$8.89B
$680K 0.03%
+1,970
New +$535K
NSIT icon
850
Insight Enterprises
NSIT
$4.38B
$678K 0.03%
5,976
-825
-12% -$107K
32 33
34
35 36

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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.