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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
CENX icon
826
Century Aluminum
CENX
$5.07B
$470K 0.02%
+11,992
New +$375K
ATEC icon
827
Alphatec Holdings
ATEC
$1.44B
$468K 0.02%
22,240
-98,472
-82% -$1.82M
DAKT icon
828
Daktronics
DAKT
$1.04B
$461K 0.02%
+23,339
New +$446K
ALAB icon
829
Astera Labs
ALAB
$58B
$456K 0.02%
+2,743
New +$459K
AOS icon
830
A.O. Smith
AOS
$8.7B
$453K 0.02%
6,768
-85,458
-93% -$5.77M
ENVX icon
831
Enovix
ENVX
$1.03B
$451K 0.02%
61,645
-46,776
-43% -$453K
RUN icon
832
Sunrun
RUN
$2.46B
$449K 0.02%
24,406
-94,568
-79% -$1.81M
VVX icon
833
V2X
VVX
$2.65B
$448K 0.02%
+8,207
New +$462K
ONDS icon
834
Ondas Inc
ONDS
$5.19B
$447K 0.02%
45,775
-27,245
-37% -$219K
BRC icon
835
Brady Corp
BRC
$4.57B
$442K 0.02%
+5,639
New +$436K
NIC icon
836
Nicolet Bankshares
NIC
$3.62B
$435K 0.02%
3,587
-3,212
-47% -$406K
NFLX icon
837
Netflix
NFLX
$309B
$432K 0.02%
4,608
-82,102
-95% -$8.85M
VERX icon
838
Vertex
VERX
$1.94B
$429K 0.02%
21,492
-60,055
-74% -$1.3M
TNC icon
839
Tennant Co
TNC
$1.26B
$427K 0.02%
+5,792
New +$443K
EXLS icon
840
EXL Service
EXLS
$5.29B
$426K 0.02%
10,049
-84,666
-89% -$3.46M
TERN
841
DELISTED
Terns Pharmaceuticals
TERN
$419K 0.02%
+10,369
New +$240K
LKFN icon
842
Lakeland Financial Corp
LKFN
$1.53B
$413K 0.02%
7,233
-31,424
-81% -$1.87M
RGTI icon
843
Rigetti Computing
RGTI
$5.99B
$412K 0.02%
+18,610
New +$607K
DFTX
844
Definium Therapeutics
DFTX
$6.12B
$411K 0.02%
+30,661
New +$379K
EME icon
845
Emcor
EME
$36B
$409K 0.02%
+669
New +$433K
XERS icon
846
Xeris Biopharma Holdings
XERS
$1.45B
$409K 0.02%
52,043
-84,688
-62% -$667K
RES icon
847
RPC Inc
RES
$1.3B
$406K 0.02%
74,674
-284,402
-79% -$1.48M
NTLA icon
848
Intellia Therapeutics
NTLA
$1.67B
$404K 0.02%
44,947
+34,389
+326% +$473K
LION icon
849
Lionsgate Studios
LION
$3.86B
$398K 0.02%
43,542
-156,590
-78% -$1.11M
ROIV icon
850
Roivant Sciences
ROIV
$26.2B
$397K 0.02%
+18,307
New +$361K
32 33
34
35 36

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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.