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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
KREF
851
KKR Real Estate Finance Trust
KREF
$499M
$669K 0.03%
+74,308
New +$691K
DAVE icon
852
Dave Inc
DAVE
$4.06B
$668K 0.03%
3,352
-882
-21% -$190K
PFBC icon
853
Preferred Bank
PFBC
$1.25B
$663K 0.02%
+7,337
New +$680K
LSCC icon
854
Lattice Semiconductor
LSCC
$18.5B
$663K 0.02%
+9,038
New +$550K
PGNY icon
855
Progyny
PGNY
$2.2B
$662K 0.02%
30,739
+15,717
+105% +$357K
BABA icon
856
Alibaba
BABA
$308B
$661K 0.02%
3,700
+1,246
+51% +$163K
FWONK icon
857
Liberty Media Series C
FWONK
$25.8B
$660K 0.02%
+6,317
New +$641K
CBOE icon
858
Cboe Global Markets
CBOE
$29.9B
$659K 0.02%
+2,687
New +$646K
DLX icon
859
Deluxe
DLX
$1.15B
$657K 0.02%
+33,942
New +$618K
VRTS icon
860
Virtus Investment Partners
VRTS
$1.1B
$657K 0.02%
3,456
-11,870
-77% -$2.34M
PODD icon
861
Insulet
PODD
$9.79B
$654K 0.02%
2,118
-690
-25% -$216K
BIO icon
862
Bio-Rad Laboratories Class A
BIO
$9.42B
$647K 0.02%
2,308
-2,287
-50% -$622K
PRA
863
DELISTED
ProAssurance
PRA
$647K 0.02%
26,966
+11,616
+76% +$276K
QCRH icon
864
QCR Holdings
QCRH
$1.7B
$645K 0.02%
+8,524
New +$642K
ANF icon
865
Abercrombie & Fitch
ANF
$5B
$643K 0.02%
7,520
-14,315
-66% -$1.34M
DASH icon
866
DoorDash
DASH
$93.7B
$642K 0.02%
2,359
-3,254
-58% -$816K
HLF icon
867
Herbalife
HLF
$1.29B
$640K 0.02%
75,866
-109,563
-59% -$1.03M
NNI icon
868
Nelnet
NNI
$4.7B
$639K 0.02%
5,095
-10,958
-68% -$1.37M
OZK icon
869
Bank OZK
OZK
$5.61B
$637K 0.02%
12,491
-31,960
-72% -$1.63M
ZYME icon
870
Zymeworks
ZYME
$1.67B
$635K 0.02%
37,167
-59,822
-62% -$856K
WINA icon
871
Winmark
WINA
$1.32B
$630K 0.02%
1,265
-4,059
-76% -$1.74M
AHR icon
872
American Healthcare REIT
AHR
$10.9B
$628K 0.02%
14,937
-45,102
-75% -$1.81M
MSGS icon
873
Madison Square Garden
MSGS
$9.39B
$627K 0.02%
+2,760
New +$566K
QCOM icon
874
Qualcomm
QCOM
$176B
$626K 0.02%
+3,765
New +$597K
BTSG icon
875
BrightSpring Health Services
BTSG
$12.4B
$626K 0.02%
21,179
-10,694
-34% -$249K
33 34
35
36 37

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AT
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OHIF
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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.