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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
MCY icon
851
Mercury Insurance
MCY
$6.07B
$390K 0.02%
4,149
-40,109
-91% -$3.48M
SMR icon
852
NuScale Power
SMR
$4.03B
$390K 0.02%
27,518
+19,711
+252% +$564K
BDC icon
853
Belden
BDC
$5.19B
$375K 0.02%
+3,217
New +$375K
CCC
854
CCC Intelligent Solutions
CCC
$4.08B
$374K 0.02%
+47,034
New +$383K
JBSS icon
855
John B. Sanfilippo & Son
JBSS
$972M
$373K 0.02%
+5,278
New +$359K
TSLA icon
856
Tesla
TSLA
$1.3T
$371K 0.02%
824
+172
+26% +$76.2K
AHL
857
DELISTED
Aspen Insurance
AHL
$371K 0.02%
+9,987
New +$368K
CGON icon
858
CG Oncology
CGON
$6.66B
$369K 0.02%
+8,895
New +$368K
CHYM
859
Chime Financial
CHYM
$11B
$368K 0.02%
14,611
-44,156
-75% -$938K
Z icon
860
Zillow
Z
$7.56B
$363K 0.02%
+5,327
New +$386K
PFBC icon
861
Preferred Bank
PFBC
$1.25B
$360K 0.02%
3,811
-3,526
-48% -$329K
CNK icon
862
Cinemark Holdings
CNK
$4.32B
$360K 0.02%
15,471
-141,978
-90% -$3.73M
IMVT icon
863
Immunovant
IMVT
$8.25B
$358K 0.02%
+14,064
New +$314K
PH icon
864
Parker-Hannifin
PH
$135B
$355K 0.02%
+404
New +$331K
CZR icon
865
Caesars Entertainment
CZR
$6.14B
$354K 0.02%
15,140
-88,394
-85% -$1.99M
NNI icon
866
Nelnet
NNI
$4.7B
$338K 0.02%
2,543
-2,552
-50% -$334K
SXT icon
867
Sensient Technologies
SXT
$5.53B
$334K 0.02%
+3,557
New +$336K
DAWN
868
DELISTED
Day One Biopharmaceuticals
DAWN
$331K 0.02%
+35,562
New +$297K
PTCT icon
869
PTC Therapeutics
PTCT
$6.12B
$330K 0.02%
+4,347
New +$316K
JAZZ icon
870
Jazz Pharmaceuticals
JAZZ
$16.7B
$329K 0.02%
1,935
-9,605
-83% -$1.47M
RIVN icon
871
Rivian
RIVN
$23.2B
$327K 0.01%
16,577
-58,124
-78% -$923K
PLPC icon
872
Preformed Line Products
PLPC
$2.28B
$325K 0.01%
1,573
-1,121
-42% -$239K
VRTX icon
873
Vertex Pharmaceuticals
VRTX
$126B
$320K 0.01%
706
-1,304
-65% -$562K
DAVE icon
874
Dave Inc
DAVE
$4.06B
$312K 0.01%
1,409
-1,943
-58% -$418K
CFFN icon
875
Capitol Federal Financial
CFFN
$1.1B
$306K 0.01%
44,871
-117,692
-72% -$766K
33 34
35
36 37

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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.