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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
AMD icon
876
Advanced Micro Devices
AMD
$789B
$624K 0.02%
3,859
-17,392
-82% -$2.81M
AES icon
877
AES
AES
$10.5B
$619K 0.02%
47,064
-112,319
-70% -$1.46M
NVST icon
878
Envista
NVST
$4.52B
$619K 0.02%
30,393
-35,687
-54% -$733K
OUST icon
879
Ouster
OUST
$2.92B
$618K 0.02%
22,859
+4,710
+26% +$131K
TJX icon
880
TJX Companies
TJX
$178B
$612K 0.02%
+4,236
New +$563K
PAYX icon
881
Paychex
PAYX
$42.7B
$609K 0.02%
4,801
-7,889
-62% -$1.09M
HLNE icon
882
Hamilton Lane
HLNE
$5.57B
$608K 0.02%
+4,510
New +$680K
SEM
883
DELISTED
Select Medical
SEM
$607K 0.02%
47,238
-30,180
-39% -$402K
SN icon
884
SharkNinja
SN
$26.1B
$606K 0.02%
+5,879
New +$671K
PARR icon
885
Par Pacific Holdings
PARR
$3.32B
$591K 0.02%
+16,699
New +$543K
USLM icon
886
United States Lime & Minerals
USLM
$3.44B
$589K 0.02%
4,479
-9,192
-67% -$1.06M
ITRI icon
887
Itron
ITRI
$4.54B
$586K 0.02%
4,706
-1,212
-20% -$154K
FAST icon
888
Fastenal
FAST
$59.5B
$579K 0.02%
11,809
+1,460
+14% +$69K
JANX icon
889
Janux Therapeutics
JANX
$967M
$578K 0.02%
23,647
-23,209
-50% -$565K
MDGL icon
890
Madrigal Pharmaceuticals
MDGL
$11.8B
$577K 0.02%
+1,259
New +$470K
IR icon
891
Ingersoll Rand
IR
$33.7B
$576K 0.02%
+6,975
New +$572K
PBF icon
892
PBF Energy
PBF
$7.31B
$574K 0.02%
19,042
+4,803
+34% +$126K
PCTY icon
893
Paylocity
PCTY
$7.98B
$573K 0.02%
+3,598
New +$637K
ASO icon
894
Academy Sports + Outdoors
ASO
$2.98B
$572K 0.02%
+11,443
New +$584K
ONDS icon
895
Ondas Inc
ONDS
$5.19B
$564K 0.02%
+73,020
New +$303K
ENPH icon
896
Enphase Energy
ENPH
$5.53B
$561K 0.02%
15,862
-48,962
-76% -$1.82M
TPL icon
897
Texas Pacific Land
TPL
$23.5B
$561K 0.02%
+1,803
New +$568K
MTCH icon
898
Match Group
MTCH
$8.55B
$558K 0.02%
+15,811
New +$564K
NOG icon
899
Northern Oil and Gas
NOG
$2.35B
$552K 0.02%
22,270
-79,396
-78% -$2.11M
SCSC icon
900
Scansource
SCSC
$1.12B
$551K 0.02%
12,526
-2,741
-18% -$117K
34 35
36
37 38

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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.