We are live on ! Find out more
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
TPB icon
876
Turning Point Brands
TPB
$1.74B
$305K 0.01%
+2,817
New +$275K
CNM icon
877
Core & Main
CNM
$8.71B
$303K 0.01%
+5,834
New +$299K
TNK icon
878
Teekay Tankers
TNK
$2.68B
$301K 0.01%
+5,633
New +$316K
CBOE icon
879
Cboe Global Markets
CBOE
$29.9B
$300K 0.01%
1,197
-1,490
-55% -$371K
SFBS
880
ServisFirst Bancshares
SFBS
$4.86B
$294K 0.01%
4,093
-19,503
-83% -$1.43M
DNTH icon
881
Dianthus Therapeutics
DNTH
$6.09B
$289K 0.01%
+7,008
New +$272K
DUOL icon
882
Duolingo
DUOL
$6.12B
$288K 0.01%
1,642
-2,515
-61% -$593K
IEX icon
883
IDEX
IEX
$17.3B
$287K 0.01%
+1,613
New +$276K
TFIN icon
884
Triumph Financial Inc
TFIN
$1.82B
$286K 0.01%
+4,574
New +$256K
ROST icon
885
Ross Stores
ROST
$81.9B
$281K 0.01%
1,559
-10,442
-87% -$1.74M
KW
886
DELISTED
Kennedy-Wilson Holdings
KW
$278K 0.01%
+28,753
New +$258K
WLK icon
887
Westlake Corp
WLK
$9.9B
$277K 0.01%
3,750
-53,742
-93% -$3.82M
MRNA icon
888
Moderna
MRNA
$23.6B
$273K 0.01%
9,262
-26,947
-74% -$732K
MCO icon
889
Moody's
MCO
$82.7B
$273K 0.01%
+534
New +$261K
SBGI icon
890
Sinclair Inc
SBGI
$1.03B
$272K 0.01%
+17,755
New +$264K
MANH icon
891
Manhattan Associates
MANH
$11.4B
$264K 0.01%
1,525
-5,698
-79% -$1.04M
CDNS icon
892
Cadence Design Systems
CDNS
$93.4B
$259K 0.01%
+830
New +$271K
STUB
893
StubHub Holdings
STUB
$3.36B
$256K 0.01%
+18,917
New +$297K
XPRO icon
894
Expro Ltd
XPRO
$1.91B
$255K 0.01%
19,113
-21,002
-52% -$283K
AMN icon
895
AMN Healthcare
AMN
$1.4B
$254K 0.01%
+16,135
New +$288K
LCID icon
896
Lucid Motors
LCID
$2.77B
$254K 0.01%
24,052
-27,610
-53% -$441K
NABL icon
897
N-able
NABL
$940M
$254K 0.01%
33,969
-165,728
-83% -$1.27M
INVA icon
898
Innoviva
INVA
$1.48B
$248K 0.01%
12,429
-91,617
-88% -$1.79M
LKQ icon
899
LKQ Corp
LKQ
$6.29B
$247K 0.01%
+8,185
New +$247K
SION
900
Sionna Therapeutics
SION
$2.31B
$246K 0.01%
+5,991
New +$227K
34 35
36
37 38

Similar funds

PL
Parkwood LLC Cleveland, Ohio $1.13B AUM 32.89% 1-Year Est. Return
AT
American Trust Lexington, Kentucky $1.13B AUM 17.56% 1-Year Est. Return
WM
WS Management Jacksonville, Florida $1.13B AUM 53.44% 1-Year Est. Return
OHIF
Oriental Harbor Investment Fund Hong Kong $1.13B AUM 70.63% 1-Year Est. Return
HMCP
Hook Mill Capital Partners New York $1.13B AUM 31.32% 1-Year Est. Return
C
Chescapmanager Baltimore, Maryland $1.12B AUM 67.49% 1-Year Est. Return
ACM
Alua Capital Management New York $1.13B AUM 8.41% 1-Year Est. Return
CNC
Canandaigua National Corp Canandaigua, New York $1.12B AUM

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.