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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
PHR icon
901
Phreesia
PHR
$773M
$551K 0.02%
23,410
+16,037
+218% +$436K
WMB icon
902
Williams Companies
WMB
$86.1B
$547K 0.02%
+8,637
New +$507K
CCS icon
903
Century Communities
CCS
$2.03B
$547K 0.02%
8,626
-2,788
-24% -$176K
RBLX icon
904
Roblox
RBLX
$27B
$544K 0.02%
3,929
-8,092
-67% -$1.01M
LEVI icon
905
Levi Strauss
LEVI
$9.39B
$544K 0.02%
23,356
-21,760
-48% -$462K
HUBS icon
906
HubSpot
HUBS
$10.5B
$540K 0.02%
1,155
+197
+21% +$99.1K
EVTC icon
907
Evertec
EVTC
$1.78B
$540K 0.02%
+15,985
New +$557K
MLM icon
908
Martin Marietta Materials
MLM
$33B
$535K 0.02%
849
-2,202
-72% -$1.31M
DK icon
909
Delek US
DK
$3.58B
$534K 0.02%
16,563
-34,938
-68% -$913K
TBBK icon
910
The Bancorp
TBBK
$2.84B
$533K 0.02%
+7,119
New +$496K
PLPC icon
911
Preformed Line Products
PLPC
$2.28B
$528K 0.02%
+2,694
New +$473K
YUMC icon
912
Yum China
YUMC
$16.3B
$527K 0.02%
+12,286
New +$559K
GPOR icon
913
Gulfport Energy Corp
GPOR
$2.88B
$524K 0.02%
2,894
-398
-12% -$69.3K
FA icon
914
First Advantage
FA
$4.12B
$523K 0.02%
+33,987
New +$563K
NKTR icon
915
Nektar Therapeutics
NKTR
$2.58B
$523K 0.02%
+9,185
New +$304K
KRC icon
916
Kilroy Realty
KRC
$4.42B
$520K 0.02%
12,303
-30,662
-71% -$1.21M
KFRC icon
917
Kforce
KFRC
$1.06B
$519K 0.02%
17,312
+1,975
+13% +$70K
BRK.B icon
918
Berkshire Hathaway Class B
BRK.B
$1.13T
$519K 0.02%
1,032
+5
+0.5% +$2.42K
ARQT icon
919
Arcutis Biotherapeutics
ARQT
$3.18B
$516K 0.02%
+27,367
New +$432K
SPRY icon
920
ARS Pharmaceuticals
SPRY
$612M
$512K 0.02%
+50,940
New +$731K
CYBR
921
DELISTED
CyberArk
CYBR
$508K 0.02%
1,052
-242
-19% -$104K
PCRX icon
922
Pacira BioSciences
PCRX
$997M
$504K 0.02%
19,542
-41,670
-68% -$1.02M
EAT icon
923
Brinker International
EAT
$9.66B
$503K 0.02%
+3,967
New +$619K
SPGI icon
924
S&P Global
SPGI
$120B
$502K 0.02%
1,032
-8,986
-90% -$4.81M
FOX icon
925
Fox Class B
FOX
$23.9B
$502K 0.02%
8,766
-54
-0.6% -$2.85K
35 36
37
38 39

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AT
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WM
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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.