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
IPAR icon
901
Interparfums
IPAR
$3.94B
$245K 0.01%
+2,893
New +$255K
MSI icon
902
Motorola Solutions
MSI
$77.4B
$240K 0.01%
625
-12,579
-95% -$5.06M
MUSA icon
903
Murphy USA
MUSA
$9.61B
$239K 0.01%
592
-6,619
-92% -$2.54M
BV icon
904
BrightView Holdings
BV
$1.07B
$236K 0.01%
18,629
-95,489
-84% -$1.21M
OGN icon
905
Organon & Co
OGN
$3.57B
$234K 0.01%
+32,663
New +$258K
ACA icon
906
Arcosa
ACA
$7.11B
$233K 0.01%
2,189
-2,973
-58% -$300K
APG icon
907
APi Group
APG
$18B
$231K 0.01%
+6,028
New +$223K
SM icon
908
SM Energy
SM
$6.87B
$230K 0.01%
12,298
-111,090
-90% -$2.25M
NUTX
909
Nutex Health
NUTX
$1.11B
$227K 0.01%
+1,381
New +$183K
MEDP icon
910
Medpace
MEDP
$16.5B
$225K 0.01%
401
-10,649
-96% -$6.04M
MD icon
911
Pediatrix Medical
MD
$2.2B
$223K 0.01%
+10,418
New +$213K
CHH icon
912
Choice Hotels
CHH
$4.8B
$215K 0.01%
2,257
-6,966
-76% -$663K
GDYN icon
913
Grid Dynamics Holdings
GDYN
$615M
$214K 0.01%
+23,751
New +$206K
HNRG icon
914
Hallador Energy
HNRG
$696M
$212K 0.01%
+11,154
New +$226K
BHF icon
915
Brighthouse Financial
BHF
$3.5B
$212K 0.01%
3,269
-3,480
-52% -$204K
QCOM icon
916
Qualcomm
QCOM
$176B
$211K 0.01%
1,233
-2,532
-67% -$434K
MSGE icon
917
Madison Square Garden
MSGE
$3.62B
$209K 0.01%
+3,874
New +$186K
RARE icon
918
Ultragenyx Pharmaceutical
RARE
$2.55B
$209K 0.01%
+9,071
New +$298K
UDMY
919
DELISTED
Udemy
UDMY
$208K 0.01%
+35,520
New +$207K
RCAT icon
920
Red Cat Holdings
RCAT
$1.4B
$206K 0.01%
+25,926
New +$248K
BATRK icon
921
Atlanta Braves Holdings Series B
BATRK
$3.21B
$205K 0.01%
5,198
-53,783
-91% -$2.13M
KWR icon
922
Quaker Houghton
KWR
$2.92B
$204K 0.01%
1,487
-19,644
-93% -$2.65M
FWRG icon
923
First Watch Restaurant Group
FWRG
$766M
$202K 0.01%
13,386
-53,932
-80% -$909K
SAFE
924
Safehold
SAFE
$1.15B
$187K 0.01%
+13,657
New +$194K
ASPI icon
925
ASP Isotopes
ASPI
$558M
$164K 0.01%
+30,737
New +$244K
35 36
37
38 39

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.