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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
ZS icon
926
Zscaler
ZS
$27.3B
$497K 0.02%
+1,658
New +$473K
ZTO icon
927
ZTO Express
ZTO
$17.9B
$497K 0.02%
+25,872
New +$495K
COIN icon
928
Coinbase
COIN
$40.5B
$494K 0.02%
+1,463
New +$496K
BHE icon
929
Benchmark Electronics
BHE
$2.96B
$493K 0.02%
+12,780
New +$506K
STAG icon
930
STAG Industrial
STAG
$7.19B
$492K 0.02%
13,937
-23,411
-63% -$835K
KMB icon
931
Kimberly-Clark
KMB
$36.5B
$492K 0.02%
3,953
-21,278
-84% -$2.75M
SMG icon
932
ScottsMiracle-Gro
SMG
$3.66B
$491K 0.02%
8,622
-15,773
-65% -$995K
LMT icon
933
Lockheed Martin
LMT
$136B
$490K 0.02%
981
-17,129
-95% -$7.77M
NEU icon
934
NewMarket
NEU
$8.18B
$489K 0.02%
591
-1,424
-71% -$1.1M
IRTC icon
935
iRhythm Holdings
IRTC
$4.2B
$487K 0.02%
+2,833
New +$450K
PSX icon
936
Phillips 66
PSX
$81.4B
$487K 0.02%
3,580
-74,453
-95% -$9.54M
FLOC
937
Flowco Holdings
FLOC
$911M
$486K 0.02%
+32,741
New +$553K
STEP icon
938
StepStone Group
STEP
$3.82B
$484K 0.02%
7,415
-5,683
-43% -$347K
ACA icon
939
Arcosa
ACA
$7.11B
$484K 0.02%
5,162
-9,512
-65% -$884K
CLOV icon
940
Clover Health Investments
CLOV
$2.51B
$483K 0.02%
+157,997
New +$451K
XPRO icon
941
Expro Ltd
XPRO
$1.91B
$477K 0.02%
+40,115
New +$436K
LENZ
942
LENZ Therapeutics
LENZ
$168M
$473K 0.02%
+10,163
New +$374K
ALHC icon
943
Alignment Healthcare
ALHC
$2.98B
$473K 0.02%
+27,122
New +$402K
FCNCA icon
944
First Citizens BancShares
FCNCA
$25.3B
$471K 0.02%
+263
New +$519K
PI icon
945
Impinj
PI
$5.6B
$466K 0.02%
2,577
+598
+30% +$94.3K
MNTN
946
MNTN Inc
MNTN
$821M
$464K 0.02%
+24,996
New +$569K
DT icon
947
Dynatrace
DT
$14.2B
$462K 0.02%
+9,531
New +$482K
TAP icon
948
Molson Coors Class B
TAP
$8.09B
$461K 0.02%
+10,190
New +$503K
IDT icon
949
IDT Corp
IDT
$1.62B
$457K 0.02%
8,732
-9,558
-52% -$596K
PPG icon
950
PPG Industries
PPG
$26.6B
$454K 0.02%
+4,316
New +$480K
36 37
38
39 40

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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.