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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
+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
(-18%)
Cap. Flow
-$490M
Cap. Flow
% of AUM
-22.36%
Top 10 Holdings %
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$24.8M |
| 2 |
Toast
TOST
|
+$12.4M |
| 3 |
VICI Properties
VICI
|
+$8.48M |
| 4 |
NextEra Energy
NEE
|
+$8.18M |
| 5 |
Chevron
CVX
|
+$7.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booz Allen Hamilton
BAH
|
+$15M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$14.9M |
| 3 |
Goldman Sachs
GS
|
+$14.7M |
| 4 |
Loews
L
|
+$13.6M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
926
Compass
COMP
$9.66B
| $163K | 0.01% |
+15,447
| New | +$141K |
|
927
Snap
SNAP
$9.01B
| $156K | 0.01% |
+19,318
| New | +$153K |
|
928
Neogen
NEOG
$2.5B
| $153K | 0.01% |
21,823
-183,153
| -89% | -$1.15M |
|
929
Richtech Robotics
RR
$360M
| $152K | 0.01% |
+47,183
| New | +$209K |
|
930
Ecovyst
ECVT
$1.14B
| $151K | 0.01% |
15,536
-66,558
| -81% | -$581K |
|
931
Sable Offshore Corp
SOC
$911M
| $124K | 0.01% |
+13,754
| New | +$130K |
|
932
Agilent Technologies
A
$41.2B
| – | – |
-15,126
| Closed | -$1.94M |
|
933
Ameris Bancorp
ABCB
$5.89B
| – | – |
-14,680
| Closed | -$1.08M |
|
934
Airbnb
ABNB
$107B
| – | – |
-19,450
| Closed | -$2.36M |
|
935
Archer Aviation
ACHR
$4.26B
| – | – |
-30,712
| Closed | -$294K |
|
936
Albertsons Companies
ACI
$5.83B
| – | – |
-65,405
| Closed | -$1.15M |
|
937
ACI Worldwide
ACIW
$5.42B
| – | – |
-12,938
| Closed | -$683K |
|
|
ACLX
938
DELISTED
Arcellx
ACLX
| – | – |
-36,794
| Closed | -$3.02M |
|
939
ACM Research
ACMR
$5.79B
| – | – |
-24,096
| Closed | -$943K |
|
940
Atlas Energy Solutions
AESI
$1.41B
| – | – |
-148,430
| Closed | -$1.69M |
|
941
Federal Agricultural Mortgage
AGM
$2.56B
| – | – |
-2,318
| Closed | -$389K |
|
942
Agilysys
AGYS
$3.06B
| – | – |
-3,744
| Closed | -$394K |
|
|
AHRT
943
AH Realty Trust
AHRT
$517M
| – | – |
-182,626
| Closed | -$1.28M |
|
944
AAR Corp
AIR
$5.76B
| – | – |
-11,279
| Closed | -$1.01M |
|
|
AL
945
DELISTED
Air Lease Corp
AL
| – | – |
-27,315
| Closed | -$1.74M |
|
|
ALE
946
DELISTED
Allete
ALE
| – | – |
-48,111
| Closed | -$3.19M |
|
|
ALEX
947
DELISTED
Alexander & Baldwin
ALEX
| – | – |
-144,045
| Closed | -$2.62M |
|
948
Allegiant Air
ALGT
$2.57B
| – | – |
-45,325
| Closed | -$2.75M |
|
949
Alight
ALIT
$407M
| – | – |
-23,127
| Closed | -$1.51M |
|
|
ALX
950
Alexander's
ALX
$1.41B
| – | – |
-6,241
| Closed | -$1.46M |
|
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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.