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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
COUR icon
951
Coursera
COUR
$1.54B
$448K 0.02%
38,252
-25,578
-40% -$278K
VSAT icon
952
Viasat
VSAT
$11.1B
$447K 0.02%
+15,257
New +$365K
CMC icon
953
Commercial Metals
CMC
$8.31B
$445K 0.02%
+7,772
New +$429K
MSCI icon
954
MSCI
MSCI
$40.9B
$440K 0.02%
776
-3,719
-83% -$2.1M
VZ icon
955
Verizon
VZ
$196B
$440K 0.02%
10,009
-459
-4% -$19.9K
TDUP icon
956
ThredUp
TDUP
$422M
$440K 0.02%
46,511
-2,506
-5% -$23.7K
WSM icon
957
Williams-Sonoma
WSM
$29.6B
$438K 0.02%
+2,242
New +$428K
OMCL icon
958
Omnicell
OMCL
$1.68B
$438K 0.02%
+14,387
New +$442K
CORZ icon
959
Core Scientific
CORZ
$6.75B
$435K 0.02%
+24,243
New +$356K
EXAS
960
DELISTED
Exact Sciences
EXAS
$434K 0.02%
+7,939
New +$397K
AEVA
961
Aeva Technologies
AEVA
$1.86B
$432K 0.02%
29,800
-28,497
-49% -$540K
CR icon
962
Crane Co
CR
$12.7B
$430K 0.02%
2,336
-19,470
-89% -$3.67M
SIG icon
963
Signet Jewelers
SIG
$3.76B
$429K 0.02%
4,477
-24,485
-85% -$2.1M
EA
964
DELISTED
Electronic Arts
EA
$426K 0.02%
+2,113
New +$350K
ITT icon
965
ITT
ITT
$19.1B
$426K 0.02%
+2,383
New +$400K
HASI icon
966
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.2B
$425K 0.02%
+13,844
New +$382K
ATAT icon
967
Atour Lifestyle Holdings
ATAT
$4.8B
$424K 0.02%
11,267
-75
-0.7% -$2.74K
UVV icon
968
Universal Corp
UVV
$1.27B
$420K 0.02%
+7,510
New +$415K
HP icon
969
Helmerich & Payne
HP
$3.71B
$415K 0.02%
+18,773
New +$346K
KBR icon
970
KBR
KBR
$4.8B
$414K 0.02%
+8,760
New +$425K
CRMD icon
971
CorMedix
CRMD
$584M
$406K 0.02%
+34,868
New +$422K
PACS icon
972
PACS Group
PACS
$7.67B
$404K 0.02%
29,449
-81,289
-73% -$954K
CAG icon
973
Conagra Brands
CAG
$7.23B
$403K 0.02%
21,994
-17,051
-44% -$327K
HHH icon
974
Howard Hughes
HHH
$4.03B
$403K 0.02%
4,899
-6,545
-57% -$485K
RGEN icon
975
Repligen
RGEN
$9.25B
$400K 0.02%
2,994
-4,407
-60% -$535K
37 38
39
40 41

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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.