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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
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
AMCR icon
951
Amcor
AMCR
$22.1B
– –
-32,630
Closed -$1.33M
AMD icon
952
Advanced Micro Devices
AMD
$789B
– –
-3,859
Closed -$624K
AME icon
953
Ametek
AME
$58.2B
– –
-7,334
Closed -$1.38M
AMGN icon
954
Amgen
AMGN
$222B
– –
-2,907
Closed -$820K
AMKR icon
955
Amkor Technology
AMKR
$13.7B
– –
-67,844
Closed -$1.93M
AMLX icon
956
Amylyx Pharmaceuticals
AMLX
$2.54B
– –
-86,795
Closed -$1.18M
AMP icon
957
Ameriprise Financial
AMP
$48.8B
– –
-10,628
Closed -$5.22M
AMPL icon
958
Amplitude
AMPL
$1.41B
– –
-424,400
Closed -$4.55M
AMRC icon
959
Ameresco
AMRC
$1.36B
– –
-81,995
Closed -$2.75M
AMSC icon
960
American Superconductor
AMSC
$1.59B
– –
-23,858
Closed -$1.42M
ANDE icon
961
Andersons Inc
ANDE
$2.22B
– –
-61,410
Closed -$2.44M
AON icon
962
Aon
AON
$76B
– –
-4,726
Closed -$1.69M
AORT icon
963
Artivion
AORT
$1.32B
– –
-38,343
Closed -$1.62M
APD icon
964
Air Products & Chemicals
APD
$67.6B
– –
-9,680
Closed -$2.64M
APO icon
965
Apollo Global Management
APO
$73.4B
– –
-7,743
Closed -$1.03M
ARE icon
966
Alexandria Real Estate Equities
ARE
$8.56B
– –
-9,239
Closed -$770K
ARES icon
967
Ares Management
ARES
$30.9B
– –
-20,569
Closed -$3.29M
ARRY icon
968
Array Technologies
ARRY
$855M
– –
-29,718
Closed -$242K
ARW icon
969
Arrow Electronics
ARW
$10.4B
– –
-15,255
Closed -$1.85M
ASB icon
970
Associated Banc-Corp
ASB
$5.91B
– –
-59,835
Closed -$1.54M
ASO icon
971
Academy Sports + Outdoors
ASO
$2.98B
– –
-11,443
Closed -$572K
ATAT icon
972
Atour Lifestyle Holdings
ATAT
$4.8B
– –
-11,267
Closed -$424K
AWI icon
973
Armstrong World Industries
AWI
$7.84B
– –
-1,903
Closed -$373K
AX icon
974
Axos Financial
AX
$5.68B
– –
-14,554
Closed -$1.23M
DCH
975
Dauch Corp
DCH
$1.51B
– –
-362,584
Closed -$2.18M
37 38
39
40 41

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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.