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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
BNL icon
76
Broadstone Net Lease
BNL
$4.06B
$5.54M 0.25%
318,980
-77,144
-19% -$1.39M
WST icon
77
West Pharmaceutical
WST
$24.5B
$5.54M 0.25%
20,131
+19,028
+1,725% +$5.2M
OHI icon
78
Omega Healthcare
OHI
$14.8B
$5.54M 0.25%
124,888
+69,792
+127% +$3.01M
OMC icon
79
Omnicom Group
OMC
$22.6B
$5.45M 0.25%
67,528
+19,337
+40% +$1.48M
CFG icon
80
Citizens Financial Group
CFG
$30.5B
$5.41M 0.25%
92,579
+15,567
+20% +$836K
F icon
81
Ford
F
$55B
$5.39M 0.25%
410,797
+311,747
+315% +$4.02M
FCNCA icon
82
First Citizens BancShares
FCNCA
$25.5B
$5.3M 0.24%
2,468
+2,205
+838% +$4.16M
AVA icon
83
Avista
AVA
$3.22B
$5.27M 0.24%
136,614
+77,759
+132% +$3.04M
IFF icon
84
International Flavors & Fragrances
IFF
$21.6B
$5.16M 0.24%
+76,560
New +$4.96M
RBRK icon
85
Rubrik
RBRK
$17.4B
$5.16M 0.24%
67,444
+38,518
+133% +$2.95M
DELL icon
86
Dell
DELL
$283B
$5.15M 0.23%
+40,883
New +$5.76M
WM icon
87
Waste Management
WM
$91.5B
$5.11M 0.23%
+23,270
New +$4.96M
CR icon
88
Crane Co
CR
$12.6B
$5.08M 0.23%
27,551
+25,215
+1,079% +$4.68M
SHW icon
89
Sherwin-Williams
SHW
$88.2B
$5.08M 0.23%
15,665
+7,370
+89% +$2.47M
VZ icon
90
Verizon
VZ
$195B
$5.07M 0.23%
124,536
+114,527
+1,144% +$4.65M
PK icon
91
Park Hotels & Resorts
PK
$2.89B
$5.03M 0.23%
+481,350
New +$5.15M
META icon
92
Meta Platforms (Facebook)
META
$1.5T
$4.97M 0.23%
7,524
+2,534
+51% +$1.69M
OLN icon
93
Olin
OLN
$2.14B
$4.97M 0.23%
238,404
+189,189
+384% +$4.08M
HBAN icon
94
Huntington Bancshares
HBAN
$35.1B
$4.92M 0.22%
283,719
+179,337
+172% +$2.94M
ADC icon
95
Agree Realty
ADC
$9.5B
$4.92M 0.22%
68,335
+42,912
+169% +$3.14M
SFM icon
96
Sprouts Farmers Market
SFM
$8.13B
$4.91M 0.22%
61,585
+20,470
+50% +$1.84M
MCK icon
97
McKesson
MCK
$102B
$4.9M 0.22%
5,977
+1,589
+36% +$1.3M
ECL icon
98
Ecolab
ECL
$79.8B
$4.89M 0.22%
+18,634
New +$4.96M
SO icon
99
Southern Company
SO
$107B
$4.89M 0.22%
56,028
+9,589
+21% +$875K
SIRI icon
100
SiriusXM
SIRI
$10.1B
$4.88M 0.22%
244,216
+197,240
+420% +$4.24M
2 3
4
5 6

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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.