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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
-0.95%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$1.13B
AUM Growth
-$1.06B
Cap. Flow
-$1.04B
Cap. Flow %
-92.28%
Top 10 Hldgs %
8.34%
Holding
1,215
New
284
Increased
139
Reduced
338
Closed
449

Top Buys

Rank Stock Value
1
CDE icon
Coeur Mining
CDE
+$11.4M
2
TPG icon
TPG
TPG
+$9.58M
3
SOFI icon
SoFi Technologies
SOFI
+$7.05M
4
FWONK icon
Liberty Media Series C
FWONK
+$6.49M
5
Z icon
Zillow
Z
+$6.11M

Top Sells

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$30.9M
2
WMT icon
Walmart Inc
WMT
+$15.7M
3
CVX icon
Chevron
CVX
+$15M
4
SPG icon
Simon Property Group
SPG
+$12.5M
5
BROS icon
Dutch Bros
BROS
+$9.95M

Sector Composition

Rank Sector Weight
1 Financials 21.03%
2 Technology 15.44%
3 Industrials 15.31%
4 Consumer Discretionary 12.17%
5 Healthcare 9.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
KMT icon
976
Kennametal
KMT
$2.57B
– –
-84,818
Closed -$2.41M
KNX icon
977
Knight Transportation
KNX
$12.5B
– –
-9,519
Closed -$498K
KURA icon
978
Kura Oncology
KURA
$967M
– –
-183,505
Closed -$1.91M
KW
979
DELISTED
Kennedy-Wilson Holdings
KW
– –
-28,753
Closed -$278K
KWR icon
980
Quaker Houghton
KWR
$2.62B
– –
-1,487
Closed -$204K
LBTYA icon
981
Liberty Global Class A
LBTYA
$3.49B
– –
-99,143
Closed -$1.1M
LBRT icon
982
Liberty Energy
LBRT
$3.93B
– –
-155,495
Closed -$2.87M
LCID icon
983
Lucid Motors
LCID
$2.86B
– –
-24,052
Closed -$254K
LCII icon
984
LCI Industries
LCII
$2.55B
– –
-12,971
Closed -$1.57M
LECO icon
985
Lincoln Electric
LECO
$13.4B
– –
-9,612
Closed -$2.3M
LHX icon
986
L3Harris
LHX
$52.3B
– –
-9,680
Closed -$2.84M
LILAK icon
987
Liberty Latin America Class C
LILAK
$1.47B
– –
-152,602
Closed -$1.03M
LITE icon
988
Lumentum
LITE
$65.2B
– –
-4,368
Closed -$1.61M
LMND icon
989
Lemonade
LMND
$5.18B
– –
-9,935
Closed -$707K
LRN icon
990
Stride
LRN
$3.64B
– –
-16,085
Closed -$1.04M
LTH icon
991
Life Time Group Holdings
LTH
$9.41B
– –
-312,040
Closed -$8.29M
LUNR icon
992
Intuitive Machines
LUNR
$2.35B
– –
-97,086
Closed -$1.58M
LYFT icon
993
Lyft
LYFT
$5.86B
– –
-289,319
Closed -$5.6M
MAN icon
994
ManpowerGroup
MAN
$2.47B
– –
-96,161
Closed -$2.86M
MANH icon
995
Manhattan Associates
MANH
$9.79B
– –
-1,525
Closed -$264K
MASI
996
DELISTED
Masimo
MASI
– –
-16,385
Closed -$2.13M
MBIN icon
997
Merchants Bancorp
MBIN
$2.25B
– –
-57,154
Closed -$1.95M
MCHP icon
998
Microchip Technology
MCHP
$43.7B
– –
-30,508
Closed -$1.94M
MCO icon
999
Moody's
MCO
$88.3B
– –
-534
Closed -$273K
MCW
1000
DELISTED
Mister Car Wash
MCW
– –
-97,030
Closed -$539K
38 39
40
41 42

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Dark Forest Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Dark Forest Capital Management held 1,215 positions worth $1.13B, down 49% from $2.19B the previous quarter. Its ten largest holdings account for 8.3% of the portfolio.

Dark Forest Capital Management withdrew a net $1.04B in Q1 2026, closing 449 positions and reducing 338 holdings. Its most notable exit was Chevron, an estimated $15M position sold in full.

By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 18% a quarter earlier, followed by Technology and Industrials.

Against the trend, Dark Forest Capital Management opened a new position in Liberty Media Series C worth $6.31M.

  • Dark Forest Capital Management's largest Q1 2026 buy was Liberty Media Series C: 74,238 shares worth $6.31M.
  • Dark Forest Capital Management added most to Coeur Mining in Q1 2026, an estimated $11.4M increase.
  • Dark Forest Capital Management's biggest Q1 2026 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $30.9M.
  • Dark Forest Capital Management fully exited Chevron in Q1 2026, selling an estimated $15M.
  • Dark Forest Capital Management's ten largest holdings make up 8.3% of its $1.13B portfolio in Q1 2026.
  • Dark Forest Capital Management opened 284 new positions and closed 449 in Q1 2026.
  • Dark Forest Capital Management's portfolio value fell 49% quarter-over-quarter to $1.13B.

Based on Dark Forest Capital Management's 13F filing for Q1 2026, filed 15 May 2026.