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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
LI icon
976
Li Auto
LI
$12.7B
$400K 0.02%
15,771
-6,976
-31% -$181K
GOGO icon
977
Gogo Inc
GOGO
$492M
$396K 0.01%
46,107
-35,837
-44% -$454K
MELI icon
978
Mercado Libre
MELI
$92.3B
$395K 0.01%
+169
New +$406K
AGYS icon
979
Agilysys
AGYS
$3.06B
$394K 0.01%
+3,744
New +$414K
CNX icon
980
CNX Resources
CNX
$5.2B
$391K 0.01%
+12,179
New +$373K
HMN icon
981
Horace Mann Educators
HMN
$2.11B
$391K 0.01%
8,655
-1,855
-18% -$81.5K
AMG icon
982
Affiliated Managers Group
AMG
$9.76B
$391K 0.01%
+1,638
New +$361K
AGM icon
983
Federal Agricultural Mortgage
AGM
$2.56B
$389K 0.01%
2,318
-11,287
-83% -$2.11M
CBSH icon
984
Commerce Bancshares
CBSH
$8.5B
$387K 0.01%
+6,801
New +$400K
CARS icon
985
Cars.com
CARS
$660M
$386K 0.01%
+31,600
New +$406K
UNFI icon
986
United Natural Foods
UNFI
$2.85B
$385K 0.01%
10,241
-23,196
-69% -$636K
AWI icon
987
Armstrong World Industries
AWI
$7.84B
$373K 0.01%
1,903
-3,234
-63% -$601K
IGHG icon
988
ProShares Investment Grade-Interest Rate Hedged
IGHG
$329M
$372K 0.01%
4,706
– –
ALLE icon
989
Allegion
ALLE
$14.4B
$371K 0.01%
+2,093
New +$346K
TPH
990
DELISTED
Tri Pointe Homes
TPH
$370K 0.01%
10,904
-26,112
-71% -$889K
DRVN icon
991
Driven Brands
DRVN
$2.2B
$369K 0.01%
+22,926
New +$399K
MBC icon
992
MasterBrand
MBC
$1.91B
$366K 0.01%
+27,822
New +$344K
WIX icon
993
WIX.com
WIX
$2.52B
$366K 0.01%
2,062
+184
+10% +$27.7K
STEL
994
DELISTED
Stellar Bancorp
STEL
$365K 0.01%
12,038
-13,852
-54% -$421K
IIPR icon
995
Innovative Industrial Properties
IIPR
$1.72B
$363K 0.01%
6,766
-5,366
-44% -$292K
IMAX icon
996
IMAX
IMAX
$2.66B
$360K 0.01%
10,987
-2,941
-21% -$83.4K
CIM
997
Chimera Investment
CIM
$1B
$359K 0.01%
27,169
-143,615
-84% -$2M
BHF icon
998
Brighthouse Financial
BHF
$3.5B
$358K 0.01%
6,749
-58,365
-90% -$2.85M
LXP icon
999
LXP Industrial Trust
LXP
$3.57B
$358K 0.01%
7,996
+1,594
+25% +$68.5K
ORIC icon
1000
Oric Pharmaceuticals
ORIC
$1.4B
$358K 0.01%
+29,851
New +$314K
38 39
40
41 42

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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.