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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
(-18%)
Cap. Flow
-$490M
Cap. Flow
% of AUM
-22.36%
Top 10 Holdings %
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$24.8M |
| 2 |
Toast
TOST
|
+$12.4M |
| 3 |
VICI Properties
VICI
|
+$8.48M |
| 4 |
NextEra Energy
NEE
|
+$8.18M |
| 5 |
Chevron
CVX
|
+$7.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booz Allen Hamilton
BAH
|
+$15M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$14.9M |
| 3 |
Goldman Sachs
GS
|
+$14.7M |
| 4 |
Loews
L
|
+$13.6M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
|
AXON
976
Axon Enterprise
AXON
$46.4B
| – | – |
-1,718
| Closed | -$1.23M |
|
977
Axsome Therapeutics
AXSM
$10.9B
| – | – |
-7,267
| Closed | -$883K |
|
978
Acuity Brands
AYI
$10.8B
| – | – |
-7,675
| Closed | -$2.64M |
|
979
Alibaba
BABA
$308B
| – | – |
-3,700
| Closed | -$661K |
|
|
980
Booz Allen Hamilton
BAH
$9.15B
| – | – |
-150,305
| Closed | -$15M |
|
981
Braskem
BAK
$913M
| – | – |
-32,127
| Closed | -$77.7K |
|
982
BridgeBio Pharma
BBIO
$16.5B
| – | – |
-4,857
| Closed | -$252K |
|
|
BDN
983
Brandywine Realty Trust
BDN
$554M
| – | – |
-273,253
| Closed | -$1.14M |
|
984
Bank First Corp
BFC
$1.7B
| – | – |
-17,705
| Closed | -$2.15M |
|
985
Bread Financial
BFH
$4.38B
| – | – |
-37,562
| Closed | -$2.09M |
|
986
Bilibili
BILI
$7.84B
| – | – |
-12,335
| Closed | -$346K |
|
987
Bio-Rad Laboratories Class A
BIO
$9.42B
| – | – |
-2,308
| Closed | -$647K |
|
988
BJs Wholesale Club
BJ
$12.3B
| – | – |
-7,643
| Closed | -$713K |
|
989
BJ's Restaurants
BJRI
$1.48B
| – | – |
-54,284
| Closed | -$1.66M |
|
990
Builders FirstSource
BLDR
$8.04B
| – | – |
-24,120
| Closed | -$2.92M |
|
991
Blackrock
BLK
$176B
| – | – |
-4,665
| Closed | -$5.44M |
|
992
Blackbaud
BLKB
$2.08B
| – | – |
-19,219
| Closed | -$1.24M |
|
993
Blend Labs
BLND
$386M
| – | – |
-36,839
| Closed | -$134K |
|
994
Box
BOX
$4.6B
| – | – |
-82,786
| Closed | -$2.67M |
|
995
Broadridge
BR
$19B
| – | – |
-5,620
| Closed | -$1.34M |
|
996
BellRing Brands
BRBR
$1.34B
| – | – |
-104,363
| Closed | -$3.79M |
|
997
Berkshire Hathaway Class B
BRK.B
$1.13T
| – | – |
-1,032
| Closed | -$519K |
|
998
Bruker
BRKR
$8.14B
| – | – |
-71,779
| Closed | -$2.33M |
|
999
Brown & Brown
BRO
$23.9B
| – | – |
-24,689
| Closed | -$2.32M |
|
1000
Braze
BRZE
$2.99B
| – | – |
-38,343
| Closed | -$1.09M |
|
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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.