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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
SLAB icon
1001
Silicon Laboratories
SLAB
$7.23B
$358K 0.01%
+2,731
New +$372K
OPFI icon
1002
OppFi
OPFI
$803M
$357K 0.01%
31,474
+998
+3% +$11.2K
TMO icon
1003
Thermo Fisher Scientific
TMO
$220B
$356K 0.01%
735
-5,583
-88% -$2.6M
KMT icon
1004
Kennametal
KMT
$2.52B
$354K 0.01%
16,914
-52,166
-76% -$1.17M
STRA icon
1005
Strategic Education
STRA
$1.92B
$353K 0.01%
+4,101
New +$330K
ROOT icon
1006
Root
ROOT
$798M
$351K 0.01%
+3,920
New +$411K
SCS
1007
DELISTED
Steelcase
SCS
$349K 0.01%
+20,314
New +$293K
BILI icon
1008
Bilibili
BILI
$7.84B
$346K 0.01%
12,335
-22,920
-65% -$549K
LH icon
1009
Labcorp
LH
$25.9B
$345K 0.01%
1,202
+174
+17% +$46.6K
PLTR icon
1010
Palantir
PLTR
$413B
$345K 0.01%
+1,891
New +$306K
KNTK icon
1011
Kinetik
KNTK
$7.98B
$333K 0.01%
7,794
-52,049
-87% -$2.2M
VFC icon
1012
VF Corp
VFC
$5.89B
$330K 0.01%
22,839
-178,562
-89% -$2.4M
KTOS icon
1013
Kratos Defense & Security Solutions
KTOS
$11.4B
$328K 0.01%
+3,588
New +$230K
PAY icon
1014
Paymentus
PAY
$4.86B
$325K 0.01%
+10,615
New +$351K
FN icon
1015
Fabrinet
FN
$20.1B
$323K 0.01%
887
-9,094
-91% -$2.99M
APP icon
1016
Applovin
APP
$116B
$323K 0.01%
450
-2,488
-85% -$1.15M
EPC icon
1017
Edgewell Personal Care
EPC
$1.31B
$322K 0.01%
15,818
-12,395
-44% -$291K
THO icon
1018
Thor Industries
THO
$4.14B
$316K 0.01%
3,050
-4,563
-60% -$460K
CDW icon
1019
CDW
CDW
$17B
$313K 0.01%
+1,967
New +$334K
LQDT icon
1020
Liquidity Services
LQDT
$1.32B
$312K 0.01%
+11,377
New +$293K
JD icon
1021
JD.com
JD
$44.5B
$301K 0.01%
+8,609
New +$280K
TARS icon
1022
Tarsus Pharmaceuticals
TARS
$2.84B
$301K 0.01%
5,062
-5,990
-54% -$295K
HYGH icon
1023
iShares Interest Rate Hedged High Yield Bond ETF
HYGH
$601M
$299K 0.01%
3,444
– –
MTD icon
1024
Mettler-Toledo International
MTD
$28.6B
$298K 0.01%
243
-344
-59% -$431K
IE icon
1025
Ivanhoe Electric
IE
$1.74B
$296K 0.01%
23,622
-153,411
-87% -$1.52M
39 40
41
42 43

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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.