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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 | |
|---|---|---|---|---|---|---|
1001
Bentley Systems
BSY
$10.6B
| – | – |
-93,485
| Closed | -$4.81M |
|
1002
Bit Digital
BTBT
$482M
| – | – |
-39,124
| Closed | -$117K |
|
1003
BorgWarner
BWA
$13.9B
| – | – |
-90,085
| Closed | -$3.96M |
|
1004
Blackstone Mortgage Trust
BXMT
$2.38B
| – | – |
-14,349
| Closed | -$264K |
|
1005
Boston Properties
BXP
$11.1B
| – | – |
-19,453
| Closed | -$1.45M |
|
1006
Cable One
CABO
$212M
| – | – |
-1,482
| Closed | -$262K |
|
1007
Cardinal Health
CAH
$55.4B
| – | – |
-4,426
| Closed | -$695K |
|
1008
Caleres
CAL
$487M
| – | – |
-21,125
| Closed | -$275K |
|
1009
Calix
CALX
$2.39B
| – | – |
-68,899
| Closed | -$4.23M |
|
1010
Carrier Global
CARR
$52.8B
| – | – |
-4,805
| Closed | -$287K |
|
1011
Cars.com
CARS
$660M
| – | – |
-31,600
| Closed | -$386K |
|
1012
Cathay General Bancorp
CATY
$4.24B
| – | – |
-81,434
| Closed | -$3.91M |
|
1013
CBRE Group
CBRE
$42.9B
| – | – |
-7,554
| Closed | -$1.19M |
|
1014
Cracker Barrel
CBRL
$1.29B
| – | – |
-55,812
| Closed | -$2.46M |
|
1015
Community Bank
CBU
$3.41B
| – | – |
-20,483
| Closed | -$1.2M |
|
1016
Century Communities
CCS
$2.03B
| – | – |
-8,626
| Closed | -$547K |
|
|
CDTX
1017
DELISTED
Cidara Therapeutics
CDTX
| – | – |
-17,465
| Closed | -$1.67M |
|
1018
CDW
CDW
$17B
| – | – |
-1,967
| Closed | -$313K |
|
1019
Celanese
CE
$4.82B
| – | – |
-22,582
| Closed | -$950K |
|
1020
Celsius Holdings
CELH
$7.03B
| – | – |
-41,392
| Closed | -$2.38M |
|
1021
CEVA Inc
CEVA
$1.08B
| – | – |
-7,591
| Closed | -$200K |
|
|
CIM
1022
Chimera Investment
CIM
$1B
| – | – |
-27,169
| Closed | -$359K |
|
1023
Cincinnati Financial
CINF
$27.1B
| – | – |
-18,342
| Closed | -$2.9M |
|
|
CIVI
1024
DELISTED
Civitas Resources
CIVI
| – | – |
-33,186
| Closed | -$1.08M |
|
1025
Cleveland-Cliffs
CLF
$6.99B
| – | – |
-147,180
| Closed | -$1.8M |
|
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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.