We are live on
!
Find out more
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 | |
|---|---|---|---|---|---|---|
1026
Clover Health Investments
CLOV
$2.51B
| – | – |
-157,997
| Closed | -$483K |
|
1027
iShares CMBS ETF
CMBS
$472M
| – | – |
-4,884
| Closed | -$240K |
|
1028
Commercial Metals
CMC
$8.31B
| – | – |
-7,772
| Closed | -$445K |
|
1029
Comcast
CMCSA
$90B
| – | – |
-29,007
| Closed | -$911K |
|
1030
Cummins
CMI
$88.7B
| – | – |
-6,806
| Closed | -$2.87M |
|
1031
CMS Energy
CMS
$22.3B
| – | – |
-37,161
| Closed | -$2.72M |
|
1032
CenterPoint Energy
CNP
$26.8B
| – | – |
-154,569
| Closed | -$6M |
|
1033
Coca-Cola Consolidated
COKE
$12.8B
| – | – |
-17,949
| Closed | -$2.1M |
|
1034
Collegium Pharmaceutical
COLL
$956M
| – | – |
-35,044
| Closed | -$1.23M |
|
1035
Coursera
COUR
$1.54B
| – | – |
-38,252
| Closed | -$448K |
|
1036
Coty
COTY
$2.48B
| – | – |
-232,533
| Closed | -$939K |
|
1037
Chesapeake Utilities
CPK
$3.21B
| – | – |
-14,356
| Closed | -$1.93M |
|
1038
Coupang
CPNG
$29.2B
| – | – |
-79,774
| Closed | -$2.57M |
|
1039
California Resources
CRC
$4.62B
| – | – |
-93,161
| Closed | -$4.95M |
|
1040
Credo Technology Group
CRDO
$46.6B
| – | – |
-7,929
| Closed | -$1.15M |
|
1041
CRH
CRH
$66.8B
| – | – |
-57,653
| Closed | -$6.91M |
|
1042
CorMedix
CRMD
$584M
| – | – |
-34,868
| Closed | -$406K |
|
1043
Crinetics Pharmaceuticals
CRNX
$8.92B
| – | – |
-5,126
| Closed | -$213K |
|
1044
Cirrus Logic
CRUS
$6.26B
| – | – |
-50,454
| Closed | -$6.32M |
|
1045
CrowdStrike
CRWD
$218B
| – | – |
-13,460
| Closed | -$1.65M |
|
1046
CoStar Group
CSGP
$12.3B
| – | – |
-14,497
| Closed | -$1.22M |
|
|
CSR
1047
Centerspace
CSR
$952M
| – | – |
-32,881
| Closed | -$1.94M |
|
1048
CSX Corp
CSX
$93.1B
| – | – |
-130,020
| Closed | -$4.62M |
|
1049
CTS Corp
CTS
$1.89B
| – | – |
-22,771
| Closed | -$909K |
|
1050
Carvana
CVNA
$77.9B
| – | – |
-37,605
| Closed | -$2.84M |
|
Similar funds
PL
AT
WM
OHIF
HMCP
C
ACM
CNC
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.