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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
BXMT icon
1051
Blackstone Mortgage Trust
BXMT
$2.38B
$264K 0.01%
14,349
-60,054
-81% -$1.16M
CABO icon
1052
Cable One
CABO
$212M
$262K 0.01%
+1,482
New +$223K
SBAC icon
1053
SBA Communications
SBAC
$19.5B
$259K 0.01%
1,342
-31,497
-96% -$6.82M
BKV
1054
BKV Corp
BKV
$2.68B
$256K 0.01%
11,074
-10,135
-48% -$221K
EBAY icon
1055
eBay
EBAY
$49.8B
$253K 0.01%
+2,787
New +$247K
BBIO icon
1056
BridgeBio Pharma
BBIO
$16.5B
$252K 0.01%
4,857
-1,440
-23% -$70.2K
VITL icon
1057
Vital Farms
VITL
$525M
$250K 0.01%
6,064
-26,383
-81% -$1.15M
INTR icon
1058
Inter&Co
INTR
$2.33B
$248K 0.01%
26,918
+11,465
+74% +$90.1K
SYRE icon
1059
Spyre Therapeutics
SYRE
$9.25B
$247K 0.01%
+14,733
New +$240K
INFA
1060
DELISTED
Informatica
INFA
$247K 0.01%
+9,935
New +$245K
ORI icon
1061
Old Republic International
ORI
$10.4B
$244K 0.01%
5,750
-236,546
-98% -$9.12M
DVA icon
1062
DaVita
DVA
$11.7B
$244K 0.01%
+1,834
New +$252K
ARRY icon
1063
Array Technologies
ARRY
$855M
$242K 0.01%
+29,718
New +$225K
RAMP icon
1064
LiveRamp
RAMP
$2.3B
$240K 0.01%
8,838
-15,619
-64% -$461K
CMBS icon
1065
iShares CMBS ETF
CMBS
$472M
$240K 0.01%
4,884
– –
HUN icon
1066
Huntsman Corp
HUN
$1.77B
$238K 0.01%
+26,454
New +$278K
TDG icon
1067
TransDigm Group
TDG
$67.7B
$236K 0.01%
+179
New +$256K
WNS
1068
DELISTED
WNS Holdings
WNS
$232K 0.01%
3,040
-11,302
-79% -$845K
STC icon
1069
Stewart Information Services
STC
$2.08B
$229K 0.01%
+3,125
New +$215K
EVR icon
1070
Evercore
EVR
$11.8B
$224K 0.01%
+663
New +$208K
FVRR icon
1071
Fiverr
FVRR
$339M
$220K 0.01%
+9,030
New +$221K
EDU icon
1072
New Oriental
EDU
$8.98B
$220K 0.01%
+4,150
New +$205K
WMS icon
1073
Advanced Drainage Systems
WMS
$10.9B
$219K 0.01%
+1,576
New +$207K
PEN icon
1074
Penumbra
PEN
$12.8B
$218K 0.01%
860
-9,112
-91% -$2.3M
RH icon
1075
RH
RH
$3.71B
$217K 0.01%
1,069
-1,518
-59% -$330K
41 42
43
44 45

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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.