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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 | |
|---|---|---|---|---|---|---|
1051
Casella Waste Systems
CWST
$5.69B
| – | – |
-45,887
| Closed | -$4.35M |
|
|
CYBR
1052
DELISTED
CyberArk
CYBR
| – | – |
-1,052
| Closed | -$508K |
|
1053
DoorDash
DASH
$93.7B
| – | – |
-2,359
| Closed | -$642K |
|
1054
Diebold Nixdorf
DBD
$2.56B
| – | – |
-17,013
| Closed | -$970K |
|
1055
DigitalBridge
DBRG
$2.95B
| – | – |
-133,927
| Closed | -$1.57M |
|
1056
Dropbox
DBX
$8.12B
| – | – |
-33,278
| Closed | -$1.01M |
|
1057
Donaldson
DCI
$11.4B
| – | – |
-62,380
| Closed | -$5.11M |
|
1058
Dime Commercial Bancshares
DCOM
$1.78B
| – | – |
-49,811
| Closed | -$1.49M |
|
1059
Dream Finders Homes
DFH
$1.36B
| – | – |
-52,014
| Closed | -$1.35M |
|
1060
Dollar General
DG
$27.9B
| – | – |
-16,495
| Closed | -$1.7M |
|
1061
Danaher
DHR
$144B
| – | – |
-15,990
| Closed | -$3.17M |
|
1062
DHT Holdings
DHT
$3.02B
| – | – |
-97,079
| Closed | -$1.16M |
|
1063
Delek US
DK
$3.58B
| – | – |
-16,563
| Closed | -$534K |
|
1064
Dick's Sporting Goods
DKS
$18.7B
| – | – |
-7,509
| Closed | -$1.67M |
|
1065
Deluxe
DLX
$1.15B
| – | – |
-33,942
| Closed | -$657K |
|
1066
Krispy Kreme
DNUT
$577M
| – | – |
-14,954
| Closed | -$57.9K |
|
1067
Dover
DOV
$28.4B
| – | – |
-20,734
| Closed | -$3.46M |
|
1068
Darden Restaurants
DRI
$24.4B
| – | – |
-10,012
| Closed | -$1.91M |
|
1069
Driven Brands
DRVN
$2.2B
| – | – |
-22,926
| Closed | -$369K |
|
1070
Dynatrace
DT
$14.2B
| – | – |
-9,531
| Closed | -$462K |
|
1071
Dycom Industries
DY
$12.3B
| – | – |
-3,062
| Closed | -$893K |
|
1072
Dyne Therapeutics
DYN
$4.9B
| – | – |
-68,888
| Closed | -$871K |
|
|
EA
1073
DELISTED
Electronic Arts
EA
| – | – |
-2,113
| Closed | -$426K |
|
1074
Brinker International
EAT
$9.66B
| – | – |
-3,967
| Closed | -$503K |
|
1075
eBay
EBAY
$49.8B
| – | – |
-2,787
| Closed | -$253K |
|
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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.