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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
CRNX icon
1076
Crinetics Pharmaceuticals
CRNX
$8.92B
$213K 0.01%
+5,126
New +$164K
AMPX icon
1077
Amprius Technologies
AMPX
$1.73B
$212K 0.01%
+20,133
New +$158K
GMED icon
1078
Globus Medical
GMED
$11.2B
$210K 0.01%
+3,673
New +$212K
SEMR
1079
DELISTED
Semrush
SEMR
$210K 0.01%
29,685
-138,506
-82% -$1.13M
VNET
1080
VNET Group
VNET
$2.09B
$209K 0.01%
20,226
-32,392
-62% -$273K
PRO
1081
DELISTED
PROS Holdings
PRO
$206K 0.01%
+8,999
New +$146K
ONC
1082
BeOne Medicines Ltd
ONC
$39.4B
$202K 0.01%
593
-899
-60% -$273K
OII icon
1083
Oceaneering
OII
$4.77B
$201K 0.01%
8,127
-75,548
-90% -$1.73M
CACC icon
1084
Credit Acceptance
CACC
$6.08B
$201K 0.01%
430
-5,952
-93% -$2.97M
CEVA icon
1085
CEVA Inc
CEVA
$1.08B
$200K 0.01%
7,591
-4,171
-35% -$97.2K
GTX icon
1086
Garrett Motion
GTX
$5.57B
$197K 0.01%
14,436
-106,591
-88% -$1.35M
XRX icon
1087
Xerox
XRX
$425M
$194K 0.01%
51,685
-153,506
-75% -$678K
EVLV icon
1088
Evolv Technologies
EVLV
$1.1B
$183K 0.01%
24,218
+5,283
+28% +$38.6K
NTLA icon
1089
Intellia Therapeutics
NTLA
$1.67B
$182K 0.01%
10,558
-25,977
-71% -$320K
TAL icon
1090
TAL Education Group
TAL
$6.87B
$166K 0.01%
+14,800
New +$159K
NOK icon
1091
Nokia
NOK
$52.3B
$164K 0.01%
34,147
-99,168
-74% -$448K
RXRX icon
1092
Recursion Pharmaceuticals
RXRX
$1.73B
$163K 0.01%
+33,397
New +$175K
VTRS icon
1093
Viatris
VTRS
$18.9B
$158K 0.01%
+15,921
New +$155K
ADAM
1094
Adamas Trust
ADAM
$883M
$144K 0.01%
20,642
-1,958
-9% -$13.6K
LFST icon
1095
Lifestance Health
LFST
$4.14B
$140K 0.01%
+25,520
New +$125K
BLND icon
1096
Blend Labs
BLND
$386M
$134K 0.01%
36,839
-432,464
-92% -$1.55M
BTBT icon
1097
Bit Digital
BTBT
$482M
$117K ﹤0.01%
+39,124
New +$119K
MDXG icon
1098
MiMedx Group
MDXG
$633M
$104K ﹤0.01%
+14,859
New +$103K
GENVR
1099
Gen Digital Inc Contingent Value Rights
GENVR
$102K ﹤0.01%
13,834
– –
MYGN icon
1100
Myriad Genetics
MYGN
$312M
$92.3K ﹤0.01%
12,764
-43,608
-77% -$259K
42 43
44
45 46

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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.