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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
Cap. Flow
-$490M
Cap. Flow %
-22.36%
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499

Top Buys

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$24.8M
2
TOST icon
Toast
TOST
+$12.4M
3
VICI icon
VICI Properties
VICI
+$8.48M
4
NEE icon
NextEra Energy
NEE
+$8.18M
5
CVX icon
Chevron
CVX
+$7.94M

Top Sells

Rank Stock Value
1
BAH icon
Booz Allen Hamilton
BAH
+$15M
2
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$14.9M
3
GS icon
Goldman Sachs
GS
+$14.7M
4
L icon
Loews
L
+$13.6M
5
INDA icon
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
EDU icon
1076
New Oriental
EDU
$8.98B
– –
-4,150
Closed -$220K
EG icon
1077
Everest Group
EG
$14.4B
– –
-2,010
Closed -$704K
ELS icon
1078
Equity Lifestyle Properties
ELS
$12.6B
– –
-27,356
Closed -$1.66M
ENR icon
1079
Energizer
ENR
$1.55B
– –
-57,267
Closed -$1.43M
EPAM icon
1080
EPAM Systems
EPAM
$5.03B
– –
-21,446
Closed -$3.23M
EPC icon
1081
Edgewell Personal Care
EPC
$1.31B
– –
-15,818
Closed -$322K
EPRT icon
1082
Essential Properties Realty Trust
EPRT
$6.62B
– –
-55,583
Closed -$1.65M
ERII icon
1083
Energy Recovery
ERII
$443M
– –
-110,704
Closed -$1.71M
ESNT icon
1084
Essent Group
ESNT
$6.33B
– –
-111,479
Closed -$7.09M
ESS icon
1085
Essex Property Trust
ESS
$18.5B
– –
-6,132
Closed -$1.64M
ETNB
1086
DELISTED
89bio
ETNB
– –
-118,872
Closed -$1.75M
ETSY icon
1087
Etsy
ETSY
$7.85B
– –
-41,544
Closed -$2.76M
EVGO icon
1088
EVgo
EVGO
$229M
– –
-11,668
Closed -$55.2K
EVH icon
1089
Evolent Health
EVH
$447M
– –
-81,901
Closed -$693K
EVLV icon
1090
Evolv Technologies
EVLV
$1.1B
– –
-24,218
Closed -$183K
EVR icon
1091
Evercore
EVR
$11.8B
– –
-663
Closed -$224K
EVTC icon
1092
Evertec
EVTC
$1.78B
– –
-15,985
Closed -$540K
EXTR icon
1093
Extreme Networks
EXTR
$3.15B
– –
-58,902
Closed -$1.22M
FA icon
1094
First Advantage
FA
$4.12B
– –
-33,987
Closed -$523K
FBRT
1095
Franklin BSP Realty Trust
FBRT
$657M
– –
-120,043
Closed -$1.3M
FCF icon
1096
First Commonwealth Financial
FCF
$2.17B
– –
-132,231
Closed -$2.25M
FCFS icon
1097
FirstCash
FCFS
$8.78B
– –
-10,407
Closed -$1.65M
FCPT icon
1098
Four Corners Property Trust
FCPT
$2.75B
– –
-114,962
Closed -$2.81M
FDS icon
1099
Factset
FDS
$10.2B
– –
-2,553
Closed -$731K
FFBC icon
1100
First Financial Bancorp
FFBC
$3.53B
– –
-98,089
Closed -$2.48M
42 43
44
45 46

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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.