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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
ACH
1101
Accendra Health
ACH
$214M
$87.3K ﹤0.01%
18,182
-7,449
-29% -$47.4K
RIG icon
1102
Transocean
RIG
$5.82B
$86.9K ﹤0.01%
27,846
-221,631
-89% -$669K
BAK icon
1103
Braskem
BAK
$913M
$77.7K ﹤0.01%
32,127
+15,630
+95% +$50.1K
UWMC icon
1104
UWM Holdings
UWMC
$434M
$74.9K ﹤0.01%
12,300
-83,777
-87% -$439K
INDI icon
1105
indie Semiconductor
INDI
$854M
$71.2K ﹤0.01%
17,501
-18,452
-51% -$76K
GGB icon
1106
Gerdau
GGB
$9.7B
$71.2K ﹤0.01%
+22,969
New +$69.5K
MNKD icon
1107
MannKind Corp
MNKD
$1.32B
$70.5K ﹤0.01%
13,127
-448,347
-97% -$1.97M
DNUT icon
1108
Krispy Kreme
DNUT
$577M
$57.9K ﹤0.01%
14,954
-71,787
-83% -$247K
PUMP icon
1109
ProPetro Holding
PUMP
$1.35B
$57.5K ﹤0.01%
+10,971
New +$58.2K
EVGO icon
1110
EVgo
EVGO
$229M
$55.2K ﹤0.01%
+11,668
New +$45.2K
FUBO icon
1111
FuboTV Inc
FUBO
$273M
$43.9K ﹤0.01%
881
-4,748
-84% -$215K
AAL icon
1112
American Airlines Group
AAL
$10.6B
– –
-42,351
Closed -$475K
AAOI icon
1113
Applied Optoelectronics
AAOI
$11.5B
– –
-24,519
Closed -$630K
AAON icon
1114
Aaon
AAON
$7.77B
– –
-11,199
Closed -$826K
AAP icon
1115
Advance Auto Parts
AAP
$3.49B
– –
-42,572
Closed -$1.98M
ABM icon
1116
ABM Industries
ABM
$2.84B
– –
-40,802
Closed -$1.93M
ACHC icon
1117
Acadia Healthcare
ACHC
$2.94B
– –
-92,959
Closed -$2.11M
ACM icon
1118
Aecom
ACM
$9.75B
– –
-18,820
Closed -$2.12M
ACN icon
1119
Accenture
ACN
$108B
– –
-1,636
Closed -$489K
ADBE icon
1120
Adobe
ADBE
$105B
– –
-6,838
Closed -$2.65M
ADMA icon
1121
ADMA Biologics
ADMA
$2.22B
– –
-42,145
Closed -$767K
AEHR icon
1122
Aehr Test Systems
AEHR
$3.36B
– –
-35,738
Closed -$462K
AEIS icon
1123
Advanced Energy
AEIS
$13B
– –
-14,231
Closed -$1.89M
AEO icon
1124
American Eagle Outfitters
AEO
$3.01B
– –
-285,629
Closed -$2.75M
AEP icon
1125
American Electric Power
AEP
$68.4B
– –
-19,544
Closed -$2.03M
43 44
45
46 47

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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.