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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
FISV
1101
Fiserv Inc
FISV
$27.9B
– –
-43,874
Closed -$5.66M
FIBK icon
1102
First Interstate BancSystem
FIBK
$3.58B
– –
-59,607
Closed -$1.9M
PLGO
1103
Pelagos Insurance Capital
PLGO
$2.14B
– –
-41,188
Closed -$748K
FITB
1104
Fifth Third Bancorp
FITB
$51.8B
– –
-219,437
Closed -$9.78M
FIVN icon
1105
FIVE9
FIVN
$2.54B
– –
-65,130
Closed -$1.58M
FN icon
1106
Fabrinet
FN
$20.1B
– –
-887
Closed -$323K
FOUR icon
1107
Shift4
FOUR
$3.26B
– –
-24,109
Closed -$1.87M
FUBO icon
1108
FuboTV Inc
FUBO
$273M
– –
-881
Closed -$43.9K
FVRR icon
1109
Fiverr
FVRR
$339M
– –
-9,030
Closed -$220K
FWONK icon
1110
Liberty Media Series C
FWONK
$25.8B
– –
-6,317
Closed -$660K
GBTG icon
1111
American Express Global Business Travel
GBTG
$4.94B
– –
-35,871
Closed -$290K
GBX icon
1112
The Greenbrier Companies
GBX
$1.46B
– –
-53,356
Closed -$2.46M
GDEN
1113
DELISTED
Golden Entertainment
GDEN
– –
-41,129
Closed -$970K
GEF icon
1114
Greif
GEF
$5.04B
– –
-44,390
Closed -$2.65M
GEHC icon
1115
GE HealthCare
GEHC
$32.4B
– –
-80,968
Closed -$6.08M
GEO icon
1116
The GEO Group
GEO
$4.04B
– –
-47,541
Closed -$974K
GGB icon
1117
Gerdau
GGB
$9.7B
– –
-22,969
Closed -$71.2K
GH icon
1118
Guardant Health
GH
$22.6B
– –
-28,513
Closed -$1.78M
GILD icon
1119
Gilead Sciences
GILD
$165B
– –
-8,844
Closed -$982K
GIS icon
1120
General Mills
GIS
$19.7B
– –
-189,069
Closed -$9.53M
GLPI icon
1121
Gaming and Leisure Properties
GLPI
$12.8B
– –
-79,372
Closed -$3.7M
GNRC icon
1122
Generac Holdings
GNRC
$12.5B
– –
-4,588
Closed -$768K
GNW icon
1123
Genworth Financial
GNW
$3.71B
– –
-419,766
Closed -$3.74M
GOLF icon
1124
Acushnet Holdings
GOLF
$5.45B
– –
-9,413
Closed -$739K
GPK icon
1125
Graphic Packaging
GPK
$3.58B
– –
-267,075
Closed -$5.23M
43 44
45
46 47

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AT
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OHIF
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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.