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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
AI icon
1126
C3.ai
AI
$1.59B
– –
-30,137
Closed -$740K
AIG icon
1127
American International
AIG
$41.3B
– –
-23,963
Closed -$2.05M
AIN icon
1128
Albany International
AIN
$1.78B
– –
-18,988
Closed -$1.33M
AJG icon
1129
Arthur J. Gallagher & Co
AJG
$63.6B
– –
-11,432
Closed -$3.66M
AKAM icon
1130
Akamai
AKAM
$15.9B
– –
-43,966
Closed -$3.51M
AKR icon
1131
Acadia Realty Trust
AKR
$2.84B
– –
-165,316
Closed -$3.07M
ALG icon
1132
Alamo Group
ALG
$2.05B
– –
-12,297
Closed -$2.69M
ALKS icon
1133
Alkermes
ALKS
$8.25B
– –
-31,116
Closed -$890K
ALT icon
1134
Altimmune
ALT
$599M
– –
-10,165
Closed -$39.3K
ALV icon
1135
Autoliv
ALV
$9B
– –
-4,452
Closed -$498K
AM icon
1136
Antero Midstream
AM
$10.1B
– –
-134,230
Closed -$2.54M
AMAL icon
1137
Amalgamated Financial
AMAL
$1.49B
– –
-37,957
Closed -$1.18M
AMCX icon
1138
AMC Global Media
AMCX
$489M
– –
-29,024
Closed -$182K
AMED
1139
DELISTED
Amedisys
AMED
– –
-83,111
Closed -$8.18M
AMN icon
1140
AMN Healthcare
AMN
$1.4B
– –
-21,537
Closed -$445K
AMRX icon
1141
Amneal Pharmaceuticals
AMRX
$5.79B
– –
-159,040
Closed -$1.29M
AMWD
1142
DELISTED
American Woodmark
AMWD
– –
-24,929
Closed -$1.33M
AMZN icon
1143
CALL
Amazon
AMZN
$2.96T
– –
-4,000
Closed -$878K
AN icon
1144
AutoNation
AN
$6.92B
– –
-5,729
Closed -$1.14M
ANET icon
1145
Arista Networks
ANET
$238B
– –
-32,989
Closed -$3.38M
ANSS
1146
DELISTED
Ansys
ANSS
– –
-3,627
Closed -$1.27M
APG icon
1147
APi Group
APG
$18B
– –
-77,297
Closed -$2.63M
APLE icon
1148
Apple Hospitality REIT
APLE
$3.82B
– –
-239,180
Closed -$2.79M
APLS
1149
DELISTED
Apellis Pharmaceuticals
APLS
– –
-104,725
Closed -$1.81M
AR icon
1150
Antero Resources
AR
$10.7B
– –
-115,330
Closed -$4.65M
44 45
46
47 48

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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.