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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
GS icon
1126
Goldman Sachs
GS
$303B
– –
-18,485
Closed -$14.7M
GTLS
1127
DELISTED
Chart Industries
GTLS
– –
-18,404
Closed -$3.68M
HALO icon
1128
Halozyme
HALO
$12.2B
– –
-38,217
Closed -$2.8M
HAS icon
1129
Hasbro
HAS
$13.2B
– –
-51,256
Closed -$3.89M
HASI icon
1130
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.2B
– –
-13,844
Closed -$425K
HAYW icon
1131
Hayward Holdings
HAYW
$3.36B
– –
-87,935
Closed -$1.33M
HBI
1132
DELISTED
Hanesbrands
HBI
– –
-286,271
Closed -$1.89M
HE icon
1133
Hawaiian Electric Industries
HE
$2.14B
– –
-214,310
Closed -$2.37M
HII icon
1134
Huntington Ingalls Industries
HII
$12.8B
– –
-3,646
Closed -$1.05M
HL icon
1135
Hecla Mining
HL
$11.3B
– –
-62,428
Closed -$755K
HLI icon
1136
Houlihan Lokey
HLI
$9.02B
– –
-19,258
Closed -$3.95M
HMN icon
1137
Horace Mann Educators
HMN
$2.11B
– –
-8,655
Closed -$391K
HNI icon
1138
HNI Corp
HNI
$3.59B
– –
-68,559
Closed -$3.21M
HOG icon
1139
Harley-Davidson
HOG
$2.71B
– –
-26,445
Closed -$738K
HOLX
1140
DELISTED
Hologic
HOLX
– –
-35,718
Closed -$2.41M
HP icon
1141
Helmerich & Payne
HP
$3.71B
– –
-18,773
Closed -$415K
HQY icon
1142
HealthEquity
HQY
$8.75B
– –
-66,292
Closed -$6.28M
HRB icon
1143
H&R Block
HRB
$5.86B
– –
-16,777
Closed -$848K
HTH icon
1144
Hilltop Holdings
HTH
$2.24B
– –
-97,535
Closed -$3.26M
HTLD icon
1145
Heartland Express
HTLD
$956M
– –
-151,102
Closed -$1.27M
HUM icon
1146
Humana
HUM
$46.2B
– –
-3,620
Closed -$942K
HYGH icon
1147
iShares Interest Rate Hedged High Yield Bond ETF
HYGH
$597M
– –
-3,444
Closed -$299K
IART icon
1148
Integra LifeSciences
IART
$1.34B
– –
-18,502
Closed -$265K
ICHR icon
1149
Ichor Holdings
ICHR
$2.56B
– –
-39,850
Closed -$698K
IDCC icon
1150
InterDigital
IDCC
$8.89B
– –
-1,970
Closed -$680K
44 45
46
47 48

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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.