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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
ARCC icon
1151
Ares Capital
ARCC
$14.4B
– –
-25,030
Closed -$550K
ARDX icon
1152
Ardelyx
ARDX
$997M
– –
-280,336
Closed -$1.1M
ARI
1153
Apollo Commercial Real Estate
ARI
$885M
– –
-108,254
Closed -$1.05M
ARLO icon
1154
Arlo Technologies
ARLO
$1.65B
– –
-15,466
Closed -$262K
ARR
1155
Armour Residential REIT
ARR
$2.36B
– –
-83,772
Closed -$1.41M
ARVN icon
1156
Arvinas
ARVN
$572M
– –
-19,808
Closed -$146K
ASAN icon
1157
Asana
ASAN
$2.13B
– –
-45,319
Closed -$612K
ASC icon
1158
Ardmore Shipping
ASC
$683M
– –
-15,779
Closed -$151K
ATI icon
1159
ATI
ATI
$31B
– –
-7,182
Closed -$620K
ATKR icon
1160
Atkore
ATKR
$3.16B
– –
-14,188
Closed -$1M
ATO icon
1161
Atmos Energy
ATO
$28.8B
– –
-16,873
Closed -$2.6M
ATRO icon
1162
Astronics
ATRO
$3.84B
– –
-93,617
Closed -$2.61M
AUB icon
1163
Atlantic Union Bankshares
AUB
$5.97B
– –
-54,668
Closed -$1.71M
AVB icon
1164
AvalonBay Communities
AVB
$26.8B
– –
-1,887
Closed -$384K
AVDX
1165
DELISTED
AvidXchange
AVDX
– –
-12,319
Closed -$121K
AVPT icon
1166
AvePoint
AVPT
$2.71B
– –
-75,066
Closed -$1.45M
AVT icon
1167
Avnet
AVT
$7.92B
– –
-17,595
Closed -$934K
BAC icon
1168
Bank of America
BAC
$442B
– –
-263,328
Closed -$12.5M
BASE
1169
DELISTED
Couchbase
BASE
– –
-34,162
Closed -$833K
BAX icon
1170
Baxter International
BAX
$14.2B
– –
-24,251
Closed -$734K
BCC icon
1171
Boise Cascade
BCC
$3.02B
– –
-4,262
Closed -$370K
BDC icon
1172
Belden
BDC
$5.19B
– –
-12,145
Closed -$1.41M
BDX icon
1173
Becton Dickinson
BDX
$48.2B
– –
-8,984
Closed -$1.55M
BE icon
1174
Bloom Energy
BE
$64.6B
– –
-77,386
Closed -$1.85M
BF.B icon
1175
Brown-Forman Class B
BF.B
$13.1B
– –
-65,627
Closed -$1.77M
45 46
47
48 49

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AT
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WM
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OHIF
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HMCP
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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.