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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
IDYA icon
1151
IDEAYA Biosciences
IDYA
$3.56B
– –
-53,715
Closed -$1.46M
IDXX icon
1152
Idexx Laboratories
IDXX
$46.2B
– –
-2,580
Closed -$1.65M
IGHG icon
1153
ProShares Investment Grade-Interest Rate Hedged
IGHG
$329M
– –
-4,706
Closed -$372K
BRSL
1154
Brightstar Lottery PLC
BRSL
$2.03B
– –
-182,685
Closed -$3.15M
ILMN icon
1155
Illumina
ILMN
$28.4B
– –
-55,030
Closed -$5.23M
INDI icon
1156
indie Semiconductor
INDI
$854M
– –
-17,501
Closed -$71.2K
INFA
1157
DELISTED
Informatica
INFA
– –
-9,935
Closed -$247K
INTA icon
1158
Intapp
INTA
$2.91B
– –
-24,639
Closed -$1.01M
INTR icon
1159
Inter&Co
INTR
$2.33B
– –
-26,918
Closed -$248K
IR icon
1160
Ingersoll Rand
IR
$33.7B
– –
-6,975
Closed -$576K
ITRI icon
1161
Itron
ITRI
$4.54B
– –
-4,706
Closed -$586K
JAMF
1162
DELISTED
Jamf
JAMF
– –
-425,027
Closed -$4.55M
JD icon
1163
JD.com
JD
$44.5B
– –
-8,609
Closed -$301K
JLL icon
1164
Jones Lang LaSalle
JLL
$16.7B
– –
-5,368
Closed -$1.6M
KBR icon
1165
KBR
KBR
$4.8B
– –
-8,760
Closed -$414K
KEYS icon
1166
Keysight
KEYS
$58.3B
– –
-16,651
Closed -$2.91M
KFRC icon
1167
Kforce
KFRC
$1.06B
– –
-17,312
Closed -$519K
KHC icon
1168
Kraft Heinz
KHC
$30B
– –
-269,592
Closed -$7.02M
KMX icon
1169
CarMax
KMX
$8.26B
– –
-87,189
Closed -$3.91M
KNSA icon
1170
Kiniksa Pharmaceuticals
KNSA
$5.93B
– –
-43,346
Closed -$1.68M
KNTK icon
1171
Kinetik
KNTK
$7.98B
– –
-7,794
Closed -$333K
KRC icon
1172
Kilroy Realty
KRC
$4.42B
– –
-12,303
Closed -$520K
KREF
1173
KKR Real Estate Finance Trust
KREF
$499M
– –
-74,308
Closed -$669K
KRUS icon
1174
Kura Sushi USA
KRUS
$593M
– –
-15,877
Closed -$943K
KRYS icon
1175
Krystal Biotech
KRYS
$9.66B
– –
-5,903
Closed -$1.04M
45 46
47
48 49

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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.