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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
-0.95%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$1.13B
AUM Growth
-$1.06B
Cap. Flow
-$1.04B
Cap. Flow %
-92.28%
Top 10 Hldgs %
8.34%
Holding
1,215
New
284
Increased
139
Reduced
338
Closed
449

Top Buys

Rank Stock Value
1
CDE icon
Coeur Mining
CDE
+$11.4M
2
TPG icon
TPG
TPG
+$9.58M
3
SOFI icon
SoFi Technologies
SOFI
+$7.05M
4
FWONK icon
Liberty Media Series C
FWONK
+$6.49M
5
Z icon
Zillow
Z
+$6.11M

Top Sells

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$30.9M
2
WMT icon
Walmart Inc
WMT
+$15.7M
3
CVX icon
Chevron
CVX
+$15M
4
SPG icon
Simon Property Group
SPG
+$12.5M
5
BROS icon
Dutch Bros
BROS
+$9.95M

Sector Composition

Rank Sector Weight
1 Financials 21.03%
2 Technology 15.44%
3 Industrials 15.31%
4 Consumer Discretionary 12.17%
5 Healthcare 9.63%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
WFC icon
1176
Wells Fargo
WFC
$261B
– –
-11,807
Closed -$1.1M
WINA icon
1177
Winmark
WINA
$1.37B
– –
-6,678
Closed -$2.7M
WING icon
1178
Wingstop
WING
$3.84B
– –
-6,862
Closed -$1.64M
WKC icon
1179
World Kinect Corp
WKC
$1.83B
– –
-41,852
Closed -$981K
WLK icon
1180
Westlake Corp
WLK
$9.85B
– –
-3,750
Closed -$277K
WMS icon
1181
Advanced Drainage Systems
WMS
$11B
– –
-6,179
Closed -$895K
WPC icon
1182
W.P. Carey
WPC
$16.7B
– –
-42,707
Closed -$2.75M
WST icon
1183
West Pharmaceutical
WST
$24.9B
– –
-20,131
Closed -$5.54M
WULF icon
1184
TeraWulf
WULF
$9.35B
– –
-132,892
Closed -$1.53M
WVE icon
1185
Wave Life Sciences
WVE
$1.1B
– –
-95,068
Closed -$1.62M
XENE icon
1186
Xenon Pharmaceuticals
XENE
$6.38B
– –
-33,459
Closed -$1.5M
ZETA icon
1187
Zeta Global
ZETA
$5.32B
– –
-51,783
Closed -$1.05M
DAY
1188
DELISTED
Dayforce
DAY
– –
-37,440
Closed -$2.59M
AHR icon
1189
American Healthcare REIT
AHR
$10.9B
– –
-49,287
Closed -$2.32M
SOC icon
1190
Sable Offshore Corp
SOC
$803M
– –
-13,754
Closed -$124K
RBRK icon
1191
Rubrik
RBRK
$16.1B
– –
-67,444
Closed -$5.16M
LION icon
1192
Lionsgate Studios
LION
$3.98B
– –
-43,542
Closed -$398K
TLN
1193
Talen Energy Corp
TLN
$17.2B
– –
-6,125
Closed -$2.3M
BOW
1194
Bowhead Specialty Holdings
BOW
$1B
– –
-23,932
Closed -$683K
QXO
1195
QXO Inc
QXO
$14.1B
– –
-90,580
Closed -$1.75M
RAPP
1196
Rapport Therapeutics
RAPP
$1.92B
– –
-21,074
Closed -$639K
TEM
1197
Tempus AI
TEM
$8.69B
– –
-31,964
Closed -$1.89M
SW
1198
Smurfit Westrock
SW
$22.6B
– –
-93,658
Closed -$3.62M
CON
1199
Concentra Group Holdings
CON
$4.01B
– –
-80,541
Closed -$1.59M
OS
1200
DELISTED
OneStream Inc
OS
– –
-55,662
Closed -$1.02M
45 46 47
48
49

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Dark Forest Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Dark Forest Capital Management held 1,215 positions worth $1.13B, down 49% from $2.19B the previous quarter. Its ten largest holdings account for 8.3% of the portfolio.

Dark Forest Capital Management withdrew a net $1.04B in Q1 2026, closing 449 positions and reducing 338 holdings. Its most notable exit was Chevron, an estimated $15M position sold in full.

By sector, the portfolio is most concentrated in Financials at 21% of assets, up from 18% a quarter earlier, followed by Technology and Industrials.

Against the trend, Dark Forest Capital Management opened a new position in Liberty Media Series C worth $6.31M.

  • Dark Forest Capital Management's largest Q1 2026 buy was Liberty Media Series C: 74,238 shares worth $6.31M.
  • Dark Forest Capital Management added most to Coeur Mining in Q1 2026, an estimated $11.4M increase.
  • Dark Forest Capital Management's biggest Q1 2026 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $30.9M.
  • Dark Forest Capital Management fully exited Chevron in Q1 2026, selling an estimated $15M.
  • Dark Forest Capital Management's ten largest holdings make up 8.3% of its $1.13B portfolio in Q1 2026.
  • Dark Forest Capital Management opened 284 new positions and closed 449 in Q1 2026.
  • Dark Forest Capital Management's portfolio value fell 49% quarter-over-quarter to $1.13B.

Based on Dark Forest Capital Management's 13F filing for Q1 2026, filed 15 May 2026.