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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
BGS icon
1176
B&G Foods
BGS
$286M
– –
-139,936
Closed -$592K
BHVN icon
1177
Biohaven
BHVN
$2.21B
– –
-166,331
Closed -$2.35M
CMRC
1178
Commerce.com Inc Series 1
CMRC
$184M
– –
-14,600
Closed -$73K
BOH icon
1179
Bank of Hawaii
BOH
$3.13B
– –
-25,391
Closed -$1.71M
BSAC icon
1180
Banco Santander Chile
BSAC
$16.6B
– –
-17,949
Closed -$453K
BYND icon
1181
Beyond Meat
BYND
$277M
– –
-31,812
Closed -$111K
BBBY
1182
Bed Bath & Beyond
BBBY
$442M
– –
-29,565
Closed -$185K
BZ icon
1183
Kanzhun
BZ
$7.36B
– –
-16,039
Closed -$286K
CALM icon
1184
Cal-Maine
CALM
$3.99B
– –
-9,570
Closed -$953K
CASH icon
1185
Pathward Financial
CASH
$1.8B
– –
-30,692
Closed -$2.43M
CASY icon
1186
Casey's General Stores
CASY
$30.9B
– –
-1,812
Closed -$925K
CB icon
1187
PUT
Chubb
CB
$135B
– –
-3,500
Closed -$1.01M
CBZ icon
1188
CBIZ
CBZ
$2.96B
– –
-18,807
Closed -$1.35M
CCB icon
1189
Coastal Financial
CCB
$693M
– –
-2,406
Closed -$233K
CCC
1190
CCC Intelligent Solutions
CCC
$4.08B
– –
-75,194
Closed -$708K
CCEP icon
1191
Coca-Cola Europacific Partners
CCEP
$47.9B
– –
-3,916
Closed -$363K
CCK icon
1192
Crown Holdings
CCK
$13.1B
– –
-25,059
Closed -$2.58M
CCOI icon
1193
Cogent Communications
CCOI
$508M
– –
-54,788
Closed -$2.64M
CDNA icon
1194
CareDx
CDNA
$2.42B
– –
-12,159
Closed -$238K
CDRE icon
1195
Cadre Holdings
CDRE
$1.41B
– –
-46,671
Closed -$1.49M
CEG icon
1196
Constellation Energy
CEG
$95.6B
– –
-792
Closed -$256K
CF icon
1197
CF Industries
CF
$17.3B
– –
-8,248
Closed -$759K
CG icon
1198
Carlyle Group
CG
$17.2B
– –
-56,326
Closed -$2.9M
CFR icon
1199
Cullen/Frost Bankers
CFR
$10.2B
– –
-7,491
Closed -$963K
CIFR icon
1200
Cipher Digital
CIFR
$7.13B
– –
-24,126
Closed -$115K
46 47
48
49 50

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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.