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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
KTOS icon
1176
Kratos Defense & Security Solutions
KTOS
$11.4B
– –
-3,588
Closed -$328K
KVYO icon
1177
Klaviyo
KVYO
$4.73B
– –
-28,562
Closed -$791K
LADR
1178
Ladder Capital
LADR
$1.24B
– –
-141,793
Closed -$1.55M
LBRDK icon
1179
Liberty Broadband Class C
LBRDK
$5.15B
– –
-22,703
Closed -$1.44M
LDOS icon
1180
Leidos
LDOS
$17.3B
– –
-5,776
Closed -$1.09M
LEG icon
1181
Leggett & Platt
LEG
$1.31B
– –
-192,975
Closed -$1.71M
LH icon
1182
Labcorp
LH
$25.9B
– –
-1,202
Closed -$345K
LI icon
1183
Li Auto
LI
$12.7B
– –
-15,771
Closed -$400K
LLYVK icon
1184
Liberty Live Group Series C
LLYVK
$9.46B
– –
-15,525
Closed -$1.51M
LMB icon
1185
Limbach Holdings
LMB
$581M
– –
-11,884
Closed -$1.15M
LNW
1186
DELISTED
Light & Wonder
LNW
– –
-29,135
Closed -$2.45M
LOPE icon
1187
Grand Canyon Education
LOPE
$3.98B
– –
-4,131
Closed -$907K
LOW icon
1188
Lowe's Companies
LOW
$125B
– –
-18,265
Closed -$4.59M
LPG icon
1189
Dorian LPG
LPG
$1.96B
– –
-89,148
Closed -$2.66M
LSCC icon
1190
Lattice Semiconductor
LSCC
$18.5B
– –
-9,038
Closed -$663K
LULU icon
1191
lululemon athletica
LULU
$14.6B
– –
-8,411
Closed -$1.5M
LUV icon
1192
Southwest Airlines
LUV
$23B
– –
-36,480
Closed -$1.16M
MAT icon
1193
Mattel
MAT
$4.23B
– –
-295,131
Closed -$4.97M
MDGL icon
1194
Madrigal Pharmaceuticals
MDGL
$11.8B
– –
-1,259
Closed -$577K
MDLZ icon
1195
Mondelez International
MDLZ
$79.9B
– –
-28,330
Closed -$1.77M
MDT icon
1196
Medtronic
MDT
$112B
– –
-26,886
Closed -$2.56M
MELI icon
1197
Mercado Libre
MELI
$92.3B
– –
-169
Closed -$395K
MFA
1198
MFA Financial
MFA
$933M
– –
-317,895
Closed -$2.92M
MGNI icon
1199
Magnite
MGNI
$3.55B
– –
-69,509
Closed -$1.51M
MIDD icon
1200
Middleby
MIDD
$6.08B
– –
-8,733
Closed -$1.16M
46 47
48
49 50

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OHIF
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HMCP
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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.