We are live on ! Find out more
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
MIRM icon
1201
Mirum Pharmaceuticals
MIRM
$6.14B
– –
-10,082
Closed -$739K
MKC icon
1202
McCormick & Company Non-Voting
MKC
$14.2B
– –
-49,024
Closed -$3.28M
MLI icon
1203
Mueller Industries
MLI
$15.2B
– –
-67,286
Closed -$3.4M
MLM icon
1204
Martin Marietta Materials
MLM
$33B
– –
-849
Closed -$535K
MMSI icon
1205
Merit Medical Systems
MMSI
$5.32B
– –
-32,259
Closed -$2.68M
MO icon
1206
Altria Group
MO
$114B
– –
-29,076
Closed -$1.92M
MRK icon
1207
Merck
MRK
$318B
– –
-29,010
Closed -$2.43M
MSCI icon
1208
MSCI
MSCI
$40.9B
– –
-776
Closed -$440K
MSGS icon
1209
Madison Square Garden
MSGS
$9.39B
– –
-2,760
Closed -$627K
MSM icon
1210
MSC Industrial Direct
MSM
$6.86B
– –
-8,364
Closed -$771K
MTAL
1211
DELISTED
Metals Acquisition
MTAL
– –
-85,164
Closed -$1.04M
MTCH icon
1212
Match Group
MTCH
$8.55B
– –
-15,811
Closed -$558K
MTD icon
1213
Mettler-Toledo International
MTD
$28.6B
– –
-243
Closed -$298K
MTB icon
1214
M&T Bank
MTB
$36.2B
– –
-44,361
Closed -$8.77M
MTG icon
1215
MGIC Investment
MTG
$6.25B
– –
-156,968
Closed -$4.45M
MTZ icon
1216
MasTec
MTZ
$21.9B
– –
-5,098
Closed -$1.08M
MYGN icon
1217
Myriad Genetics
MYGN
$312M
– –
-12,764
Closed -$92.3K
NATL icon
1218
NCR Atleos
NATL
$3.44B
– –
-29,292
Closed -$1.15M
NCNO icon
1219
nCino
NCNO
$2.1B
– –
-26,488
Closed -$718K
NEM icon
1220
Newmont
NEM
$119B
– –
-29,672
Closed -$2.5M
NEU icon
1221
NewMarket
NEU
$8.18B
– –
-591
Closed -$489K
NHC icon
1222
National Healthcare
NHC
$3.38B
– –
-10,589
Closed -$1.29M
NLY icon
1223
Annaly Capital Management
NLY
$17.4B
– –
-444,467
Closed -$8.98M
NOK icon
1224
Nokia
NOK
$52.3B
– –
-34,147
Closed -$164K
NSC icon
1225
Norfolk Southern
NSC
$75.1B
– –
-4,112
Closed -$1.24M
47 48
49
50 51

Similar funds

PL
Parkwood LLC Cleveland, Ohio $1.13B AUM 32.89% 1-Year Est. Return
AT
American Trust Lexington, Kentucky $1.13B AUM 17.56% 1-Year Est. Return
WM
WS Management Jacksonville, Florida $1.13B AUM 53.44% 1-Year Est. Return
OHIF
Oriental Harbor Investment Fund Hong Kong $1.13B AUM 70.63% 1-Year Est. Return
HMCP
Hook Mill Capital Partners New York $1.13B AUM 31.32% 1-Year Est. Return
C
Chescapmanager Baltimore, Maryland $1.12B AUM 67.49% 1-Year Est. Return
ACM
Alua Capital Management New York $1.13B AUM 8.41% 1-Year Est. Return
CNC
Canandaigua National Corp Canandaigua, New York $1.12B AUM

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.