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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
ALLY icon
101
Ally Financial
ALLY
$13.4B
$4.83M 0.22%
106,609
-15,925
-13% -$656K
EQR icon
102
Equity Residential
EQR
$25B
$4.82M 0.22%
+76,387
New +$4.69M
COO icon
103
Cooper Companies
COO
$14.3B
$4.81M 0.22%
58,681
+36,905
+169% +$2.76M
SAM icon
104
Boston Beer
SAM
$1.88B
$4.81M 0.22%
24,632
+9,139
+59% +$1.88M
FLS icon
105
Flowserve
FLS
$10B
$4.81M 0.22%
69,276
-1,445
-2% -$92.9K
NDSN icon
106
Nordson
NDSN
$17.2B
$4.77M 0.22%
+19,849
New +$4.66M
HSY icon
107
Hershey
HSY
$36.8B
$4.72M 0.22%
+25,920
New +$4.74M
MKL icon
108
Markel Group
MKL
$23.2B
$4.68M 0.21%
+2,178
New +$4.41M
PRGO icon
109
Perrigo
PRGO
$1.74B
$4.67M 0.21%
+335,730
New +$5.6M
CUBE icon
110
CubeSmart
CUBE
$9.42B
$4.62M 0.21%
+128,080
New +$4.87M
GMED icon
111
Globus Medical
GMED
$11B
$4.61M 0.21%
52,850
+49,177
+1,339% +$3.73M
PLTR icon
112
Palantir
PLTR
$375B
$4.61M 0.21%
25,959
+24,068
+1,273% +$4.36M
AXP icon
113
American Express
AXP
$231B
$4.61M 0.21%
12,458
-18,370
-60% -$6.57M
AIT icon
114
Applied Industrial Technologies
AIT
$13.3B
$4.55M 0.21%
17,729
-6,514
-27% -$1.67M
HEI.A icon
115
HEICO Corp Class A
HEI.A
$36.9B
$4.54M 0.21%
18,000
-13
-0.1% -$3.21K
INTU icon
116
Intuit
INTU
$88.1B
$4.54M 0.21%
6,857
+2,196
+47% +$1.45M
WEC icon
117
WEC Energy
WEC
$35.2B
$4.54M 0.21%
43,048
+36,794
+588% +$4.07M
GTX icon
118
Garrett Motion
GTX
$5.68B
$4.52M 0.21%
259,110
+244,674
+1,695% +$3.9M
AFRM icon
119
Affirm
AFRM
$25.6B
$4.52M 0.21%
60,668
+45,792
+308% +$3.3M
SFD
120
Smithfield Foods
SFD
$9.87B
$4.51M 0.21%
202,179
-21,606
-10% -$475K
SLB icon
121
SLB Ltd
SLB
$76.5B
$4.49M 0.21%
+117,058
New +$4.24M
AEP icon
122
American Electric Power
AEP
$68.2B
$4.48M 0.2%
+38,863
New +$4.59M
ALLE icon
123
Allegion
ALLE
$14.3B
$4.48M 0.2%
28,117
+26,024
+1,243% +$4.34M
GFS icon
124
GlobalFoundries
GFS
$27.6B
$4.47M 0.2%
+128,111
New +$4.56M
WEN icon
125
Wendy's
WEN
$1.41B
$4.47M 0.2%
536,103
+413,259
+336% +$3.57M
3 4
5
6 7

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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.