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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
DDD icon
1226
3D Systems Corp
DDD
$613M
– –
-70,695
Closed -$109K
DELL icon
1227
Dell
DELL
$293B
– –
-25,387
Closed -$3.11M
DH icon
1228
Definitive Healthcare
DH
$75.3M
– –
-36,224
Closed -$141K
DIN icon
1229
Dine Brands
DIN
$452M
– –
-9,990
Closed -$243K
DIOD icon
1230
Diodes
DIOD
$4.84B
– –
-71,954
Closed -$3.81M
DIS icon
1231
Walt Disney
DIS
$181B
– –
-22,206
Closed -$2.75M
DNB
1232
DELISTED
Dun & Bradstreet
DNB
– –
-156,711
Closed -$1.42M
DNLI icon
1233
Denali Therapeutics
DNLI
$3.97B
– –
-28,433
Closed -$398K
DOCS icon
1234
Doximity
DOCS
$4.88B
– –
-4,942
Closed -$303K
DOW icon
1235
Dow Inc
DOW
$21.2B
– –
-81,150
Closed -$2.15M
DOX icon
1236
Amdocs
DOX
$6.22B
– –
-40,864
Closed -$3.73M
DVAX
1237
DELISTED
Dynavax Technologies
DVAX
– –
-110,811
Closed -$1.1M
DXC icon
1238
DXC Technology
DXC
$1.73B
– –
-261,089
Closed -$3.99M
EBS icon
1239
Emergent Biosolutions
EBS
$248M
– –
-17,491
Closed -$112K
ECL icon
1240
Ecolab
ECL
$79.9B
– –
-4,964
Closed -$1.34M
EFA icon
1241
PUT
iShares MSCI EAFE ETF
EFA
$80.2B
– –
-15,000
Closed -$1.34M
EIX icon
1242
Edison International
EIX
$26.4B
– –
-67,019
Closed -$3.46M
EOLS icon
1243
Evolus
EOLS
$501M
– –
-119,240
Closed -$1.1M
EQIX icon
1244
Equinix
EQIX
$103B
– –
-340
Closed -$270K
EQT icon
1245
EQT Corp
EQT
$32.3B
– –
-4,452
Closed -$260K
ERIE icon
1246
Erie Indemnity
ERIE
$13.2B
– –
-663
Closed -$230K
ES icon
1247
Eversource Energy
ES
$27.2B
– –
-11,462
Closed -$729K
ESGR
1248
DELISTED
Enstar Group
ESGR
– –
-6,520
Closed -$2.19M
ETR icon
1249
Entergy
ETR
$50B
– –
-12,300
Closed -$1.02M
EVER icon
1250
EverQuote
EVER
$906M
– –
-97,498
Closed -$2.36M
48 49
50
51 52

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OHIF
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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.