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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
NSIT icon
1226
Insight Enterprises
NSIT
$4.38B
– –
-5,976
Closed -$678K
NU icon
1227
Nu Holdings
NU
$66.9B
– –
-296,824
Closed -$4.75M
NVCR icon
1228
NovoCure
NVCR
$1.91B
– –
-177,830
Closed -$2.3M
NVST icon
1229
Envista
NVST
$4.52B
– –
-30,393
Closed -$619K
NWE icon
1230
NorthWestern Energy
NWE
$4.43B
– –
-31,776
Closed -$1.86M
NWN icon
1231
Northwest Natural Holdings
NWN
$2.12B
– –
-69,416
Closed -$3.12M
NWSA icon
1232
News Corp Class A
NWSA
$15.4B
– –
-159,375
Closed -$4.89M
ADAM
1233
Adamas Trust
ADAM
$883M
– –
-20,642
Closed -$144K
ODFL icon
1234
Old Dominion Freight Line
ODFL
$44.9B
– –
-16,914
Closed -$2.38M
OGE icon
1235
OGE Energy
OGE
$9.71B
– –
-118,616
Closed -$5.49M
OII icon
1236
Oceaneering
OII
$4.77B
– –
-8,127
Closed -$201K
OLED icon
1237
Universal Display
OLED
$4.19B
– –
-73,138
Closed -$10.5M
OMCL icon
1238
Omnicell
OMCL
$1.68B
– –
-14,387
Closed -$438K
ACH
1239
Accendra Health
ACH
$214M
– –
-18,182
Closed -$87.3K
ONON icon
1240
On Holding
ONON
$12.5B
– –
-28,951
Closed -$1.23M
ORA icon
1241
Ormat Technologies
ORA
$6.65B
– –
-34,896
Closed -$3.36M
ORIC icon
1242
Oric Pharmaceuticals
ORIC
$1.4B
– –
-29,851
Closed -$358K
OSIS icon
1243
OSI Systems
OSIS
$3.89B
– –
-6,954
Closed -$1.73M
OVV icon
1244
Ovintiv
OVV
$16.4B
– –
-199,065
Closed -$8.04M
OXY icon
1245
Occidental Petroleum
OXY
$55.9B
– –
-108,445
Closed -$5.12M
PAHC icon
1246
Phibro Animal Health
PAHC
$1.39B
– –
-67,986
Closed -$2.75M
PARR icon
1247
Par Pacific Holdings
PARR
$3.32B
– –
-16,699
Closed -$591K
PATK icon
1248
Patrick Industries
PATK
$2.85B
– –
-7,876
Closed -$815K
PAYX icon
1249
Paychex
PAYX
$42.7B
– –
-4,801
Closed -$609K
PBF icon
1250
PBF Energy
PBF
$7.31B
– –
-19,042
Closed -$574K
48 49
50
51 52

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OHIF
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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.