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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
EVRG icon
1251
Evergy
EVRG
$19.2B
– –
-23,125
Closed -$1.59M
EXC icon
1252
Exelon
EXC
$47B
– –
-21,885
Closed -$950K
EXEL icon
1253
Exelixis
EXEL
$13.4B
– –
-9,615
Closed -$424K
EXPE icon
1254
Expedia Group
EXPE
$37.3B
– –
-6,934
Closed -$1.17M
EXR icon
1255
Extra Space Storage
EXR
$31.6B
– –
-16,749
Closed -$2.47M
FBK icon
1256
FB Financial Corp
FBK
$3.04B
– –
-39,454
Closed -$1.79M
FG icon
1257
F&G Annuities & Life
FG
$3.62B
– –
-25,884
Closed -$828K
FINV
1258
FinVolution Group
FINV
$1.15B
– –
-16,276
Closed -$154K
FL
1259
DELISTED
Foot Locker
FL
– –
-38,149
Closed -$935K
FLYW icon
1260
Flywire
FLYW
$2.16B
– –
-89,938
Closed -$1.05M
FNF icon
1261
Fidelity National Financial
FNF
$13.5B
– –
-8,935
Closed -$501K
FOLD
1262
DELISTED
Amicus Therapeutics
FOLD
– –
-311,561
Closed -$1.79M
FORM icon
1263
FormFactor
FORM
$9.17B
– –
-17,948
Closed -$618K
FOXF icon
1264
Fox Factory Holding Corp
FOXF
$886M
– –
-41,739
Closed -$1.08M
FRO icon
1265
Frontline
FRO
$8.85B
– –
-34,409
Closed -$565K
FROG icon
1266
JFrog
FROG
$10.8B
– –
-11,769
Closed -$516K
FRT icon
1267
Federal Realty Investment Trust
FRT
$10.3B
– –
-14,171
Closed -$1.35M
FSLR icon
1268
First Solar
FSLR
$26.9B
– –
-6,792
Closed -$1.12M
FSLY icon
1269
Fastly Inc
FSLY
$3.66B
– –
-63,075
Closed -$445K
FTDR icon
1270
Frontdoor
FTDR
$6.26B
– –
-7,545
Closed -$445K
FTI icon
1271
TechnipFMC
FTI
$27.3B
– –
-273,462
Closed -$9.42M
FUL icon
1272
H.B. Fuller
FUL
$3.28B
– –
-79,875
Closed -$4.8M
G icon
1273
Genpact
G
$5.76B
– –
-7,353
Closed -$324K
GATX icon
1274
GATX Corp
GATX
$6.27B
– –
-16,120
Closed -$2.48M
GDS icon
1275
GDS Holdings
GDS
$6.41B
– –
-9,938
Closed -$304K
49 50
51
52 53

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AT
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WM
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OHIF
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HMCP
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ACM
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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.