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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
PBH icon
1251
Prestige Consumer Healthcare
PBH
$2.6B
– –
-23,780
Closed -$1.48M
PCAR icon
1252
PACCAR
PCAR
$70.1B
– –
-46,145
Closed -$4.54M
PCRX icon
1253
Pacira BioSciences
PCRX
$997M
– –
-19,542
Closed -$504K
PCT icon
1254
PureCycle Technologies
PCT
$1.45B
– –
-190,315
Closed -$2.5M
PCVX icon
1255
Vaxcyte
PCVX
$8.64B
– –
-40,101
Closed -$1.44M
PD icon
1256
PagerDuty
PD
$902M
– –
-16,806
Closed -$278K
PEN icon
1257
Penumbra
PEN
$12.8B
– –
-860
Closed -$218K
PFG icon
1258
Principal Financial Group
PFG
$24.3B
– –
-44,867
Closed -$3.72M
PFGC icon
1259
Performance Food Group
PFGC
$18B
– –
-44,131
Closed -$4.59M
PG icon
1260
Procter & Gamble
PG
$339B
– –
-23,237
Closed -$3.57M
PGY icon
1261
Pagaya Technologies
PGY
$1.78B
– –
-37,117
Closed -$1.1M
PHIN icon
1262
Phinia Inc
PHIN
$2.74B
– –
-23,401
Closed -$1.35M
PHR icon
1263
Phreesia
PHR
$773M
– –
-23,410
Closed -$551K
PI icon
1264
Impinj
PI
$5.6B
– –
-2,577
Closed -$466K
PLAB icon
1265
Photronics
PLAB
$1.93B
– –
-88,955
Closed -$2.04M
PLAY icon
1266
Dave & Buster's
PLAY
$357M
– –
-124,745
Closed -$2.27M
PLTK icon
1267
Playtika
PLTK
$1.12B
– –
-182,466
Closed -$710K
PLUS icon
1268
ePlus
PLUS
$2.34B
– –
-4,107
Closed -$292K
POR icon
1269
Portland General Electric
POR
$5.77B
– –
-185,942
Closed -$8.18M
POST icon
1270
Post Holdings
POST
$3.57B
– –
-30,059
Closed -$3.23M
PPG icon
1271
PPG Industries
PPG
$26.6B
– –
-4,316
Closed -$454K
PRA
1272
DELISTED
ProAssurance
PRA
– –
-26,966
Closed -$647K
PRAX icon
1273
Praxis Precision Medicines
PRAX
$10.1B
– –
-21,684
Closed -$1.15M
PRCH icon
1274
Porch Group
PRCH
$1.8B
– –
-16,326
Closed -$274K
PRO
1275
DELISTED
PROS Holdings
PRO
– –
-8,999
Closed -$206K
49 50
51
52 53

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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.