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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
GE icon
1276
GE Aerospace
GE
$384B
– –
-37,785
Closed -$9.73M
GFS icon
1277
GlobalFoundries
GFS
$29.6B
– –
-28,844
Closed -$1.1M
GMS
1278
DELISTED
GMS Inc
GMS
– –
-2,286
Closed -$249K
GNK icon
1279
Genco Shipping & Trading
GNK
$1.1B
– –
-25,975
Closed -$339K
GNL icon
1280
Global Net Lease
GNL
$1.95B
– –
-16,463
Closed -$124K
GPC icon
1281
Genuine Parts
GPC
$18.7B
– –
-55,640
Closed -$6.75M
GRMN
1282
Garmin
GRMN
$60B
– –
-5,054
Closed -$1.05M
GRPN icon
1283
Groupon
GRPN
$1.02B
– –
-6,682
Closed -$224K
GTN icon
1284
Gray Television
GTN
$552M
– –
-22,817
Closed -$103K
GWRE icon
1285
Guidewire Software
GWRE
$14.2B
– –
-4,364
Closed -$1.03M
GWW icon
1286
W.W. Grainger
GWW
$60.2B
– –
-2,846
Closed -$2.96M
HAIN icon
1287
Hain Celestial
HAIN
$53.7M
– –
-30,186
Closed -$45.9K
HCC icon
1288
Warrior Met Coal
HCC
$4.86B
– –
-48,436
Closed -$2.22M
HCI icon
1289
HCI Group
HCI
$2.41B
– –
-11,408
Closed -$1.74M
HCSG icon
1290
Healthcare Services Group
HCSG
$1.53B
– –
-145,855
Closed -$2.19M
HG icon
1291
Hamilton Insurance Group
HG
$3.56B
– –
-97,856
Closed -$2.12M
HGV icon
1292
Hilton Grand Vacations
HGV
$3.55B
– –
-34,994
Closed -$1.45M
HI
1293
DELISTED
Hillenbrand
HI
– –
-22,742
Closed -$456K
HIMS icon
1294
Hims & Hers Health
HIMS
$7.31B
– –
-14,553
Closed -$725K
HIW icon
1295
Highwoods Properties
HIW
$3.47B
– –
-124,692
Closed -$3.88M
HON icon
1296
Honeywell
HON
$78B
– –
-19,264
Closed -$4.23M
HRL icon
1297
Hormel Foods
HRL
$13.8B
– –
-11,861
Closed -$359K
HTGC icon
1298
Hercules Capital
HTGC
$3.23B
– –
-27,059
Closed -$495K
HUBG icon
1299
HUB Group
HUBG
$2.92B
– –
-25,888
Closed -$865K
HURN icon
1300
Huron Consulting
HURN
$2.42B
– –
-12,582
Closed -$1.73M
50 51
52
53 54

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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.