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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
(-18%)
Cap. Flow
-$490M
Cap. Flow
% of AUM
-22.36%
Top 10 Holdings %
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$24.8M |
| 2 |
Toast
TOST
|
+$12.4M |
| 3 |
VICI Properties
VICI
|
+$8.48M |
| 4 |
NextEra Energy
NEE
|
+$8.18M |
| 5 |
Chevron
CVX
|
+$7.94M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booz Allen Hamilton
BAH
|
+$15M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$14.9M |
| 3 |
Goldman Sachs
GS
|
+$14.7M |
| 4 |
Loews
L
|
+$13.6M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
1276
Prudential Financial
PRU
$41.8B
| – | – |
-28,115
| Closed | -$2.92M |
|
1277
Public Storage
PSA
$61.3B
| – | – |
-4,256
| Closed | -$1.23M |
|
1278
Prospect Capital
PSEC
$1.17B
| – | – |
-268,440
| Closed | -$738K |
|
|
P
1279
Everpure Inc
P
$29.9B
| – | – |
-52,132
| Closed | -$4.37M |
|
1280
Phillips 66
PSX
$81.4B
| – | – |
-3,580
| Closed | -$487K |
|
1281
PayPal
PYPL
$50.5B
| – | – |
-33,331
| Closed | -$2.24M |
|
1282
Qiagen
QGEN
$8.72B
| – | – |
-6,338
| Closed | -$283K |
|
1283
QuinStreet
QNST
$1.21B
| – | – |
-141,636
| Closed | -$2.19M |
|
1284
Q2 Holdings
QTWO
$3.92B
| – | – |
-15,575
| Closed | -$1.13M |
|
1285
Ferrari
RACE
$72.5B
| – | – |
-607
| Closed | -$295K |
|
1286
LiveRamp
RAMP
$2.3B
| – | – |
-8,838
| Closed | -$240K |
|
1287
Roblox
RBLX
$27B
| – | – |
-3,929
| Closed | -$544K |
|
1288
RadNet
RDNT
$5.69B
| – | – |
-42,022
| Closed | -$3.2M |
|
1289
Regeneron Pharmaceuticals
REGN
$80.8B
| – | – |
-6,069
| Closed | -$3.41M |
|
|
REVG
1290
DELISTED
REV Group
REVG
| – | – |
-25,088
| Closed | -$1.42M |
|
1291
Reynolds Consumer Products
REYN
$5.59B
| – | – |
-53,567
| Closed | -$1.31M |
|
1292
Transocean
RIG
$5.82B
| – | – |
-27,846
| Closed | -$86.9K |
|
1293
ResMed
RMD
$30.7B
| – | – |
-3,839
| Closed | -$1.05M |
|
1294
Root
ROOT
$798M
| – | – |
-3,920
| Closed | -$351K |
|
1295
Rapid7
RPD
$773M
| – | – |
-55,138
| Closed | -$1.03M |
|
1296
Red Rock Resorts
RRR
$3.62B
| – | – |
-79,582
| Closed | -$4.86M |
|
1297
Republic Services
RSG
$65.7B
| – | – |
-6,867
| Closed | -$1.58M |
|
1298
Revvity
RVTY
$12.8B
| – | – |
-10,003
| Closed | -$877K |
|
|
RWT
1299
Redwood Trust
RWT
$594M
| – | – |
-235,084
| Closed | -$1.36M |
|
1300
Recursion Pharmaceuticals
RXRX
$1.73B
| – | – |
-33,397
| Closed | -$163K |
|
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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.