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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
HWKN icon
1301
Hawkins
HWKN
$2.71B
– –
-2,482
Closed -$353K
HXL icon
1302
Hexcel
HXL
$7.82B
– –
-22,489
Closed -$1.27M
HY icon
1303
Hyster-Yale Materials Handling
HY
$665M
– –
-5,583
Closed -$222K
IBOC icon
1304
International Bancshares
IBOC
$4.57B
– –
-35,019
Closed -$2.33M
IBP icon
1305
Installed Building Products
IBP
$6.49B
– –
-13,015
Closed -$2.35M
ICE icon
1306
Intercontinental Exchange
ICE
$84.4B
– –
-22,055
Closed -$4.05M
ICLR icon
1307
Icon
ICLR
$12.7B
– –
-10,539
Closed -$1.53M
IEX icon
1308
IDEX
IEX
$17.3B
– –
-2,624
Closed -$461K
IHRT icon
1309
iHeartMedia
IHRT
$583M
– –
-29,980
Closed -$52.8K
IHS icon
1310
IHS Holding
IHS
$2.81B
– –
-120,198
Closed -$668K
INCY icon
1311
Incyte
INCY
$24.4B
– –
-8,552
Closed -$582K
INMD icon
1312
InMode
INMD
$880M
– –
-11,575
Closed -$167K
INOD icon
1313
Innodata
INOD
$2.04B
– –
-15,385
Closed -$788K
INSP icon
1314
Inspire Medical Systems
INSP
$1.74B
– –
-16,403
Closed -$2.13M
IOVA icon
1315
Iovance Biotherapeutics
IOVA
$2.87B
– –
-18,806
Closed -$32.3K
IP icon
1316
International Paper
IP
$22B
– –
-10,960
Closed -$513K
IPAR icon
1317
Interparfums
IPAR
$3.94B
– –
-10,461
Closed -$1.37M
IPG
1318
DELISTED
Interpublic Group of Companies
IPG
– –
-66,909
Closed -$1.64M
IQV icon
1319
IQVIA
IQV
$39.3B
– –
-11,143
Closed -$1.76M
IRBT
1320
DELISTED
iRobot
IRBT
– –
-38,905
Closed -$122K
ISRG icon
1321
Intuitive Surgical
ISRG
$134B
– –
-3,187
Closed -$1.73M
ITGR icon
1322
Integer Holdings
ITGR
$4.26B
– –
-37,176
Closed -$4.57M
IWM icon
1323
PUT
iShares Russell 2000 ETF
IWM
$81.9B
– –
-20,000
Closed -$4.32M
JACK icon
1324
Jack in the Box
JACK
$335M
– –
-43,033
Closed -$751K
JELD icon
1325
JELD-WEN Holding
JELD
$164M
– –
-56,502
Closed -$221K
51 52
53
54 55

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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.