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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 | |
|---|---|---|---|---|---|---|
1301
Rayonier
RYN
$6.55B
| – | – |
-45,613
| Closed | -$1.15M |
|
1302
Rhythm Pharmaceuticals
RYTM
$7.96B
| – | – |
-28,639
| Closed | -$2.89M |
|
1303
Sanmina
SANM
$10.9B
| – | – |
-10,796
| Closed | -$1.24M |
|
|
SCS
1304
DELISTED
Steelcase
SCS
| – | – |
-20,314
| Closed | -$349K |
|
1305
Scansource
SCSC
$1.12B
| – | – |
-12,526
| Closed | -$551K |
|
|
SEMR
1306
DELISTED
Semrush
SEMR
| – | – |
-29,685
| Closed | -$210K |
|
1307
Surgery Partners
SGRY
$2.03B
| – | – |
-117,474
| Closed | -$2.54M |
|
1308
Shake Shack
SHAK
$2.87B
| – | – |
-20,007
| Closed | -$1.87M |
|
1309
Sunstone Hotel Investors
SHO
$2.06B
| – | – |
-98,772
| Closed | -$925K |
|
1310
Skywest
SKYW
$4.34B
| – | – |
-26,768
| Closed | -$2.69M |
|
1311
SL Green Realty
SLG
$3.99B
| – | – |
-72,242
| Closed | -$4.32M |
|
1312
Super Micro Computer
SMCI
$20.1B
| – | – |
-126,112
| Closed | -$6.05M |
|
1313
Snowflake
SNOW
$115B
| – | – |
-20,155
| Closed | -$4.55M |
|
|
SNV
1314
DELISTED
Synovus
SNV
| – | – |
-51,375
| Closed | -$2.52M |
|
1315
S&P Global
SPGI
$120B
| – | – |
-1,032
| Closed | -$502K |
|
1316
ARS Pharmaceuticals
SPRY
$612M
| – | – |
-50,940
| Closed | -$512K |
|
1317
SPS Commerce
SPSC
$2.64B
| – | – |
-16,120
| Closed | -$1.68M |
|
1318
Sprout Social
SPT
$621M
| – | – |
-113,364
| Closed | -$1.46M |
|
1319
SPX Corp
SPXC
$10.8B
| – | – |
-4,365
| Closed | -$815K |
|
1320
Spire
SR
$4.85B
| – | – |
-11,005
| Closed | -$897K |
|
1321
Sempra
SRE
$54.8B
| – | – |
-9,757
| Closed | -$878K |
|
1322
SouthState Bank Corp
SSB
$10.5B
| – | – |
-16,755
| Closed | -$1.66M |
|
1323
Stewart Information Services
STC
$2.08B
| – | – |
-3,125
| Closed | -$229K |
|
1324
Steris
STE
$23.1B
| – | – |
-4,822
| Closed | -$1.19M |
|
|
STEL
1325
DELISTED
Stellar Bancorp
STEL
| – | – |
-12,038
| Closed | -$365K |
|
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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.