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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
JHG
1326
DELISTED
Janus Henderson
JHG
– –
-16,541
Closed -$642K
JHX icon
1327
James Hardie Industries
JHX
$17.5B
– –
-9,316
Closed -$251K
JNJ icon
1328
Johnson & Johnson
JNJ
$625B
– –
-25,859
Closed -$3.95M
JNPR
1329
DELISTED
Juniper Networks
JNPR
– –
-91,202
Closed -$3.64M
JXN icon
1330
Jackson Financial
JXN
$8.8B
– –
-23,853
Closed -$2.12M
KD icon
1331
Kyndryl
KD
$3.05B
– –
-45,526
Closed -$1.91M
KDP icon
1332
Keurig Dr Pepper
KDP
$40.8B
– –
-212,566
Closed -$7.03M
KGS icon
1333
Kodiak Gas Services
KGS
$6.05B
– –
-195,260
Closed -$6.69M
KKR icon
1334
KKR & Co
KKR
$92.3B
– –
-10,427
Closed -$1.39M
KLAC icon
1335
KLA
KLAC
$259B
– –
-3,290
Closed -$295K
KN icon
1336
Knowles
KN
$3.34B
– –
-12,698
Closed -$224K
KODK icon
1337
Kodak
KODK
$983M
– –
-10,796
Closed -$61K
LAD icon
1338
Lithia Motors
LAD
$8.26B
– –
-3,599
Closed -$1.22M
LAMR icon
1339
Lamar Advertising Co
LAMR
$16.3B
– –
-44,501
Closed -$5.4M
MZTI
1340
The Marzetti Company
MZTI
$3.11B
– –
-4,787
Closed -$827K
LAZR
1341
DELISTED
Luminar Technologies
LAZR
– –
-24,107
Closed -$69.2K
LCII icon
1342
LCI Industries
LCII
$2.65B
– –
-21,628
Closed -$1.97M
LEGN icon
1343
Legend Biotech
LEGN
$4.01B
– –
-6,427
Closed -$228K
LEU icon
1344
Centrus Energy
LEU
$3.82B
– –
-4,731
Closed -$867K
LFUS icon
1345
Littelfuse
LFUS
$11.6B
– –
-1,100
Closed -$249K
LIVN icon
1346
LivaNova
LIVN
$4.2B
– –
-46,715
Closed -$2.1M
LNN icon
1347
Lindsay Corp
LNN
$1.18B
– –
-6,565
Closed -$947K
LNTH icon
1348
Lantheus
LNTH
$6.59B
– –
-14,221
Closed -$1.16M
LPLA icon
1349
LPL Financial
LPLA
$28.6B
– –
-1,793
Closed -$672K
LQDA icon
1350
CALL
Liquidia Corp
LQDA
$8.02B
– –
-42,500
Closed -$530K
52 53
54
55 56

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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.