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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
Cap. Flow
-$490M
Cap. Flow %
-22.36%
Top 10 Hldgs %
6.98%
Holding
1,430
New
319
Increased
285
Reduced
326
Closed
499

Top Buys

Rank Stock Value
1
EEM icon
iShares MSCI Emerging Markets ETF
EEM
+$24.8M
2
TOST icon
Toast
TOST
+$12.4M
3
VICI icon
VICI Properties
VICI
+$8.48M
4
NEE icon
NextEra Energy
NEE
+$8.18M
5
CVX icon
Chevron
CVX
+$7.94M

Top Sells

Rank Stock Value
1
BAH icon
Booz Allen Hamilton
BAH
+$15M
2
EWZ icon
iShares MSCI Brazil ETF
EWZ
+$14.9M
3
GS icon
Goldman Sachs
GS
+$14.7M
4
L icon
Loews
L
+$13.6M
5
INDA icon
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
STEP icon
1326
StepStone Group
STEP
$3.82B
– –
-7,415
Closed -$484K
STNE icon
1327
StoneCo
STNE
$2.58B
– –
-119,475
Closed -$2.26M
STRA icon
1328
Strategic Education
STRA
$1.92B
– –
-4,101
Closed -$353K
STX icon
1329
Seagate
STX
$184B
– –
-11,886
Closed -$2.81M
STZ icon
1330
Constellation Brands
STZ
$23.2B
– –
-46,315
Closed -$6.24M
SXC icon
1331
SunCoke Energy
SXC
$797M
– –
-220,474
Closed -$1.8M
SXI icon
1332
Standex International
SXI
$4.12B
– –
-4,242
Closed -$899K
SYRE icon
1333
Spyre Therapeutics
SYRE
$9.25B
– –
-14,733
Closed -$247K
TAL icon
1334
TAL Education Group
TAL
$6.87B
– –
-14,800
Closed -$166K
TARS icon
1335
Tarsus Pharmaceuticals
TARS
$2.84B
– –
-5,062
Closed -$301K
TBBK icon
1336
The Bancorp
TBBK
$2.84B
– –
-7,119
Closed -$533K
TDS icon
1337
Telephone and Data Systems
TDS
$3.75B
– –
-33,231
Closed -$1.3M
TDUP icon
1338
ThredUp
TDUP
$422M
– –
-46,511
Closed -$440K
TDW icon
1339
Tidewater
TDW
$4.12B
– –
-41,559
Closed -$2.22M
TECH icon
1340
Bio-Techne
TECH
$11.3B
– –
-23,347
Closed -$1.3M
TEX icon
1341
Terex
TEX
$7.74B
– –
-42,475
Closed -$2.18M
TFX icon
1342
Teleflex
TFX
$5.98B
– –
-29,019
Closed -$3.55M
THG icon
1343
Hanover Insurance
THG
$7.98B
– –
-3,939
Closed -$715K
THO icon
1344
Thor Industries
THO
$4.14B
– –
-3,050
Closed -$316K
TIP icon
1345
iShares TIPS Bond ETF
TIP
$14.5B
– –
-91,743
Closed -$10.2M
TMHC
1346
DELISTED
Taylor Morrison
TMHC
– –
-24,364
Closed -$1.61M
TMO icon
1347
Thermo Fisher Scientific
TMO
$220B
– –
-735
Closed -$356K
TMUS icon
1348
T-Mobile US
TMUS
$190B
– –
-29,121
Closed -$6.97M
TNDM icon
1349
Tandem Diabetes Care
TNDM
$1.56B
– –
-75,535
Closed -$917K
TPH
1350
DELISTED
Tri Pointe Homes
TPH
– –
-10,904
Closed -$370K
52 53
54
55 56

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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.