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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
LQDA icon
1351
Liquidia Corp
LQDA
$8.02B
– –
-161,685
Closed -$2.01M
LTC
1352
LTC Properties
LTC
$2.15B
– –
-27,867
Closed -$964K
LYB icon
1353
LyondellBasell Industries
LYB
$19.2B
– –
-25,210
Closed -$1.46M
LYV icon
1354
Live Nation Entertainment
LYV
$42.1B
– –
-1,726
Closed -$261K
MAN icon
1355
ManpowerGroup
MAN
$2.63B
– –
-60,431
Closed -$2.44M
MAR icon
1356
Marriott International
MAR
$92.3B
– –
-5,460
Closed -$1.49M
MBUU icon
1357
Malibu Boats
MBUU
$567M
– –
-20,860
Closed -$654K
MCO icon
1358
Moody's
MCO
$82.7B
– –
-7,044
Closed -$3.53M
MD icon
1359
Pediatrix Medical
MD
$2.2B
– –
-62,601
Closed -$898K
MDU icon
1360
MDU Resources
MDU
$4.32B
– –
-143,951
Closed -$2.4M
MKL icon
1361
Markel Group
MKL
$23.2B
– –
-3,038
Closed -$6.07M
MLKN icon
1362
MillerKnoll
MLKN
$1.67B
– –
-104,155
Closed -$2.02M
MLYS icon
1363
Mineralys Therapeutics
MLYS
$2.41B
– –
-126,726
Closed -$1.71M
MNRO icon
1364
Monro
MNRO
$398M
– –
-39,895
Closed -$595K
MOG.A icon
1365
Moog Inc Class A
MOG.A
$12.8B
– –
-3,418
Closed -$619K
MPC icon
1366
Marathon Petroleum
MPC
$83.7B
– –
-1,268
Closed -$211K
MRC
1367
DELISTED
MRC Global
MRC
– –
-11,097
Closed -$152K
MSGE icon
1368
Madison Square Garden
MSGE
$3.62B
– –
-44,036
Closed -$1.76M
MU icon
1369
Micron Technology
MU
$991B
– –
-13,617
Closed -$1.68M
MVIS icon
1370
Microvision
MVIS
$78.9M
– –
-7,513
Closed -$128K
NAT icon
1371
Nordic American Tanker
NAT
$1.37B
– –
-408,512
Closed -$1.07M
NBR icon
1372
Nabors Industries
NBR
$1.21B
– –
-29,735
Closed -$833K
NCLH icon
1373
Norwegian Cruise Line
NCLH
$8.84B
– –
-16,198
Closed -$328K
NE icon
1374
Noble Corp
NE
$6.51B
– –
-325,454
Closed -$8.64M
NGVC icon
1375
Vitamin Cottage Natural Grocers
NGVC
$654M
– –
-38,278
Closed -$1.5M
53 54
55
56 57

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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.