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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
NI icon
1376
NiSource
NI
$20.4B
– –
-6,080
Closed -$245K
NMIH icon
1377
NMI Holdings
NMIH
$3.36B
– –
-32,394
Closed -$1.37M
NN icon
1378
NextNav
NN
$2.23B
– –
-12,446
Closed -$189K
NNN icon
1379
NNN REIT
NNN
$8.99B
– –
-97,058
Closed -$4.19M
NOW icon
1380
ServiceNow
NOW
$129B
– –
-7,130
Closed -$1.47M
NRDS icon
1381
NerdWallet
NRDS
$652M
– –
-89,198
Closed -$979K
NTCT icon
1382
NETSCOUT
NTCT
$2.79B
– –
-12,132
Closed -$301K
NTES icon
1383
NetEase
NTES
$84.7B
– –
-4,007
Closed -$539K
NTNX icon
1384
Nutanix
NTNX
$16.9B
– –
-10,010
Closed -$765K
NTRA icon
1385
Natera
NTRA
$46.4B
– –
-12,535
Closed -$2.12M
NUVL
1386
DELISTED
Nuvalent
NUVL
– –
-4,532
Closed -$346K
NVT icon
1387
nVent Electric
NVT
$26.7B
– –
-36,536
Closed -$2.68M
NX icon
1388
Quanex
NX
$1.01B
– –
-72,276
Closed -$1.37M
NXPI icon
1389
NXP Semiconductors
NXPI
$60.4B
– –
-14,900
Closed -$3.26M
NXT icon
1390
Nextpower Inc
NXT
$15.7B
– –
-9,583
Closed -$521K
NYT icon
1391
New York Times
NYT
$10.2B
– –
-60,159
Closed -$3.37M
OC icon
1392
Owens Corning
OC
$12.4B
– –
-22,167
Closed -$3.05M
OCFC icon
1393
OceanFirst Financial
OCFC
$1.91B
– –
-43,893
Closed -$773K
ODP
1394
DELISTED
ODP
ODP
– –
-13,813
Closed -$250K
OEC icon
1395
Orion
OEC
$409M
– –
-137,830
Closed -$1.45M
OI icon
1396
O-I Glass
OI
$1.08B
– –
-14,952
Closed -$220K
OGS icon
1397
ONE Gas
OGS
$5.04B
– –
-49,431
Closed -$3.55M
OLO
1398
DELISTED
Olo Inc
OLO
– –
-103,527
Closed -$921K
ONTO icon
1399
Onto Innovation
ONTO
$15.3B
– –
-18,065
Closed -$1.82M
OSCR icon
1400
Oscar Health
OSCR
$8.61B
– –
-42,968
Closed -$921K
54 55
56
57 58

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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.