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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 | |
|---|---|---|---|---|---|---|
|
VMEO
1376
DELISTED
Vimeo
VMEO
| – | – |
-37,693
| Closed | -$292K |
|
|
VNET
1377
VNET Group
VNET
$2.09B
| – | – |
-20,226
| Closed | -$209K |
|
1378
Varonis Systems
VRNS
$5B
| – | – |
-34,837
| Closed | -$2M |
|
|
VRNT
1379
DELISTED
Verint Systems
VRNT
| – | – |
-50,181
| Closed | -$1.02M |
|
1380
Verisk Analytics
VRSK
$25B
| – | – |
-6,484
| Closed | -$1.63M |
|
1381
Viasat
VSAT
$11.1B
| – | – |
-15,257
| Closed | -$447K |
|
|
VTLE
1382
DELISTED
Vital Energy
VTLE
| – | – |
-16,708
| Closed | -$282K |
|
1383
Ventas
VTR
$47.9B
| – | – |
-24,253
| Closed | -$1.7M |
|
1384
Viatris
VTRS
$18.9B
| – | – |
-15,921
| Closed | -$158K |
|
1385
Valvoline
VVV
$4.51B
| – | – |
-37,903
| Closed | -$1.36M |
|
1386
NCR Voyix
VYX
$1.14B
| – | – |
-115,166
| Closed | -$1.45M |
|
1387
Wabtec
WAB
$49.3B
| – | – |
-8,610
| Closed | -$1.73M |
|
1388
Walker & Dunlop
WD
$1.53B
| – | – |
-40,469
| Closed | -$3.38M |
|
1389
WEX
WEX
$6.31B
| – | – |
-17,855
| Closed | -$2.81M |
|
1390
GeneDx Holdings
WGS
$2.3B
| – | – |
-13,132
| Closed | -$1.41M |
|
1391
Wyndham Hotels & Resorts
WH
$5.48B
| – | – |
-19,514
| Closed | -$1.56M |
|
1392
Cactus
WHD
$5.44B
| – | – |
-33,530
| Closed | -$1.32M |
|
1393
WIX.com
WIX
$2.52B
| – | – |
-2,062
| Closed | -$366K |
|
1394
Williams Companies
WMB
$86.1B
| – | – |
-8,637
| Closed | -$547K |
|
|
WNS
1395
DELISTED
WNS Holdings
WNS
| – | – |
-3,040
| Closed | -$232K |
|
1396
WillScot Mobile Mini Holdings
WSC
$4.41B
| – | – |
-76,237
| Closed | -$1.61M |
|
1397
Williams-Sonoma
WSM
$29.6B
| – | – |
-2,242
| Closed | -$438K |
|
1398
Wolverine World Wide
WWW
$1.55B
| – | – |
-80,761
| Closed | -$2.22M |
|
1399
Weyerhaeuser
WY
$18.4B
| – | – |
-46,790
| Closed | -$1.16M |
|
1400
State Street SPDR S&P Biotech ETF
XBI
$10.3B
| – | – |
-105,995
| Closed | -$10.6M |
|
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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.