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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
XHR
1401
Xenia Hotels & Resorts
XHR
$1.79B
– –
-262,212
Closed -$3.6M
XP icon
1402
XP
XP
$8.39B
– –
-181,901
Closed -$3.42M
XRX icon
1403
Xerox
XRX
$425M
– –
-51,685
Closed -$194K
XYL icon
1404
Xylem
XYL
$28.1B
– –
-19,281
Closed -$2.84M
YUMC icon
1405
Yum China
YUMC
$16.3B
– –
-12,286
Closed -$527K
GTM
1406
ZoomInfo Technologies
GTM
$1.22B
– –
-226,516
Closed -$2.47M
ZTO icon
1407
ZTO Express
ZTO
$17.9B
– –
-25,872
Closed -$497K
ZTS icon
1408
Zoetis
ZTS
$30B
– –
-5,458
Closed -$799K
ZYME icon
1409
Zymeworks
ZYME
$1.67B
– –
-37,167
Closed -$635K
BTSG icon
1410
BrightSpring Health Services
BTSG
$12.4B
– –
-21,179
Closed -$626K
FLUT icon
1411
Flutter Entertainment
FLUT
$16.4B
– –
-16,415
Closed -$4.17M
ASTH icon
1412
Astrana Health
ASTH
$1.77B
– –
-28,667
Closed -$813K
RDDT icon
1413
Reddit
RDDT
$31.1B
– –
-3,987
Closed -$917K
LENZ
1414
LENZ Therapeutics
LENZ
$168M
– –
-10,163
Closed -$473K
PACS icon
1415
PACS Group
PACS
$7.67B
– –
-29,449
Closed -$404K
ULS icon
1416
UL Solutions
ULS
$15.8B
– –
-14,951
Closed -$1.06M
MRX
1417
Marex Group Limited Ordinary Shares
MRX
$4.37B
– –
-44,888
Closed -$1.51M
CNR
1418
Core Natural Resources Inc
CNR
$4.45B
– –
-10,424
Closed -$870K
BWIN
1419
Baldwin Insurance Group
BWIN
$2.86B
– –
-52,050
Closed -$1.47M
BKV
1420
BKV Corp
BKV
$2.68B
– –
-11,074
Closed -$256K
AMTM
1421
Amentum Holdings
AMTM
$6.05B
– –
-95,866
Closed -$2.3M
EXE
1422
Expand Energy Corp
EXE
$21.5B
– –
-26,164
Closed -$2.78M
ECG
1423
Everus Construction Group
ECG
$6.99B
– –
-11,504
Closed -$986K
TTAN
1424
ServiceTitan Inc
TTAN
$8.19B
– –
-16,628
Closed -$1.68M
ONC
1425
BeOne Medicines Ltd
ONC
$39.4B
– –
-593
Closed -$202K
54 55 56
57
58

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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.