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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
QS icon
1426
QuantumScape Corp
QS
$3.74B
– –
-45,291
Closed -$304K
RBC icon
1427
RBC Bearings
RBC
$18B
– –
-3,306
Closed -$1.27M
RCKT icon
1428
Rocket Pharmaceuticals
RCKT
$394M
– –
-153,814
Closed -$377K
REAL icon
1429
The RealReal
REAL
$1.5B
– –
-136,799
Closed -$655K
RELY icon
1430
Remitly
RELY
$5.14B
– –
-368,281
Closed -$6.91M
REXR icon
1431
Rexford Industrial Realty
REXR
$8.19B
– –
-41,094
Closed -$1.46M
RF icon
1432
Regions Financial
RF
$26.8B
– –
-21,003
Closed -$494K
RL icon
1433
Ralph Lauren
RL
$23.6B
– –
-5,058
Closed -$1.39M
RMBS icon
1434
Rambus
RMBS
$11B
– –
-43,444
Closed -$2.78M
ROG icon
1435
Rogers Corp
ROG
$2.4B
– –
-5,925
Closed -$406K
ROL icon
1436
Rollins
ROL
$18.2B
– –
-35,305
Closed -$1.99M
RUSHA icon
1437
Rush Enterprises Class A
RUSHA
$6.22B
– –
-12,559
Closed -$647K
RVMD icon
1438
Revolution Medicines
RVMD
$44B
– –
-89,617
Closed -$3.3M
RXT icon
1439
Rackspace Technology
RXT
$1.24B
– –
-22,799
Closed -$29.2K
RYAN icon
1440
Ryan Specialty Holdings
RYAN
$11B
– –
-4,991
Closed -$339K
S icon
1441
SentinelOne
S
$7.34B
– –
-79,672
Closed -$1.46M
SAH icon
1442
Sonic Automotive
SAH
$2.61B
– –
-13,128
Closed -$1.05M
SAIA icon
1443
Saia
SAIA
$9.72B
– –
-3,151
Closed -$863K
SAIC icon
1444
Saic
SAIC
$5.35B
– –
-17,192
Closed -$1.94M
ECHO
1445
EchoStar
ECHO
$26.2B
– –
-7,500
Closed -$208K
SCI icon
1446
Service Corp International
SCI
$11.6B
– –
-54,493
Closed -$4.44M
SEIC icon
1447
SEI Investments
SEIC
$12.6B
– –
-53,278
Closed -$4.79M
SEZL
1448
Sezzle
SEZL
$3.97B
– –
-13,808
Closed -$2.48M
SFIX
1449
Stitch Fix
SFIX
$560M
– –
-44,352
Closed -$164K
SFNC icon
1450
Simmons First National
SFNC
$3.39B
– –
-152,390
Closed -$2.89M
56 57
58
59 60

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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.