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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
SGHC icon
1451
SGHC Ltd
SGHC
$6.63B
– –
-77,200
Closed -$847K
SHC icon
1452
Sotera Health
SHC
$5.38B
– –
-21,193
Closed -$236K
SHLS icon
1453
Shoals Technologies Group
SHLS
$1.5B
– –
-44,349
Closed -$188K
SHOO icon
1454
Steven Madden
SHOO
$3.55B
– –
-37,966
Closed -$910K
SITE icon
1455
SiteOne Landscape Supply
SITE
$4.53B
– –
-20,959
Closed -$2.53M
SKWD icon
1456
Skyward Specialty Insurance
SKWD
$2.58B
– –
-16,165
Closed -$934K
SKX
1457
DELISTED
Skechers
SKX
– –
-67,728
Closed -$4.27M
SLB icon
1458
SLB Ltd
SLB
$75B
– –
-152,202
Closed -$5.14M
SLM icon
1459
SLM Corp
SLM
$5.15B
– –
-148,749
Closed -$4.88M
SNAP icon
1460
Snap
SNAP
$9.01B
– –
-11,034
Closed -$95.9K
SNDL icon
1461
Sundial Growers
SNDL
$320M
– –
-45,416
Closed -$55K
SNDX icon
1462
Syndax Pharmaceuticals
SNDX
$1.82B
– –
-160,327
Closed -$1.5M
SNEX icon
1463
StoneX
SNEX
$7.94B
– –
-13,833
Closed -$560K
SNPS icon
1464
Synopsys
SNPS
$79.7B
– –
-9,625
Closed -$4.93M
SOUN icon
1465
SoundHound AI
SOUN
$3.49B
– –
-63,953
Closed -$686K
SPCE icon
1466
Virgin Galactic
SPCE
$398M
– –
-107,481
Closed -$293K
SPNT icon
1467
SiriusPoint
SPNT
$2.68B
– –
-105,123
Closed -$2.14M
SPOT icon
1468
Spotify
SPOT
$100B
– –
-2,897
Closed -$2.22M
SPTN
1469
DELISTED
SpartanNash
SPTN
– –
-11,493
Closed -$304K
SPY icon
1470
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$810B
– –
-13,500
Closed -$8.34M
SRPT icon
1471
Sarepta Therapeutics
SRPT
$1.77B
– –
-199,446
Closed -$3.41M
SSTK icon
1472
Shutterstock
SSTK
$219M
– –
-25,419
Closed -$482K
STLD icon
1473
Steel Dynamics
STLD
$37.6B
– –
-13,756
Closed -$1.76M
STRL icon
1474
Sterling Infrastructure
STRL
$16.7B
– –
-1,315
Closed -$303K
STWD icon
1475
Starwood Property Trust
STWD
$6.09B
– –
-67,184
Closed -$1.35M
57 58
59
60 61

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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.