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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
GLW icon
126
Corning
GLW
$143B
$4.99M 0.19%
60,791
+24,036
+65% +$1.57M
MDB icon
127
MongoDB
MDB
$32.1B
$4.97M 0.19%
16,019
-901
-5% -$232K
MAT icon
128
Mattel
MAT
$4.3B
$4.97M 0.19%
295,131
+227,767
+338% +$4.15M
VRSN icon
129
VeriSign
VRSN
$26.6B
$4.97M 0.19%
17,765
-237
-1% -$66.2K
TRN icon
130
Trinity Industries
TRN
$2.38B
$4.97M 0.19%
177,070
+61,218
+53% +$1.69M
CRC icon
131
California Resources
CRC
$4.62B
$4.95M 0.19%
93,161
-28,652
-24% -$1.44M
ADT icon
132
ADT
ADT
$5.58B
$4.92M 0.19%
+564,994
New +$4.85M
NWSA icon
133
News Corp Class A
NWSA
$15.4B
$4.89M 0.18%
159,375
+142,467
+843% +$4.22M
FCX icon
134
Freeport-McMoran
FCX
$97.5B
$4.87M 0.18%
124,208
+28,963
+30% +$1.26M
RRR icon
135
Red Rock Resorts
RRR
$3.62B
$4.86M 0.18%
79,582
-91,143
-53% -$5.36M
INVH icon
136
Invitation Homes
INVH
$18B
$4.82M 0.18%
+164,447
New +$5.07M
FFIN icon
137
First Financial Bankshares
FFIN
$4.97B
$4.82M 0.18%
143,230
-8,720
-6% -$313K
SONO icon
138
Sonos
SONO
$1.85B
$4.82M 0.18%
305,029
+71,810
+31% +$922K
BSY icon
139
Bentley Systems
BSY
$10.7B
$4.81M 0.18%
93,485
-20,342
-18% -$1.11M
ALLY icon
140
Ally Financial
ALLY
$13.3B
$4.8M 0.18%
122,534
+57,166
+87% +$2.29M
TEL icon
141
TE Connectivity
TEL
$62.6B
$4.79M 0.18%
+21,831
New +$4.37M
JBL icon
142
Jabil
JBL
$35.8B
$4.77M 0.18%
21,970
+12,708
+137% +$2.77M
LBRT icon
143
Liberty Energy
LBRT
$3.25B
$4.77M 0.18%
386,257
+71,995
+23% +$833K
NU icon
144
Nu Holdings
NU
$66.9B
$4.75M 0.18%
296,824
+268,263
+939% +$3.74M
VAC icon
145
Marriott Vacations Worldwide
VAC
$4.24B
$4.75M 0.18%
71,319
+7,092
+11% +$547K
DRH icon
146
Diamondrock Hospitality Co
DRH
$2.56B
$4.72M 0.18%
593,163
-20,581
-3% -$167K
FLEX icon
147
Flex
FLEX
$44.8B
$4.7M 0.18%
+81,036
New +$4.31M
CSX icon
148
CSX Corp
CSX
$93.1B
$4.62M 0.17%
+130,020
New +$4.44M
BROS icon
149
Dutch Bros
BROS
$9.26B
$4.59M 0.17%
87,765
+42,055
+92% +$2.66M
PFGC icon
150
Performance Food Group
PFGC
$18B
$4.59M 0.17%
44,131
-3,952
-8% -$396K
4 5
6
7 8

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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.