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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
LOAR icon
126
Loar Holdings
LOAR
$6.78B
$4.43M 0.2%
65,164
+35,531
+120% +$2.59M
UNM icon
127
Unum
UNM
$14.1B
$4.41M 0.2%
+56,911
New +$4.35M
THC icon
128
Tenet Healthcare
THC
$21B
$4.35M 0.2%
21,865
+10,066
+85% +$2.03M
PECO icon
129
Phillips Edison & Co
PECO
$5.24B
$4.33M 0.2%
121,778
-118,924
-49% -$4.13M
MTH icon
130
Meritage Homes
MTH
$4.8B
$4.31M 0.2%
65,518
+22,734
+53% +$1.57M
IRDM icon
131
Iridium Communications
IRDM
$5.24B
$4.31M 0.2%
248,011
-70,688
-22% -$1.25M
NUE icon
132
Nucor
NUE
$61.8B
$4.27M 0.19%
26,181
+4,272
+19% +$642K
PATH icon
133
UiPath
PATH
$7.68B
$4.24M 0.19%
258,997
-388
-0.1% -$6.04K
NFG icon
134
National Fuel Gas
NFG
$7.67B
$4.21M 0.19%
52,570
+25,127
+92% +$2.07M
NOG icon
135
Northern Oil and Gas
NOG
$2.33B
$4.2M 0.19%
195,702
+173,432
+779% +$3.89M
TTWO icon
136
Take-Two Interactive
TTWO
$45.5B
$4.18M 0.19%
16,324
-3,138
-16% -$782K
HUBS icon
137
HubSpot
HUBS
$10.5B
$4.16M 0.19%
10,377
+9,222
+798% +$3.82M
KVUE icon
138
Kenvue
KVUE
$36.8B
$4.15M 0.19%
+240,654
New +$3.93M
CCK icon
139
Crown Holdings
CCK
$13.1B
$4.14M 0.19%
+40,244
New +$3.92M
FERG icon
140
Ferguson
FERG
$50.3B
$4.13M 0.19%
18,569
-21,892
-54% -$5.23M
VWO icon
141
Vanguard FTSE Emerging Markets ETF
VWO
$124B
$4.13M 0.19%
76,826
-237,092
-76% -$12.9M
PNFP icon
142
Pinnacle Financial Partners Inc
PNFP
$16.2B
$4.09M 0.19%
42,822
+8,559
+25% +$786K
MDB icon
143
MongoDB
MDB
$31.7B
$4.07M 0.19%
9,707
-6,312
-39% -$2.3M
ADT icon
144
ADT
ADT
$5.61B
$4.05M 0.19%
502,269
-62,725
-11% -$521K
ZM icon
145
Zoom
ZM
$30.6B
$4.03M 0.18%
46,728
-51,065
-52% -$4.3M
INDA icon
146
iShares MSCI India ETF
INDA
$6.64B
$4.02M 0.18%
74,340
-250,000
-77% -$13.5M
SEB icon
147
Seaboard Corp
SEB
$4.04B
$3.99M 0.18%
+898
New +$3.55M
BA icon
148
Boeing
BA
$183B
$3.98M 0.18%
18,333
-8,563
-32% -$1.76M
DTM icon
149
DT Midstream
DTM
$13.5B
$3.96M 0.18%
33,121
+26,213
+379% +$3.01M
BSX icon
150
Boston Scientific
BSX
$72B
$3.96M 0.18%
41,563
-22,746
-35% -$2.23M
4 5
6
7 8

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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.