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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
SYBT icon
1476
Stock Yards Bancorp
SYBT
$2.6B
– –
-26,217
Closed -$2.07M
SYY icon
1477
Sysco
SYY
$40.3B
– –
-12,836
Closed -$972K
T icon
1478
AT&T
T
$163B
– –
-17,296
Closed -$501K
TCOM icon
1479
Trip.com Group
TCOM
$29.1B
– –
-7,916
Closed -$464K
TDOC icon
1480
Teladoc Health
TDOC
$1.3B
– –
-127,547
Closed -$1.11M
TEAM icon
1481
Atlassian
TEAM
$37.8B
– –
-4,203
Closed -$854K
TFIN icon
1482
Triumph Financial Inc
TFIN
$1.82B
– –
-27,043
Closed -$1.49M
TKR icon
1483
Timken Company
TKR
$9.03B
– –
-43,181
Closed -$3.13M
TME icon
1484
Tencent Music
TME
$15.6B
– –
-42,082
Closed -$820K
TNET icon
1485
TriNet
TNET
$3.14B
– –
-20,751
Closed -$1.52M
TRGP icon
1486
Targa Resources
TRGP
$55.1B
– –
-6,991
Closed -$1.22M
TRIP icon
1487
TripAdvisor
TRIP
$1.26B
– –
-74,120
Closed -$967K
TRU icon
1488
TransUnion
TRU
$15.3B
– –
-2,605
Closed -$229K
TSN icon
1489
Tyson Foods
TSN
$20.4B
– –
-19,519
Closed -$1.09M
TTD icon
1490
Trade Desk
TTD
$6.49B
– –
-15,065
Closed -$1.08M
TTMI icon
1491
TTM Technologies
TTMI
$14.5B
– –
-69,439
Closed -$2.83M
TXG icon
1492
10x Genomics
TXG
$6.61B
– –
-26,978
Closed -$312K
TXRH icon
1493
Texas Roadhouse
TXRH
$13.7B
– –
-11,127
Closed -$2.09M
UAL icon
1494
United Airlines
UAL
$42.1B
– –
-35,074
Closed -$2.79M
UBER icon
1495
Uber
UBER
$153B
– –
-8,235
Closed -$768K
UDMY
1496
DELISTED
Udemy
UDMY
– –
-18,377
Closed -$129K
UFPT icon
1497
UFP Technologies
UFPT
$2.43B
– –
-2,693
Closed -$658K
UMH
1498
UMH Properties
UMH
$1.36B
– –
-108,017
Closed -$1.81M
UNF icon
1499
Unifirst Corp
UNF
$5.25B
– –
-3,133
Closed -$590K
UNH icon
1500
UnitedHealth
UNH
$370B
– –
-10,338
Closed -$3.23M
58 59
60
61 62

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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.