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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
USB icon
1501
US Bancorp
USB
$99.6B
– –
-89,053
Closed -$4.03M
UTI icon
1502
Universal Technical Institute
UTI
$1.59B
– –
-11,372
Closed -$385K
VCYT icon
1503
Veracyte
VCYT
$3.8B
– –
-36,141
Closed -$977K
VERV
1504
DELISTED
Verve Therapeutics
VERV
– –
-12,648
Closed -$142K
VIST icon
1505
Vista Energy
VIST
$7.32B
– –
-17,056
Closed -$815K
VOYA icon
1506
Voya Financial
VOYA
$9.19B
– –
-9,991
Closed -$709K
VRNA
1507
DELISTED
Verona Pharma
VRNA
– –
-22,000
Closed -$2.08M
VTEX icon
1508
VTEX
VTEX
$713M
– –
-11,934
Closed -$78.8K
WELL icon
1509
Welltower
WELL
$171B
– –
-15,687
Closed -$2.41M
WFRD icon
1510
Weatherford International
WFRD
$6.22B
– –
-16,114
Closed -$811K
WGO icon
1511
Winnebago Industries
WGO
$909M
– –
-30,365
Closed -$881K
WING icon
1512
Wingstop
WING
$3.18B
– –
-3,916
Closed -$1.32M
WK icon
1513
Workiva
WK
$3.54B
– –
-41,444
Closed -$2.84M
WKC icon
1514
World Kinect Corp
WKC
$1.86B
– –
-50,048
Closed -$1.42M
WLY icon
1515
John Wiley & Sons Class A
WLY
$2.66B
– –
-37,292
Closed -$1.66M
WMK icon
1516
Weis Markets
WMK
$1.86B
– –
-4,443
Closed -$322K
WOLF icon
1517
Wolfspeed
WOLF
$1.71B
– –
-75,548
Closed -$30.1K
WOOF icon
1518
Petco
WOOF
$794M
– –
-40,771
Closed -$115K
WPC icon
1519
W.P. Carey
WPC
$16.4B
– –
-39,102
Closed -$2.44M
WRBY icon
1520
Warby Parker
WRBY
$3.27B
– –
-86,417
Closed -$1.9M
WSO icon
1521
Watsco Inc
WSO
$13.6B
– –
-3,785
Closed -$1.67M
WTS icon
1522
Watts Water Technologies
WTS
$13.1B
– –
-23,191
Closed -$5.7M
WTTR icon
1523
Select Water Solutions
WTTR
$2.61B
– –
-129,759
Closed -$1.12M
XEL icon
1524
Xcel Energy
XEL
$48.8B
– –
-39,418
Closed -$2.68M
XLE icon
1525
PUT
State Street Energy Select Sector SPDR ETF
XLE
$37.6B
– –
-55,000
Closed -$2.33M
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.