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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
XLF icon
1526
CALL
State Street Financial Select Sector SPDR ETF
XLF
$58.8B
– –
-45,000
Closed -$2.36M
XPO icon
1527
XPO
XPO
$23.7B
– –
-7,946
Closed -$1M
YELP icon
1528
Yelp
YELP
$1.41B
– –
-87,618
Closed -$3M
YEXT icon
1529
Yext
YEXT
$574M
– –
-141,277
Closed -$1.2M
YUM icon
1530
Yum! Brands
YUM
$41.1B
– –
-12,673
Closed -$1.88M
ZBRA icon
1531
Zebra Technologies
ZBRA
$17.8B
– –
-4,360
Closed -$1.34M
ZWS icon
1532
Zurn Elkay Water Solutions
ZWS
$8.53B
– –
-5,529
Closed -$202K
PRKS icon
1533
United Parks & Resorts
PRKS
$2.12B
– –
-18,667
Closed -$880K
SOC icon
1534
Sable Offshore Corp
SOC
$911M
– –
-87,635
Closed -$1.93M
ALAB icon
1535
Astera Labs
ALAB
$58B
– –
-5,835
Closed -$528K
GEV icon
1536
GE Vernova
GEV
$264B
– –
-14,213
Closed -$7.52M
OKLO
1537
Oklo
OKLO
$8.42B
– –
-6,132
Closed -$343K
AIOT
1538
PowerFleet Inc
AIOT
$592M
– –
-23,847
Closed -$103K
CON
1539
Concentra Group Holdings
CON
$4.36B
– –
-146,316
Closed -$3.01M
GAP
1540
The Gap Inc
GAP
$7.37B
– –
-17,647
Closed -$385K
XIFR
1541
XPLR Infrastructure LP
XIFR
$1.08B
– –
-13,532
Closed -$111K
STRZ
1542
Starz Entertainment Corp
STRZ
$440M
– –
-21,900
Closed -$352K
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.