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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
RGA icon
151
Reinsurance Group of America
RGA
$15.5B
$3.96M 0.18%
19,473
-21,642
-53% -$4.19M
CNS icon
152
Cohen & Steers
CNS
$4.34B
$3.95M 0.18%
62,964
+16,401
+35% +$1.07M
AWK icon
153
American Water Works
AWK
$26.8B
$3.94M 0.18%
+30,167
New +$4.03M
LMT icon
154
Lockheed Martin
LMT
$135B
$3.93M 0.18%
8,125
+7,144
+728% +$3.42M
EFC
155
Ellington Financial
EFC
$1.65B
$3.89M 0.18%
286,783
+341
+0.1% +$4.64K
LII icon
156
Lennox International
LII
$15.1B
$3.88M 0.18%
7,994
+4,134
+107% +$2.07M
MU icon
157
Micron Technology
MU
$996B
$3.83M 0.17%
+13,425
New +$3.08M
TDC icon
158
Teradata
TDC
$2.54B
$3.8M 0.17%
124,986
+36,208
+41% +$947K
IDA icon
159
Idacorp
IDA
$8.15B
$3.79M 0.17%
29,929
-41,337
-58% -$5.38M
APP icon
160
Applovin
APP
$113B
$3.78M 0.17%
5,606
+5,156
+1,146% +$3.25M
EFX icon
161
Equifax
EFX
$20.7B
$3.77M 0.17%
+17,396
New +$3.81M
CHD icon
162
Church & Dwight Co
CHD
$24.5B
$3.77M 0.17%
+44,963
New +$3.84M
INVH icon
163
Invitation Homes
INVH
$18B
$3.77M 0.17%
135,556
-28,891
-18% -$807K
TENB icon
164
Tenable Holdings
TENB
$3.98B
$3.73M 0.17%
158,656
+131,015
+474% +$3.58M
GPOR icon
165
Gulfport Energy Corp
GPOR
$2.8B
$3.73M 0.17%
17,914
+15,020
+519% +$2.99M
TER icon
166
Teradyne
TER
$60.2B
$3.72M 0.17%
+19,232
New +$3.3M
COCO icon
167
Vita Coco
COCO
$3.71B
$3.71M 0.17%
69,931
+41,661
+147% +$1.95M
GM icon
168
General Motors
GM
$76.3B
$3.69M 0.17%
45,344
-9,432
-17% -$665K
CCL icon
169
Carnival Corporation Ltd
CCL
$39.4B
$3.68M 0.17%
120,614
-17,000
-12% -$474K
UPST icon
170
Upstart Holdings
UPST
$2.89B
$3.68M 0.17%
+84,080
New +$3.87M
WMG icon
171
Warner Music
WMG
$13.8B
$3.64M 0.17%
118,825
+39,918
+51% +$1.22M
MUR icon
172
Murphy Oil
MUR
$4.74B
$3.64M 0.17%
116,480
-1,885
-2% -$56.7K
PANW icon
173
Palo Alto Networks
PANW
$293B
$3.64M 0.17%
19,737
-6,815
-26% -$1.37M
SW
174
Smurfit Westrock
SW
$24.6B
$3.62M 0.17%
93,658
+74,367
+386% +$2.84M
WAL icon
175
Western Alliance Bancorporation
WAL
$8.87B
$3.6M 0.16%
42,772
+29,744
+228% +$2.42M
5 6
7
8 9

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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.