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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
GLW icon
176
Corning
GLW
$135B
$3.59M 0.16%
41,046
-19,745
-32% -$1.7M
SFNC icon
177
Simmons First National
SFNC
$3.4B
$3.58M 0.16%
+189,849
New +$3.52M
FBK icon
178
FB Financial Corp
FBK
$3.04B
$3.57M 0.16%
+63,891
New +$3.57M
TTC icon
179
Toro Company
TTC
$9.35B
$3.56M 0.16%
45,283
+5,771
+15% +$427K
FRME icon
180
First Merchants
FRME
$2.69B
$3.56M 0.16%
94,876
+20,705
+28% +$767K
NDAQ icon
181
Nasdaq
NDAQ
$52.9B
$3.55M 0.16%
36,588
+15,121
+70% +$1.36M
OWL icon
182
Blue Owl Capital
OWL
$17.9B
$3.55M 0.16%
237,809
+8,989
+4% +$141K
ABT icon
183
Abbott
ABT
$187B
$3.55M 0.16%
+28,311
New +$3.61M
HIG icon
184
Hartford Financial Services
HIG
$39.6B
$3.55M 0.16%
+25,729
New +$3.39M
NTST
185
NETSTREIT Corp
NTST
$2.14B
$3.54M 0.16%
200,757
-14,269
-7% -$260K
FR icon
186
First Industrial Realty Trust
FR
$8.4B
$3.53M 0.16%
61,604
-8,631
-12% -$482K
NVRI icon
187
Enviri
NVRI
$630M
$3.52M 0.16%
196,677
-63,922
-25% -$953K
HAPN
188
Happen Inc
HAPN
$2.27B
$3.51M 0.16%
+185,264
New +$3.27M
EXP icon
189
Eagle Materials
EXP
$6.48B
$3.49M 0.16%
+16,877
New +$3.72M
RRC icon
190
Range Resources
RRC
$9.01B
$3.45M 0.16%
97,820
+76,468
+358% +$2.85M
TXRH icon
191
Texas Roadhouse
TXRH
$13.7B
$3.44M 0.16%
+20,714
New +$3.5M
MSA icon
192
Mine Safety
MSA
$7.48B
$3.44M 0.16%
21,463
-1,954
-8% -$318K
WSBC icon
193
WesBanco
WSBC
$4B
$3.43M 0.16%
103,059
-34,702
-25% -$1.12M
ALB icon
194
Albemarle
ALB
$14.8B
$3.41M 0.16%
24,137
+8,445
+54% +$959K
IOSP icon
195
Innospec
IOSP
$2.25B
$3.41M 0.16%
44,524
+10,726
+32% +$810K
GD icon
196
General Dynamics
GD
$105B
$3.4M 0.16%
10,110
+3,944
+64% +$1.35M
TXNM
197
TXNM Energy Inc
TXNM
$5.92B
$3.38M 0.15%
57,444
+41,476
+260% +$2.39M
FHB icon
198
First Hawaiian
FHB
$3.35B
$3.38M 0.15%
133,400
+121,718
+1,042% +$3.03M
GRMN
199
Garmin
GRMN
$58.2B
$3.37M 0.15%
+16,636
New +$3.62M
TTMI icon
200
TTM Technologies
TTMI
$14.4B
$3.37M 0.15%
+48,789
New +$3.18M
6 7
8
9 10

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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.