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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
KMX icon
201
CarMax
KMX
$8.24B
$3.91M 0.15%
87,189
-1,956
-2% -$117K
CATY icon
202
Cathay General Bancorp
CATY
$4.26B
$3.91M 0.15%
+81,434
New +$3.91M
XYZ
203
Block Inc
XYZ
$47.5B
$3.91M 0.15%
54,060
+24,937
+86% +$1.87M
LECO icon
204
Lincoln Electric
LECO
$15.2B
$3.91M 0.15%
16,561
+246
+2% +$57.6K
HAS icon
205
Hasbro
HAS
$12.9B
$3.89M 0.15%
+51,256
New +$3.98M
NTST
206
NETSTREIT Corp
NTST
$2.14B
$3.88M 0.15%
215,026
-54,861
-20% -$992K
OWL icon
207
Blue Owl Capital
OWL
$17.9B
$3.87M 0.15%
228,820
-23,680
-9% -$450K
HCA icon
208
HCA Healthcare
HCA
$88.5B
$3.87M 0.15%
9,080
+3,785
+71% +$1.47M
TRS icon
209
TriMas Corp
TRS
$1.45B
$3.83M 0.14%
99,162
+84,966
+599% +$3.02M
USFD icon
210
US Foods
USFD
$23.6B
$3.83M 0.14%
49,992
+30,125
+152% +$2.4M
KMPR icon
211
Kemper
KMPR
$1.76B
$3.82M 0.14%
74,118
+22,088
+42% +$1.24M
ACVA icon
212
ACV Auctions
ACVA
$1.3B
$3.81M 0.14%
384,589
+164,666
+75% +$2.11M
BRBR icon
213
BellRing Brands
BRBR
$1.41B
$3.79M 0.14%
104,363
+60,538
+138% +$2.74M
FLS icon
214
Flowserve
FLS
$10B
$3.76M 0.14%
70,721
+6,371
+10% +$346K
MCY icon
215
Mercury Insurance
MCY
$5.95B
$3.75M 0.14%
44,258
+2,347
+6% +$173K
CHDN icon
216
Churchill Downs
CHDN
$6.06B
$3.74M 0.14%
38,595
+22,894
+146% +$2.35M
GNW icon
217
Genworth Financial
GNW
$3.72B
$3.74M 0.14%
419,766
+18,518
+5% +$153K
PFG icon
218
Principal Financial Group
PFG
$24.7B
$3.72M 0.14%
44,867
+19,967
+80% +$1.6M
EFC
219
Ellington Financial
EFC
$1.65B
$3.72M 0.14%
+286,442
New +$3.81M
TT icon
220
Trane Technologies
TT
$105B
$3.71M 0.14%
+8,787
New +$3.75M
GLPI icon
221
Gaming and Leisure Properties
GLPI
$12.8B
$3.7M 0.14%
79,372
-57,412
-42% -$2.71M
PCG icon
222
PG&E
PCG
$37.4B
$3.69M 0.14%
244,769
-16,794
-6% -$245K
GTLS
223
DELISTED
Chart Industries
GTLS
$3.68M 0.14%
18,404
+9,162
+99% +$1.74M
CNA icon
224
CNA Financial
CNA
$14.2B
$3.68M 0.14%
+79,283
New +$3.68M
KBH icon
225
KB Home
KBH
$3.49B
$3.68M 0.14%
57,865
-929
-2% -$56.2K
7 8
9
10 11

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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.