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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
LEU icon
201
Centrus Energy
LEU
$3.5B
$3.36M 0.15%
+13,853
New +$4.18M
UTHR icon
202
United Therapeutics
UTHR
$22.6B
$3.35M 0.15%
6,883
+140
+2% +$65.2K
BUSE icon
203
First Busey Corp
BUSE
$2.59B
$3.35M 0.15%
140,728
+42,274
+43% +$994K
ASTS icon
204
AST SpaceMobile
ASTS
$20.1B
$3.31M 0.15%
+45,622
New +$3.26M
KEY icon
205
KeyCorp
KEY
$24.3B
$3.31M 0.15%
+160,322
New +$2.98M
ROK icon
206
Rockwell Automation
ROK
$49.2B
$3.27M 0.15%
8,401
+253
+3% +$95.1K
JKHY icon
207
Jack Henry & Associates
JKHY
$11.2B
$3.26M 0.15%
17,865
-15,735
-47% -$2.62M
CTSH icon
208
Cognizant
CTSH
$25.6B
$3.24M 0.15%
+39,045
New +$2.92M
VISN
209
Vistance Networks Inc
VISN
$2.28B
$3.2M 0.15%
176,612
+130,221
+281% +$2.25M
BAC icon
210
Bank of America
BAC
$441B
$3.19M 0.15%
+58,064
New +$3.07M
ATO icon
211
Atmos Energy
ATO
$28.7B
$3.16M 0.14%
+18,851
New +$3.26M
ORLY icon
212
O'Reilly Automotive
ORLY
$76.2B
$3.16M 0.14%
34,617
+20,921
+153% +$2.04M
SAFT icon
213
Safety Insurance
SAFT
$1.52B
$3.16M 0.14%
40,508
+15,410
+61% +$1.14M
HON icon
214
Honeywell
HON
$76.3B
$3.14M 0.14%
+16,070
New +$3.14M
ZS icon
215
Zscaler
ZS
$26.3B
$3.13M 0.14%
13,916
+12,258
+739% +$3.46M
DV icon
216
DoubleVerify
DV
$1.8B
$3.12M 0.14%
272,628
+9,502
+4% +$105K
VMC icon
217
Vulcan Materials
VMC
$36.5B
$3.11M 0.14%
10,902
+1,542
+16% +$452K
VNO icon
218
Vornado Realty Trust
VNO
$7.27B
$3.1M 0.14%
93,004
+75,963
+446% +$2.78M
TW icon
219
Tradeweb Markets
TW
$21.8B
$3.09M 0.14%
28,749
+4,555
+19% +$489K
HLF icon
220
Herbalife
HLF
$1.19B
$3.08M 0.14%
238,918
+163,052
+215% +$1.73M
SSD icon
221
Simpson Manufacturing
SSD
$7.96B
$3.08M 0.14%
19,045
+5,501
+41% +$930K
STAG icon
222
STAG Industrial
STAG
$7.1B
$3.07M 0.14%
83,622
+69,685
+500% +$2.65M
BANF icon
223
BancFirst
BANF
$3.81B
$3.07M 0.14%
28,926
+6,251
+28% +$707K
WABC icon
224
Westamerica Bancorp
WABC
$1.37B
$3.06M 0.14%
63,887
+19,795
+45% +$949K
SOFI icon
225
SoFi Technologies
SOFI
$23.4B
$3.05M 0.14%
116,638
+37,167
+47% +$1.04M
7 8
9
10 11

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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.