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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
L icon
1
Loews
L
$23.8B
$22.2M 0.84%
221,212
+188,812
+583% +$17.8M
EWZ icon
2
iShares MSCI Brazil ETF
EWZ
$9.16B
$22M 0.83%
710,893
+573,446
+417% +$16.4M
SPG icon
3
Simon Property Group
SPG
$73B
$21M 0.79%
112,073
+9,794
+10% +$1.69M
VWO icon
4
Vanguard FTSE Emerging Markets ETF
VWO
$119B
$17M 0.64%
+313,918
New +$16.2M
INDA icon
5
iShares MSCI India ETF
INDA
$6.65B
$16.9M 0.64%
+324,340
New +$17.3M
COF icon
6
Capital One
COF
$123B
$16.3M 0.61%
76,644
+28,363
+59% +$6.21M
BAH icon
7
Booz Allen Hamilton
BAH
$7.9B
$15M 0.57%
150,305
+74,634
+99% +$7.98M
GS icon
8
Goldman Sachs
GS
$317B
$14.7M 0.55%
18,485
+11,436
+162% +$8.47M
WMT icon
9
Walmart Inc
WMT
$863B
$13.2M 0.5%
128,038
+100,781
+370% +$10M
MSFT icon
10
Microsoft
MSFT
$2.83T
$11.6M 0.44%
22,326
-14,058
-39% -$7.17M
AXS icon
11
AXIS Capital
AXS
$8.45B
$11.3M 0.42%
117,596
+75,564
+180% +$7.32M
CTAS icon
12
Cintas
CTAS
$81.3B
$11.2M 0.42%
54,463
+19,506
+56% +$4.17M
AMZN icon
13
Amazon
AMZN
$2.51T
$10.9M 0.41%
49,500
-7,128
-13% -$1.61M
BPOP icon
14
Popular Inc
BPOP
$10.9B
$10.8M 0.41%
84,880
+78,105
+1,153% +$9.34M
XBI icon
15
State Street SPDR S&P Biotech ETF
XBI
$10.2B
$10.6M 0.4%
+105,995
New +$9.55M
ALSN icon
16
Allison Transmission
ALSN
$9.92B
$10.5M 0.4%
123,992
+75,772
+157% +$6.74M
OLED icon
17
Universal Display
OLED
$3.71B
$10.5M 0.4%
73,138
+46,225
+172% +$6.72M
LRCX icon
18
Lam Research
LRCX
$400B
$10.4M 0.39%
77,802
+43,168
+125% +$4.57M
NFLX icon
19
Netflix
NFLX
$287B
$10.4M 0.39%
86,710
+37,970
+78% +$4.63M
AXP icon
20
American Express
AXP
$233B
$10.2M 0.39%
30,828
+14,103
+84% +$4.49M
TIP icon
21
iShares TIPS Bond ETF
TIP
$14.5B
$10.2M 0.38%
91,743
– –
PNW icon
22
Pinnacle West Capital
PNW
$12.8B
$9.95M 0.37%
+110,992
New +$9.99M
FITB
23
Fifth Third Bancorp
FITB
$51.8B
$9.78M 0.37%
219,437
+133,448
+155% +$5.84M
UNP icon
24
Union Pacific
UNP
$181B
$9.64M 0.36%
40,769
+5,369
+15% +$1.21M
GIS icon
25
General Mills
GIS
$19B
$9.53M 0.36%
189,069
+53,164
+39% +$2.67M
1
2 3 4 5

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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.