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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
EEM icon
1
iShares MSCI Emerging Markets ETF
EEM
$28.1B
$30.2M 1.38%
551,274
+456,750
+483% +$24.8M
WMT icon
2
Walmart Inc
WMT
$893B
$17.3M 0.79%
154,918
+26,880
+21% +$2.89M
AXS icon
3
AXIS Capital
AXS
$8.48B
$16.7M 0.76%
155,964
+38,368
+33% +$3.81M
CVX icon
4
Chevron
CVX
$378B
$15M 0.68%
98,347
+52,133
+113% +$7.94M
TOST icon
5
Toast
TOST
$17.9B
$14.9M 0.68%
418,286
+344,440
+466% +$12.4M
UNP icon
6
Union Pacific
UNP
$176B
$13.4M 0.61%
57,938
+17,169
+42% +$3.92M
SPG icon
7
Simon Property Group
SPG
$74B
$12.5M 0.57%
67,279
-44,794
-40% -$8.14M
ALSN icon
8
Allison Transmission
ALSN
$9.43B
$11.3M 0.52%
115,533
-8,459
-7% -$741K
PFSI icon
9
PennyMac Financial
PFSI
$4.34B
$11M 0.5%
83,391
+57,870
+227% +$7.37M
RPRX icon
10
Royalty Pharma
RPRX
$25.4B
$10.8M 0.49%
278,313
+53,681
+24% +$2.05M
DTE icon
11
DTE Energy
DTE
$30.4B
$10.4M 0.47%
80,633
+21,451
+36% +$2.91M
BROS icon
12
Dutch Bros
BROS
$9.09B
$9.95M 0.45%
162,584
+74,819
+85% +$4.25M
OMF icon
13
OneMain Financial
OMF
$6.95B
$9.84M 0.45%
145,699
+32,039
+28% +$1.95M
PCG icon
14
PG&E
PCG
$38.4B
$9.69M 0.44%
603,045
+358,276
+146% +$5.72M
PLD icon
15
Prologis
PLD
$138B
$9.63M 0.44%
75,468
+4,769
+7% +$594K
L icon
16
Loews
L
$23.6B
$9.47M 0.43%
89,906
-131,306
-59% -$13.6M
BFAM icon
17
Bright Horizons
BFAM
$4.08B
$9.05M 0.41%
89,203
+32,488
+57% +$3.28M
FTAI icon
18
FTAI Aviation
FTAI
$20.5B
$8.69M 0.4%
44,147
+2,767
+7% +$472K
NEE icon
19
NextEra Energy
NEE
$184B
$8.68M 0.4%
108,181
+98,757
+1,048% +$8.18M
SSNC icon
20
SS&C Technologies
SSNC
$16.7B
$8.64M 0.39%
98,875
+33,764
+52% +$2.88M
LLY icon
21
Eli Lilly
LLY
$1.02T
$8.58M 0.39%
7,987
-1,332
-14% -$1.27M
RITM icon
22
Rithm Capital
RITM
$5.14B
$8.55M 0.39%
784,237
+507,088
+183% +$5.6M
MOD icon
23
Modine Manufacturing
MOD
$12.1B
$8.52M 0.39%
63,816
+24,841
+64% +$3.7M
BPOP icon
24
Popular Inc
BPOP
$11.1B
$8.47M 0.39%
68,033
-16,847
-20% -$1.99M
LAZ icon
25
Lazard
LAZ
$4.15B
$8.47M 0.39%
174,421
+155,909
+842% +$7.78M
1
2 3 4 5

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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.