Dark Forest Capital Management LP 13F holdings, Q3 2025
Holdings as of September 30, 2025 · filings on SEC EDGAR · latest filing →
Dark Forest Capital Management LP disclosed 1533 US equity positions worth $3.3bn in its Q3 2025 13F filing. The largest position was L at 0.7% of the reported book, followed by EWZ and SPG. Against the Q2 2025 filing, it opened 8 new positions, added to 32 and reduced 4 among the top 50 holdings.
What did Dark Forest Capital Management LP own in Q3 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q2 2025 |
|---|---|---|---|---|---|---|---|
| 1 | L LOEWS CORP | Financial Services | 0.7% | $22.2m | 221,212 | 583% | added |
| 2 | EWZ ISHARES MSCI BRAZIL ETF | 0.7% | $22.0m | 710,893 | 417% | added | |
| 3 | SPG SIMON PROPERTY GROUP INC | Real Estate | 0.6% | $21.0m | 112,073 | 10% | added |
| 4 | VWO VANGUARD FTSE EMERGING MARKE | 0.5% | $17.0m | 313,918 | – | new | |
| 5 | INDA ISHARES MSCI INDIA ETF | 0.5% | $16.9m | 324,340 | – | new | |
| 6 | COF CAPITAL ONE FINANCIAL CORP | Financial Services | 0.5% | $16.3m | 76,644 | 59% | added |
| 7 | BAH BOOZ ALLEN HAMILTON HOLDINGS | Industrials | 0.5% | $15.0m | 150,305 | 99% | added |
| 8 | GS GOLDMAN SACHS GROUP INC | Financial Services | 0.4% | $14.7m | 18,485 | 162% | added |
| 9 | WMT WALMART INC | Consumer Defensive | 0.4% | $13.2m | 128,038 | 370% | added |
| 10 | BAC BANK OF AMERICA CORP | Financial Services | 0.4% | $12.5m | 263,328 | 0% | held |
| 11 | MSFT MICROSOFT CORP | Technology | 0.3% | $11.6m | 22,326 | -39% | reduced |
| 12 | AXIS CAPITAL HOLDINGS LTD | 0.3% | $11.3m | 117,596 | 180% | added | |
| 13 | CTAS CINTAS CORP | Industrials | 0.3% | $11.2m | 54,463 | 56% | added |
| 14 | AMZN AMAZON.COM INC | Consumer Cyclical | 0.3% | $10.9m | 49,500 | -13% | reduced |
| 15 | BPOP POPULAR INC | Financial Services | 0.3% | $10.8m | 84,880 | 1153% | added |
| 16 | XBI SS SPDR S&P BIOTECH ETF | 0.3% | $10.6m | 105,995 | – | new | |
| 17 | ALSN ALLISON TRANSMISSION HOLDING | Consumer Cyclical | 0.3% | $10.5m | 123,992 | 157% | added |
| 18 | OLED UNIVERSAL DISPLAY CORP | Technology | 0.3% | $10.5m | 73,138 | 172% | added |
| 19 | LRCX LAM RESEARCH CORP | Technology | 0.3% | $10.4m | 77,802 | 125% | added |
| 20 | NFLX NETFLIX INC | Communication Services | 0.3% | $10.4m | 8,671 | 78% | added |
| 21 | AXP AMERICAN EXPRESS CO | Financial Services | 0.3% | $10.2m | 30,828 | 84% | added |
| 22 | TIP ISHARES TIPS BOND ETF | 0.3% | $10.2m | 91,743 | 0% | held | |
| 23 | PNW PINNACLE WEST CAPITAL | Utilities | 0.3% | $10.0m | 110,992 | – | new |
| 24 | FITB FIFTH THIRD BANCORP | Financial Services | 0.3% | $9.8m | 219,437 | 155% | added |
| 25 | GE GENERAL ELECTRIC | Industrials | 0.3% | $9.7m | 37,785 | 0% | held |
| 26 | UNP UNION PACIFIC CORP | Industrials | 0.3% | $9.6m | 40,769 | 15% | added |
| 27 | GIS GENERAL MILLS INC | Consumer Defensive | 0.3% | $9.5m | 189,069 | 39% | added |
| 28 | FTI TECHNIPFMC PLC | Energy | 0.3% | $9.4m | 273,462 | 0% | held |
| 29 | IDA IDACORP INC | Utilities | 0.3% | $9.4m | 71,266 | 2542% | added |
| 30 | TCBI TEXAS CAPITAL BANCSHARES INC | Financial Services | 0.3% | $9.3m | 110,521 | 151% | added |
| 31 | FERG FERGUSON ENTERPRISES INC | Industrials | 0.3% | $9.1m | 40,461 | -30% | reduced |
| 32 | JPM JPMORGAN CHASE & CO | Financial Services | 0.3% | $9.0m | 28,657 | – | new |
| 33 | NLY ANNALY CAPITAL MANAGEMENT IN | Real Estate | 0.3% | $9.0m | 444,467 | 19% | added |
| 34 | MTB M & T BANK CORP | Financial Services | 0.3% | $8.8m | 44,361 | – | new |
| 35 | NOBLE CORP PLC | 0.3% | $8.6m | 325,454 | 0% | held | |
| 36 | DTE DTE ENERGY COMPANY | Utilities | 0.3% | $8.4m | 59,182 | 617% | added |
| 37 | CACI CACI INTERNATIONAL INC -CL A | Technology | 0.2% | $8.3m | 16,592 | 53% | added |
| 38 | PECO PHILLIPS EDISON & COMPANY IN | Real Estate | 0.2% | $8.3m | 240,702 | 1193% | added |
| 39 | POR PORTLAND GENERAL ELECTRIC CO | Utilities | 0.2% | $8.2m | 185,942 | -13% | reduced |
| 40 | AMED AMEDISYS INC | 0.2% | $8.2m | 83,111 | 0% | held | |
| 41 | PLD PROLOGIS INC | Real Estate | 0.2% | $8.1m | 70,699 | 87% | added |
| 42 | ZM ZOOM COMMUNICATIONS INC | Technology | 0.2% | $8.1m | 97,793 | 328% | added |
| 43 | OVV OVINTIV INC | Energy | 0.2% | $8.0m | 199,065 | 163% | added |
| 44 | PB PROSPERITY BANCSHARES INC | Financial Services | 0.2% | $8.0m | 120,443 | 30% | added |
| 45 | TSCO TRACTOR SUPPLY COMPANY | Consumer Cyclical | 0.2% | $8.0m | 140,206 | 1471% | added |
| 46 | RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 0.2% | $7.9m | 224,632 | – | new |
| 47 | RGA REINSURANCE GROUP OF AMERICA | Financial Services | 0.2% | $7.9m | 41,115 | – | new |
| 48 | CB CHUBB LTD | Financial Services | 0.2% | $7.8m | 27,741 | 315% | added |
| 49 | ROKU ROKU INC | Communication Services | 0.2% | $7.8m | 78,070 | 94% | added |
| 50 | TKO TKO GROUP HOLDINGS INC | Communication Services | 0.2% | $7.8m | 38,537 | 111% | added |
Weights are shares of the reported long US equity book (options excluded). Values are as filed, normalised to whole dollars. Share changes compare against the immediately preceding filing only.