Dark Forest Capital Management LP 13F holdings, Q4 2025
Holdings as of December 31, 2025 · filings on SEC EDGAR · latest filing →
Dark Forest Capital Management LP disclosed 931 US equity positions worth $2.2bn in its Q4 2025 13F filing. The largest position was EEM at 1.4% of the reported book, followed by WMT and AXIS CAPITAL HOLDINGS LTD. Against the Q3 2025 filing, it opened 3 new positions, added to 37 and reduced 10 among the top 50 holdings.
What did Dark Forest Capital Management LP own in Q4 2025? Top 50 positions
| # | Stock | Sector | Weight | Value | Shares | Δ shares | vs Q3 2025 |
|---|---|---|---|---|---|---|---|
| 1 | EEM ISHARES MSCI EMERGING MARKET | 1.4% | $30.2m | 551,274 | 483% | added | |
| 2 | WMT WALMART INC | Consumer Defensive | 0.8% | $17.3m | 154,918 | 21% | added |
| 3 | AXIS CAPITAL HOLDINGS LTD | 0.8% | $16.7m | 155,964 | 33% | added | |
| 4 | CVX CHEVRON CORP | Energy | 0.7% | $15.0m | 98,347 | 113% | added |
| 5 | TOST TOAST INC-CLASS A | Technology | 0.7% | $14.9m | 418,286 | 466% | added |
| 6 | UNP UNION PACIFIC CORP | Industrials | 0.6% | $13.4m | 57,938 | 42% | added |
| 7 | SPG SIMON PROPERTY GROUP INC | Real Estate | 0.6% | $12.5m | 67,279 | -40% | reduced |
| 8 | ALSN ALLISON TRANSMISSION HOLDING | Consumer Cyclical | 0.5% | $11.3m | 115,533 | -7% | reduced |
| 9 | PFSI PENNYMAC FINANCIAL SERVICES | Financial Services | 0.5% | $11.0m | 83,391 | 227% | added |
| 10 | RPRX ROYALTY PHARMA PLC- CL A | Healthcare | 0.5% | $10.8m | 278,313 | 24% | added |
| 11 | DTE DTE ENERGY COMPANY | Utilities | 0.5% | $10.4m | 80,633 | 36% | added |
| 12 | BROS DUTCH BROS INC-CLASS A | Consumer Cyclical | 0.5% | $10.0m | 162,584 | 85% | added |
| 13 | OMF ONEMAIN HOLDINGS INC | Financial Services | 0.4% | $9.8m | 145,699 | 28% | added |
| 14 | PCG P G & E CORP | Utilities | 0.4% | $9.7m | 603,045 | 146% | added |
| 15 | PLD PROLOGIS INC | Real Estate | 0.4% | $9.6m | 75,468 | 7% | added |
| 16 | L LOEWS CORP | Financial Services | 0.4% | $9.5m | 89,906 | -59% | reduced |
| 17 | BFAM BRIGHT HORIZONS FAMILY SOLUT | Consumer Cyclical | 0.4% | $9.0m | 89,203 | 57% | added |
| 18 | FTAI AVIATION LTD | 0.4% | $8.7m | 44,147 | 7% | added | |
| 19 | NEE NEXTERA ENERGY INC | Utilities | 0.4% | $8.7m | 108,181 | 1048% | added |
| 20 | SSNC SS&C TECHNOLOGIES HOLDINGS | Technology | 0.4% | $8.6m | 98,875 | 52% | added |
| 21 | LLY ELI LILLY & CO | Healthcare | 0.4% | $8.6m | 7,987 | -14% | reduced |
| 22 | RITM RITHM CAPITAL CORP | Real Estate | 0.4% | $8.5m | 784,237 | 183% | added |
| 23 | MOD MODINE MANUFACTURING CO | Consumer Cyclical | 0.4% | $8.5m | 63,816 | 64% | added |
| 24 | BPOP POPULAR INC | Financial Services | 0.4% | $8.5m | 68,033 | -20% | reduced |
| 25 | LAZ LAZARD INC | 0.4% | $8.5m | 174,421 | 842% | added | |
| 26 | MSFT MICROSOFT CORP | Technology | 0.4% | $8.4m | 17,355 | -22% | reduced |
| 27 | LTH LIFE TIME GROUP HOLDINGS INC | Consumer Cyclical | 0.4% | $8.3m | 312,040 | 359% | added |
| 28 | SBUX STARBUCKS CORP | Consumer Cyclical | 0.4% | $8.2m | 97,064 | 301% | added |
| 29 | GOOG ALPHABET INC-CL C | Communication Services | 0.4% | $8.1m | 25,723 | – | new |
| 30 | VICI VICI PROPERTIES INC | Real Estate | 0.4% | $8.0m | 285,590 | – | new |
| 31 | AMAT APPLIED MATERIALS INC | Technology | 0.4% | $7.9m | 30,731 | 41% | added |
| 32 | ATMU ATMUS FILTRATION TECHNOLOGIE | Consumer Cyclical | 0.4% | $7.9m | 151,943 | 21% | added |
| 33 | LAUR LAUREATE EDUCATION INC | Consumer Defensive | 0.4% | $7.9m | 233,506 | -5% | reduced |
| 34 | VRT VERTIV HOLDINGS CO-A | Industrials | 0.4% | $7.8m | 48,338 | 83% | added |
| 35 | AGNC AGNC INVESTMENT CORP | Real Estate | 0.4% | $7.8m | 724,956 | 604% | added |
| 36 | ITW ILLINOIS TOOL WORKS | Industrials | 0.4% | $7.8m | 31,475 | 22% | added |
| 37 | AVGO BROADCOM INC | Technology | 0.3% | $7.7m | 22,149 | 3% | added |
| 38 | EWZ ISHARES MSCI BRAZIL ETF | 0.3% | $7.6m | 239,954 | -66% | reduced | |
| 39 | WHITE MOUNTAINS INSURANCE GP | 0.3% | $7.5m | 3,615 | – | new | |
| 40 | RTX RTX CORP | Industrials | 0.3% | $7.5m | 40,959 | 901% | added |
| 41 | AMZN AMAZON.COM INC | Consumer Cyclical | 0.3% | $7.5m | 32,391 | -35% | reduced |
| 42 | COF CAPITAL ONE FINANCIAL CORP | Financial Services | 0.3% | $7.3m | 30,157 | -61% | reduced |
| 43 | UHAL/B U-HAUL HOLDING CO-NON VOTING | 0.3% | $7.3m | 156,067 | 6% | added | |
| 44 | PNR PENTAIR PLC | Industrials | 0.3% | $7.3m | 69,904 | 176% | added |
| 45 | SITE SITEONE LANDSCAPE SUPPLY INC | Industrials | 0.3% | $7.3m | 58,433 | 179% | added |
| 46 | MRVL MARVELL TECHNOLOGY INC | Technology | 0.3% | $7.2m | 84,980 | 934% | added |
| 47 | AAPL APPLE INC | Technology | 0.3% | $7.2m | 26,442 | 62% | added |
| 48 | BOKF BOK FINANCIAL CORPORATION | Financial Services | 0.3% | $7.1m | 59,939 | 316% | added |
| 49 | SF STIFEL FINANCIAL CORP | Financial Services | 0.3% | $7.0m | 55,846 | 195% | added |
| 50 | PLXS PLEXUS CORP | Technology | 0.3% | $6.9m | 47,268 | 11% | 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.