CIK: 0001853322
Total reported value
$1.1B
Reporting period: 2026-03-31 · Number of holdings: 766
DARK FOREST CAPITAL MANAGEMENT LP disclosed 766 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.1B and a quarterly turnover rate of 116.1%.
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Dark Forest Capital Management LP's disclosed holdings carry a Herfindahl concentration index of 0.003 — mathematically equivalent to about 344 equally-sized positions, well below its 766 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.11), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim EEM
-95.4% -$28.7M
Add CDE
+1007.2% $9.9M
Add TPG
+753.2% $7.0M
Add NIC
+1019.5% $5.5M
Trim WMT
-82.7% -$13.9M
Trim L
-94.6% -$9.0M
Showing top 200 holdings (of 766 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BPOP | Popular INC | Stock-Financials | 1.05% | — | +29.27% | |
| 2 | AXS | AXIS Capital Holdings Limited | Stock-Financials | 0.98% | +0.22% | -30.45% | |
| 3 | CDE | Coeur Mining INC | Stock-Materials | 0.96% | +0.92% | +1007.18% | |
| 4 | ROKU | Roku INC | Stock-Comm Services | 0.88% | — | +91.49% | |
| 5 | UNP | Union Pacific CORP | Stock-Industrials | 0.83% | — | -33.38% | |
| 6 | TOST | Toast Inc-class A | Stock-Tech | 0.79% | +0.11% | -20.19% | |
| 7 | TPG | Tpg INC | Stock-Financials | 0.76% | +0.69% | +753.24% | |
| 8 | SSNC | Ss&c Technologies Holdings | Stock-Tech | 0.72% | — | +21.18% | |
| 9 | HUBS | Hubspot INC | Stock-Tech | 0.69% | — | +208.33% | |
| 10 | ZM | Zoom Communications INC | Stock-Tech | 0.68% | — | +105.27% | |
| 11 | MU | Micron Technology INC | Stock-Tech | 0.66% | — | +62.88% | |
| 12 | SOFI | Sofi Technologies INC | Stock-Financials | 0.64% | — | +286.61% | |
| 13 | AGNC | Agnc Investment CORP | Stock-Real Estate | 0.63% | — | -3.15% | |
| 14 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 0.62% | — | -5.80% | |
| 15 | BFAM | Bright Horizons Family Solut | Stock-Consumer Disc | 0.61% | — | -5.52% | |
| 16 | AFRM | Affirm Holdings INC | Stock-Financials | 0.61% | — | +147.36% | |
| 17 | ATMU | Atmus Filtration Technologie | Stock-Consumer Disc | 0.59% | — | -23.47% | |
| 18 | FERG | Ferguson Enterprises INC | Stock-Industrials | 0.59% | — | +52.19% | |
| 19 | AAPL | Apple INC | Stock-Tech | 0.58% | — | -1.89% | |
| 20 | FCNCA | First Citizens Bcshs -cl A | Stock-Financials | 0.58% | — | +39.91% | |
| 21 | OMF | Onemain Holdings INC | Stock-Financials | 0.57% | — | -17.38% | |
| 22 | OWL | Blue Owl Capital INC | Stock-Financials | 0.57% | — | +194.91% | |
| 23 | ALSN | Allison Transmission Holding | Stock-Consumer Disc | 0.57% | — | -52.72% | |
| 24 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 0.56% | +0.56% | NEW | |
| 25 | DTE | Dte Energy Company | Stock-Utilities | 0.56% | — | -46.95% | |
| 26 | BOKF | Bok Financial Corporation | Stock-Other | 0.53% | — | -21.87% | |
| 27 | NIC | Nicolet Bankshares INC | Stock-Other | 0.53% | +0.51% | +1019.46% | |
| 28 | LNG | Cheniere Energy INC | Stock-Energy | 0.53% | — | -38.90% | |
| 29 | PFSI | Pennymac Financial Services | Stock-Other | 0.52% | +0.02% | -19.57% | |
| 30 | DKNG | Draftkings Inc-cl A | Stock-Consumer Disc | 0.52% | — | +212.42% | |
| 31 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 0.52% | — | +25.72% | |
| 32 | LAZ | Lazard INC | Stock-Financials | 0.50% | — | -23.54% | |
| 33 | SUI | Sun Communities INC | Stock-Real Estate | 0.50% | — | -8.79% | |
| 34 | SYK | Stryker CORP | Stock-Healthcare | 0.50% | — | +499.23% | |
| 35 | RPRX | Royalty Pharma plc | Stock-Healthcare | 0.48% | -0.01% | -59.74% | |
| 36 | BA | Boeing Co/the | Stock-Industrials | 0.45% | — | +39.56% | |
| 37 | Z | Zillow Group INC - C | Stock-Comm Services | 0.44% | — | +2156.30% | |
| 38 | WTM | White Mountains Insurance Group, Ltd. | Stock-Financials | 0.44% | — | -37.62% | |
| 39 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.44% | — | +142.94% | |
| 40 | FLO | Flowers Foods INC | Stock-Consumer Staples | 0.43% | — | +160.18% | |
| 41 | ITW | Illinois Tool Works | Stock-Industrials | 0.43% | — | -41.20% | |
| 42 | MSFT | Microsoft CORP | Stock-Tech | 0.42% | — | -25.89% | |
| 43 | LPLA | Lpl Financial Holdings INC | Stock-Financials | 0.42% | — | — | |
| 44 | CACC | Credit Acceptance CORP | Stock-Other | 0.41% | — | +65.95% | |
| 45 | ALNY | Alnylam Pharmaceuticals INC | Stock-Healthcare | 0.40% | — | +104.13% | |
| 46 | AMAT | Applied Materials INC | Stock-Tech | 0.39% | — | -57.91% | |
| 47 | TPC | Tutor Perini CORP | Stock-Other | 0.39% | — | +155.20% | |
| 48 | MSI | Motorola Solutions INC | Stock-Tech | 0.39% | — | +1518.56% | |
| 49 | HON | Honeywell International INC | Stock-Industrials | 0.39% | — | +20.48% | |
| 50 | COP | Conocophillips | Stock-Energy | 0.38% | — | +150.73% |
Performance for Q3 2026
+4%
Performance Last 4 Quarters
+21.3%
Based on 73% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 766 | $1.1B | 100 | |
| 2025-12-31 | 931 | $2.2B | 100 | |
| 2025-09-30 | 1111 | $2.7B | 100 | |
| 2025-06-30 | 1146 | $2.5B | 0 | |
| 2025-03-31 | 1201 | $2.2B | 100 | |
| 2024-12-31 | 887 | $678.2M | 0 | |
| 2024-09-30 | 937 | $782.5M | 0 | |
| 2024-06-30 | 637 | $546.3M | 0 | |
| 2024-03-31 | 673 | $590.6M | 0 | |
| 2023-12-31 | 426 | $666.3M | 0 | |
| 2023-09-30 | 1064 | $1.3B | 0 | |
| 2023-06-30 | 1002 | $1.1B | 0 | |
| 2023-03-31 | 1225 | $417.7M | 0 | |
| 2022-12-31 | 1288 | $406.7M | 0 | |
| 2022-09-30 | 1511 | $588.6M | 0 | |
| 2022-06-30 | 1240 | $476.1M | 0 | |
| 2022-03-31 | 1393 | $426.8M | 0 | |
| 2021-12-31 | 1680 | $271.1M | 0 | |
| 2021-09-30 | 1379 | $281.9M | 0 | |
| 2021-06-30 | 862 | $230.8M | 0 |
Dark Forest Capital Management LP's most significant position changes for 2026-03-31: Sold out: Chevron CORP (CVX); Sold out: Simon Property Group INC (SPG); Sold out: Dutch Bros Inc-class A (BROS); Sold out: Prologis INC (PLD); Sold out: Rithm Capital CORP (RITM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | CDE | Coeur Mining INC | +0.9% | +1007.18% | Add |
| 2 | TPG | Tpg INC | +0.7% | +753.24% | Add |
| 3 | NIC | Nicolet Bankshares INC | +0.5% | +1019.46% | Add |
| 4 | AXS | AXIS Capital Holdings Limited | +0.2% | -30.45% | Trim |
| 5 | TOST | Toast Inc-class A | +0.1% | -20.19% | Trim |
| 6 | PFSI | Pennymac Financial Services | 0% | -19.57% | Trim |
| 7 | RPRX | Royalty Pharma plc | 0% | -59.74% | Trim |
| 8 | MOD | Modine Manufacturing Co | -0.1% | -76.63% | Trim |
| 9 | FTAI | FTAI Aviation Ltd. | -0.1% | -70.89% | Trim |
| 10 | SITE | Siteone Landscape Supply INC | -0.2% | -76.00% | Trim |
| 11 | PLXS | Plexus CORP | -0.2% | -83.51% | Trim |
| 12 | UHAL-B | U-haul Holding Co-non Voting | -0.2% | -79.28% | Trim |
| 13 | XRAY | Dentsply Sirona INC | -0.2% | -86.59% | Trim |
| 14 | URI | United Rentals INC | -0.2% | -94.21% | Trim |
| 15 | PCG | P G & E CORP | -0.2% | -78.74% | Trim |
| 16 | VLY | Valley National Bancorp | -0.3% | -89.82% | Trim |
| 17 | LIF | Life360 INC | -0.3% | -93.19% | Trim |
| 18 | LAUR | Laureate Education INC | -0.3% | -86.05% | Trim |
| 19 | SBUX | Starbucks CORP | -0.3% | -89.48% | Trim |
| 20 | NEE | Nextera Energy INC | -0.3% | -89.52% | Trim |
| 21 | EWZ | Ishares Msci Brazil ETF | -0.3% | -97.75% | Trim |
| 22 | L | Loews CORP | -0.4% | -94.63% | Trim |
| 23 | WMT | Walmart INC | -0.5% | -82.67% | Trim |
| 24 | EEM | Ishares Msci Emerging Market | -1.3% | -95.43% | Trim |
| 25 | CVX | Chevron CORP | — | EXIT | Sold out |
| 26 | SPG | Simon Property Group INC | — | EXIT | Sold out |
| 27 | BROS | Dutch Bros Inc-class A | — | EXIT | Sold out |
| 28 | PLD | Prologis INC | — | EXIT | Sold out |
| 29 | RITM | Rithm Capital CORP | — | EXIT | Sold out |
| 30 | LTH | Life Time Group Holdings INC | — | EXIT | Sold out |
| 31 | VICI | Vici Properties INC | — | EXIT | Sold out |
| 32 | VRT | Vertiv Holdings Co-a | — | EXIT | Sold out |
| 33 | AVGO | Broadcom INC | — | EXIT | Sold out |
| 34 | COF | Capital One Financial CORP | — | EXIT | Sold out |
| 35 | PNR | Pentair plc | — | EXIT | Sold out |
| 36 | MMM | 3m Co | — | EXIT | Sold out |
| 37 | RNG | Ringcentral Inc-class A | — | EXIT | Sold out |
| 38 | RGLD | Royal Gold INC | — | EXIT | Sold out |
| 39 | MS | Morgan Stanley | — | EXIT | Sold out |
| 40 | FWONK | Liberty Media Corp-formula-c | — | NEW | New buy |
| 41 | DIS | Walt Disney Co/the | — | EXIT | Sold out |
| 42 | CFR | Cullen/frost Bankers INC | — | EXIT | Sold out |
| 43 | LYFT | Lyft Inc-a | — | EXIT | Sold out |
| 44 | WST | West Pharmaceutical Services | — | EXIT | Sold out |
| 45 | OHI | Omega Healthcare Investors | — | EXIT | Sold out |
| 46 | OMC | Omnicom Group | — | EXIT | Sold out |
| 47 | IFF | Intl Flavors & Fragrances | — | EXIT | Sold out |
| 48 | RBRK | Rubrik Inc-a | — | EXIT | Sold out |
| 49 | CR | Crane Co | — | EXIT | Sold out |
| 50 | SHW | Sherwin-williams Co/the | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-17 | Amendment | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-15 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-13 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-13 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-16 | Amendment | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
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