DF

Dark Forest Capital Management LP

Diversified strategyHigh-turnover traderQuality / disciplined sizing

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%.

Personality snowflake

Concentration
1.16
Portfolio Stability
100
Momentum/Contrarian
31.08
Sector conviction
37.77
Diversification
100
Sizing Uniformity
88.92

Recent moves

  • 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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1BPOPPopular INCStock-Financials1.05%—+29.27%
2AXSAXIS Capital Holdings LimitedStock-Financials0.98%+0.22%-30.45%
3CDECoeur Mining INCStock-Materials0.96%+0.92%+1007.18%
4ROKURoku INCStock-Comm Services0.88%—+91.49%
5UNPUnion Pacific CORPStock-Industrials0.83%—-33.38%
6TOSTToast Inc-class AStock-Tech0.79%+0.11%-20.19%
7TPGTpg INCStock-Financials0.76%+0.69%+753.24%
8SSNCSs&c Technologies HoldingsStock-Tech0.72%—+21.18%
9HUBSHubspot INCStock-Tech0.69%—+208.33%
10ZMZoom Communications INCStock-Tech0.68%—+105.27%
11MUMicron Technology INCStock-Tech0.66%—+62.88%
12SOFISofi Technologies INCStock-Financials0.64%—+286.61%
13AGNCAgnc Investment CORPStock-Real Estate0.63%—-3.15%
14GOOGAlphabet Inc-cl CStock-Comm Services0.62%—-5.80%
15BFAMBright Horizons Family SolutStock-Consumer Disc0.61%—-5.52%
16AFRMAffirm Holdings INCStock-Financials0.61%—+147.36%
17ATMUAtmus Filtration TechnologieStock-Consumer Disc0.59%—-23.47%
18FERGFerguson Enterprises INCStock-Industrials0.59%—+52.19%
19AAPLApple INCStock-Tech0.58%—-1.89%
20FCNCAFirst Citizens Bcshs -cl AStock-Financials0.58%—+39.91%
21OMFOnemain Holdings INCStock-Financials0.57%—-17.38%
22OWLBlue Owl Capital INCStock-Financials0.57%—+194.91%
23ALSNAllison Transmission HoldingStock-Consumer Disc0.57%—-52.72%
24FWONKLiberty Media Corp-formula-cStock-Comm Services0.56%+0.56%NEW
25DTEDte Energy CompanyStock-Utilities0.56%—-46.95%
26BOKFBok Financial CorporationStock-Other0.53%—-21.87%
27NICNicolet Bankshares INCStock-Other0.53%+0.51%+1019.46%
28LNGCheniere Energy INCStock-Energy0.53%—-38.90%
29PFSIPennymac Financial ServicesStock-Other0.52%+0.02%-19.57%
30DKNGDraftkings Inc-cl AStock-Consumer Disc0.52%—+212.42%
31VEEVVeeva Systems Inc-class AStock-Healthcare0.52%—+25.72%
32LAZLazard INCStock-Financials0.50%—-23.54%
33SUISun Communities INCStock-Real Estate0.50%—-8.79%
34SYKStryker CORPStock-Healthcare0.50%—+499.23%
35RPRXRoyalty Pharma plcStock-Healthcare0.48%-0.01%-59.74%
36BABoeing Co/theStock-Industrials0.45%—+39.56%
37ZZillow Group INC - CStock-Comm Services0.44%—+2156.30%
38WTMWhite Mountains Insurance Group, Ltd.Stock-Financials0.44%—-37.62%
39TJXTjx Companies INCStock-Consumer Disc0.44%—+142.94%
40FLOFlowers Foods INCStock-Consumer Staples0.43%—+160.18%
41ITWIllinois Tool WorksStock-Industrials0.43%—-41.20%
42MSFTMicrosoft CORPStock-Tech0.42%—-25.89%
43LPLALpl Financial Holdings INCStock-Financials0.42%——
44CACCCredit Acceptance CORPStock-Other0.41%—+65.95%
45ALNYAlnylam Pharmaceuticals INCStock-Healthcare0.40%—+104.13%
46AMATApplied Materials INCStock-Tech0.39%—-57.91%
47TPCTutor Perini CORPStock-Other0.39%—+155.20%
48MSIMotorola Solutions INCStock-Tech0.39%—+1518.56%
49HONHoneywell International INCStock-Industrials0.39%—+20.48%
50COPConocophillipsStock-Energy0.38%—+150.73%
1–50 of 766

Holding changes this quarter

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).

Position changes disclosed by Dark Forest Capital Management LP for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1CDECoeur Mining INC+0.9%+1007.18%Add
2TPGTpg INC+0.7%+753.24%Add
3NICNicolet Bankshares INC+0.5%+1019.46%Add
4AXSAXIS Capital Holdings Limited+0.2%-30.45%Trim
5TOSTToast Inc-class A+0.1%-20.19%Trim
6PFSIPennymac Financial Services0%-19.57%Trim
7RPRXRoyalty Pharma plc0%-59.74%Trim
8MODModine Manufacturing Co-0.1%-76.63%Trim
9FTAIFTAI Aviation Ltd.-0.1%-70.89%Trim
10SITESiteone Landscape Supply INC-0.2%-76.00%Trim
11PLXSPlexus CORP-0.2%-83.51%Trim
12UHAL-BU-haul Holding Co-non Voting-0.2%-79.28%Trim
13XRAYDentsply Sirona INC-0.2%-86.59%Trim
14URIUnited Rentals INC-0.2%-94.21%Trim
15PCGP G & E CORP-0.2%-78.74%Trim
16VLYValley National Bancorp-0.3%-89.82%Trim
17LIFLife360 INC-0.3%-93.19%Trim
18LAURLaureate Education INC-0.3%-86.05%Trim
19SBUXStarbucks CORP-0.3%-89.48%Trim
20NEENextera Energy INC-0.3%-89.52%Trim
21EWZIshares Msci Brazil ETF-0.3%-97.75%Trim
22LLoews CORP-0.4%-94.63%Trim
23WMTWalmart INC-0.5%-82.67%Trim
24EEMIshares Msci Emerging Market-1.3%-95.43%Trim
25CVXChevron CORP—EXITSold out
26SPGSimon Property Group INC—EXITSold out
27BROSDutch Bros Inc-class A—EXITSold out
28PLDPrologis INC—EXITSold out
29RITMRithm Capital CORP—EXITSold out
30LTHLife Time Group Holdings INC—EXITSold out
31VICIVici Properties INC—EXITSold out
32VRTVertiv Holdings Co-a—EXITSold out
33AVGOBroadcom INC—EXITSold out
34COFCapital One Financial CORP—EXITSold out
35PNRPentair plc—EXITSold out
36MMM3m Co—EXITSold out
37RNGRingcentral Inc-class A—EXITSold out
38RGLDRoyal Gold INC—EXITSold out
39MSMorgan Stanley—EXITSold out
40FWONKLiberty Media Corp-formula-c—NEWNew buy
41DISWalt Disney Co/the—EXITSold out
42CFRCullen/frost Bankers INC—EXITSold out
43LYFTLyft Inc-a—EXITSold out
44WSTWest Pharmaceutical Services—EXITSold out
45OHIOmega Healthcare Investors—EXITSold out
46OMCOmnicom Group—EXITSold out
47IFFIntl Flavors & Fragrances—EXITSold out
48RBRKRubrik Inc-a—EXITSold out
49CRCrane Co—EXITSold out
50SHWSherwin-williams Co/the—EXITSold out

FAQ

What is Dark Forest Capital Management LP and what type of investor is it?
Dark Forest Capital Management LP is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $1.1B, spread across 766 disclosed positions.
What are Dark Forest Capital Management LP's largest equity positions?
Based on the latest 13F filing, Dark Forest Capital Management LP's top holdings by market value are: 1. Popular INC (BPOP) — $11.8M (1.1%) 2. AXIS Capital Holdings Limited (AXS) — $11.0M (1.0%) 3. Coeur Mining INC (CDE) — $10.8M (1.0%) 4. Roku INC (ROKU) — $9.9M (0.9%) 5. Union Pacific CORP (UNP) — $9.4M (0.8%)
What changes did Dark Forest Capital Management LP make in its most recent portfolio filing?
In the latest reported quarter, Dark Forest Capital Management LP made 50 notable position adjustments: 1 new positions were initiated, 3 existing holdings were added to, 21 positions were partially reduced, and 25 were completely exited. The largest of these moves: 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)
What sectors does Dark Forest Capital Management LP focus on?
Dark Forest Capital Management LP is concentrated in the following sectors based on its current disclosed equity portfolio: • Financials: 18.3% • Information Technology: 17.9% • Industrials: 14.5% • Consumer Discretionary: 13.2% • Health Care: 9.8% • Consumer Staples: 5.5%