Dark Forest Capital Management LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Dark Forest Capital Management LP reported 1,110 stock positions worth $2.7 billion. Its top holding was Loews (L) at 0.8% of the portfolio, followed by iShares MSCI Brazil ETF (EWZ, 0.8%) and Simon Property (SPG, 0.8%). Compared with Q2 2025, it opened 401 new positions, sold out of 424, added to 349 and reduced 355. The biggest buy was Loews (L, shares +583%) and the biggest sale Cheniere Energy (LNG, shares −79%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001853322
- Portfolio Value
- $2.7B (Q3 2025)
- SEC Filing
- 0001853322-25-000011 ↗ filed Nov 17, 2025
Holdings Value
Holdings 1,110 stocks · $2.7B
| L Loews Corp. | 0.84% | 221,212 | $22.2M | Add +582.8% |
| EWZ iShares MSCI Brazil ETF | 0.83% | 710,893 | $22.0M | Add +417.2% |
| SPG Simon Property Group Inc. | 0.79% | 112,073 | $21.0M | Add +9.6% |
| VWO Vanguard Ftse Emerging Marke | 0.64% | 313,918 | $17.0M | New |
| INDA iShares MSCI India ETF | 0.64% | 324,340 | $16.9M | New |
| COF Capital One Financial Corp. | 0.61% | 76,644 | $16.3M | Add +58.8% |
| BAH Booz Allen Hamilton Holdings | 0.57% | 150,305 | $15.0M | Add +98.6% |
| GS Goldman Sachs Group Inc. | 0.55% | 18,485 | $14.7M | Add +162.2% |
| WMT Walmart Inc. | 0.50% | 128,038 | $13.2M | Add +369.7% |
| MSFT Microsoft Corp. | 0.43% | 22,326 | $11.6M | Reduce -38.6% |
| AXS Axis Capital Holdings Ltd. | 0.42% | 117,596 | $11.3M | Add +179.8% |
| CTAS Cintas Corp. | 0.42% | 54,463 | $11.2M | Add +55.8% |
| AMZN Amazon.com Inc. | 0.41% | 49,500 | $10.9M | Reduce -12.6% |
| BPOP Popular Inc. | 0.41% | 84,880 | $10.8M | Add +1152.8% |
| XBI SS SPDR S&P Biotech ETF | 0.40% | 105,995 | $10.6M | New |
| ALSN Allison Transmission Holding | 0.40% | 123,992 | $10.5M | Add +157.1% |
| OLED Universal Display Corp. | 0.40% | 73,138 | $10.5M | Add +171.8% |
| LRCX Lam Research Corp. | 0.39% | 77,802 | $10.4M | Add +124.6% |
| NFLX Netflix Inc. | 0.39% | 8,671 | $10.4M | Add +77.9% |
| AXP American Express Co. | 0.39% | 30,828 | $10.2M | Add +84.3% |
| TIP iShares Tips Bond ETF | 0.38% | 91,743 | $10.2M | No change |
| PNW Pinnacle West Capital | 0.37% | 110,992 | $10.0M | New |
| FITB Fifth Third Bancorp | 0.37% | 219,437 | $9.8M | Add +155.2% |
| UNP Union Pacific Corp. | 0.36% | 40,769 | $9.6M | Add +15.2% |
| GIS General Mills Inc. | 0.36% | 189,069 | $9.5M | Add +39.1% |
| IDA Idacorp Inc. | 0.35% | 71,266 | $9.4M | Add +2542.4% |
| TCBI Texas Capital Bancshares Inc. | 0.35% | 110,521 | $9.3M | Add +150.5% |
| FERG Ferguson Enterprises Inc. | 0.34% | 40,461 | $9.1M | Reduce -29.6% |
| JPM JPMorgan Chase & Co. | 0.34% | 28,657 | $9.0M | New |
| NLY Annaly Capital Management Inc. | 0.34% | 444,467 | $9.0M | Add +18.6% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.33% | 44,361 | $8.8M | New |
| DTE DTE Energy Company | 0.31% | 59,182 | $8.4M | Add +617.4% |
| CACI Caci International Inc. Class A | 0.31% | 16,592 | $8.3M | Add +53.4% |
| PECO Phillips Edison & Company Inc. | 0.31% | 240,702 | $8.3M | Add +1193.4% |
| POR Portland General Electric Co. | 0.31% | 185,942 | $8.2M | Reduce -12.6% |
| PLD Prologis Inc. | 0.30% | 70,699 | $8.1M | Add +87.1% |
| ZM Zoom Communications Inc. | 0.30% | 97,793 | $8.1M | Add +328.1% |
| OVV Ovintiv Inc. | 0.30% | 199,065 | $8.0M | Add +162.7% |
| PB Prosperity Bancshares Inc. | 0.30% | 120,443 | $8.0M | Add +29.8% |
| TSCO Tractor Supply Company | 0.30% | 140,206 | $8.0M | Add +1471.1% |
| RPRX Royalty Pharma PLC Class A | 0.30% | 224,632 | $7.9M | New |
| RGA Reinsurance Group of America | 0.30% | 41,115 | $7.9M | New |
| CB Chubb Ltd. | 0.29% | 27,741 | $7.8M | Add +314.5% |
| ROKU Roku Inc. | 0.29% | 78,070 | $7.8M | Add +94.2% |
| TKO Tko Group Holdings Inc. | 0.29% | 38,537 | $7.8M | Add +110.9% |
| LAUR Laureate Education Inc. | 0.29% | 246,178 | $7.8M | Add +251.2% |
| NVDA Nvidia Corp. | 0.29% | 41,540 | $7.8M | Reduce -63.4% |
| KEX Kirby Corp. | 0.29% | 91,437 | $7.6M | Add +170.4% |
| SON Sonoco Products Co. | 0.28% | 175,054 | $7.5M | Add +191.3% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.28% | 58,135 | $7.5M | Add +114.3% |
| UHAL.B U-Haul Holding Co.-Non Voting | 0.28% | 147,326 | $7.5M | Add +176.8% |
| VEEV Veeva Systems Inc. Class A | 0.28% | 24,995 | $7.4M | Reduce -37.2% |
| SYK Stryker Corp. | 0.27% | 19,687 | $7.3M | New |
| CVX Chevron Corp. | 0.27% | 46,214 | $7.2M | New |
| LLY Eli Lilly & Co. | 0.27% | 9,319 | $7.1M | Add +5.2% |
| ESNT Essent Group Ltd. | 0.27% | 111,479 | $7.1M | Add +24.1% |
| BNL Broadstone Net Lease Inc. | 0.27% | 396,124 | $7.1M | Add +206.3% |
| AVGO Broadcom Inc. | 0.27% | 21,446 | $7.1M | Add +33.9% |
| KHC The Kraft Heinz Co. | 0.26% | 269,592 | $7.0M | Reduce -37.0% |
| TMUS T-Mobile US Inc. | 0.26% | 29,121 | $7.0M | Add +57.3% |
| CRH CRH PLC | 0.26% | 57,653 | $6.9M | New |
| FTAI Ftai Aviation Ltd. | 0.26% | 41,380 | $6.9M | Add +2.3% |
| AOS Smith (a.o.) Corp. | 0.25% | 92,226 | $6.8M | Reduce -6.4% |
| ENS Enersys | 0.25% | 59,815 | $6.8M | New |
| ITW Illinois Tool Works | 0.25% | 25,897 | $6.8M | Add +599.4% |
| EHC Encompass Health Corp. | 0.25% | 52,499 | $6.7M | Add +260.4% |
| EPR Epr Properties filed as EPR PPTYS | 0.24% | 110,878 | $6.4M | Add +1285.8% |
| OMF Onemain Holdings Inc. | 0.24% | 113,660 | $6.4M | Add +291.1% |
| URI United Rentals Inc. | 0.24% | 6,669 | $6.4M | Add +83.0% |
| CLH Clean Harbors Inc. | 0.24% | 27,367 | $6.4M | Reduce -0.1% |
| SCCO Southern Copper Corp. | 0.24% | 52,277 | $6.3M | Add +4.6% |
| GGG Graco Inc. | 0.24% | 74,561 | $6.3M | Reduce -49.3% |
| AIT Applied Industrial Tech Inc. | 0.24% | 24,243 | $6.3M | Add +3.5% |
| CRUS Cirrus Logic Inc. | 0.24% | 50,454 | $6.3M | Reduce -1.3% |
| HQY Healthequity Inc. | 0.24% | 66,292 | $6.3M | Add +991.8% |
| BSX Boston Scientific Corp. | 0.24% | 64,309 | $6.3M | Add +29.8% |
| LITE Lumentum Holdings Inc. | 0.24% | 38,504 | $6.3M | Add +445.3% |
| STZ Constellation Brands Inc. Class A | 0.23% | 46,315 | $6.2M | Add +940.8% |
| W Wayfair Inc. Class A | 0.23% | 69,623 | $6.2M | New |
| MS Morgan Stanley | 0.23% | 38,751 | $6.2M | Reduce -59.0% |
| BKH Black Hills Corp. | 0.23% | 100,003 | $6.2M | Reduce -5.9% |
| BFAM Bright Horizons Family Solut | 0.23% | 56,715 | $6.2M | New |
| PLXS Plexus Corp. | 0.23% | 42,556 | $6.2M | Add +135.6% |
| CDP Copt Defense Properties | 0.23% | 211,410 | $6.1M | Add +7.1% |
| SYNA Synaptics Inc. | 0.23% | 89,338 | $6.1M | Add +66.6% |
| DHI D.R. Horton Inc. | 0.23% | 35,906 | $6.1M | Add +139.1% |
| GEHC GE Healthcare Technology | 0.23% | 80,968 | $6.1M | New |
| SMCI Super Micro Computer Inc. | 0.23% | 126,112 | $6.0M | New |
| MSI Motorola Solutions Inc. | 0.23% | 13,204 | $6.0M | Add +918.8% |
| CNP Centerpoint Energy Inc. | 0.23% | 154,569 | $6.0M | Add +9.2% |
| PPC Pilgrim's Pride Corp. | 0.22% | 144,852 | $5.9M | Add +9.3% |
| MORN Morningstar Inc. | 0.22% | 25,257 | $5.9M | New |
| BA The Boeing Co. | 0.22% | 26,896 | $5.8M | Add +100.3% |
| VLO Valero Energy Corp. | 0.22% | 34,053 | $5.8M | Add +821.6% |
| SSNC Ss&c Technologies Holdings | 0.22% | 65,111 | $5.8M | New |
| MGY Magnolia Oil & Gas Corp. Class A | 0.22% | 239,863 | $5.7M | Reduce -51.7% |
| MEDP Medpace Holdings Inc. | 0.21% | 11,050 | $5.7M | Reduce -4.9% |
| FISV Fiserv Inc. | 0.21% | 43,874 | $5.7M | Add +66.3% |
| ATMU Atmus Filtration Technologie | 0.21% | 125,436 | $5.7M | Add +62.8% |
| IRDM Iridium Communications Inc. | 0.21% | 318,699 | $5.6M | Add +395.8% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $102K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 13,834 | $102K | No change |
Total filed on the 13F, all lines: $2.7B.
Portfolio Sells Q2 2025 → Q3 2025
| LNG Cheniere Energy Inc. | Reduce -79.2% | 0.15% | −0.64 |
| PANW Palo Alto Networks Inc. | Reduce -69.5% | 0.20% | −0.51 |
| BAC Bank of America Corp. | Sold out | 0.00% | −0.50 |
| NVDA Nvidia Corp. | Reduce -63.4% | 0.29% | −0.43 |
| GE General Electric | Sold out | 0.00% | −0.39 |
| FTI Technipfmc PLC | Sold out | 0.00% | −0.38 |
| ORI Old Republic Intl Corp. | Reduce -97.6% | 0.01% | −0.37 |
| AAPL Apple Inc. | Reduce -73.9% | 0.16% | −0.36 |
| PSX Phillips 66 | Reduce -95.4% | 0.02% | −0.36 |
| NE Noble Corp. PLC | Sold out | 0.00% | −0.35 |
| AMED Amedisys Inc. | Sold out | 0.00% | −0.33 |
| LMT Lockheed Martin Corp. | Reduce -94.6% | 0.02% | −0.32 |
| MS Morgan Stanley | Reduce -59.0% | 0.23% | −0.30 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.30 |
| SBAC SBA Communications Corp. | Reduce -95.9% | 0.01% | −0.30 |
| MSFT Microsoft Corp. | Reduce -38.6% | 0.43% | −0.29 |
| KDP Keurig Dr Pepper Inc. | Sold out | 0.00% | −0.28 |
| SRE Sempra | Reduce -90.5% | 0.03% | −0.28 |
| RELY Remitly Global Inc. | Sold out | 0.00% | −0.28 |
| ARW Arrow Electronics Inc. | Reduce -77.1% | 0.07% | −0.27 |
| GPC Genuine Parts Co. | Sold out | 0.00% | −0.27 |
| GGG Graco Inc. | Reduce -49.3% | 0.24% | −0.27 |
| KGS Kodiak Gas Services Inc. | Sold out | 0.00% | −0.27 |
| SNV Synovus Financial Corp. | Reduce -70.6% | 0.09% | −0.27 |
| MKL Markel Group Inc. | Sold out | 0.00% | −0.24 |
| DOV Dover Corp. | Reduce -58.6% | 0.13% | −0.24 |
| PEP Pepsico Inc. | Sold out | 0.00% | −0.23 |
| MGY Magnolia Oil & Gas Corp. Class A | Reduce -51.7% | 0.22% | −0.23 |
| WTS Watts Water Technologies-A | Sold out | 0.00% | −0.23 |
| RGLD Royal Gold Inc. | Reduce -87.7% | 0.03% | −0.23 |
| MET Metlife Inc. | Reduce -74.4% | 0.07% | −0.23 |
| LAMR Lamar Advertising Co. Class A | Sold out | 0.00% | −0.22 |
| AMKR Amkor Technology Inc. | Reduce -79.9% | 0.07% | −0.21 |
| GM General Motors Co. | Reduce -68.0% | 0.13% | −0.21 |
| BLK BlackRock Inc. | Reduce -52.7% | 0.20% | −0.21 |
| NWE Northwestern Energy Group Inc. | Reduce -76.4% | 0.07% | −0.21 |
| SLB SLB Ltd. | Sold out | 0.00% | −0.21 |
| SCHW Schwab (charles) Corp. | Reduce -76.3% | 0.06% | −0.21 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.20 |
| PNC PNC Financial Services Group | Sold out | 0.00% | −0.20 |
| SLM SLM Corp. | Sold out | 0.00% | −0.20 |
| SPGI S&P Global Inc. | Reduce -89.7% | 0.02% | −0.19 |
| FUL H.B. Fuller Co. | Sold out | 0.00% | −0.19 |
| SEIC Sei Investments Company | Sold out | 0.00% | −0.19 |
| SANM Sanmina Corp. | Reduce -82.2% | 0.05% | −0.19 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.19 |
| AVA Avista Corp. | Reduce -66.7% | 0.08% | −0.19 |
| ITGR Integer Holdings Corp. | Sold out | 0.00% | −0.18 |
| COR Cencora Inc. | Sold out | 0.00% | −0.18 |
| VEEV Veeva Systems Inc. Class A | Reduce -37.2% | 0.28% | −0.18 |
Portfolio Buys Q2 2025 → Q3 2025
| L Loews Corp. | Add +582.8% | 0.84% | +0.72 |
| EWZ iShares MSCI Brazil ETF | Add +417.2% | 0.83% | +0.67 |
| VWO Vanguard Ftse Emerging Marke | New | 0.64% | +0.64 |
| INDA iShares MSCI India ETF | New | 0.64% | +0.64 |
| XBI SS SPDR S&P Biotech ETF | New | 0.40% | +0.40 |
| WMT Walmart Inc. | Add +369.7% | 0.50% | +0.39 |
| BPOP Popular Inc. | Add +1152.8% | 0.41% | +0.38 |
| PNW Pinnacle West Capital | New | 0.37% | +0.37 |
| GS Goldman Sachs Group Inc. | Add +162.2% | 0.55% | +0.35 |
| IDA Idacorp Inc. | Add +2542.4% | 0.35% | +0.34 |
| JPM JPMorgan Chase & Co. | New | 0.34% | +0.34 |
| MTB M & T Bank Corp. | New | 0.33% | +0.33 |
| RPRX Royalty Pharma PLC Class A | New | 0.30% | +0.30 |
| RGA Reinsurance Group of America | New | 0.30% | +0.30 |
| PECO Phillips Edison & Company Inc. | Add +1193.4% | 0.31% | +0.28 |
| TSCO Tractor Supply Company | Add +1471.1% | 0.30% | +0.28 |
| SYK Stryker Corp. | New | 0.27% | +0.27 |
| DTE DTE Energy Company | Add +617.4% | 0.31% | +0.27 |
| CVX Chevron Corp. | New | 0.27% | +0.27 |
| CRH CRH PLC | New | 0.26% | +0.26 |
| LRCX Lam Research Corp. | Add +124.6% | 0.39% | +0.26 |
| ENS Enersys | New | 0.25% | +0.25 |
| BAH Booz Allen Hamilton Holdings | Add +98.6% | 0.57% | +0.25 |
| AXS Axis Capital Holdings Ltd. | Add +179.8% | 0.42% | +0.25 |
| W Wayfair Inc. Class A | New | 0.23% | +0.23 |
| ZM Zoom Communications Inc. | Add +328.1% | 0.30% | +0.23 |
| BFAM Bright Horizons Family Solut | New | 0.23% | +0.23 |
| GEHC GE Healthcare Technology | New | 0.23% | +0.23 |
| OLED Universal Display Corp. | Add +171.8% | 0.40% | +0.23 |
| SMCI Super Micro Computer Inc. | New | 0.23% | +0.23 |
| LAUR Laureate Education Inc. | Add +251.2% | 0.29% | +0.23 |
| FITB Fifth Third Bancorp | Add +155.2% | 0.37% | +0.23 |
| EPR Epr Properties | Add +1285.8% | 0.24% | +0.22 |
| MORN Morningstar Inc. | New | 0.22% | +0.22 |
| SSNC Ss&c Technologies Holdings | New | 0.22% | +0.22 |
| ITW Illinois Tool Works | Add +599.4% | 0.25% | +0.22 |
| CB Chubb Ltd. | Add +314.5% | 0.29% | +0.22 |
| ALSN Allison Transmission Holding | Add +157.1% | 0.40% | +0.21 |
| HQY Healthequity Inc. | Add +991.8% | 0.24% | +0.21 |
| TCBI Texas Capital Bancshares Inc. | Add +150.5% | 0.35% | +0.21 |
| LITE Lumentum Holdings Inc. | Add +445.3% | 0.24% | +0.21 |
| STZ Constellation Brands Inc. Class A | Add +940.8% | 0.23% | +0.21 |
| MSI Motorola Solutions Inc. | Add +918.8% | 0.23% | +0.21 |
| COF Capital One Financial Corp. | Add +58.8% | 0.61% | +0.20 |
| ALNY Alnylam Pharmaceuticals Inc. | New | 0.20% | +0.20 |
| VLO Valero Energy Corp. | Add +821.6% | 0.22% | +0.20 |
| GPK Graphic Packaging Holding Co. | New | 0.20% | +0.20 |
| AMP Ameriprise Financial Inc. | New | 0.20% | +0.20 |
| EEM iShares MSCI Emerging Market | New | 0.19% | +0.19 |
| JKHY Jack Henry & Associates Inc. | New | 0.19% | +0.19 |
Options Activity Q2 2025 → Q3 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Sold out | 13,500 | $8.3Mbefore exit |
| IWM iShares Russell 2000 ETF | put | Sold out | 20,000 | $4.3Mbefore exit |
| XLF SS Financial Select Sector | call | Sold out | 45,000 | $2.4Mbefore exit |
| XLE SS Energy Select Sector | put | Sold out | 27,500 | $2.3Mbefore exit |
| EFA iShares MSCI Eafe ETF | put | Sold out | 15,000 | $1.3Mbefore exit |
| CB Chubb Ltd. | put | Sold out | 3,500 | $1.0Mbefore exit |
| AMZN Amazon.com Inc. | call | Sold out | 4,000 | $878Kbefore exit |
| LQDA Liquidia Corp. | call | Sold out | 42,500 | $530Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 777 | $1.5B | INDA, AXS, MU, SSNC, BRK.B |
| Q1 2026 | 766 | $1.1B | BPOP, AXS, CDE, ROKU, UNP |
| Q4 2025 | 931 | $2.2B | EEM, WMT, AXS, CVX, TOST |
| Q3 2025Amended | 1,110 | $2.7B | L, EWZ, SPG, VWO, INDA |
| Q2 2025 | 1,133 | $2.5B | LNG, MSFT, NVDA, PANW, SPG |
| Q1 2025 | 1,192 | $2.2B | LNG, CRH, GOOGL, AMCR, AXS |
| Q4 2024 | 887 | $678.2M | GOOGL, CRH, TTD, APP, HYG |
| Q3 2024 | 937 | $782.5M | XLU, GOOGL, WDAY, TTD, APO |
| Q2 2024 | 636 | $546.2M | GOOGL, PLTR, APO, AVTR, RPRX |
| Q1 2024 | 672 | $590.6M | GOOGL, CRWD, KKR, ESTC, EDR |