Dark Forest Capital Management LP

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Dark Forest Capital Management LP reported 931 stock positions worth $2.2 billion. Its top holding was iShares MSCI Emerging Market (EEM) at 1.4% of the portfolio, followed by Walmart (WMT, 0.8%) and Axis Capital (AXS, 0.8%). Compared with Q3 2025, it opened 320 new positions, sold out of 499, added to 284 and reduced 326. The biggest buy was iShares MSCI Emerging Market (EEM, shares +483%) and the biggest sale an exit from Booz Allen Hamilton (BAH).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001853322
Portfolio Value
$2.2B (Q4 2025)
SEC Filing
0001853322-26-000001 ↗ filed Feb 17, 2026

Holdings Value

0$1.0B$2.0B$3.0B Q1 2024: $590.6M Q1 2024 Q2 2024: $546.2M Q2 2024 Q3 2024: $782.5M Q3 2024 Q4 2024: $678.2M Q4 2024 Q1 2025: $2.2B Q1 2025 Q2 2025: $2.5B Q2 2025 Q3 2025: $2.7B Q3 2025 Q4 2025: $2.2B $2.2B Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 931 stocks · $2.2B
EEM iShares MSCI Emerging Market 1.38% 551,274 $30.2M Add +483.2%
WMT Walmart Inc. 0.79% 154,918 $17.3M Add +21.0%
AXS Axis Capital Holdings Ltd. 0.76% 155,964 $16.7M Add +32.6%
CVX Chevron Corp. 0.68% 98,347 $15.0M Add +112.8%
TOST Toast Inc. Class A 0.68% 418,286 $14.9M Add +466.4%
UNP Union Pacific Corp. 0.61% 57,938 $13.4M Add +42.1%
SPG Simon Property Group Inc. 0.57% 67,279 $12.5M Reduce -40.0%
ALSN Allison Transmission Holding 0.52% 115,533 $11.3M Reduce -6.8%
PFSI Pennymac Financial Services 0.50% 83,391 $11.0M Add +226.8%
RPRX Royalty Pharma PLC Class A 0.49% 278,313 $10.8M Add +23.9%
DTE DTE Energy Company 0.47% 80,633 $10.4M Add +36.3%
BROS Dutch Bros Inc. Class A 0.45% 162,584 $10.0M Add +85.3%
OMF Onemain Holdings Inc. 0.45% 145,699 $9.8M Add +28.2%
PCG P G & E Corp. 0.44% 603,045 $9.7M Add +146.4%
PLD Prologis Inc. 0.44% 75,468 $9.6M Add +6.8%
L Loews Corp. 0.43% 89,906 $9.5M Reduce -59.4%
BFAM Bright Horizons Family Solut 0.41% 89,203 $9.0M Add +57.3%
FTAI Ftai Aviation Ltd. 0.40% 44,147 $8.7M Add +6.7%
NEE Nextera Energy Inc. 0.40% 108,181 $8.7M Add +1047.9%
SSNC Ss&c Technologies Holdings 0.39% 98,875 $8.6M Add +51.9%
LLY Eli Lilly & Co. 0.39% 7,987 $8.6M Reduce -14.3%
RITM Rithm Capital Corp. 0.39% 784,237 $8.5M Add +183.0%
MOD Modine Manufacturing Co. 0.39% 63,816 $8.5M Add +63.7%
BPOP Popular Inc. 0.39% 68,033 $8.5M Reduce -19.9%
LAZ Lazard Inc. 0.39% 174,421 $8.5M Add +842.2%
MSFT Microsoft Corp. 0.38% 17,355 $8.4M Reduce -22.3%
LTH Life Time Group Holdings Inc. 0.38% 312,040 $8.3M Add +358.5%
SBUX Starbucks Corp. 0.37% 97,064 $8.2M Add +301.4%
GOOG Alphabet Inc. Class C 0.37% 25,723 $8.1M New
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.37% 285,590 $8.0M New
AMAT Applied Materials Inc. 0.36% 30,731 $7.9M Add +41.2%
ATMU Atmus Filtration Technologie 0.36% 151,943 $7.9M Add +21.1%
LAUR Laureate Education Inc. 0.36% 233,506 $7.9M Reduce -5.2%
VRT Vertiv Holdings Co. Class A 0.36% 48,338 $7.8M Add +83.3%
AGNC AGNC Investment Corp. 0.35% 724,956 $7.8M Add +604.0%
ITW Illinois Tool Works 0.35% 31,475 $7.8M Add +21.5%
AVGO Broadcom Inc. 0.35% 22,149 $7.7M Add +3.3%
EWZ iShares MSCI Brazil ETF 0.35% 239,954 $7.6M Reduce -66.3%
WTM White Mountains Insurance GP 0.34% 3,615 $7.5M New
RTX RTX Corp. 0.34% 40,959 $7.5M Add +901.2%
AMZN Amazon.com Inc. 0.34% 32,391 $7.5M Reduce -34.6%
COF Capital One Financial Corp. 0.33% 30,157 $7.3M Reduce -60.6%
UHAL.B U-Haul Holding Co.-Non Voting 0.33% 156,067 $7.3M Add +5.9%
PNR Pentair PLC 0.33% 69,904 $7.3M Add +176.1%
SITE Siteone Landscape Supply Inc. 0.33% 58,433 $7.3M New
MRVL Marvell Technology Inc. 0.33% 84,980 $7.2M Add +933.7%
AAPL Apple Inc. 0.33% 26,442 $7.2M Add +61.6%
BOKF Bok Financial Corporation 0.32% 59,939 $7.1M Add +316.1%
SF Stifel Financial Corp. 0.32% 55,846 $7.0M Add +195.4%
PLXS Plexus Corp. 0.32% 47,268 $6.9M Add +11.1%
CAG Conagra Brands Inc. 0.32% 398,934 $6.9M Add +1713.8%
XRAY Dentsply Sirona Inc. 0.31% 599,434 $6.9M New
VLY Valley National Bancorp 0.31% 574,542 $6.7M Add +396.5%
LNG Cheniere Energy Inc. 0.30% 34,119 $6.6M Add +104.6%
EBC Eastern Bankshares Inc. 0.29% 350,044 $6.5M Add +516.7%
MMM 3M Co. 0.29% 40,169 $6.4M Add +82.5%
RNG Ringcentral Inc. Class A 0.29% 221,917 $6.4M Add +220.6%
RGLD Royal Gold Inc. 0.29% 28,774 $6.4M Add +536.6%
MS Morgan Stanley 0.29% 35,689 $6.3M Reduce -7.9%
ANET Arista Networks Inc. 0.29% 47,910 $6.3M New
KMPR Kemper Corp. 0.28% 153,223 $6.2M Add +106.7%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.28% 49,155 $6.1M Reduce -15.4%
NVDA Nvidia Corp. 0.28% 32,440 $6.1M Reduce -21.9%
LIF LIFE360 Inc. 0.27% 92,663 $5.9M Add +3568.4%
ROKU Roku Inc. 0.27% 54,602 $5.9M Reduce -30.1%
ROP Roper Technologies Inc. 0.27% 13,272 $5.9M Add +89.9%
ROAD Construction Partners Inc. Class A 0.27% 54,257 $5.9M Add +126.6%
VEEV Veeva Systems Inc. Class A 0.27% 26,332 $5.9M Add +5.3%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.26% 50,947 $5.8M New
FELE Franklin Electric Co. Inc. 0.26% 59,724 $5.7M Add +470.8%
CFR Cullen/Frost Bankers Inc. 0.26% 44,743 $5.7M New
URI United Rentals Inc. 0.26% 6,978 $5.6M Add +4.6%
PNW Pinnacle West Capital 0.26% 63,424 $5.6M Reduce -42.9%
BMY Bristol-Myers Squibb Co. 0.26% 104,004 $5.6M Add +133.3%
LYFT LYFT Inc. Class A 0.26% 289,319 $5.6M Add +212.0%
BNL Broadstone Net Lease Inc. 0.25% 318,980 $5.5M Reduce -19.5%
WST West Pharmaceutical Services 0.25% 20,131 $5.5M Add +1725.1%
OHI Omega Healthcare Investors 0.25% 124,888 $5.5M Add +126.7%
OMC Omnicom Group 0.25% 67,528 $5.5M Add +40.1%
CFG Citizens Financial Group 0.25% 92,579 $5.4M Add +20.2%
F Ford Motor Co. filed as FORD MTR CO 0.25% 410,797 $5.4M Add +314.7%
FCNCA First Citizens Bcshs Class A 0.24% 2,468 $5.3M Add +838.4%
AVA Avista Corp. 0.24% 136,614 $5.3M Add +132.1%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.24% 76,560 $5.2M New
RBRK Rubrik Inc. Class A 0.24% 67,444 $5.2M Add +133.2%
DELL Dell Technologies -C 0.23% 40,883 $5.1M New
WM Waste Management Inc. 0.23% 23,270 $5.1M New
CR Crane Co. 0.23% 27,551 $5.1M Add +1079.4%
SHW The Sherwin-Williams Co. 0.23% 15,665 $5.1M Add +88.8%
VZ Verizon Communications Inc. 0.23% 124,536 $5.1M Add +1144.2%
PK Park Hotels & Resorts Inc. 0.23% 481,350 $5.0M New
META Meta Platforms Inc. Class A 0.23% 7,524 $5.0M Add +50.8%
OLN Olin Corp. 0.23% 238,404 $5.0M Add +384.4%
HBAN Huntington Bancshares Inc. 0.22% 283,719 $4.9M Add +171.8%
ADC Agree Realty Corp. 0.22% 68,335 $4.9M Add +168.8%
SFM Sprouts Farmers Market Inc. 0.22% 61,585 $4.9M Add +49.8%
MCK McKesson Corp. 0.22% 5,977 $4.9M Add +36.2%
ECL Ecolab Inc. 0.22% 18,634 $4.9M New
SO The Southern Co. 0.22% 56,028 $4.9M Add +20.6%
SIRI Sirius XM Holdings Inc. 0.22% 244,216 $4.9M Add +419.9%

Show all 931 holdings

Portfolio Sells Q3 2025 → Q4 2025
BAH Booz Allen Hamilton Holdings Sold out 0.00% −0.57
GS Goldman Sachs Group Inc. Sold out 0.00% −0.55
EWZ iShares MSCI Brazil ETF Reduce -66.3% 0.35% −0.48
INDA iShares MSCI India ETF Reduce -77.1% 0.18% −0.45
VWO Vanguard Ftse Emerging Marke Reduce -75.5% 0.19% −0.45
L Loews Corp. Reduce -59.4% 0.43% −0.40
XBI SS SPDR S&P Biotech ETF Sold out 0.00% −0.40
OLED Universal Display Corp. Sold out 0.00% −0.40
TIP iShares Tips Bond ETF Sold out 0.00% −0.38
NFLX Netflix Inc. Reduce -94.7% 0.02% −0.37
FITB Fifth Third Bancorp Sold out 0.00% −0.37
GIS General Mills Inc. Sold out 0.00% −0.36
CTAS Cintas Corp. Reduce -86.4% 0.06% −0.36
NLY Annaly Capital Management Inc. Sold out 0.00% −0.34
MTB M & T Bank Corp. Sold out 0.00% −0.33
TCBI Texas Capital Bancshares Inc. Reduce -91.7% 0.04% −0.31
POR Portland General Electric Co. Sold out 0.00% −0.31
OVV Ovintiv Inc. Sold out 0.00% −0.30
JPM JPMorgan Chase & Co. Reduce -86.5% 0.06% −0.28
LRCX Lam Research Corp. Reduce -81.9% 0.11% −0.28
COF Capital One Financial Corp. Reduce -60.6% 0.33% −0.28
TSCO Tractor Supply Company Reduce -91.9% 0.03% −0.27
ESNT Essent Group Ltd. Sold out 0.00% −0.27
KHC The Kraft Heinz Co. Sold out 0.00% −0.26
TMUS T-Mobile US Inc. Sold out 0.00% −0.26
CRH CRH PLC Sold out 0.00% −0.26
KEX Kirby Corp. Reduce -89.9% 0.05% −0.24
CRUS Cirrus Logic Inc. Sold out 0.00% −0.24
HQY Healthequity Inc. Sold out 0.00% −0.24
STZ Constellation Brands Inc. Class A Sold out 0.00% −0.23
AOS Smith (a.o.) Corp. Reduce -92.7% 0.02% −0.23
GEHC GE Healthcare Technology Sold out 0.00% −0.23
SYK Stryker Corp. Reduce -85.6% 0.05% −0.23
SMCI Super Micro Computer Inc. Sold out 0.00% −0.23
CNP Centerpoint Energy Inc. Sold out 0.00% −0.23
SPG Simon Property Group Inc. Reduce -40.0% 0.57% −0.22
PB Prosperity Bancshares Inc. Reduce -78.1% 0.08% −0.22
MSI Motorola Solutions Inc. Reduce -95.3% 0.01% −0.22
FISV Fiserv Inc. Sold out 0.00% −0.21
CB Chubb Ltd. Reduce -78.5% 0.09% −0.21
OGE Oge Energy Corp. Sold out 0.00% −0.21
BLK BlackRock Inc. Sold out 0.00% −0.20
CLH Clean Harbors Inc. Reduce -88.2% 0.03% −0.20
MEDP Medpace Holdings Inc. Reduce -96.4% 0.01% −0.20
GPK Graphic Packaging Holding Co. Sold out 0.00% −0.20
ILMN Illumina Inc. Sold out 0.00% −0.20
AMP Ameriprise Financial Inc. Sold out 0.00% −0.20
OXY Occidental Petroleum Corp. Sold out 0.00% −0.19
DCI Donaldson Co. Inc. Sold out 0.00% −0.19
MAT Mattel Inc. Sold out 0.00% −0.19

Portfolio Buys Q3 2025 → Q4 2025
EEM iShares MSCI Emerging Market Add +483.2% 1.38% +1.19
TOST Toast Inc. Class A Add +466.4% 0.68% +0.58
CVX Chevron Corp. Add +112.8% 0.68% +0.41
PFSI Pennymac Financial Services Add +226.8% 0.50% +0.38
NEE Nextera Energy Inc. Add +1047.9% 0.40% +0.37
GOOG Alphabet Inc. Class C New 0.37% +0.37
VICI Vici Properties Inc. New 0.37% +0.37
LAZ Lazard Inc. Add +842.2% 0.39% +0.35
WTM White Mountains Insurance GP New 0.34% +0.34
AXS Axis Capital Holdings Ltd. Add +32.6% 0.76% +0.34
SITE Siteone Landscape Supply Inc. New 0.33% +0.33
RTX RTX Corp. Add +901.2% 0.34% +0.32
AGNC AGNC Investment Corp. Add +604.0% 0.35% +0.32
XRAY Dentsply Sirona Inc. New 0.31% +0.31
LTH Life Time Group Holdings Inc. Add +358.5% 0.38% +0.31
MRVL Marvell Technology Inc. Add +933.7% 0.33% +0.30
PCG P G & E Corp. Add +146.4% 0.44% +0.30
CAG Conagra Brands Inc. Add +1713.8% 0.32% +0.30
SBUX Starbucks Corp. Add +301.4% 0.37% +0.30
WMT Walmart Inc. Add +21.0% 0.79% +0.29
ANET Arista Networks Inc. New 0.29% +0.29
BROS Dutch Bros Inc. Class A Add +85.3% 0.45% +0.28
RITM Rithm Capital Corp. Add +183.0% 0.39% +0.27
DIS The Walt Disney Co. New 0.26% +0.26
BOKF Bok Financial Corporation Add +316.1% 0.32% +0.26
LIF LIFE360 Inc. Add +3568.4% 0.27% +0.26
VLY Valley National Bancorp Add +396.5% 0.31% +0.26
CFR Cullen/Frost Bankers Inc. New 0.26% +0.26
RGLD Royal Gold Inc. Add +536.6% 0.29% +0.26
EBC Eastern Bankshares Inc. Add +516.7% 0.29% +0.26
UNP Union Pacific Corp. Add +42.1% 0.61% +0.25
WST West Pharmaceutical Services Add +1725.1% 0.25% +0.24
SF Stifel Financial Corp. Add +195.4% 0.32% +0.24
IFF Intl Flavors & Fragrances New 0.24% +0.24
DELL Dell Technologies -C New 0.23% +0.23
WM Waste Management Inc. New 0.23% +0.23
PK Park Hotels & Resorts Inc. New 0.23% +0.23
PNR Pentair PLC Add +176.1% 0.33% +0.23
FCNCA First Citizens Bcshs Class A Add +838.4% 0.24% +0.22
ECL Ecolab Inc. New 0.22% +0.22
FELE Franklin Electric Co. Inc. Add +470.8% 0.26% +0.22
VMRK Vivmark Residential New 0.22% +0.22
RNG Ringcentral Inc. Class A Add +220.6% 0.29% +0.22
NDSN Nordson Corp. New 0.22% +0.22
CR Crane Co. Add +1079.4% 0.23% +0.22
HSY The Hershey Co. New 0.22% +0.22
VZ Verizon Communications Inc. Add +1144.2% 0.23% +0.21
MKL Markel Group Inc. New 0.21% +0.21
PRGO Perrigo Co. PLC New 0.21% +0.21
CUBE Cubesmart New 0.21% +0.21

Notes & Other Activity Q3 2025 → Q4 2025
GENVR Gen Digital Inc. - CVR RIGHT 99/99/9999 Sold out 13,834 $102Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 777$1.5BINDA, AXS, MU, SSNC, BRK.B
Q1 2026 766$1.1BBPOP, AXS, CDE, ROKU, UNP
Q4 2025 931$2.2BEEM, WMT, AXS, CVX, TOST
Q3 2025Amended 1,110$2.7BL, EWZ, SPG, VWO, INDA
Q2 2025 1,133$2.5BLNG, MSFT, NVDA, PANW, SPG
Q1 2025 1,192$2.2BLNG, CRH, GOOGL, AMCR, AXS
Q4 2024 887$678.2MGOOGL, CRH, TTD, APP, HYG
Q3 2024 937$782.5MXLU, GOOGL, WDAY, TTD, APO
Q2 2024 636$546.2MGOOGL, PLTR, APO, AVTR, RPRX
Q1 2024 672$590.6MGOOGL, CRWD, KKR, ESTC, EDR