Dark Forest Capital Management LP

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Dark Forest Capital Management LP reported 766 stock positions worth $1.1 billion. Its top holding was Popular (BPOP) at 1.0% of the portfolio, followed by Axis Capital (AXS, 1.0%) and Coeur Mining (CDE, 1.0%). Compared with Q4 2025, it opened 284 new positions, sold out of 449, added to 139 and reduced 338. The biggest buy was Coeur Mining (CDE, shares +1007%) and the biggest sale iShares MSCI Emerging Market (EEM, shares −95%).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001853322
Portfolio Value
$1.1B (Q1 2026)
SEC Filing
0002073679-26-000055 ↗ filed May 15, 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 Q4 2025 Q1 2026: $1.1B $1.1B Q1 2026 Q2 2026: $1.5B Q2 2026

Holdings 766 stocks · $1.1B
BPOP Popular Inc. 1.05% 87,943 $11.8M Add +29.3%
AXS Axis Capital Holdings Ltd. 0.98% 108,472 $11.0M Reduce -30.4%
CDE Coeur Mining Inc. 0.96% 575,124 $10.8M Add +1007.2%
ROKU Roku Inc. 0.88% 104,558 $9.9M Add +91.5%
UNP Union Pacific Corp. 0.83% 38,597 $9.4M Reduce -33.4%
TOST Toast Inc. Class A 0.79% 333,842 $8.9M Reduce -20.2%
TPG TPG Inc. 0.76% 211,569 $8.6M Add +753.2%
SSNC Ss&c Technologies Holdings 0.72% 119,819 $8.1M Add +21.2%
HUBS HubSpot Inc. 0.69% 31,995 $7.8M Add +208.3%
ZM Zoom Communications Inc. 0.68% 95,918 $7.7M Add +105.3%
MU Micron Technology Inc. 0.66% 21,866 $7.4M Add +62.9%
SOFI Sofi Technologies Inc. 0.64% 450,929 $7.2M Add +286.6%
AGNC AGNC Investment Corp. 0.63% 702,095 $7.0M Reduce -3.1%
GOOG Alphabet Inc. Class C 0.62% 24,232 $7.0M Reduce -5.8%
BFAM Bright Horizons Family Solut 0.61% 84,278 $6.9M Reduce -5.5%
AFRM Affirm Holdings Inc. 0.61% 150,069 $6.9M Add +147.4%
ATMU Atmus Filtration Technologie 0.59% 116,279 $6.6M Reduce -23.5%
FERG Ferguson Enterprises Inc. 0.59% 28,260 $6.6M Add +52.2%
AAPL Apple Inc. 0.58% 25,941 $6.6M Reduce -1.9%
FCNCA First Citizens Bcshs Class A 0.58% 3,453 $6.5M Add +39.9%
OMF Onemain Holdings Inc. 0.57% 120,377 $6.4M Reduce -17.4%
OWL Blue Owl Capital Inc. 0.57% 701,317 $6.4M Add +194.9%
ALSN Allison Transmission Holding 0.57% 54,626 $6.4M Reduce -52.7%
FWONK Liberty Media Corp. Class C 0.56% 74,238 $6.3M New
DTE DTE Energy Company 0.56% 42,772 $6.3M Reduce -47.0%
BOKF Bok Financial Corporation 0.53% 46,828 $6.0M Reduce -21.9%
NIC Nicolet Bankshares Inc. 0.53% 40,155 $6.0M Add +1019.5%
LNG Cheniere Energy Inc. 0.53% 20,847 $5.9M Reduce -38.9%
PFSI Pennymac Financial Services 0.52% 67,075 $5.9M Reduce -19.6%
DKNG Draftkings Inc. Class A 0.52% 270,010 $5.8M Add +212.4%
VEEV Veeva Systems Inc. Class A 0.52% 33,104 $5.8M Add +25.7%
LAZ Lazard Inc. 0.50% 133,357 $5.7M Reduce -23.5%
SUI Sun Communities Inc. filed as SUN CMNTYS INC 0.50% 44,832 $5.6M Reduce -8.8%
SYK Stryker Corp. 0.50% 17,012 $5.6M Add +499.2%
RPRX Royalty Pharma PLC Class A 0.48% 112,062 $5.4M Reduce -59.7%
BA The Boeing Co. 0.45% 25,586 $5.1M Add +39.6%
Z Zillow Group Inc. Class C 0.44% 120,193 $5.0M Add +2156.3%
WTM White Mountains Insurance GP 0.44% 2,255 $5.0M Reduce -37.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.44% 30,705 $4.9M Add +142.9%
FLO Flowers Foods Inc. 0.43% 593,491 $4.8M Add +160.2%
ITW Illinois Tool Works 0.43% 18,508 $4.8M Reduce -41.2%
MSFT Microsoft Corp. 0.42% 12,861 $4.8M Reduce -25.9%
LPLA LPL Financial Holdings Inc. 0.42% 15,563 $4.7M New
CACC Credit Acceptance Corp. 0.41% 10,994 $4.7M Add +66.0%
ALNY Alnylam Pharmaceuticals Inc. 0.40% 13,707 $4.5M Add +104.1%
AMAT Applied Materials Inc. 0.39% 12,934 $4.4M Reduce -57.9%
TPC Tutor Perini Corp. 0.39% 57,152 $4.4M Add +155.2%
MSI Motorola Solutions Inc. 0.39% 10,116 $4.4M Add +1518.6%
HON Honeywell International Inc. 0.39% 19,361 $4.4M Add +20.5%
COP Conocophillips 0.38% 32,271 $4.3M Add +150.7%
JPM JPMorgan Chase & Co. 0.38% 14,443 $4.2M Add +273.5%
CPB The Campbell's Company 0.38% 190,170 $4.2M New
AMZN Amazon.com Inc. 0.37% 19,949 $4.2M Reduce -38.4%
MRVL Marvell Technology Inc. 0.36% 40,720 $4.0M Reduce -52.1%
MKL Markel Group Inc. 0.35% 2,087 $4.0M Reduce -4.2%
GPOR Gulfport Energy Corp. 0.35% 18,851 $4.0M Add +5.2%
CCK Crown Holdings Inc. 0.35% 39,434 $4.0M Reduce -2.0%
LLY Eli Lilly & Co. 0.35% 4,243 $3.9M Reduce -46.9%
HEI.A Heico Corp. Class A 0.34% 18,000 $3.8M No change
POOL Pool Corp. 0.34% 18,711 $3.8M Add +100.8%
WM Waste Management Inc. 0.33% 16,407 $3.8M Reduce -29.5%
HHH Howard Hughes Holdings Inc. 0.33% 59,357 $3.8M Add +130.3%
SEB Seaboard Corp. 0.32% 628 $3.6M Reduce -30.1%
KMI Kinder Morgan Inc. 0.31% 105,363 $3.5M Add +12.1%
NTST Netstreit Corp. 0.31% 187,042 $3.5M Reduce -6.8%
NVDA Nvidia Corp. 0.31% 20,136 $3.5M Reduce -37.9%
MCK McKesson Corp. 0.31% 4,021 $3.5M Reduce -32.7%
COST Costco Wholesale Corp. 0.31% 3,473 $3.5M Add +383.7%
SIRI Sirius XM Holdings Inc. 0.31% 149,544 $3.5M Reduce -38.8%
FRME First Merchants Corp. 0.30% 87,816 $3.4M Reduce -7.4%
WMT Walmart Inc. 0.30% 26,847 $3.3M Reduce -82.7%
BBT Beacon Financial Corp. 0.29% 110,760 $3.3M Add +258.5%
DPZ Domino's Pizza Inc. 0.29% 9,097 $3.3M Add +56.1%
GTX Garrett Motion Inc. 0.29% 178,669 $3.2M Reduce -31.1%
MOD Modine Manufacturing Co. 0.29% 14,911 $3.2M Reduce -76.6%
XYL Xylem Inc. 0.28% 26,851 $3.2M New
ISRG Intuitive Surgical Inc. 0.28% 6,915 $3.2M Add +298.3%
EBC Eastern Bankshares Inc. 0.28% 162,406 $3.2M Reduce -53.6%
FTAI Ftai Aviation Ltd. 0.28% 12,849 $3.1M Reduce -70.9%
LEU Centrus Energy Corp. Class A 0.28% 17,989 $3.1M Add +29.9%
CRDO Credo Technology Group Holdi 0.28% 33,030 $3.1M New
FITB Fifth Third Bancorp 0.28% 66,686 $3.1M New
ATO Atmos Energy Corp. 0.27% 16,699 $3.1M Reduce -11.4%
MO Altria Group Inc. 0.27% 46,434 $3.1M New
PSX Phillips 66 0.27% 16,817 $3.1M New
RTX RTX Corp. 0.27% 15,828 $3.1M Reduce -61.4%
UWMC Uwm Holdings Corp. 0.27% 839,121 $3.0M New
CAG Conagra Brands Inc. 0.27% 191,779 $3.0M Reduce -51.9%
SO The Southern Co. 0.27% 31,084 $3.0M Reduce -44.5%
MSGE Madison Square Garden Entert 0.27% 50,870 $3.0M Add +1213.1%
GLW Corning Inc. 0.27% 21,969 $3.0M Reduce -46.5%
FTI Technipfmc PLC 0.26% 42,652 $2.9M New
TW Tradeweb Markets Inc. Class A 0.26% 25,013 $2.9M Reduce -13.0%
TMUS T-Mobile US Inc. 0.26% 13,988 $2.9M New
PFE Pfizer Inc. 0.26% 103,674 $2.9M New
BIIB Biogen Inc. 0.26% 15,736 $2.9M New
CB Chubb Ltd. 0.25% 8,804 $2.9M Add +47.3%
ROAD Construction Partners Inc. Class A 0.25% 25,742 $2.9M Reduce -52.6%
DX Dynex Capital Inc. 0.25% 219,189 $2.8M Add +16.4%
LOAR Loar Holdings Inc. 0.25% 48,728 $2.8M Reduce -25.2%

Show all 766 holdings

Portfolio Sells Q4 2025 → Q1 2026
EEM iShares MSCI Emerging Market Reduce -95.4% 0.13% −1.25
CVX Chevron Corp. Sold out 0.00% −0.68
SPG Simon Property Group Inc. Sold out 0.00% −0.57
WMT Walmart Inc. Reduce -82.7% 0.30% −0.49
BROS Dutch Bros Inc. Class A Sold out 0.00% −0.45
PLD Prologis Inc. Sold out 0.00% −0.44
RITM Rithm Capital Corp. Sold out 0.00% −0.39
L Loews Corp. Reduce -94.6% 0.05% −0.39
LTH Life Time Group Holdings Inc. Sold out 0.00% −0.38
VICI Vici Properties Inc. Sold out 0.00% −0.37
VRT Vertiv Holdings Co. Class A Sold out 0.00% −0.36
AVGO Broadcom Inc. Sold out 0.00% −0.35
COF Capital One Financial Corp. Sold out 0.00% −0.33
PNR Pentair PLC Sold out 0.00% −0.33
EWZ iShares MSCI Brazil ETF Reduce -97.8% 0.02% −0.33
NEE Nextera Energy Inc. Reduce -89.5% 0.09% −0.30
MMM 3M Co. Sold out 0.00% −0.29
RNG Ringcentral Inc. Class A Sold out 0.00% −0.29
RGLD Royal Gold Inc. Sold out 0.00% −0.29
SBUX Starbucks Corp. Reduce -89.5% 0.08% −0.29
MS Morgan Stanley Sold out 0.00% −0.29
DIS The Walt Disney Co. Sold out 0.00% −0.26
CFR Cullen/Frost Bankers Inc. Sold out 0.00% −0.26
LAUR Laureate Education Inc. Reduce -86.0% 0.10% −0.26
LYFT LYFT Inc. Class A Sold out 0.00% −0.26
WST West Pharmaceutical Services Sold out 0.00% −0.25
OHI Omega Healthcare Investors Sold out 0.00% −0.25
OMC Omnicom Group Sold out 0.00% −0.25
LIF LIFE360 Inc. Reduce -93.2% 0.02% −0.25
VLY Valley National Bancorp Reduce -89.8% 0.06% −0.24
PCG P G & E Corp. Reduce -78.7% 0.20% −0.24
IFF Intl Flavors & Fragrances Sold out 0.00% −0.24
RBRK Rubrik Inc. Class A Sold out 0.00% −0.24
CR Crane Co. Sold out 0.00% −0.23
SHW The Sherwin-Williams Co. Sold out 0.00% −0.23
URI United Rentals Inc. Reduce -94.2% 0.03% −0.23
VZ Verizon Communications Inc. Sold out 0.00% −0.23
XRAY Dentsply Sirona Inc. Reduce -86.6% 0.08% −0.23
OLN Olin Corp. Sold out 0.00% −0.23
SFM Sprouts Farmers Market Inc. Sold out 0.00% −0.22
ECL Ecolab Inc. Sold out 0.00% −0.22
ALLY Ally Financial Inc. Sold out 0.00% −0.22
VMRK Vivmark Residential Sold out 0.00% −0.22
SAM Boston Beer Company Inc. Class A Sold out 0.00% −0.22
FLS Flowserve Corp. Sold out 0.00% −0.22
GMED Globus Medical Inc. Class A Sold out 0.00% −0.21
AXP American Express Co. Sold out 0.00% −0.21
INTU Intuit Inc. Sold out 0.00% −0.21
SLB SLB Ltd. Sold out 0.00% −0.20
UHAL.B U-Haul Holding Co.-Non Voting Reduce -79.3% 0.13% −0.20

Portfolio Buys Q4 2025 → Q1 2026
CDE Coeur Mining Inc. Add +1007.2% 0.96% +0.92
TPG TPG Inc. Add +753.2% 0.76% +0.69
BPOP Popular Inc. Add +29.3% 1.05% +0.66
ROKU Roku Inc. Add +91.5% 0.88% +0.61
FWONK Liberty Media Corp. Class C New 0.56% +0.56
NIC Nicolet Bankshares Inc. Add +1019.5% 0.53% +0.51
HUBS HubSpot Inc. Add +208.3% 0.69% +0.50
ZM Zoom Communications Inc. Add +105.3% 0.68% +0.50
SOFI Sofi Technologies Inc. Add +286.6% 0.64% +0.50
MU Micron Technology Inc. Add +62.9% 0.66% +0.48
SYK Stryker Corp. Add +499.2% 0.50% +0.45
Z Zillow Group Inc. Class C Add +2156.3% 0.44% +0.42
LPLA LPL Financial Holdings Inc. New 0.42% +0.42
OWL Blue Owl Capital Inc. Add +194.9% 0.57% +0.41
AFRM Affirm Holdings Inc. Add +147.4% 0.61% +0.40
FERG Ferguson Enterprises Inc. Add +52.2% 0.59% +0.40
DKNG Draftkings Inc. Class A Add +212.4% 0.52% +0.38
MSI Motorola Solutions Inc. Add +1518.6% 0.39% +0.38
CPB The Campbell's Company New 0.38% +0.38
TJX TJX Companies Inc. Add +142.9% 0.44% +0.35
FCNCA First Citizens Bcshs Class A Add +39.9% 0.58% +0.34
SSNC Ss&c Technologies Holdings Add +21.2% 0.72% +0.32
COP Conocophillips Add +150.7% 0.38% +0.32
TPC Tutor Perini Corp. Add +155.2% 0.39% +0.32
JPM JPMorgan Chase & Co. Add +273.5% 0.38% +0.32
FLO Flowers Foods Inc. Add +160.2% 0.43% +0.32
XYL Xylem Inc. New 0.28% +0.28
ALNY Alnylam Pharmaceuticals Inc. Add +104.1% 0.40% +0.28
CACC Credit Acceptance Corp. Add +66.0% 0.41% +0.28
COST Costco Wholesale Corp. Add +383.7% 0.31% +0.28
CRDO Credo Technology Group Holdi New 0.28% +0.28
FITB Fifth Third Bancorp New 0.28% +0.28
MO Altria Group Inc. New 0.27% +0.27
PSX Phillips 66 New 0.27% +0.27
BA The Boeing Co. Add +39.6% 0.45% +0.27
UWMC Uwm Holdings Corp. New 0.27% +0.27
FTI Technipfmc PLC New 0.26% +0.26
TMUS T-Mobile US Inc. New 0.26% +0.26
PFE Pfizer Inc. New 0.26% +0.26
BBT Beacon Financial Corp. Add +258.5% 0.29% +0.26
MSGE Madison Square Garden Entert Add +1213.1% 0.27% +0.26
BIIB Biogen Inc. New 0.26% +0.26
VEEV Veeva Systems Inc. Class A Add +25.7% 0.52% +0.25
HON Honeywell International Inc. Add +20.5% 0.39% +0.25
XP XP Inc. Class A New 0.24% +0.24
PRU Prudential Financial Inc. New 0.24% +0.24
HHH Howard Hughes Holdings Inc. Add +130.3% 0.33% +0.24
POOL Pool Corp. Add +100.8% 0.34% +0.24
ISRG Intuitive Surgical Inc. Add +298.3% 0.28% +0.24
ARW Arrow Electronics Inc. New 0.23% +0.23

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