1y return+19.3%S&P 500 +20.9%
3y return+56.3%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since March 31, 2023: $164 against $182 in the S&P 500.2
Dark Forest Capital Management LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| INDAIshares Msci India Etf | $16.9M | 1.1% | New |
| Axis Capital Holdings LtdCUSIP G0692U109 | $13.2M | 0.9% | +13.2% |
| MUMicron Technology Inc | $11.7M | 0.8% | −53.8% |
| SSNCSs&c Technologies Holdings | $11.5M | 0.7% | +55.2% |
| BRK/BBerkshire Hathaway Inc-cl B | $11.3M | 0.7% | New |
| LLYEli Lilly & Co | $10.3M | 0.7% | +103.3% |
| DTEDte Energy Company | $9.2M | 0.6% | +41.8% |
| WECWec Energy Group Inc | $9.2M | 0.6% | +452.2% |
| EOGEog Resources Inc | $9.0M | 0.6% | +1863.4% |
| ITWIllinois Tool Works | $8.4M | 0.5% | +68.3% |
| IEXIdex Corp | $8.2M | 0.5% | New |
| PFSIPennymac Financial Services | $7.7M | 0.5% | +31.8% |
| FITBFifth Third Bancorp | $7.7M | 0.5% | +104.1% |
| OWLBlue Owl Capital Inc | $7.7M | 0.5% | +24.9% |
| Royalty Pharma Plc- Cl ACUSIP G7709Q104 | $7.6M | 0.5% | +20.5% |
| OMFOnemain Holdings Inc | $7.1M | 0.5% | −3.1% |
| AXPAmerican Express Co | $7.1M | 0.5% | New |
| TRVTravelers Cos Inc/the | $7.0M | 0.5% | New |
| CFGCitizens Financial Group | $6.9M | 0.4% | +129.4% |
| PRMBPrimo Brands Corp | $6.8M | 0.4% | +138.0% |
| PAYXPaychex Inc | $6.8M | 0.4% | New |
| ABBVAbbvie Inc | $6.8M | 0.4% | New |
| HUBSHubspot Inc | $6.8M | 0.4% | +15.7% |
| MSFTMicrosoft Corp | $6.7M | 0.4% | +38.9% |
| AMATApplied Materials Inc | $6.5M | 0.4% | −30.9% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| MODModine Manufacturing Co | December 31, 2022 | +1244.5% | $5.7M |
| ROADConstruction Partners Inc-a | September 30, 2023 | +224.9% | $5.6M |
| AMATApplied Materials Inc | June 30, 2024 | +206.4% | $6.5M |
| CFGCitizens Financial Group | March 31, 2025 | +71.0% | $6.9M |
| FCXFreeport-mcmoran Inc | March 31, 2025 | +66.1% | $5.6M |
| Royalty Pharma Plc- Cl ACUSIP G7709Q104 | September 30, 2025 | +58.9% | $7.6M |
| LLoews Corp | September 30, 2024 | +43.2% | $5.7M |
| Axis Capital Holdings LtdCUSIP G0692U109 | September 30, 2024 | +35.0% | $13.2M |
| LLYEli Lilly & Co | June 30, 2024 | +32.5% | $10.3M |
| OMFOnemain Holdings Inc | September 30, 2024 | +29.5% | $7.1M |
Sold off last quarter
- BPOPPopular Inc was $11.8M
- ROKURoku Inc was $9.9M
- AGNCAgnc Investment Corp was $7.0M
- GOOGAlphabet Inc-cl C was $7.0M
- BFAMBright Horizons Family Solut was $6.9M
- ATMUAtmus Filtration Technologie was $6.6M
- FCNCAFirst Citizens Bcshs -cl A was $6.5M
- LNGCheniere Energy Inc was $5.9M
- VEEVVeeva Systems Inc-class A was $5.8M
- LAZLazard Inc was $5.7M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +10.9% | +14.8% |
| March 31, 2026 | −0.0% | −4.6% |
| December 31, 2025 | +1.5% | +2.4% |
| September 30, 2025 | +6.0% | +7.8% |
| June 30, 2025 | +7.9% | +10.5% |
| March 31, 2025 | −5.8% | −4.6% |
| December 31, 2024 | +2.0% | +2.1% |
| September 30, 2024 | +8.0% | +5.4% |
| June 30, 2024 | −0.4% | +4.0% |
| March 31, 2024 | +8.0% | +10.0% |
| December 31, 2023 | +11.9% | +11.2% |
| September 30, 2023 | −2.8% | −3.6% |
| June 30, 2023 | +4.7% | +8.3% |
| September 30, 2022 | −1.1% | −5.3% |
| June 30, 2022 | −6.8% | −16.5% |
| March 31, 2022 | −1.5% | −4.9% |
| December 31, 2021 | +0.6% | +10.7% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Dark Forest Capital Management LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1853322&type=13F-HR&dateb=&owner=include&count=40CIK 1853322
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1853322/000207367926000088/Filed August 14, 2026 · accession 0002073679-26-000088