Q2 2026 13F · SEC CIK 1853322

Dark Forest Capital Management LP

Hedge fundFiled 2026-08-14 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.5B
Reported positions: 777
Top holdings a year, 3 yrs: +18.5%
Assets under management: $2.4B

Dark Forest Capital Management LP is a hedge fund that reported 777 positions worth $1.5B in its Q2 2026 13F, filed 2026-08-14. Its largest holdings were Ishares Tr (INDA, 1.1%), Axis Capital Holdings Ltd (AXS, 0.9%), Micron Technology Inc (MU, 0.8%). A portfolio copying its top holdings returned 18.5% a year over the last 3 years, against 20.4% for the S&P 500.

Dark Forest Capital Management LP holdings largest 50 of 777 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Dark Forest Capital Management LP 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
INDAIshares Tr	1.1%	—	342,603	—	$16.9M
AXSAxis Capital Holdings Ltd	0.9%	1.0%	122,795	+13.2%	$13.2M
MUMicron Technology Inc	0.8%	0.7%	10,106	-53.8%	$11.7M
SSNCSs&c Tech Hldgs	0.7%	0.7%	185,954	+55.2%	$11.5M
BRK-BBerkshire Hathaway Inc Del	0.7%	—	22,596	—	$11.3M
LLYEli Lilly & Co	0.7%	—	8,625	—	$10.3M
DTEDte Energy Company	0.6%	0.6%	60,651	+41.8%	$9.2M
WECWec Energy Group Inc	0.6%	—	78,819	—	$9.2M
EOGEog Res Inc	0.6%	—	69,367	—	$9.0M
ITWIllinois Tool Wks Inc	0.5%	0.4%	31,148	+68.3%	$8.4M
IEXIdex Corp	0.5%	—	36,200	—	$8.2M
PFSIPennymac Finl Svcs Inc New	0.5%	0.5%	88,378	+31.8%	$7.7M
FITBFifth Third Bancorp	0.5%	—	136,111	—	$7.7M
OWLBlue Owl Capital Inc	0.5%	0.6%	875,846	+24.9%	$7.7M
RPRXRoyalty Pharma PLC	0.5%	0.5%	134,982	+20.5%	$7.6M
OMFOnemain Hldgs Inc	0.5%	0.6%	116,682	-3.1%	$7.1M
AXPAmerican Express Co	0.5%	—	20,928	—	$7.1M
TRVTravelers Companies Inc	0.5%	—	21,127	—	$7.0M
CFGCitizens Finl Group Inc	0.4%	—	98,519	—	$6.9M
PRMBPrimo Brands Corporation Class A Com Shs	0.4%	—	278,767	—	$6.8M
PAYXPaychex Inc	0.4%	—	69,277	—	$6.8M
ABBVAbbvie Inc	0.4%	—	26,935	—	$6.8M
HUBSHubspot Inc	0.4%	0.7%	37,034	+15.7%	$6.8M
MSFTMicrosoft Corp	0.4%	0.4%	17,870	+38.9%	$6.7M
AMATApplied Matls Inc	0.4%	0.4%	8,931	-30.9%	$6.5M
NVRNvr Inc	0.4%	—	938	—	$6.4M
CORCencora Inc	0.4%	—	22,055	—	$6.2M
HBANHuntington Bancshares Inc	0.4%	—	351,747	—	$6.2M
JPMJpmorgan Chase & Co	0.4%	—	18,834	—	$6.2M
UNMUnum Group	0.4%	—	66,426	—	$5.9M
DKNGDraftkings Inc	0.4%	0.5%	230,131	-14.8%	$5.8M
VVisa Inc	0.4%	—	16,912	—	$5.8M
FFINFirst Finl Bankshares Inc	0.4%	—	166,092	—	$5.7M
PRUPrudential Finl Inc	0.4%	—	52,933	—	$5.7M
LLoews Corp	0.4%	—	50,310	—	$5.7M
MODModine Manufacturing Co	0.4%	—	21,160	—	$5.7M
FCXFreeport Mcmoran Inc	0.4%	—	89,818	—	$5.6M
ROADConstruction Partners Inc	0.4%	—	47,202	—	$5.6M
KMIKinder Morgan Inc Del	0.4%	—	174,690	—	$5.6M
CAGConagra Brands Inc	0.4%	—	409,174	—	$5.5M
TMUST-Mobile US Inc	0.4%	—	32,776	—	$5.5M
HLIHoulihan Lokey Inc	0.4%	—	40,895	—	$5.5M
PEPPepsico Inc	0.3%	—	39,939	—	$5.4M
ZZillow Group Inc	0.3%	0.4%	171,283	+42.5%	$5.4M
CVBFCvb Finl Corp	0.3%	—	238,859	—	$5.4M
ZMZoom Communications Inc	0.3%	0.7%	62,138	-35.2%	$5.4M
TPCTutor Perini Corp Com	0.3%	0.4%	64,306	+12.5%	$5.3M
ECLEcolab Inc	0.3%	—	18,900	—	$5.3M
VLOValero Energy Corp	0.3%	—	20,142	—	$5.2M
LPLALpl Finl Hldgs Inc	0.3%	0.4%	18,439	+18.5%	$5.2M

What Dark Forest Capital Management LP bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

ITW Illinois Tool Wks Inc+68.3% shares
SSNC Ss&c Tech Hldgs+55.2% shares
Z Zillow Group Inc+42.5% shares
DTE Dte Energy Company+41.8% shares
MSFT Microsoft Corp+38.9% shares
PFSI Pennymac Finl Svcs Inc New+31.8% shares
OWL Blue Owl Capital Inc+24.9% shares
RPRX Royalty Pharma PLC+20.5% shares

Reduced

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +17.7% /yr; S&P 500 +20.1%
3 years: +18.5% /yr; S&P 500 +20.4%
5 years: +15.6% /yr; S&P 500 +13.0%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$1.5B	777
Q1 2026	$1.1B	766
Q4 2025	$2.2B	931
Q3 2025	$2.7B	1,111
Q2 2025	$2.5B	1,134
Q1 2025	$2.2B	1,192
Q4 2024	$678.2M	887
Q3 2024	$782.5M	937
Q2 2024	$546.3M	637
Q1 2024	$590.6M	673
Q4 2023	$666.3M	426
Q3 2023	$1.2B	1,063

Questions about Dark Forest Capital Management LP's portfolio

What stocks does Dark Forest Capital Management LP own?

Dark Forest Capital Management LP's latest 13F, for Q2 2026 and filed Aug 14, 2026, lists 777 positions worth $1.5B. The largest are Ishares Tr (INDA) at 1.1%, Axis Capital Holdings Ltd (AXS) at 0.9%, Micron Technology Inc (MU) at 0.8%, Ss&c Tech Hldgs (SSNC) at 0.7% and Berkshire Hathaway Inc Del (BRK-B) at 0.7%.

What did Dark Forest Capital Management LP buy last quarter?

In Q2 2026, Dark Forest Capital Management LP added Illinois Tool Wks Inc (ITW) (+68.3% shares), Ss&c Tech Hldgs (SSNC) (+55.2% shares) and Zillow Group Inc (Z) (+42.5% shares), compared with its Q1 2026 filing.

What did Dark Forest Capital Management LP sell last quarter?

In Q2 2026, Dark Forest Capital Management LP cut from its top 50 Popular Inc (BPOP), cut from its top 50 Coeur Mng Inc (CDE), cut from its top 50 Roku Inc (ROKU), cut from its top 50 Union Pac Corp (UNP), cut from its top 50 Toast Inc (TOST), Micron Technology Inc (MU) (-53.8% shares), Zoom Communications Inc (ZM) (-35.2% shares) and Applied Matls Inc (AMAT) (-30.9% shares), compared with its Q1 2026 filing.

How has Dark Forest Capital Management LP's portfolio performed?

A portfolio copying Dark Forest Capital Management LP's 20 largest 13F holdings each quarter, from the day each filing was public, returned +18.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: +17.7% against +20.1%. Over 5 years: +15.6% a year against +13.0%.

When is Dark Forest Capital Management LP's next 13F filing due?

13F filings are due 45 days after each quarter ends. Dark Forest Capital Management LP's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.

How much money does Dark Forest Capital Management LP manage?

Dark Forest Capital Management LP reported $2.4B of regulatory assets under management on its latest SEC Form ADV. Its 13F, which covers only US-listed stocks and options, totals $1.5B.