DFCM

Dark Forest Capital Management Portfolio holdings

AUM $2.49B

1-Year Return 16.21%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2

This Quarter Return

-0.49%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$282M

AUM Growth

+$51.1M (+22%)

Cap. Flow

+$52.6M

Cap. Flow % of AUM

18.65%

Top 10 Holdings % Top 10 Hldgs %

23.06%

Holding

1,669

New

824

Increased

171

Reduced

244

Closed

412

Top Buys

1	QFTA Quantum FinTech Acquisition Corporation QFTA	$12.7M
2	ETAC E.Merge Technology Acquisition Corp. Class A Common Stock ETAC	$8.31M
3	SNRH Senior Connect Acquisition Corp. I Class A Common Stock SNRH	$6.81M
4	ENPC Executive Network Partnering Corporation ENPC	$6.64M
5	ISLE Isleworth Healthcare Acquisition Corporation Common stock ISLE	$6.05M

Top Sells

1	SPDR S&P 500 ETF Trust SPY	$5.9M
2	Affirm AFRM	$1.12M
3	Under Armour UAA	$1.12M
4	Adtalem Global Education ATGE	$917K
5	Tradeweb Markets TW	$827K

Sector Composition

1	Financials	56.08%
2	Healthcare	9.15%
3	Technology	8.01%
4	Consumer Discretionary	7.72%
5	Industrials	5.69%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
401	401 Zumiez ZUMZ $366M	$95K	0.03%	2,399 +2,207	+1,149%	+$87.4K
402	402 Jack in the Box JACK $386M	$93K	0.03%	956 +833	+677%	+$81K
403	403 Kennametal KMT $1.67B	$93K	0.03%	+2,706	New	+$93K
404	404 Oracle ORCL $654B	$93K	0.03%	1,069 -1,474	-58%	-$128K
405	405 Rapid7 RPD $1.32B	$93K	0.03%	827 +677	+451%	+$76.1K
406	406 SPX Corp SPXC $9.28B	$93K	0.03%	+1,733	New	+$93K
407	CANO 407 DELISTED Cano Health, Inc. CANO	$93K	0.03%	+73	New	+$93K
408	408 Bloomin' Brands BLMN $605M	$92K	0.03%	+3,677	New	+$92K
409	409 EnerSys ENS $3.89B	$92K	0.03%	+1,238	New	+$92K
410	410 Applied Materials AMAT $130B	$91K	0.03%	+710	New	+$91K
411	411 CDW CDW $22.2B	$91K	0.03%	+502	New	+$91K
412	412 Lattice Semiconductor LSCC $9.05B	$91K	0.03%	+1,415	New	+$91K
413	COUP 413 DELISTED Coupa Software Incorporated COUP	$91K	0.03%	415 +171	+70%	+$37.5K
414	414 Acuity Brands AYI $10.4B	$90K	0.03%	+519	New	+$90K
415	415 Cracker Barrel CBRL $1.18B	$90K	0.03%	646 -173	-21%	-$24.1K
416	416 O'Reilly Automotive ORLY $89B	$90K	0.03%	+2,205	New	+$90K
417	EQD 417 DELISTED Equity Distribution Acquisition Corp. EQD	$90K	0.03%	+9,149	New	+$90K
418	418 Lithia Motors LAD $8.74B	$89K	0.03%	+282	New	+$89K
419	419 Stitch Fix SFIX $737M	$89K	0.03%	2,235 +649	+41%	+$25.8K
420	420 The Greenbrier Companies GBX $1.46B	$88K	0.03%	+2,057	New	+$88K
421	EXPR 421 DELISTED Express, Inc. EXPR	$88K	0.03%	+931	New	+$88K
422	422 Blackstone BX $133B	$87K	0.03%	+750	New	+$87K
423	423 Diodes DIOD $2.46B	$87K	0.03%	964 +675	+234%	+$60.9K
424	424 Jack Henry & Associates JKHY $11.8B	$87K	0.03%	+531	New	+$87K
425	425 MasTec MTZ $14B	$87K	0.03%	1,007 +967	+2,418%	+$83.5K