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

+5.34%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$407M

AUM Growth

-$150M (-27%)

Cap. Flow

-$162M

Cap. Flow % of AUM

-39.76%

Top 10 Holdings % Top 10 Hldgs %

20.41%

Holding

1,725

New

513

Increased

248

Reduced

247

Closed

618

Top Buys

1	NSTC Northern Star Investment Corp. III NSTC	+$6.04M
2	Toro Company TTC	+$5.42M
3	Aecom ACM	+$5.16M
4	NSTD Northern Star Investment Corp. IV NSTD	+$4.64M
5	MDH MDH Acquisition Corp. MDH	+$4.45M

Top Sells

1	ENPC Executive Network Partnering Corporation ENPC	+$23.9M
2	ASZ Austerlitz Acquisition Corporation II ASZ	+$11.2M
3	iShares TIPS Bond ETF TIP	+$8.11M
4	SNRH Senior Connect Acquisition Corp. I Class A Common Stock SNRH	+$7.68M
5	AUS Austerlitz Acquisition Corporation I AUS	+$6.96M

Sector Composition

1	Financials	58.85%
2	Healthcare	8.82%
3	Industrials	8.48%
4	Technology	5.8%
5	Energy	5.02%

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
451	451 Archrock AROC $4.26B	$36.2K	0.01%	+4,027	New	+$36.2K
452	452 Boise Cascade BCC $3.32B	$35.8K	0.01%	522 +518	+12,950%	+$35.6K
453	453 Pacira BioSciences PCRX $1.19B	$35.7K	0.01%	924 +923	+92,300%	+$35.6K
454	WWE 454 DELISTED World Wrestling Entertainment WWE	$35.6K	0.01%	+520	New	+$35.6K
455	455 Flex FLEX $20.9B	$35.6K	0.01%	+2,203	New	+$35.6K
456	456 Bristol-Myers Squibb BMY $95.1B	$35.5K	0.01%	+494	New	+$35.5K
457	457 Magnite MGNI $3.61B	$35.1K	0.01%	3,310 -38,593	-92%	-$409K
458	458 Sabre SABR $686M	$35K	0.01%	5,671 -347,371	-98%	-$2.15M
459	459 Henry Schein HSIC $8.21B	$34.4K	0.01%	431 -235	-35%	-$18.8K
460	460 Elevance Health ELV $69.4B	$34.4K	0.01%	67 +65	+3,250%	+$33.3K
461	461 Malibu Boats MBUU $636M	$34.3K	0.01%	644 +527	+450%	+$28.1K
462	462 Trade Desk TTD $25.4B	$34.3K	0.01%	+764	New	+$34.3K
463	463 Alliant Energy LNT $16.5B	$34.1K	0.01%	+618	New	+$34.1K
464	464 Carter's CRI $1.05B	$33.9K	0.01%	+455	New	+$33.9K
465	465 Altria Group MO $110B	$33.8K	0.01%	+739	New	+$33.8K
466	TRTN 466 DELISTED Triton International Limited TRTN	$33.8K	0.01%	491 -204	-29%	-$14K
467	467 Rocket Companies RKT $43.1B	$33.7K	0.01%	4,810 -3,080	-39%	-$21.6K
468	468 PayPal PYPL $65.3B	$33.3K	0.01%	+467	New	+$33.3K
469	469 Albemarle ALB $9.65B	$33.2K	0.01%	153 -3,587	-96%	-$778K
470	470 Liberty Broadband Class C LBRDK $8.69B	$32.1K	0.01%	421 -437	-51%	-$33.3K
471	NHIC 471 DELISTED NewHold Investment Corp. II Class A Common Stock NHIC	$32K	0.01%	3,218	–	–
472	472 StoneCo STNE $4.62B	$32K	0.01%	+3,391	New	+$32K
473	TLGY 473 DELISTED TLGY Acquisition Corporation Class A Ordinary Share TLGY	$31.8K	0.01%	+3,101	New	+$31.8K
474	474 Ameris Bancorp ABCB $5.08B	$31.2K	0.01%	+662	New	+$31.2K
475	475 Corcept Therapeutics CORT $7.51B	$31K	0.01%	+1,524	New	+$31K