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DFCM

Dark Forest Capital Management Portfolio holdings

AUM $1.13B
1-Year Est. Return 18.74%
This Fund
S&P 500
This Quarter Est. Return
+8.95%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.51B
AUM Growth
+$308M
Cap. Flow
+$165M
Cap. Flow %
6.6%
Top 10 Hldgs %
6.12%
Holding
1,581
New
385
Increased
403
Reduced
352
Closed
439

Top Buys

Rank Stock Value
1
SPG icon
Simon Property Group
SPG
+$15M
2
GGG icon
Graco
GGG
+$10.2M
3
TIP icon
iShares TIPS Bond ETF
TIP
+$10M
4
KHC icon
Kraft Heinz
KHC
+$9.33M
5
PSX icon
Phillips 66
PSX
+$8.74M

Top Sells

Rank Stock Value
1
CRH icon
CRH
CRH
+$23.8M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$23.6M
3
LNG icon
Cheniere Energy
LNG
+$13.2M
4
AMCR icon
Amcor
AMCR
+$9.83M
5
LIVN icon
LivaNova
LIVN
+$9.42M

Sector Composition

Rank Sector Weight
1 Financials 17.68%
2 Technology 15.03%
3 Industrials 14.39%
4 Consumer Discretionary 11.22%
5 Healthcare 9.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BF.B icon
501
Brown-Forman Class B
BF.B
$13.1B
$1.77M 0.07%
+65,627
New +$2.11M
AXSM icon
502
Axsome Therapeutics
AXSM
$10.9B
$1.76M 0.07%
+16,891
New +$1.79M
STLD icon
503
Steel Dynamics
STLD
$37.4B
$1.76M 0.07%
13,756
+9,462
+220% +$1.21M
MSGE icon
504
Madison Square Garden
MSGE
$3.65B
$1.76M 0.07%
+44,036
New +$1.56M
IQV icon
505
IQVIA
IQV
$38.8B
$1.76M 0.07%
11,143
-1,338
-11% -$201K
NBHC icon
506
National Bank Holdings
NBHC
$1.91B
$1.75M 0.07%
46,524
+37,474
+414% +$1.37M
VICR icon
507
Vicor
VICR
$10.3B
$1.75M 0.07%
38,544
+4,646
+14% +$208K
SJM icon
508
J.M. Smucker
SJM
$12.9B
$1.74M 0.07%
+17,715
New +$1.95M
HCI icon
509
HCI Group
HCI
$2.45B
$1.74M 0.07%
11,408
+7,352
+181% +$1.13M
PSEC icon
510
Prospect Capital
PSEC
$1.15B
$1.73M 0.07%
545,395
+211,155
+63% +$734K
OII icon
511
Oceaneering
OII
$4.88B
$1.73M 0.07%
83,675
+3,153
+4% +$60.8K
ISRG icon
512
Intuitive Surgical
ISRG
$133B
$1.73M 0.07%
3,187
-4,683
-60% -$2.45M
HURN icon
513
Huron Consulting
HURN
$2.43B
$1.73M 0.07%
12,582
-6,162
-33% -$876K
MNKD icon
514
MannKind Corp
MNKD
$1.32B
$1.73M 0.07%
461,474
-65,069
-12% -$287K
BOH icon
515
Bank of Hawaii
BOH
$3.13B
$1.71M 0.07%
+25,391
New +$1.69M
MLYS icon
516
Mineralys Therapeutics
MLYS
$2.39B
$1.71M 0.07%
126,726
+106,721
+533% +$1.55M
NVR icon
517
NVR
NVR
$17.1B
$1.71M 0.07%
232
-113
-33% -$810K
COP icon
518
ConocoPhillips
COP
$142B
$1.71M 0.07%
19,090
-70,759
-79% -$6.37M
AUB icon
519
Atlantic Union Bankshares
AUB
$5.96B
$1.71M 0.07%
54,668
-27,323
-33% -$789K
PPL
520
PPL Corp
PPL
$26.7B
$1.69M 0.07%
+49,948
New +$1.74M
PFSI icon
521
PennyMac Financial
PFSI
$4.01B
$1.69M 0.07%
16,941
-14,756
-47% -$1.43M
MKTX icon
522
MarketAxess Holdings
MKTX
$5.72B
$1.68M 0.07%
7,522
-1,633
-18% -$359K
MU icon
523
Micron Technology
MU
$983B
$1.68M 0.07%
+13,617
New +$1.27M
RDW icon
524
Redwire
RDW
$3.21B
$1.68M 0.07%
102,957
-67,757
-40% -$883K
AES icon
525
AES
AES
$10.5B
$1.68M 0.07%
159,383
-36,524
-19% -$391K
19 20
21
22 23

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Dark Forest Capital Management's Q2 2025 Portfolio in Review

As of Q2 2025, Dark Forest Capital Management held 1,581 positions worth $2.51B, up 14% from $2.2B the previous quarter. Its ten largest holdings account for 6.1% of the portfolio.

Dark Forest Capital Management deployed $165M of net new capital in Q2 2025, opening 385 new positions and adding to 403 existing holdings. Its largest new stake was iShares TIPS Bond ETF: 91,743 shares worth $10.1M.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 16% a quarter earlier, followed by Technology and Industrials.

On the sell side, the largest reduction was Cheniere Energy, an estimated $13.2M trimmed.

  • Dark Forest Capital Management's largest Q2 2025 buy was iShares TIPS Bond ETF: 91,743 shares worth $10.1M.
  • Dark Forest Capital Management added most to Simon Property Group in Q2 2025, an estimated $15M increase.
  • Dark Forest Capital Management's biggest Q2 2025 reduction was Cheniere Energy, cutting an estimated $13.2M.
  • Dark Forest Capital Management fully exited CRH in Q2 2025, selling an estimated $23.8M.
  • Dark Forest Capital Management's ten largest holdings make up 6.1% of its $2.51B portfolio in Q2 2025.
  • Dark Forest Capital Management opened 385 new positions and closed 439 in Q2 2025.
  • Dark Forest Capital Management's portfolio value rose 14% quarter-over-quarter to $2.51B.

Based on Dark Forest Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.