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

+3.18%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$418M

AUM Growth

+$11M (+2.7%)

Cap. Flow

+$3.33M

Cap. Flow % of AUM

0.8%

Top 10 Holdings % Top 10 Hldgs %

23.18%

Holding

1,684

New

580

Increased

372

Reduced

110

Closed

534

Top Buys

1	Berkshire Hathaway Class B BRK.B	+$22.3M
2	Douglas Emmett DEI	+$5.15M
3	Navient NAVI	+$4.49M
4	Palo Alto Networks PANW	+$3.97M
5	Vicor VICR	+$3.82M

Top Sells

1	QFTA Quantum FinTech Acquisition Corporation QFTA	+$9.9M
2	MIT Mason Industrial Technology, Inc. MIT	+$9.88M
3	FSNB Fusion Acquisition Corp. II FSNB	+$8.55M
4	CCV Churchill Capital Corp V CCV	+$8.41M
5	HORI Emerging Markets Horizon Corp. Class A Ordinary Shares HORI	+$7.19M

Sector Composition

1	Financials	32.03%
2	Technology	13.11%
3	Industrials	10.24%
4	Healthcare	6.62%
5	Consumer Discretionary	6.33%

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
551	551 Darling Ingredients DAR $5.01B	$138K	0.03%	+2,371	New	+$138K
552	552 Coeur Mining CDE $9.21B	$138K	0.03%	+34,502	New	+$138K
553	553 Rapid7 RPD $1.32B	$138K	0.03%	+2,997	New	+$138K
554	554 WESCO International WCC $10.3B	$137K	0.03%	885 -441	-33%	-$68.2K
555	555 Freshworks FRSH $3.87B	$136K	0.03%	+8,878	New	+$136K
556	556 MACOM Technology Solutions MTSI $9.67B	$136K	0.03%	1,918 +1,736	+954%	+$123K
557	557 Bio-Techne TECH $8.43B	$135K	0.03%	1,824 +1,566	+607%	+$116K
558	558 Oceaneering OII $2.39B	$135K	0.03%	7,667 +6,451	+531%	+$114K
559	559 Pultegroup PHM $27B	$134K	0.03%	+2,302	New	+$134K
560	560 Piper Sandler PIPR $5.91B	$134K	0.03%	+967	New	+$134K
561	SMAR 561 DELISTED Smartsheet Inc. SMAR	$134K	0.03%	+2,799	New	+$134K
562	SAGE 562 DELISTED Sage Therapeutics SAGE	$134K	0.03%	+3,182	New	+$134K
563	563 Premier PINC $2.24B	$132K	0.03%	4,083 -1,368	-25%	-$44.3K
564	564 Carvana CVNA $51.8B	$132K	0.03%	+13,480	New	+$132K
565	565 Halliburton HAL $18.5B	$131K	0.03%	4,154 -7,726	-65%	-$244K
566	566 Health Catalyst HCAT $239M	$130K	0.03%	+11,106	New	+$130K
567	567 PagerDuty PD $1.55B	$129K	0.03%	+3,684	New	+$129K
568	568 Idexx Laboratories IDXX $52.5B	$129K	0.03%	+257	New	+$129K
569	569 Matsons MATX $3.29B	$128K	0.03%	+2,149	New	+$128K
570	570 Customers Bancorp CUBI $2.13B	$128K	0.03%	+6,918	New	+$128K
571	CIIG 571 DELISTED CIIG Capital Partners II, Inc. Class A Common Stock CIIG	$127K	0.03%	12,233	–	–
572	572 Ryder R $7.57B	$127K	0.03%	1,425 +1,265	+791%	+$113K
573	573 Affirm AFRM $28.8B	$127K	0.03%	+11,261	New	+$127K
574	574 American Eagle Outfitters AEO $3.12B	$127K	0.03%	+9,432	New	+$127K
575	575 Duke Energy DUK $93.6B	$127K	0.03%	+1,314	New	+$127K