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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
-5.08%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.2B
AUM Growth
+$1.52B
Cap. Flow
+$1.68B
Cap. Flow %
76.49%
Top 10 Hldgs %
7.16%
Holding
1,491
New
604
Increased
497
Reduced
92
Closed
295

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$27.3M
2
CRH icon
CRH
CRH
+$12.6M
3
MSFT icon
Microsoft
MSFT
+$12.2M
4
AMCR icon
Amcor
AMCR
+$12.2M
5
LIVN icon
LivaNova
LIVN
+$11.2M

Top Sells

Rank Stock Value
1
TTD icon
Trade Desk
TTD
+$9.58M
2
APP icon
Applovin
APP
+$6.9M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$5M
4
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$4.89M
5
GWRE icon
Guidewire Software
GWRE
+$4.75M

Sector Composition

Rank Sector Weight
1 Financials 16.4%
2 Industrials 14.7%
3 Technology 12.79%
4 Consumer Discretionary 11.74%
5 Healthcare 9.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LEVI icon
601
Levi Strauss
LEVI
$9.39B
$1.19M 0.05%
+76,313
New +$1.33M
VVV icon
602
Valvoline
VVV
$4.51B
$1.18M 0.05%
33,923
+17,834
+111% +$651K
EXR icon
603
Extra Space Storage
EXR
$31.6B
$1.18M 0.05%
7,936
+1,378
+21% +$209K
AAT
604
American Assets Trust
AAT
$1.4B
$1.18M 0.05%
+58,473
New +$1.32M
SPTN
605
DELISTED
SpartanNash
SPTN
$1.18M 0.05%
+58,040
New +$1.11M
BANC icon
606
Banc of California
BANC
$2.97B
$1.17M 0.05%
82,787
+52,376
+172% +$793K
BRKL
607
DELISTED
Brookline Bancorp
BRKL
$1.17M 0.05%
107,721
+64,873
+151% +$756K
OEC icon
608
Orion
OEC
$409M
$1.17M 0.05%
+90,591
New +$1.28M
LXP icon
609
LXP Industrial Trust
LXP
$3.57B
$1.17M 0.05%
+26,939
New +$1.15M
SF
610
Stifel
SF
$12.6B
$1.16M 0.05%
+18,473
New +$1.3M
REPL icon
611
Replimune Group
REPL
$1.01B
$1.16M 0.05%
119,051
+101,235
+568% +$1.25M
LRN icon
612
Stride
LRN
$3.43B
$1.16M 0.05%
+9,143
New +$1.16M
SKX
613
DELISTED
Skechers
SKX
$1.16M 0.05%
20,347
+16,022
+370% +$1.04M
MET icon
614
MetLife
MET
$62.1B
$1.15M 0.05%
+14,381
New +$1.2M
JXN icon
615
Jackson Financial
JXN
$8.8B
$1.15M 0.05%
+13,758
New +$1.22M
NEM icon
616
Newmont
NEM
$119B
$1.15M 0.05%
+23,844
New +$1.05M
ADPT icon
617
Adaptive Biotechnologies
ADPT
$3.97B
$1.15M 0.05%
154,581
+102,887
+199% +$791K
MIRM icon
618
Mirum Pharmaceuticals
MIRM
$6.14B
$1.15M 0.05%
25,493
+18,033
+242% +$850K
STE icon
619
Steris
STE
$23.1B
$1.15M 0.05%
+5,062
New +$1.11M
TJX icon
620
TJX Companies
TJX
$178B
$1.14M 0.05%
9,399
+4,475
+91% +$543K
GBX icon
621
The Greenbrier Companies
GBX
$1.46B
$1.14M 0.05%
+22,286
New +$1.33M
SKT icon
622
Tanger
SKT
$4.52B
$1.14M 0.05%
+33,721
New +$1.13M
CMBS icon
623
iShares CMBS ETF
CMBS
$472M
$1.14M 0.05%
23,715
-473
-2% -$22.6K
CFLT
624
DELISTED
Confluent
CFLT
$1.14M 0.05%
+48,545
New +$1.41M
MBIN icon
625
Merchants Bancorp
MBIN
$2.49B
$1.14M 0.05%
30,742
+12,226
+66% +$482K
23 24
25
26 27

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Dark Forest Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Dark Forest Capital Management held 1,491 positions worth $2.2B, up 225% from $678M the previous quarter. Its ten largest holdings account for 7.2% of the portfolio.

Dark Forest Capital Management deployed $1.68B of net new capital in Q1 2025, opening 604 new positions and adding to 497 existing holdings. Its largest new stake was Palo Alto Networks: 55,911 shares worth $9.54M.

By sector, the portfolio is most concentrated in Financials at 16% of assets, up from 14% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was Applovin, an estimated $6.9M trimmed.

  • Dark Forest Capital Management's largest Q1 2025 buy was Palo Alto Networks: 55,911 shares worth $9.54M.
  • Dark Forest Capital Management added most to Cheniere Energy in Q1 2025, an estimated $27.3M increase.
  • Dark Forest Capital Management's biggest Q1 2025 reduction was Applovin, cutting an estimated $6.9M.
  • Dark Forest Capital Management fully exited Trade Desk in Q1 2025, selling an estimated $9.58M.
  • Dark Forest Capital Management's ten largest holdings make up 7.2% of its $2.2B portfolio in Q1 2025.
  • Dark Forest Capital Management opened 604 new positions and closed 295 in Q1 2025.
  • Dark Forest Capital Management's portfolio value rose 225% quarter-over-quarter to $2.2B.

Based on Dark Forest Capital Management's 13F filing for Q1 2025, filed 15 May 2025.