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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
AVPT icon
601
AvePoint
AVPT
$2.71B
$1.45M 0.06%
75,066
-851
-1% -$14.8K
OEC icon
602
Orion
OEC
$409M
$1.45M 0.06%
137,830
+47,239
+52% +$534K
STBA icon
603
S&T Bancorp
STBA
$1.79B
$1.44M 0.06%
38,169
+1,139
+3% +$41.6K
AGNC icon
604
AGNC Investment
AGNC
$12.9B
$1.44M 0.06%
156,808
-174,537
-53% -$1.56M
BXMT icon
605
Blackstone Mortgage Trust
BXMT
$2.38B
$1.43M 0.06%
74,403
-255,854
-77% -$4.85M
PACS icon
606
PACS Group
PACS
$7.67B
$1.43M 0.06%
110,738
+25,842
+30% +$269K
DNB
607
DELISTED
Dun & Bradstreet
DNB
$1.42M 0.06%
156,711
-52,064
-25% -$466K
FWONA icon
608
Liberty Media Series A
FWONA
$23.5B
$1.42M 0.06%
15,000
– –
WKC icon
609
World Kinect Corp
WKC
$1.86B
$1.42M 0.06%
50,048
-36,383
-42% -$965K
ARR
610
Armour Residential REIT
ARR
$2.36B
$1.41M 0.06%
83,772
-243,688
-74% -$3.91M
BDC icon
611
Belden
BDC
$5.19B
$1.41M 0.06%
12,145
-14,355
-54% -$1.51M
NEU icon
612
NewMarket
NEU
$8.18B
$1.39M 0.06%
2,015
-5,170
-72% -$3.21M
AXTA icon
613
Axalta
AXTA
$8.17B
$1.39M 0.06%
46,876
-53,597
-53% -$1.67M
VG
614
Venture Global Inc
VG
$32.9B
$1.39M 0.06%
+89,240
New +$1.03M
RL icon
615
Ralph Lauren
RL
$23.5B
$1.39M 0.06%
+5,058
New +$1.25M
KKR icon
616
KKR & Co
KKR
$92.3B
$1.39M 0.06%
10,427
+8,133
+355% +$952K
NHC icon
617
National Healthcare
NHC
$3.37B
$1.39M 0.06%
12,954
-2,310
-15% -$231K
DASH icon
618
DoorDash
DASH
$93.7B
$1.38M 0.06%
5,613
-6,858
-55% -$1.38M
ECVT icon
619
Ecovyst
ECVT
$1.14B
$1.37M 0.05%
167,066
+155,718
+1,372% +$1.09M
IPAR icon
620
Interparfums
IPAR
$3.94B
$1.37M 0.05%
10,461
-8,385
-44% -$1.03M
DAL icon
621
Delta Air Lines
DAL
$60.1B
$1.37M 0.05%
27,886
-24,258
-47% -$1.11M
SVV icon
622
Savers
SVV
$1.88B
$1.37M 0.05%
+134,176
New +$1.31M
NMIH icon
623
NMI Holdings
NMIH
$3.36B
$1.37M 0.05%
32,394
-83,036
-72% -$3.12M
NX icon
624
Quanex
NX
$1.01B
$1.37M 0.05%
72,276
+18,569
+35% +$329K
USLM icon
625
United States Lime & Minerals
USLM
$3.44B
$1.36M 0.05%
13,671
+8,793
+180% +$859K
23 24
25
26 27

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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.