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

-0.49%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$282M

AUM Growth

+$51.1M (+22%)

Cap. Flow

+$52.6M

Cap. Flow % of AUM

18.65%

Top 10 Holdings % Top 10 Hldgs %

23.06%

Holding

1,669

New

824

Increased

171

Reduced

244

Closed

412

Top Buys

1	QFTA Quantum FinTech Acquisition Corporation QFTA	+$12.7M
2	ETAC E.Merge Technology Acquisition Corp. Class A Common Stock ETAC	+$8.31M
3	SNRH Senior Connect Acquisition Corp. I Class A Common Stock SNRH	+$6.81M
4	ENPC Executive Network Partnering Corporation ENPC	+$6.64M
5	ISLE Isleworth Healthcare Acquisition Corporation Common stock ISLE	+$6.05M

Top Sells

1	SPDR S&P 500 ETF Trust SPY	+$5.9M
2	Affirm AFRM	+$1.12M
3	Under Armour UAA	+$1.12M
4	Adtalem Global Education ATGE	+$917K
5	Tradeweb Markets TW	+$827K

Sector Composition

1	Financials	56.08%
2	Healthcare	9.15%
3	Technology	8.01%
4	Consumer Discretionary	7.72%
5	Industrials	5.69%

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
676	676 Incyte INCY $16.8B	$33K	0.01%	+479	New	+$33K
677	677 Jabil JBL $23B	$33K	0.01%	566 -288	-34%	-$16.8K
678	678 Plains GP Holdings PAGP $3.68B	$33K	0.01%	+3,025	New	+$33K
679	679 PetMed Express PETS $56.4M	$33K	0.01%	+1,210	New	+$33K
680	680 PubMatic PUBM $370M	$33K	0.01%	+1,234	New	+$33K
681	681 Stifel SF $11.6B	$33K	0.01%	+480	New	+$33K
682	682 TEGNA Inc TGNA $3.38B	$33K	0.01%	1,688 +1,219	+260%	+$23.8K
683	DISCA 683 DELISTED Discovery, Inc. Series A Common Stock DISCA	$33K	0.01%	+1,310	New	+$33K
684	684 Aflac AFL $57.1B	$32K	0.01%	+616	New	+$32K
685	685 AMN Healthcare AMN $757M	$32K	0.01%	+276	New	+$32K
686	686 Hims & Hers Health HIMS $11B	$32K	0.01%	+4,228	New	+$32K
687	687 IDEX IEX $12.1B	$32K	0.01%	+155	New	+$32K
688	688 Morningstar MORN $10.6B	$32K	0.01%	125 -2,019	-94%	-$517K
689	MYOV 689 DELISTED Myovant Sciences Ltd. MYOV	$32K	0.01%	+1,444	New	+$32K
690	PPD 690 DELISTED PPD, Inc. Common Stock PPD	$32K	0.01%	693 -2,307	-77%	-$107K
691	691 Akamai AKAM $11.1B	$31K	0.01%	293 -1,214	-81%	-$128K
692	692 CVR Energy CVI $3.22B	$31K	0.01%	+1,888	New	+$31K
693	693 FuelCell Energy FCEL $133M	$31K	0.01%	+153	New	+$31K
694	694 Moody's MCO $90.8B	$31K	0.01%	+88	New	+$31K
695	695 Pentair PNR $17.9B	$31K	0.01%	433 +2	+0.5%	+$143
696	696 RPM International RPM $16B	$31K	0.01%	398 -1,652	-81%	-$129K
697	697 Synchrony SYF $28B	$31K	0.01%	638 +179	+39%	+$8.7K
698	698 Trane Technologies TT $93.3B	$31K	0.01%	177 -1,241	-88%	-$217K
699	699 WaFd WAFD $2.47B	$31K	0.01%	891 +824	+1,230%	+$28.7K
700	TXNM 700 TXNM Energy, Inc. TXNM $6B	$31K	0.01%	+633	New	+$31K