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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
CSR
701
Centerspace
CSR
$952M
$969K 0.04%
14,962
+8,472
+131% +$534K
NOW icon
702
ServiceNow
NOW
$129B
$963K 0.04%
+6,050
New +$1.17M
TW icon
703
Tradeweb Markets
TW
$21.6B
$960K 0.04%
6,468
+3,468
+116% +$461K
LQDA icon
704
CALL
Liquidia Corp
LQDA
$8.02B
$959K 0.04%
+65,000
New +$948K
APO icon
705
Apollo Global Management
APO
$73.4B
$959K 0.04%
7,000
-2,725
-28% -$419K
UDMY
706
DELISTED
Udemy
UDMY
$957K 0.04%
123,310
+85,097
+223% +$724K
ESNT icon
707
Essent Group
ESNT
$6.33B
$957K 0.04%
16,575
+10,755
+185% +$610K
ZETA icon
708
Zeta Global
ZETA
$6.69B
$956K 0.04%
+70,520
New +$1.26M
ICHR icon
709
Ichor Holdings
ICHR
$2.56B
$955K 0.04%
42,216
+33,911
+408% +$1,000K
PACS icon
710
PACS Group
PACS
$7.67B
$954K 0.04%
+84,896
New +$1.11M
MTB icon
711
M&T Bank
MTB
$36.2B
$954K 0.04%
+5,336
New +$1.01M
VRNA
712
DELISTED
Verona Pharma
VRNA
$952K 0.04%
+15,000
New +$897K
OSCR icon
713
Oscar Health
OSCR
$8.61B
$950K 0.04%
+72,430
New +$1.08M
ACHR icon
714
Archer Aviation
ACHR
$4.26B
$948K 0.04%
133,369
+119,402
+855% +$1.06M
NCLH icon
715
Norwegian Cruise Line
NCLH
$8.84B
$947K 0.04%
49,969
+26,448
+112% +$637K
POST icon
716
Post Holdings
POST
$3.57B
$946K 0.04%
+8,130
New +$902K
CFFN icon
717
Capitol Federal Financial
CFFN
$1.1B
$946K 0.04%
168,840
+64,945
+63% +$379K
MCK icon
718
McKesson
MCK
$101B
$942K 0.04%
1,400
+375
+37% +$232K
DBD icon
719
Diebold Nixdorf
DBD
$2.56B
$939K 0.04%
+21,484
New +$936K
VWO icon
720
Vanguard FTSE Emerging Markets ETF
VWO
$126B
$939K 0.04%
20,746
-108,529
-84% -$4.89M
IGHG icon
721
ProShares Investment Grade-Interest Rate Hedged
IGHG
$329M
$938K 0.04%
12,200
+172
+1% +$13.4K
WGS icon
722
GeneDx Holdings
WGS
$2.3B
$937K 0.04%
+10,585
New +$918K
MRVI icon
723
Maravai LifeSciences
MRVI
$919M
$936K 0.04%
+423,477
New +$1.67M
CMPR icon
724
Cimpress
CMPR
$2.31B
$932K 0.04%
+20,603
New +$1.16M
DLB icon
725
Dolby
DLB
$5.79B
$930K 0.04%
11,585
+2,647
+30% +$216K
27 28
29
30 31

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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.