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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
TDOC icon
701
Teladoc Health
TDOC
$1.3B
$1.11M 0.04%
127,547
+5,610
+5% +$40.7K
BIO icon
702
Bio-Rad Laboratories Class A
BIO
$9.42B
$1.11M 0.04%
+4,595
New +$1.09M
BLKB icon
703
Blackbaud
BLKB
$2.08B
$1.11M 0.04%
17,242
+9,064
+111% +$567K
GFS icon
704
GlobalFoundries
GFS
$29.6B
$1.1M 0.04%
+28,844
New +$1.05M
DVAX
705
DELISTED
Dynavax Technologies
DVAX
$1.1M 0.04%
110,811
+25,308
+30% +$267K
ARDX icon
706
Ardelyx
ARDX
$988M
$1.1M 0.04%
280,336
+116,163
+71% +$479K
EOLS icon
707
Evolus
EOLS
$501M
$1.1M 0.04%
119,240
-28,761
-19% -$294K
PII icon
708
Polaris
PII
$4.07B
$1.1M 0.04%
26,955
-56,940
-68% -$2.15M
DTE icon
709
DTE Energy
DTE
$29.1B
$1.09M 0.04%
8,249
-28,935
-78% -$3.89M
TSN icon
710
Tyson Foods
TSN
$20.4B
$1.09M 0.04%
19,519
-5,465
-22% -$314K
DK icon
711
Delek US
DK
$3.58B
$1.09M 0.04%
+51,501
New +$865K
TTD icon
712
Trade Desk
TTD
$6.49B
$1.08M 0.04%
+15,065
New +$962K
FOXF icon
713
Fox Factory Holding Corp
FOXF
$886M
$1.08M 0.04%
41,739
-96,199
-70% -$2.25M
JANX icon
714
Janux Therapeutics
JANX
$967M
$1.08M 0.04%
46,856
+2,184
+5% +$57.5K
XRX icon
715
Xerox
XRX
$425M
$1.08M 0.04%
+205,191
New +$1M
SW
716
Smurfit Westrock
SW
$25.3B
$1.08M 0.04%
24,931
+6,851
+38% +$293K
NAT icon
717
Nordic American Tanker
NAT
$1.37B
$1.07M 0.04%
408,512
+289,177
+242% +$754K
SF
718
Stifel
SF
$12.6B
$1.07M 0.04%
15,492
-2,981
-16% -$183K
DRI icon
719
Darden Restaurants
DRI
$24.4B
$1.07M 0.04%
4,912
-2,886
-37% -$599K
AWR icon
720
American States Water
AWR
$3.46B
$1.07M 0.04%
13,966
-11,744
-46% -$922K
CWAN
721
DELISTED
Clearwater Analytics
CWAN
$1.06M 0.04%
48,258
+1,034
+2% +$23.8K
GRMN
722
Garmin
GRMN
$60B
$1.05M 0.04%
5,054
-2,337
-32% -$464K
VTLE
723
DELISTED
Vital Energy
VTLE
$1.05M 0.04%
65,470
+15,875
+32% +$260K
FLYW icon
724
Flywire
FLYW
$2.16B
$1.05M 0.04%
+89,938
New +$916K
SAH icon
725
Sonic Automotive
SAH
$2.61B
$1.05M 0.04%
+13,128
New +$884K
27 28
29
30 31

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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.