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

+5.34%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$407M

AUM Growth

-$150M (-27%)

Cap. Flow

-$162M

Cap. Flow % of AUM

-39.76%

Top 10 Holdings % Top 10 Hldgs %

20.41%

Holding

1,725

New

513

Increased

248

Reduced

247

Closed

618

Top Buys

1	NSTC Northern Star Investment Corp. III NSTC	+$6.04M
2	Toro Company TTC	+$5.42M
3	Aecom ACM	+$5.16M
4	NSTD Northern Star Investment Corp. IV NSTD	+$4.64M
5	MDH MDH Acquisition Corp. MDH	+$4.45M

Top Sells

1	ENPC Executive Network Partnering Corporation ENPC	+$23.9M
2	ASZ Austerlitz Acquisition Corporation II ASZ	+$11.2M
3	iShares TIPS Bond ETF TIP	+$8.11M
4	SNRH Senior Connect Acquisition Corp. I Class A Common Stock SNRH	+$7.68M
5	AUS Austerlitz Acquisition Corporation I AUS	+$6.96M

Sector Composition

1	Financials	58.85%
2	Healthcare	8.82%
3	Industrials	8.48%
4	Technology	5.8%
5	Energy	5.02%

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
726	726 Fortinet FTNT $60.9B	$10.8K	﹤0.01%	+221	New	+$10.8K
727	727 New Jersey Resources NJR $4.71B	$10.8K	﹤0.01%	217 +5	+2%	+$248
728	728 CVB Financial CVBF $2.8B	$10.7K	﹤0.01%	+416	New	+$10.7K
729	729 DTE Energy DTE $28.2B	$10.6K	﹤0.01%	+90	New	+$10.6K
730	730 Arcturus Therapeutics ARCT $489M	$10.5K	﹤0.01%	+620	New	+$10.5K
731	731 Embecta EMBC $876M	$10.5K	﹤0.01%	+415	New	+$10.5K
732	732 Pediatrix Medical MD $1.44B	$10.5K	﹤0.01%	+704	New	+$10.5K
733	733 Comcast CMCSA $124B	$10.5K	﹤0.01%	299 -589	-66%	-$20.6K
734	734 Palomar PLMR $3.18B	$10.3K	﹤0.01%	+228	New	+$10.3K
735	FORG 735 DELISTED ForgeRock, Inc. FORG	$10.2K	﹤0.01%	450 -1,253	-74%	-$28.5K
736	736 Check Point Software Technologies CHKP $20.9B	$10.2K	﹤0.01%	81 +44	+119%	+$5.55K
737	737 TransUnion TRU $17.5B	$10.2K	﹤0.01%	+180	New	+$10.2K
738	738 Canadian Solar CSIQ $725M	$10.2K	﹤0.01%	+330	New	+$10.2K
739	NEWR 739 DELISTED New Relic, Inc. NEWR	$10.2K	﹤0.01%	180 +128	+246%	+$7.23K
740	740 Huntington Ingalls Industries HII $10.7B	$10.2K	﹤0.01%	+44	New	+$10.2K
741	741 Ormat Technologies ORA $5.51B	$10.1K	﹤0.01%	117 +57	+95%	+$4.93K
742	742 Kimberly-Clark KMB $42.5B	$10K	﹤0.01%	74 +12	+19%	+$1.63K
743	743 CarParts.com PRTS $47.5M	$10K	﹤0.01%	1,598 +818	+105%	+$5.12K
744	744 EchoStar SATS $23B	$9.91K	﹤0.01%	594 +312	+111%	+$5.2K
745	745 McGrath RentCorp MGRC $3.02B	$9.87K	﹤0.01%	100 -251	-72%	-$24.8K
746	746 Chevron CVX $318B	$9.87K	﹤0.01%	+55	New	+$9.87K
747	AZPN 747 DELISTED Aspen Technology Inc AZPN	$9.86K	﹤0.01%	+48	New	+$9.86K
748	748 Luminar Technologies LAZR $116M	$9.77K	﹤0.01%	132 +46	+53%	+$3.41K
749	749 FirstEnergy FE $25B	$9.73K	﹤0.01%	232 +224	+2,800%	+$9.39K
750	TRHC 750 DELISTED Tabula Rasa HealthCare, Inc. Common Stock TRHC	$9.69K	﹤0.01%	+1,958	New	+$9.69K