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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
ARI
726
Apollo Commercial Real Estate
ARI
$885M
$1.05M 0.04%
+108,254
New +$1.02M
PDFS icon
727
PDF Solutions
PDFS
$2.07B
$1.03M 0.04%
+48,357
New +$915K
PSA icon
728
Public Storage
PSA
$61.3B
$1.03M 0.04%
+3,514
New +$1.04M
APP icon
729
Applovin
APP
$116B
$1.03M 0.04%
2,938
-4,336
-60% -$1.41M
GWRE icon
730
Guidewire Software
GWRE
$14.2B
$1.03M 0.04%
+4,364
New +$938K
ETR icon
731
Entergy
ETR
$50B
$1.02M 0.04%
+12,300
New +$1.02M
CSR
732
Centerspace
CSR
$952M
$1.02M 0.04%
16,906
+1,944
+13% +$119K
CB icon
733
PUT
Chubb
CB
$135B
$1.01M 0.04%
+3,500
New +$1.01M
XPO icon
734
XPO
XPO
$23.7B
$1M 0.04%
7,946
+4,261
+116% +$478K
ATKR icon
735
Atkore
ATKR
$3.16B
$1M 0.04%
14,188
+7,217
+104% +$468K
EL icon
736
Estee Lauder
EL
$32B
$988K 0.04%
+12,230
New +$787K
INVA icon
737
Innoviva
INVA
$1.48B
$986K 0.04%
49,101
-8,990
-15% -$173K
PCH
738
DELISTED
PotlatchDeltic
PCH
$985K 0.04%
+25,665
New +$1.01M
RUN icon
739
Sunrun
RUN
$2.46B
$984K 0.04%
+120,239
New +$946K
RBRK icon
740
Rubrik
RBRK
$18.5B
$981K 0.04%
10,952
-6,821
-38% -$539K
NRDS icon
741
NerdWallet
NRDS
$652M
$979K 0.04%
89,198
-34,295
-28% -$344K
VCYT icon
742
Veracyte
VCYT
$3.8B
$977K 0.04%
36,141
-47,383
-57% -$1.37M
BOOT icon
743
Boot Barn
BOOT
$4.95B
$974K 0.04%
6,405
-2,983
-32% -$396K
SYY icon
744
Sysco
SYY
$40.3B
$972K 0.04%
12,836
+7,954
+163% +$578K
TRIP icon
745
TripAdvisor
TRIP
$1.26B
$967K 0.04%
+74,120
New +$991K
LTC
746
LTC Properties
LTC
$2.15B
$964K 0.04%
+27,867
New +$980K
CFR icon
747
Cullen/Frost Bankers
CFR
$10.2B
$963K 0.04%
+7,491
New +$916K
GDEN
748
DELISTED
Golden Entertainment
GDEN
$957K 0.04%
+32,526
New +$887K
EXTR icon
749
Extreme Networks
EXTR
$3.15B
$957K 0.04%
53,300
+28,925
+119% +$426K
CALM icon
750
Cal-Maine
CALM
$3.99B
$953K 0.04%
9,570
-20,229
-68% -$1.93M
28 29
30
31 32

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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.