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

+3.18%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$418M

AUM Growth

+$11M (+2.7%)

Cap. Flow

+$3.33M

Cap. Flow % of AUM

0.8%

Top 10 Holdings % Top 10 Hldgs %

23.18%

Holding

1,684

New

580

Increased

372

Reduced

110

Closed

534

Top Buys

1	Berkshire Hathaway Class B BRK.B	+$22.3M
2	Douglas Emmett DEI	+$5.15M
3	Navient NAVI	+$4.49M
4	Palo Alto Networks PANW	+$3.97M
5	Vicor VICR	+$3.82M

Top Sells

1	QFTA Quantum FinTech Acquisition Corporation QFTA	+$9.9M
2	MIT Mason Industrial Technology, Inc. MIT	+$9.88M
3	FSNB Fusion Acquisition Corp. II FSNB	+$8.55M
4	CCV Churchill Capital Corp V CCV	+$8.41M
5	HORI Emerging Markets Horizon Corp. Class A Ordinary Shares HORI	+$7.19M

Sector Composition

1	Financials	32.03%
2	Technology	13.11%
3	Industrials	10.24%
4	Healthcare	6.62%
5	Consumer Discretionary	6.33%

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
776	776 Coherus Oncology, Inc. Common Stock CHRS $152M	$66.3K	0.02%	+9,686	New	+$66.3K
777	777 Shutterstock SSTK $715M	$66K	0.02%	+909	New	+$66K
778	778 Steelcase SCS $1.92B	$65.9K	0.02%	7,826 -4,660	-37%	-$39.2K
779	779 Supernus Pharmaceuticals SUPN $2.59B	$65.7K	0.02%	+1,813	New	+$65.7K
780	780 Albany International AIN $1.77B	$65.5K	0.02%	+733	New	+$65.5K
781	781 Booz Allen Hamilton BAH $12.6B	$65.1K	0.02%	+702	New	+$65.1K
782	782 AGCO AGCO $8.02B	$65K	0.02%	+481	New	+$65K
783	783 Columbia Financial CLBK $1.6B	$64.8K	0.02%	+3,544	New	+$64.8K
784	784 AutoNation AN $8.42B	$64.8K	0.02%	+482	New	+$64.8K
785	WE 785 DELISTED WeWork Inc. WE	$64.6K	0.02%	+2,078	New	+$64.6K
786	786 First Financial Bankshares FFIN $5.13B	$64.5K	0.02%	2,022 +1,350	+201%	+$43.1K
787	787 Veracyte VCYT $2.42B	$64.2K	0.02%	2,880 +2,785	+2,932%	+$62.1K
788	788 Compass Minerals CMP $752M	$64.2K	0.02%	+1,872	New	+$64.2K
789	789 Bristol-Myers Squibb BMY $96B	$63.4K	0.02%	915 +421	+85%	+$29.2K
790	790 Live Nation Entertainment LYV $39.6B	$63.1K	0.02%	902 +701	+349%	+$49.1K
791	DX 791 Dynex Capital DX $1.65B	$63.1K	0.02%	5,207 -3,862	-43%	-$46.8K
792	792 Textron TXT $14.4B	$63.1K	0.02%	+893	New	+$63.1K
793	BPMC 793 DELISTED Blueprint Medicines BPMC	$63K	0.02%	+1,400	New	+$63K
794	794 Tyson Foods TSN $19.7B	$62.8K	0.02%	+1,059	New	+$62.8K
795	795 Harrow HROW $1.44B	$62.5K	0.02%	+2,952	New	+$62.5K
796	NETC 796 DELISTED Nabors Energy Transition Corp. NETC	$62K	0.01%	5,908	–	–
797	797 Cushman & Wakefield CWK $3.7B	$61.5K	0.01%	+5,838	New	+$61.5K
798	798 Camden Property Trust CPT $11.6B	$61.3K	0.01%	585 -1,302	-69%	-$137K
799	799 Medpace MEDP $13.4B	$61.3K	0.01%	326 +257	+372%	+$48.3K
800	800 RCI Hospitality Holdings RICK $295M	$61.2K	0.01%	783 -3,203	-80%	-$250K