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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
SPSC icon
776
SPS Commerce
SPSC
$2.64B
$830K 0.04%
6,252
+4,938
+376% +$776K
DHI icon
777
D.R. Horton
DHI
$42.3B
$826K 0.04%
6,495
+4,696
+261% +$630K
MGPI icon
778
MGP Ingredients
MGPI
$375M
$822K 0.04%
27,973
+19,293
+222% +$645K
OTTR icon
779
Otter Tail
OTTR
$3.94B
$821K 0.04%
+10,216
New +$809K
VT icon
780
Vanguard Total World Stock ETF
VT
$81.3B
$821K 0.04%
7,080
+183
+3% +$21.9K
KO icon
781
Coca-Cola
KO
$375B
$820K 0.04%
+11,452
New +$765K
NOG icon
782
Northern Oil and Gas
NOG
$2.35B
$820K 0.04%
+27,125
New +$929K
WSM icon
783
Williams-Sonoma
WSM
$29.6B
$817K 0.04%
+5,166
New +$998K
SW
784
Smurfit Westrock
SW
$25.3B
$815K 0.04%
+18,080
New +$917K
REYN icon
785
Reynolds Consumer Products
REYN
$5.59B
$812K 0.04%
+34,020
New +$858K
NSA
786
DELISTED
National Storage Affiliates Trust
NSA
$809K 0.04%
20,538
+12,780
+165% +$481K
BEKE icon
787
KE Holdings
BEKE
$18.8B
$808K 0.04%
+40,238
New +$797K
TWLO icon
788
Twilio
TWLO
$36.6B
$808K 0.04%
+8,250
New +$978K
AXON
789
Axon Enterprise
AXON
$46.4B
$807K 0.04%
+1,535
New +$898K
ARDX icon
790
Ardelyx
ARDX
$997M
$806K 0.04%
+164,173
New +$882K
YEXT icon
791
Yext
YEXT
$574M
$801K 0.04%
+129,953
New +$840K
JAMF
792
DELISTED
Jamf
JAMF
$798K 0.04%
+65,687
New +$942K
UPS icon
793
United Parcel Service
UPS
$88.9B
$791K 0.04%
7,189
+475
+7% +$56.8K
EXE
794
Expand Energy Corp
EXE
$21.5B
$786K 0.04%
7,064
+3,976
+129% +$414K
GSAT icon
795
Globalstar
GSAT
$10.8B
$784K 0.04%
+37,579
New +$910K
DTM icon
796
DT Midstream
DTM
$13.4B
$783K 0.04%
8,120
-370
-4% -$37K
BRSP
797
BrightSpire Capital
BRSP
$648M
$770K 0.04%
138,444
+127,178
+1,129% +$743K
QCOM icon
798
Qualcomm
QCOM
$176B
$762K 0.03%
4,960
+2,420
+95% +$394K
WWW icon
799
Wolverine World Wide
WWW
$1.55B
$761K 0.03%
+54,724
New +$999K
NNN icon
800
NNN REIT
NNN
$8.99B
$760K 0.03%
+17,817
New +$727K
30 31
32
33 34

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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.