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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
LAZ icon
776
Lazard
LAZ
$4.31B
$882K 0.04%
18,375
-15,980
-47% -$668K
WGO icon
777
Winnebago Industries
WGO
$909M
$881K 0.04%
30,365
-22,851
-43% -$749K
PRKS icon
778
United Parks & Resorts
PRKS
$2.12B
$880K 0.04%
18,667
-68,276
-79% -$3.05M
AMZN icon
779
CALL
Amazon
AMZN
$2.96T
$878K 0.04%
+4,000
New +$792K
PDD icon
780
Pinduoduo
PDD
$131B
$869K 0.03%
+8,305
New +$871K
LEU icon
781
Centrus Energy
LEU
$3.76B
$867K 0.03%
4,731
-6,451
-58% -$689K
HUBG icon
782
HUB Group
HUBG
$2.92B
$865K 0.03%
25,888
-61,756
-70% -$2.07M
SAIA icon
783
Saia
SAIA
$9.72B
$863K 0.03%
3,151
-4,932
-61% -$1.41M
BOW
784
Bowhead Specialty Holdings
BOW
$1.1B
$862K 0.03%
+22,975
New +$880K
TEAM icon
785
Atlassian
TEAM
$37.8B
$854K 0.03%
+4,203
New +$875K
HTLD icon
786
Heartland Express
HTLD
$956M
$852K 0.03%
98,608
+25,713
+35% +$220K
ROAD icon
787
Construction Partners
ROAD
$6.77B
$847K 0.03%
7,972
-11,549
-59% -$1.08M
SGHC icon
788
SGHC Ltd
SGHC
$6.63B
$847K 0.03%
+77,200
New +$654K
LEN.B icon
789
Lennar Class B
LEN.B
$20.8B
$842K 0.03%
7,998
+7
+0.1% +$724
MUR icon
790
Murphy Oil
MUR
$4.78B
$841K 0.03%
+37,373
New +$833K
MIRM icon
791
Mirum Pharmaceuticals
MIRM
$6.14B
$838K 0.03%
16,476
-9,017
-35% -$401K
AWI icon
792
Armstrong World Industries
AWI
$7.84B
$834K 0.03%
5,137
-852
-14% -$127K
LEVI icon
793
Levi Strauss
LEVI
$9.39B
$834K 0.03%
45,116
-31,197
-41% -$519K
NBR icon
794
Nabors Industries
NBR
$1.21B
$833K 0.03%
29,735
+21,735
+272% +$647K
BASE
795
DELISTED
Couchbase
BASE
$833K 0.03%
34,162
-69,646
-67% -$1.27M
VERA icon
796
Vera Therapeutics
VERA
$2.36B
$832K 0.03%
35,326
+14,774
+72% +$332K
BRKR icon
797
Bruker
BRKR
$8.14B
$831K 0.03%
20,165
-82,752
-80% -$3.2M
FG icon
798
F&G Annuities & Life
FG
$3.67B
$828K 0.03%
+25,884
New +$859K
RMD icon
799
ResMed
RMD
$30.7B
$828K 0.03%
+3,208
New +$765K
ATEC icon
800
Alphatec Holdings
ATEC
$1.44B
$827K 0.03%
74,545
-16,476
-18% -$189K
30 31
32
33 34

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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.