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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
MZTI
801
The Marzetti Company
MZTI
$3.11B
$827K 0.03%
4,787
-15,608
-77% -$2.69M
AAON icon
802
Aaon
AAON
$7.77B
$826K 0.03%
+11,199
New +$982K
TME icon
803
Tencent Music
TME
$15.6B
$820K 0.03%
+42,082
New +$661K
VIST icon
804
Vista Energy
VIST
$7.32B
$815K 0.03%
+17,056
New +$807K
WFRD icon
805
Weatherford International
WFRD
$6.22B
$811K 0.03%
+16,114
New +$749K
RAMP icon
806
LiveRamp
RAMP
$2.3B
$808K 0.03%
24,457
+5,984
+32% +$174K
COST icon
807
Costco
COST
$420B
$801K 0.03%
809
+286
+55% +$284K
CAG icon
808
Conagra Brands
CAG
$7.23B
$799K 0.03%
39,045
+30,216
+342% +$708K
KWR icon
809
Quaker Houghton
KWR
$2.92B
$791K 0.03%
+7,065
New +$767K
BRO icon
810
Brown & Brown
BRO
$23.9B
$789K 0.03%
+7,117
New +$800K
TVTX icon
811
Travere Therapeutics
TVTX
$5.78B
$788K 0.03%
53,258
+42,467
+394% +$704K
INOD icon
812
Innodata
INOD
$2.04B
$788K 0.03%
15,385
+5,737
+59% +$226K
VNO icon
813
Vornado Realty Trust
VNO
$7.38B
$787K 0.03%
20,589
+9,201
+81% +$344K
TOST icon
814
Toast
TOST
$19.9B
$784K 0.03%
17,711
-24,521
-58% -$964K
UNFI icon
815
United Natural Foods
UNFI
$2.85B
$779K 0.03%
33,437
+14,636
+78% +$382K
ITRI icon
816
Itron
ITRI
$4.54B
$779K 0.03%
5,918
-16,633
-74% -$1.88M
GBX icon
817
The Greenbrier Companies
GBX
$1.46B
$776K 0.03%
16,849
-5,437
-24% -$243K
OCFC icon
818
OceanFirst Financial
OCFC
$1.91B
$773K 0.03%
+43,893
New +$732K
HHH icon
819
Howard Hughes
HHH
$4.03B
$772K 0.03%
11,444
-48,092
-81% -$3.29M
UBER icon
820
Uber
UBER
$153B
$768K 0.03%
8,235
+2,436
+42% +$201K
ADMA icon
821
ADMA Biologics
ADMA
$2.22B
$767K 0.03%
+42,145
New +$859K
NTNX icon
822
Nutanix
NTNX
$16.9B
$765K 0.03%
+10,010
New +$721K
TMDX icon
823
Transmedics
TMDX
$2.91B
$765K 0.03%
+5,709
New +$627K
EOSE icon
824
Eos Energy Enterprises
EOSE
$1.51B
$764K 0.03%
149,307
-185,065
-55% -$907K
MLI icon
825
Mueller Industries
MLI
$15.2B
$760K 0.03%
19,128
-27,338
-59% -$1.03M
31 32
33
34 35

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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.