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
826	DO 826 DELISTED Diamond Offshore Drilling, Inc. DO	$51.8K	0.01%	+4,306	New	+$51.8K
827	827 ProPetro Holding PUMP $505M	$51.5K	0.01%	7,157 +1,054	+17%	+$7.58K
828	828 Intuit INTU $183B	$51.3K	0.01%	+115	New	+$51.3K
829	829 GoPro GPRO $258M	$51.1K	0.01%	10,151 +8,787	+644%	+$44.2K
830	RFAC 830 DELISTED RF Acquisition Corp. Class A Common Stock RFAC	$51.1K	0.01%	4,962	–	–
831	831 Powell Industries POWL $3.34B	$51K	0.01%	+1,198	New	+$51K
832	832 Oscar Health OSCR $5.04B	$51K	0.01%	7,801 +7,655	+5,243%	+$50.1K
833	833 Axsome Therapeutics AXSM $6.19B	$50.9K	0.01%	+825	New	+$50.9K
834	834 Transmedics TMDX $3.67B	$50.6K	0.01%	+668	New	+$50.6K
835	835 Advanced Drainage Systems WMS $11B	$50.5K	0.01%	600 -2,338	-80%	-$197K
836	836 Roper Technologies ROP $55.2B	$50.2K	0.01%	+114	New	+$50.2K
837	837 Sonoco SON $4.54B	$50.2K	0.01%	+823	New	+$50.2K
838	838 Opendoor OPEN $4.31B	$50.1K	0.01%	28,446 +28,300	+19,384%	+$49.8K
839	839 RingCentral RNG $2.77B	$49.7K	0.01%	1,619 +1,615	+40,375%	+$49.5K
840	HCP 840 DELISTED HashiCorp, Inc. Class A Common Stock HCP	$49.5K	0.01%	+1,690	New	+$49.5K
841	841 Expedia Group EXPE $26.7B	$49.3K	0.01%	508 +452	+807%	+$43.9K
842	842 Interactive Brokers IBKR $27.8B	$49.1K	0.01%	+2,380	New	+$49.1K
843	843 News Corp Class A NWSA $16.2B	$48.4K	0.01%	+2,805	New	+$48.4K
844	SLNA 844 DELISTED Selina Hospitality PLC Ordinary Shares SLNA	$48.4K	0.01%	31,250	–	–
845	845 Las Vegas Sands LVS $37.4B	$48.3K	0.01%	840 +839	+83,900%	+$48.2K
846	846 Mattel MAT $5.78B	$48.2K	0.01%	2,620 -3,202	-55%	-$58.9K
847	X 847 DELISTED US Steel X	$48.2K	0.01%	+1,845	New	+$48.2K
848	848 TriNet TNET $3.3B	$47.8K	0.01%	593 -3,122	-84%	-$252K
849	849 Dorman Products DORM $4.86B	$47.8K	0.01%	554 +467	+537%	+$40.3K
850	850 Hecla Mining HL $7.35B	$47.8K	0.01%	+7,546	New	+$47.8K