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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
BLND icon
826
Blend Labs
BLND
$386M
$701K 0.03%
+209,401
New +$761K
ZS icon
827
Zscaler
ZS
$27.3B
$701K 0.03%
+3,534
New +$704K
DCOM icon
828
Dime Commercial Bancshares
DCOM
$1.78B
$698K 0.03%
+25,025
New +$757K
LEU icon
829
Centrus Energy
LEU
$3.82B
$696K 0.03%
+11,182
New +$942K
IBP icon
830
Installed Building Products
IBP
$6.49B
$693K 0.03%
+4,042
New +$729K
BABA icon
831
Alibaba
BABA
$308B
$682K 0.03%
+5,156
New +$595K
SNAP icon
832
Snap
SNAP
$9.01B
$681K 0.03%
78,209
+64,361
+465% +$671K
PAGS icon
833
PagSeguro Digital
PAGS
$2.55B
$680K 0.03%
+89,083
New +$663K
FBRT
834
Franklin BSP Realty Trust
FBRT
$657M
$676K 0.03%
53,056
-13,190
-20% -$170K
OSG
835
Octave Specialty Group
OSG
$222M
$676K 0.03%
+77,234
New +$813K
CALX icon
836
Calix
CALX
$2.39B
$675K 0.03%
19,059
+9,869
+107% +$366K
VSEC icon
837
VSE Corp
VSEC
$6.12B
$673K 0.03%
+5,606
New +$601K
HTLD icon
838
Heartland Express
HTLD
$956M
$672K 0.03%
72,895
+29,532
+68% +$313K
EVTC icon
839
Evertec
EVTC
$1.78B
$670K 0.03%
+18,229
New +$630K
DRS icon
840
Leonardo DRS
DRS
$12B
$669K 0.03%
+20,334
New +$671K
PNTG icon
841
Pennant Group
PNTG
$1.36B
$668K 0.03%
+26,544
New +$679K
ENS icon
842
EnerSys
ENS
$6.99B
$666K 0.03%
+7,270
New +$709K
ECPG icon
843
Encore Capital Group
ECPG
$2.13B
$664K 0.03%
+19,372
New +$845K
WST icon
844
West Pharmaceutical
WST
$24.9B
$660K 0.03%
+2,950
New +$813K
WTFC icon
845
Wintrust Financial
WTFC
$10.7B
$654K 0.03%
+5,816
New +$719K
ROCK icon
846
Gibraltar Industries
ROCK
$1.49B
$652K 0.03%
+11,112
New +$691K
FRO icon
847
Frontline
FRO
$8.85B
$646K 0.03%
43,499
+30,552
+236% +$505K
AMRC icon
848
Ameresco
AMRC
$1.36B
$644K 0.03%
53,344
+23,849
+81% +$432K
HE icon
849
Hawaiian Electric Industries
HE
$2.14B
$641K 0.03%
+58,579
New +$592K
SIRI icon
850
SiriusXM
SIRI
$10.1B
$639K 0.03%
+28,357
New +$668K
32 33
34
35 36

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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.