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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
SIRI icon
826
SiriusXM
SIRI
$10.1B
$760K 0.03%
33,077
+4,720
+17% +$102K
CF icon
827
CF Industries
CF
$17.3B
$759K 0.03%
+8,248
New +$703K
OHI icon
828
Omega Healthcare
OHI
$14.7B
$757K 0.03%
+20,660
New +$767K
VRNS icon
829
Varonis Systems
VRNS
$5B
$757K 0.03%
14,912
-25,887
-63% -$1.18M
KRYS icon
830
Krystal Biotech
KRYS
$9.66B
$757K 0.03%
5,504
-3,933
-42% -$578K
BILI icon
831
Bilibili
BILI
$7.84B
$756K 0.03%
+35,255
New +$649K
BTSG icon
832
BrightSpring Health Services
BTSG
$12.4B
$752K 0.03%
31,873
-114,219
-78% -$2.38M
JACK icon
833
Jack in the Box
JACK
$335M
$751K 0.03%
43,033
+24,323
+130% +$547K
BPOP icon
834
Popular Inc
BPOP
$11.1B
$747K 0.03%
+6,775
New +$669K
AI icon
835
C3.ai
AI
$1.59B
$740K 0.03%
+30,137
New +$689K
NAGE
836
Niagen Bioscience
NAGE
$247M
$740K 0.03%
51,333
+39,902
+349% +$394K
BAX icon
837
Baxter International
BAX
$14.2B
$734K 0.03%
24,251
-6,812
-22% -$207K
ES icon
838
Eversource Energy
ES
$27.2B
$729K 0.03%
+11,462
New +$706K
ST icon
839
Sensata Technologies
ST
$6.79B
$729K 0.03%
24,206
-84,188
-78% -$2.07M
STEP icon
840
StepStone Group
STEP
$3.82B
$727K 0.03%
13,098
+5,692
+77% +$305K
HIMS icon
841
Hims & Hers Health
HIMS
$7.31B
$725K 0.03%
14,553
+6,785
+87% +$307K
STEL
842
DELISTED
Stellar Bancorp
STEL
$724K 0.03%
25,890
-20,359
-44% -$541K
STZ icon
843
Constellation Brands
STZ
$23.2B
$724K 0.03%
4,450
+2,319
+109% +$416K
HBAN icon
844
Huntington Bancshares
HBAN
$35.5B
$721K 0.03%
+42,996
New +$649K
FOR icon
845
Forestar Group
FOR
$1.51B
$715K 0.03%
+35,773
New +$707K
VOYA icon
846
Voya Financial
VOYA
$9.19B
$709K 0.03%
9,991
+5,163
+107% +$331K
CCC
847
CCC Intelligent Solutions
CCC
$4.08B
$708K 0.03%
75,194
-364,351
-83% -$3.26M
LBRDK icon
848
Liberty Broadband Class C
LBRDK
$5.15B
$706K 0.03%
7,179
-23,342
-76% -$2.09M
RNG icon
849
RingCentral
RNG
$5.28B
$703K 0.03%
24,812
+390
+2% +$10.1K
ESS icon
850
Essex Property Trust
ESS
$18.5B
$703K 0.03%
+2,479
New +$696K
32 33
34
35 36

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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.