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

-0.6%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$556M

AUM Growth

+$111M (+25%)

Cap. Flow

+$122M

Cap. Flow % of AUM

21.88%

Top 10 Holdings % Top 10 Hldgs %

19.25%

Holding

1,579

New

576

Increased

332

Reduced

150

Closed

368

Top Buys

1	ASZ Austerlitz Acquisition Corporation II ASZ	+$6.77M
2	DGNU Dragoneer Growth Opportunities Corp. III Class A Ordinary Shares DGNU	+$5.65M
3	First Horizon FHN	+$5.27M
4	Bread Financial BFH	+$4.77M
5	Hubbell HUBB	+$4.72M

Top Sells

1	ETAC E.Merge Technology Acquisition Corp. Class A Common Stock ETAC	+$11.7M
2	GOAC GO Acquisition Corp. Class A Common Stock GOAC	+$4.44M
3	LEAP Ribbit LEAP, Ltd. LEAP	+$4.05M
4	LIBY Liberty Resources Acquisition Corp. Class A Common Stock LIBY	+$2.66M
5	Playtika PLTK	+$2.51M

Sector Composition

1	Financials	58.44%
2	Technology	7.85%
3	Healthcare	5.4%
4	Industrials	5.13%
5	Energy	4.59%

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
876	876 CarGurus CARG $3.54B	$5K	﹤0.01%	323 +321	+16,050%	+$4.97K
877	877 Cars.com CARS $823M	$5K	﹤0.01%	+430	New	+$5K
878	878 Cboe Global Markets CBOE $24.8B	$5K	﹤0.01%	+40	New	+$5K
879	879 Confluent CFLT $6.8B	$5K	﹤0.01%	231 -158	-41%	-$3.42K
880	880 Allete ALE $3.7B	$5K	﹤0.01%	97 +68	+234%	+$3.51K
881	881 Abercrombie & Fitch ANF $4.46B	$5K	﹤0.01%	+322	New	+$5K
882	882 Avery Dennison AVY $13B	$5K	﹤0.01%	30 +14	+88%	+$2.33K
883	883 Baxter International BAX $12.4B	$5K	﹤0.01%	94 +33	+54%	+$1.76K
884	884 Bloom Energy BE $15.5B	$5K	﹤0.01%	+233	New	+$5K
885	885 Cinemark Holdings CNK $3.17B	$5K	﹤0.01%	382 +8	+2%	+$105
886	886 Healthpeak Properties DOC $12.4B	$5K	﹤0.01%	+230	New	+$5K
887	887 Dole DOLE $1.29B	$5K	﹤0.01%	748 -17,605	-96%	-$118K
888	888 Duke Energy DUK $94.4B	$5K	﹤0.01%	+55	New	+$5K
889	889 Eventbrite EB $262M	$5K	﹤0.01%	+789	New	+$5K
890	890 eHealth EHTH $120M	$5K	﹤0.01%	+1,196	New	+$5K
891	891 Expeditors International EXPD $16.7B	$5K	﹤0.01%	+61	New	+$5K
892	892 FIVE9 FIVN $1.96B	$5K	﹤0.01%	+64	New	+$5K
893	893 Geospace Technologies GEOS $220M	$5K	﹤0.01%	+1,027	New	+$5K
894	894 HubSpot HUBS $25.9B	$5K	﹤0.01%	19 +17	+850%	+$4.47K
895	895 Jack Henry & Associates JKHY $11.7B	$5K	﹤0.01%	27 -66	-71%	-$12.2K
896	896 KKR & Co KKR $129B	$5K	﹤0.01%	+120	New	+$5K
897	897 Lam Research LRCX $144B	$5K	﹤0.01%	+130	New	+$5K
898	898 Mattel MAT $5.79B	$5K	﹤0.01%	+240	New	+$5K
899	899 Monro MNRO $520M	$5K	﹤0.01%	112 +110	+5,500%	+$4.91K
900	900 Olo Inc OLO $1.74B	$5K	﹤0.01%	+673	New	+$5K