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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
PWR icon
876
Quanta Services
PWR
$101B
$641K 0.03%
1,695
-3,678
-68% -$1.18M
VMEO
877
DELISTED
Vimeo
VMEO
$639K 0.03%
+158,242
New +$732K
SCSC icon
878
Scansource
SCSC
$1.12B
$638K 0.03%
+15,267
New +$570K
RACE icon
879
Ferrari
RACE
$72.5B
$637K 0.03%
1,298
-1,684
-56% -$782K
HQY icon
880
HealthEquity
HQY
$8.75B
$636K 0.03%
+6,072
New +$576K
KFRC icon
881
Kforce
KFRC
$1.06B
$631K 0.03%
15,337
-17,159
-53% -$720K
AAOI icon
882
Applied Optoelectronics
AAOI
$10.9B
$630K 0.03%
+24,519
New +$397K
PBR icon
883
Petrobras
PBR
$116B
$625K 0.02%
+49,950
New +$598K
AMT icon
884
American Tower
AMT
$80.4B
$624K 0.02%
+2,825
New +$610K
COHU icon
885
Cohu
COHU
$2.5B
$623K 0.02%
+32,371
New +$546K
PCVX icon
886
Vaxcyte
PCVX
$8.64B
$621K 0.02%
+19,099
New +$626K
ATI icon
887
ATI
ATI
$31.1B
$620K 0.02%
7,182
-57,254
-89% -$3.92M
MOG.A icon
888
Moog Inc Class A
MOG.A
$12.8B
$619K 0.02%
+3,418
New +$599K
FORM icon
889
FormFactor
FORM
$9.17B
$618K 0.02%
+17,948
New +$545K
LI icon
890
Li Auto
LI
$12.7B
$617K 0.02%
+22,747
New +$600K
ASAN icon
891
Asana
ASAN
$2.13B
$612K 0.02%
+45,319
New +$710K
NUE icon
892
Nucor
NUE
$62.1B
$611K 0.02%
4,713
-6,887
-59% -$805K
HOG icon
893
Harley-Davidson
HOG
$2.71B
$604K 0.02%
+25,573
New +$607K
MMSI icon
894
Merit Medical Systems
MMSI
$5.32B
$596K 0.02%
+6,378
New +$604K
MNRO icon
895
Monro
MNRO
$398M
$595K 0.02%
39,895
-49,592
-55% -$715K
BGS icon
896
B&G Foods
BGS
$286M
$592K 0.02%
+139,936
New +$731K
UNF icon
897
Unifirst Corp
UNF
$5.25B
$590K 0.02%
+3,133
New +$569K
DCI icon
898
Donaldson
DCI
$11.4B
$583K 0.02%
+8,409
New +$566K
INCY icon
899
Incyte
INCY
$24.4B
$582K 0.02%
8,552
+871
+11% +$55.2K
CRSR icon
900
Corsair Gaming
CRSR
$1.53B
$582K 0.02%
+61,669
New +$497K
34 35
36
37 38

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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.