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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
THS
901
DELISTED
Treehouse Foods
THS
$581K 0.02%
29,914
-184,099
-86% -$4.12M
SBH icon
902
Sally Beauty Holdings
SBH
$1.58B
$565K 0.02%
61,017
+20,029
+49% +$173K
FRO icon
903
Frontline
FRO
$8.85B
$565K 0.02%
34,409
-9,090
-21% -$154K
SNEX icon
904
StoneX
SNEX
$7.94B
$560K 0.02%
13,833
+936
+7% +$35.2K
COUR icon
905
Coursera
COUR
$1.54B
$559K 0.02%
63,830
-120,963
-65% -$991K
CRS icon
906
Carpenter Technology
CRS
$28.4B
$553K 0.02%
+2,000
New +$436K
LYFT icon
907
Lyft
LYFT
$6.63B
$553K 0.02%
35,072
-24,855
-41% -$348K
ARCC icon
908
Ares Capital
ARCC
$14.4B
$550K 0.02%
25,030
+3,516
+16% +$74.8K
TSLA icon
909
Tesla
TSLA
$1.3T
$548K 0.02%
1,726
-8,024
-82% -$2.42M
MSI icon
910
Motorola Solutions
MSI
$77.4B
$545K 0.02%
1,296
+207
+19% +$86.6K
NTES icon
911
NetEase
NTES
$84.7B
$539K 0.02%
4,007
-4,492
-53% -$516K
FIX icon
912
Comfort Systems
FIX
$59.6B
$538K 0.02%
1,004
-7,542
-88% -$3.29M
HUBS icon
913
HubSpot
HUBS
$10.5B
$533K 0.02%
958
-2,994
-76% -$1.75M
CE icon
914
Celanese
CE
$4.82B
$530K 0.02%
+9,576
New +$477K
LQDA icon
915
CALL
Liquidia Corp
LQDA
$8.02B
$530K 0.02%
42,500
-22,500
-35% -$333K
ALAB icon
916
Astera Labs
ALAB
$58B
$528K 0.02%
5,835
-9,026
-61% -$713K
CYBR
917
DELISTED
CyberArk
CYBR
$527K 0.02%
+1,294
New +$472K
RKT icon
918
Rocket Companies
RKT
$38.8B
$526K 0.02%
37,074
+21,433
+137% +$278K
NXT icon
919
Nextpower Inc
NXT
$15.7B
$521K 0.02%
+9,583
New +$481K
GL icon
920
Globe Life
GL
$14.3B
$519K 0.02%
4,177
-558
-12% -$67.7K
WEC icon
921
WEC Energy
WEC
$35.1B
$519K 0.02%
4,981
-29,138
-85% -$3.1M
FROG icon
922
JFrog
FROG
$10.8B
$516K 0.02%
11,769
-41,378
-78% -$1.57M
IP icon
923
International Paper
IP
$22B
$513K 0.02%
+10,960
New +$518K
BKV
924
BKV Corp
BKV
$2.68B
$512K 0.02%
+21,209
New +$438K
DAWN
925
DELISTED
Day One Biopharmaceuticals
DAWN
$510K 0.02%
+78,422
New +$539K
35 36
37
38 39

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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.