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
926	926 Esperion Therapeutics ESPR $546M	$4K	﹤0.01%	550 +468	+571%	+$3.4K
927	927 Fluor FLR $6.72B	$4K	﹤0.01%	+153	New	+$4K
928	928 The GEO Group GEO $2.98B	$4K	﹤0.01%	+516	New	+$4K
929	929 Generac Holdings GNRC $11B	$4K	﹤0.01%	+24	New	+$4K
930	930 Health Catalyst HCAT $231M	$4K	﹤0.01%	+441	New	+$4K
931	931 Heartland Express HTLD $661M	$4K	﹤0.01%	+247	New	+$4K
932	932 Kraft Heinz KHC $31.8B	$4K	﹤0.01%	+109	New	+$4K
933	933 Kodak KODK $470M	$4K	﹤0.01%	+799	New	+$4K
934	934 Karyopharm Therapeutics KPTI $53.8M	$4K	﹤0.01%	+51	New	+$4K
935	935 Las Vegas Sands LVS $37.3B	$4K	﹤0.01%	107 +69	+182%	+$2.58K
936	936 Motorola Solutions MSI $80.8B	$4K	﹤0.01%	+16	New	+$4K
937	937 On Holding ONON $14.1B	$4K	﹤0.01%	230 -384	-63%	-$6.68K
938	938 OneSpan OSPN $582M	$4K	﹤0.01%	+496	New	+$4K
939	939 Paycom PAYC $12.6B	$4K	﹤0.01%	+12	New	+$4K
940	940 Pitney Bowes PBI $1.95B	$4K	﹤0.01%	+1,778	New	+$4K
941	941 CarParts.com PRTS $48.2M	$4K	﹤0.01%	+780	New	+$4K
942	942 QCR Holdings QCRH $1.33B	$4K	﹤0.01%	80 -3,762	-98%	-$188K
943	943 Rivian RIVN $17.5B	$4K	﹤0.01%	119 -410	-78%	-$13.8K
944	944 Steven Madden SHOO $2.24B	$4K	﹤0.01%	+145	New	+$4K
945	945 Sempra SRE $53.8B	$4K	﹤0.01%	56 +34	+155%	+$2.43K
946	946 Teradyne TER $18.8B	$4K	﹤0.01%	+57	New	+$4K
947	947 TriMas Corp TRS $1.57B	$4K	﹤0.01%	+167	New	+$4K
948	948 Veeva Systems VEEV $45.3B	$4K	﹤0.01%	+22	New	+$4K
949	949 Cactus WHD $2.82B	$4K	﹤0.01%	+113	New	+$4K
950	ONYX 950 DELISTED Onyx Acquisition Co. I Class A Ordinary Shares ONYX	$4K	﹤0.01%	365	–	–