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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
-5.08%
1 Year Est. Return
+18.74%
3 Year Est. Return
+51.22%
5 Year Est. Return
+55.27%
10 Year Est. Return
–
AUM
$2.2B
AUM Growth
+$1.52B
Cap. Flow
+$1.68B
Cap. Flow %
76.49%
Top 10 Hldgs %
7.16%
Holding
1,491
New
604
Increased
497
Reduced
92
Closed
295

Top Buys

Rank Stock Value
1
LNG icon
Cheniere Energy
LNG
+$27.3M
2
CRH icon
CRH
CRH
+$12.6M
3
MSFT icon
Microsoft
MSFT
+$12.2M
4
AMCR icon
Amcor
AMCR
+$12.2M
5
LIVN icon
LivaNova
LIVN
+$11.2M

Top Sells

Rank Stock Value
1
TTD icon
Trade Desk
TTD
+$9.58M
2
APP icon
Applovin
APP
+$6.9M
3
HYG icon
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
+$5M
4
VWO icon
Vanguard FTSE Emerging Markets ETF
VWO
+$4.89M
5
GWRE icon
Guidewire Software
GWRE
+$4.75M

Sector Composition

Rank Sector Weight
1 Financials 16.4%
2 Industrials 14.7%
3 Technology 12.79%
4 Consumer Discretionary 11.74%
5 Healthcare 9.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TDC icon
926
Teradata
TDC
$2.55B
$504K 0.02%
22,414
+12,862
+135% +$348K
QNST icon
927
QuinStreet
QNST
$1.21B
$499K 0.02%
27,950
+14,482
+108% +$304K
BC icon
928
Brunswick
BC
$5.28B
$498K 0.02%
+9,246
New +$579K
COST icon
929
Costco
COST
$420B
$495K 0.02%
523
+240
+85% +$234K
VERA icon
930
Vera Therapeutics
VERA
$2.36B
$494K 0.02%
+20,552
New +$660K
RKLB icon
931
Rocket Lab Corp
RKLB
$51.8B
$493K 0.02%
+27,599
New +$661K
IBTA icon
932
Ibotta
IBTA
$774M
$487K 0.02%
+11,550
New +$676K
BRZE icon
933
Braze
BRZE
$2.99B
$484K 0.02%
+13,410
New +$540K
RAMP icon
934
LiveRamp
RAMP
$2.3B
$483K 0.02%
+18,473
New +$565K
SNDX icon
935
Syndax Pharmaceuticals
SNDX
$1.82B
$482K 0.02%
+39,209
New +$553K
ROG icon
936
Rogers Corp
ROG
$2.4B
$481K 0.02%
+7,127
New +$613K
EXEL icon
937
Exelixis
EXEL
$13.4B
$480K 0.02%
13,000
-12,176
-48% -$434K
MLM icon
938
Martin Marietta Materials
MLM
$33B
$479K 0.02%
1,002
+42
+4% +$21.3K
TDW icon
939
Tidewater
TDW
$4.12B
$478K 0.02%
+11,317
New +$563K
AVT icon
940
Avnet
AVT
$7.92B
$477K 0.02%
+9,920
New +$502K
MSI icon
941
Motorola Solutions
MSI
$77.4B
$477K 0.02%
1,089
+273
+33% +$122K
NOK icon
942
Nokia
NOK
$52.3B
$477K 0.02%
90,465
+63,825
+240% +$312K
ARCC icon
943
Ares Capital
ARCC
$14.4B
$477K 0.02%
21,514
+710
+3% +$16.1K
CLX icon
944
Clorox
CLX
$12.7B
$476K 0.02%
+3,232
New +$494K
CDNS icon
945
Cadence Design Systems
CDNS
$93.4B
$468K 0.02%
1,840
+963
+110% +$268K
NWN icon
946
Northwest Natural Holdings
NWN
$2.12B
$465K 0.02%
+10,892
New +$444K
INCY icon
947
Incyte
INCY
$24.4B
$465K 0.02%
7,681
+1,683
+28% +$117K
SPGI icon
948
S&P Global
SPGI
$120B
$462K 0.02%
+909
New +$464K
FOX icon
949
Fox Class B
FOX
$23.9B
$457K 0.02%
8,672
-115
-1% -$5.71K
NVTS icon
950
Navitas Semiconductor
NVTS
$3.63B
$454K 0.02%
+221,411
New +$634K
36 37
38
39 40

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Dark Forest Capital Management's Q1 2025 Portfolio in Review

As of Q1 2025, Dark Forest Capital Management held 1,491 positions worth $2.2B, up 225% from $678M the previous quarter. Its ten largest holdings account for 7.2% of the portfolio.

Dark Forest Capital Management deployed $1.68B of net new capital in Q1 2025, opening 604 new positions and adding to 497 existing holdings. Its largest new stake was Palo Alto Networks: 55,911 shares worth $9.54M.

By sector, the portfolio is most concentrated in Financials at 16% of assets, up from 14% a quarter earlier, followed by Industrials and Technology.

On the sell side, the largest reduction was Applovin, an estimated $6.9M trimmed.

  • Dark Forest Capital Management's largest Q1 2025 buy was Palo Alto Networks: 55,911 shares worth $9.54M.
  • Dark Forest Capital Management added most to Cheniere Energy in Q1 2025, an estimated $27.3M increase.
  • Dark Forest Capital Management's biggest Q1 2025 reduction was Applovin, cutting an estimated $6.9M.
  • Dark Forest Capital Management fully exited Trade Desk in Q1 2025, selling an estimated $9.58M.
  • Dark Forest Capital Management's ten largest holdings make up 7.2% of its $2.2B portfolio in Q1 2025.
  • Dark Forest Capital Management opened 604 new positions and closed 295 in Q1 2025.
  • Dark Forest Capital Management's portfolio value rose 225% quarter-over-quarter to $2.2B.

Based on Dark Forest Capital Management's 13F filing for Q1 2025, filed 15 May 2025.