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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
TOL icon
76
Toll Brothers
TOL
$14.3B
$5.89M 0.23%
51,577
+47,777
+1,257% +$4.96M
IBM icon
77
IBM
IBM
$222B
$5.88M 0.23%
19,961
+12,559
+170% +$3.24M
DEI icon
78
Douglas Emmett
DEI
$2B
$5.87M 0.23%
390,434
+370,602
+1,869% +$5.36M
PEP icon
79
PepsiCo
PEP
$190B
$5.83M 0.23%
44,161
+5,910
+15% +$796K
MTDR icon
80
Matador Resources
MTDR
$6.06B
$5.79M 0.23%
121,308
+42,989
+55% +$1.9M
WTS icon
81
Watts Water Technologies
WTS
$12B
$5.7M 0.23%
23,191
+18,023
+349% +$4.05M
ORLY icon
82
O'Reilly Automotive
ORLY
$74.9B
$5.7M 0.23%
63,206
+49,946
+377% +$4.55M
DDOG icon
83
Datadog
DDOG
$103B
$5.67M 0.23%
42,174
+22,343
+113% +$2.47M
RCL icon
84
Royal Caribbean
RCL
$87.1B
$5.65M 0.23%
18,030
-14,803
-45% -$3.52M
CRC icon
85
California Resources
CRC
$4.66B
$5.56M 0.22%
+121,813
New +$4.98M
CRDO icon
86
Credo Technology Group
CRDO
$44.4B
$5.52M 0.22%
59,603
-63,955
-52% -$3.73M
FFIN icon
87
First Financial Bankshares
FFIN
$5.09B
$5.47M 0.22%
151,950
+112,703
+287% +$3.91M
ESNT icon
88
Essent Group
ESNT
$6.14B
$5.46M 0.22%
89,854
+73,279
+442% +$4.22M
AIT icon
89
Applied Industrial Technologies
AIT
$13.2B
$5.45M 0.22%
+23,426
New +$5.33M
CDP icon
90
COPT Defense Properties
CDP
$4.29B
$5.44M 0.22%
197,319
+7,930
+4% +$215K
LAMR icon
91
Lamar Advertising Co
LAMR
$16.1B
$5.4M 0.22%
44,501
+36,584
+462% +$4.24M
AXP icon
92
American Express
AXP
$234B
$5.33M 0.21%
16,725
+9,875
+144% +$2.78M
CRUS icon
93
Cirrus Logic
CRUS
$6.74B
$5.33M 0.21%
51,141
+14,074
+38% +$1.38M
BSX icon
94
Boston Scientific
BSX
$71.1B
$5.32M 0.21%
49,549
-14,783
-23% -$1.5M
SPGI icon
95
S&P Global
SPGI
$122B
$5.28M 0.21%
10,018
+9,109
+1,002% +$4.55M
KEYS icon
96
Keysight
KEYS
$58.3B
$5.21M 0.21%
31,817
+5,349
+20% +$815K
CNP icon
97
CenterPoint Energy
CNP
$27.4B
$5.2M 0.21%
+141,511
New +$5.24M
VRSN icon
98
VeriSign
VRSN
$27B
$5.2M 0.21%
18,002
+8,537
+90% +$2.31M
UDR icon
99
UDR
UDR
$12.4B
$5.18M 0.21%
+126,952
New +$5.26M
CACI icon
100
CACI
CACI
$11.6B
$5.16M 0.21%
10,815
+10,102
+1,417% +$4.48M
2 3
4
5 6

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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.