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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
STEP icon
1001
StepStone Group
STEP
$3.82B
$387K 0.02%
+7,406
New +$436K
MC icon
1002
Moelis & Co
MC
$4.94B
$386K 0.02%
6,608
-263
-4% -$18.5K
CAL icon
1003
Caleres
CAL
$487M
$385K 0.02%
22,369
+6,314
+39% +$113K
BKU icon
1004
Bankunited
BKU
$3.36B
$385K 0.02%
11,187
-10,869
-49% -$410K
UTHR icon
1005
United Therapeutics
UTHR
$23.1B
$384K 0.02%
1,246
-284
-19% -$97.3K
RBLX icon
1006
Roblox
RBLX
$27B
$382K 0.02%
+6,560
New +$412K
NBIX icon
1007
Neurocrine Biosciences
NBIX
$16.6B
$380K 0.02%
3,433
+1,808
+111% +$229K
MTZ icon
1008
MasTec
MTZ
$21.9B
$376K 0.02%
+3,220
New +$434K
PLTK icon
1009
Playtika
PLTK
$1.12B
$376K 0.02%
72,636
-42,255
-37% -$265K
TRTX
1010
TPG RE Finance Trust
TRTX
$618M
$373K 0.02%
+45,753
New +$387K
AON icon
1011
Aon
AON
$76B
$373K 0.02%
+934
New +$358K
MLTX icon
1012
MoonLake Immunotherapeutics
MLTX
$1.55B
$372K 0.02%
+9,510
New +$410K
VERV
1013
DELISTED
Verve Therapeutics
VERV
$371K 0.02%
81,125
+59,709
+279% +$400K
SBH icon
1014
Sally Beauty Holdings
SBH
$1.58B
$370K 0.02%
40,988
-50,715
-55% -$500K
VSXY
1015
Victoria's Secret
VSXY
$7.83B
$370K 0.02%
+19,904
New +$585K
SYY icon
1016
Sysco
SYY
$40.3B
$366K 0.02%
+4,882
New +$358K
CORT icon
1017
Corcept Therapeutics
CORT
$12B
$363K 0.02%
+3,174
New +$193K
KEY icon
1018
KeyCorp
KEY
$24.4B
$361K 0.02%
+22,603
New +$383K
MSCI icon
1019
MSCI
MSCI
$40.9B
$361K 0.02%
638
-458
-42% -$266K
FNA
1020
DELISTED
Paragon 28, Inc.
FNA
$358K 0.02%
+27,391
New +$341K
IART icon
1021
Integra LifeSciences
IART
$1.34B
$354K 0.02%
16,116
-830
-5% -$19.5K
PINS icon
1022
Pinterest
PINS
$13.4B
$353K 0.02%
+11,386
New +$386K
LYB icon
1023
LyondellBasell Industries
LYB
$19.2B
$349K 0.02%
+4,961
New +$373K
CABO icon
1024
Cable One
CABO
$212M
$348K 0.02%
+1,311
New +$383K
INOD icon
1025
Innodata
INOD
$2.04B
$346K 0.02%
+9,648
New +$424K
39 40
41
42 43

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AT
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ACM
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CNC
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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.