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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
HWKN icon
1001
Hawkins
HWKN
$2.71B
$353K 0.01%
+2,482
New +$312K
STRZ
1002
Starz Entertainment Corp
STRZ
$440M
$352K 0.01%
+21,900
New +$347K
SPT icon
1003
Sprout Social
SPT
$621M
$351K 0.01%
16,763
-3,004
-15% -$63.7K
PRA
1004
DELISTED
ProAssurance
PRA
$350K 0.01%
+15,350
New +$354K
NUVL
1005
DELISTED
Nuvalent
NUVL
$346K 0.01%
4,532
-1,690
-27% -$124K
OKLO
1006
Oklo
OKLO
$8.42B
$343K 0.01%
+6,132
New +$237K
VRNT
1007
DELISTED
Verint Systems
VRNT
$343K 0.01%
+17,439
New +$304K
NTLA icon
1008
Intellia Therapeutics
NTLA
$1.67B
$343K 0.01%
+36,535
New +$300K
GNK icon
1009
Genco Shipping & Trading
GNK
$1.1B
$339K 0.01%
25,975
-67,910
-72% -$898K
RYAN icon
1010
Ryan Specialty Holdings
RYAN
$5.55B
$339K 0.01%
4,991
-9,984
-67% -$689K
ERII icon
1011
Energy Recovery
ERII
$443M
$336K 0.01%
26,302
-84,498
-76% -$1.14M
PGNY icon
1012
Progyny
PGNY
$2.2B
$330K 0.01%
15,022
-66,981
-82% -$1.47M
SPXC icon
1013
SPX Corp
SPXC
$10.8B
$330K 0.01%
1,966
-12,823
-87% -$1.88M
NCLH icon
1014
Norwegian Cruise Line
NCLH
$8.84B
$328K 0.01%
16,198
-33,771
-68% -$604K
G icon
1015
Genpact
G
$5.81B
$324K 0.01%
7,353
-20,959
-74% -$949K
WMK icon
1016
Weis Markets
WMK
$1.86B
$322K 0.01%
4,443
-1,264
-22% -$99K
NMRK icon
1017
Newmark Group
NMRK
$2.63B
$318K 0.01%
26,191
-55,514
-68% -$621K
TXG icon
1018
10x Genomics
TXG
$6.61B
$312K 0.01%
26,978
-10,694
-28% -$97.5K
TEM
1019
Tempus AI
TEM
$9.39B
$312K 0.01%
+4,906
New +$281K
IDA icon
1020
Idacorp
IDA
$8.2B
$311K 0.01%
+2,697
New +$312K
PBF icon
1021
PBF Energy
PBF
$7.31B
$309K 0.01%
14,239
-160,858
-92% -$3.06M
SPTN
1022
DELISTED
SpartanNash
SPTN
$304K 0.01%
11,493
-46,547
-80% -$931K
QS icon
1023
QuantumScape Corp
QS
$3.74B
$304K 0.01%
+45,291
New +$191K
GDS icon
1024
GDS Holdings
GDS
$6.41B
$304K 0.01%
9,938
-1,904
-16% -$48.3K
STRL icon
1025
Sterling Infrastructure
STRL
$16.7B
$303K 0.01%
1,315
-25,908
-95% -$4.52M
39 40
41
42 43

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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.