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

-0.67%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$271M

AUM Growth

-$10.8M (-3.8%)

Cap. Flow

-$10.4M

Cap. Flow % of AUM

-3.83%

Top 10 Holdings % Top 10 Hldgs %

23.17%

Holding

1,929

New

686

Increased

330

Reduced

412

Closed

443

Top Buys

1	HHLA HH&L Acquisition Co. HHLA	+$3.38M
2	JMAC Maxpro Capital Acquisition Corp. Class A Common Stock JMAC	+$3M
3	FATP Fat Projects Acquisition Corp Class A Ordinary Share FATP	+$2.11M
4	ETAC E.Merge Technology Acquisition Corp. Class A Common Stock ETAC	+$2.03M
5	GAPA G&P Acquisition Corp. GAPA	+$1.94M

Top Sells

1	SPAQ Spartan Acquisition Corp. III SPAQ	+$5.79M
2	PSTH Pershing Square Tontine Holdings, Ltd. PSTH	+$5.19M
3	KAHC KKR Acquisition Holdings I Corp. KAHC	+$4.88M
4	ISLE Isleworth Healthcare Acquisition Corporation Common stock ISLE	+$4.08M
5	BOAC Bluescape Opportunities Acquisition Corp. BOAC	+$3.92M

Sector Composition

1	Financials	65.21%
2	Technology	9.08%
3	Healthcare	8.95%
4	Industrials	5.12%
5	Consumer Discretionary	4.66%

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
1051	1051 Hologic HOLX $14.8B	$7K	﹤0.01%	86 -452	-84%	-$36.8K
1052	1052 Hancock Whitney HWC $5.38B	$7K	﹤0.01%	146 +8	+6%	+$384
1053	1053 IDEX IEX $12.4B	$7K	﹤0.01%	30 -125	-81%	-$29.2K
1054	1054 MacroGenics MGNX $104M	$7K	﹤0.01%	+446	New	+$7K
1055	1055 3M MMM $84.9B	$7K	﹤0.01%	48 -228	-83%	-$33.3K
1056	1056 Altria Group MO $111B	$7K	﹤0.01%	150 -4,313	-97%	-$201K
1057	1057 MSC Industrial Direct MSM $5.14B	$7K	﹤0.01%	+88	New	+$7K
1058	1058 Intellia Therapeutics NTLA $1.23B	$7K	﹤0.01%	61 -430	-88%	-$49.3K
1059	1059 Ollie's Bargain Outlet OLLI $8.07B	$7K	﹤0.01%	143 -1,215	-89%	-$59.5K
1060	1060 Omnicom Group OMC $15.1B	$7K	﹤0.01%	+102	New	+$7K
1061	1061 Public Service Enterprise Group PEG $40.9B	$7K	﹤0.01%	+104	New	+$7K
1062	1062 Paysafe PSFE $847M	$7K	﹤0.01%	146 +135	+1,227%	+$6.47K
1063	1063 Peloton Interactive PTON $3.12B	$7K	﹤0.01%	191 -2,111	-92%	-$77.4K
1064	1064 Rocket Pharmaceuticals RCKT $354M	$7K	﹤0.01%	326 -342	-51%	-$7.34K
1065	1065 Star Bulk Carriers SBLK $2.19B	$7K	﹤0.01%	+304	New	+$7K
1066	1066 Simpson Manufacturing SSD $8.07B	$7K	﹤0.01%	+47	New	+$7K
1067	1067 Texas Capital Bancshares TCBI $4B	$7K	﹤0.01%	109 -1,285	-92%	-$82.5K
1068	1068 TG Therapeutics TGTX $5.15B	$7K	﹤0.01%	+367	New	+$7K
1069	1069 Trimble TRMB $19.7B	$7K	﹤0.01%	+86	New	+$7K
1070	1070 TTM Technologies TTMI $4.99B	$7K	﹤0.01%	498 +496	+24,800%	+$6.97K
1071	1071 US Foods USFD $18B	$7K	﹤0.01%	+195	New	+$7K
1072	1072 Valvoline VVV $5.15B	$7K	﹤0.01%	198 -271	-58%	-$9.58K
1073	1073 WD-40 WDFC $2.88B	$7K	﹤0.01%	+30	New	+$7K
1074	1074 Wolverine World Wide WWW $2.48B	$7K	﹤0.01%	248 -2,576	-91%	-$72.7K
1075	1075 XBP Global Holdings, Inc. Common Stock XBP $109M	$7K	﹤0.01%	+701	New	+$7K