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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
ODP
1051
DELISTED
ODP
ODP
$250K 0.01%
13,813
-61,588
-82% -$966K
LFUS icon
1052
Littelfuse
LFUS
$11.6B
$249K 0.01%
+1,100
New +$217K
GMS
1053
DELISTED
GMS Inc
GMS
$249K 0.01%
+2,286
New +$177K
ACHR icon
1054
Archer Aviation
ACHR
$4.26B
$248K 0.01%
22,894
-110,475
-83% -$1.03M
CORT icon
1055
Corcept Therapeutics
CORT
$12B
$248K 0.01%
3,379
+205
+6% +$14.9K
ALEX
1056
DELISTED
Alexander & Baldwin
ALEX
$246K 0.01%
13,793
-88,960
-87% -$1.55M
NI icon
1057
NiSource
NI
$20.4B
$245K 0.01%
6,080
-65,971
-92% -$2.59M
DIN icon
1058
Dine Brands
DIN
$451M
$243K 0.01%
9,990
-51,255
-84% -$1.18M
FIVN icon
1059
FIVE9
FIVN
$2.6B
$239K 0.01%
9,033
-27,579
-75% -$718K
CMBS icon
1060
iShares CMBS ETF
CMBS
$473M
$238K 0.01%
4,884
-18,831
-79% -$906K
CDNA icon
1061
CareDx
CDNA
$2.42B
$238K 0.01%
12,159
-29,358
-71% -$522K
SHC icon
1062
Sotera Health
SHC
$5.38B
$236K 0.01%
+21,193
New +$248K
ABNB icon
1063
Airbnb
ABNB
$106B
$235K 0.01%
1,778
-22,025
-93% -$2.79M
ACH
1064
Accendra Health
ACH
$212M
$233K 0.01%
+25,631
New +$189K
CCB icon
1065
Coastal Financial
CCB
$692M
$233K 0.01%
2,406
-7,741
-76% -$667K
ACIW icon
1066
ACI Worldwide
ACIW
$5.46B
$232K 0.01%
+5,050
New +$248K
QFIN icon
1067
Qfin Holdings
QFIN
$1.61B
$231K 0.01%
5,328
-431
-7% -$18K
ERIE icon
1068
Erie Indemnity
ERIE
$13.2B
$230K 0.01%
+663
New +$246K
TRU icon
1069
TransUnion
TRU
$15.3B
$229K 0.01%
2,605
-4,580
-64% -$382K
LEGN icon
1070
Legend Biotech
LEGN
$4.02B
$228K 0.01%
+6,427
New +$208K
ALIT icon
1071
Alight
ALIT
$407M
$227K 0.01%
+2,006
New +$215K
AFRM icon
1072
Affirm
AFRM
$25.2B
$226K 0.01%
3,266
-23,883
-88% -$1.24M
KN icon
1073
Knowles
KN
$3.34B
$224K 0.01%
+12,698
New +$205K
PGR icon
1074
Progressive
PGR
$125B
$224K 0.01%
+838
New +$230K
GRPN icon
1075
Groupon
GRPN
$950M
$224K 0.01%
+6,682
New +$170K
41 42
43
44 45

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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.