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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
CLSK icon
1126
CleanSpark
CLSK
$3.16B
$230K 0.01%
+34,255
New +$324K
HIMS icon
1127
Hims & Hers Health
HIMS
$7.31B
$230K 0.01%
+7,768
New +$289K
NNE
1128
Nano Nuclear Energy
NNE
$1.01B
$229K 0.01%
+8,650
New +$264K
GPRE icon
1129
Green Plains
GPRE
$1.03B
$228K 0.01%
47,104
+13,039
+38% +$93.4K
VMC icon
1130
Vulcan Materials
VMC
$36.9B
$228K 0.01%
+978
New +$248K
ATEN icon
1131
A10 Networks
ATEN
$1.95B
$228K 0.01%
+13,953
New +$268K
ATAT icon
1132
Atour Lifestyle Holdings
ATAT
$4.8B
$227K 0.01%
+8,022
New +$229K
ASH icon
1133
Ashland
ASH
$3.5B
$227K 0.01%
+3,830
New +$244K
SEIC icon
1134
SEI Investments
SEIC
$12.6B
$225K 0.01%
2,895
-4,669
-62% -$375K
HPE icon
1135
Hewlett Packard
HPE
$70.5B
$224K 0.01%
14,504
-20,852
-59% -$415K
EMHY icon
1136
iShares JPMorgan EM High Yield Bond ETF
EMHY
$627M
$219K 0.01%
5,731
-40
-0.7% -$1.54K
CCK icon
1137
Crown Holdings
CCK
$13.1B
$217K 0.01%
2,434
-2,647
-52% -$231K
BURL icon
1138
Burlington
BURL
$23.2B
$214K 0.01%
+898
New +$233K
LUCK
1139
Lucky Strike Entertainment
LUCK
$911M
$203K 0.01%
20,843
+6,483
+45% +$67.9K
DAVE icon
1140
Dave Inc
DAVE
$4.06B
$203K 0.01%
+2,453
New +$230K
UFPI icon
1141
UFP Industries
UFPI
$5.19B
$201K 0.01%
1,881
+39
+2% +$4.35K
SERV
1142
Serve Robotics
SERV
$433M
$201K 0.01%
+34,906
New +$458K
TALO icon
1143
Talos Energy
TALO
$2.4B
$200K 0.01%
+20,553
New +$195K
TILE icon
1144
Interface
TILE
$2.22B
$200K 0.01%
+10,065
New +$219K
AIV
1145
Aimco
AIV
$383M
$200K 0.01%
22,690
+4,580
+25% +$40.7K
BGC icon
1146
BGC Group
BGC
$4.89B
$198K 0.01%
+21,558
New +$202K
EZPW icon
1147
Ezcorp Inc
EZPW
$1.71B
$196K 0.01%
+13,326
New +$176K
TVTX icon
1148
Travere Therapeutics
TVTX
$5.78B
$193K 0.01%
+10,791
New +$219K
AHRT
1149
AH Realty Trust
AHRT
$517M
$191K 0.01%
25,411
-96,333
-79% -$875K
PGRE
1150
DELISTED
Paramount Group
PGRE
$190K 0.01%
44,162
+22,967
+108% +$104K
44 45
46
47 48

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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.