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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
ASPN icon
1176
Aspen Aerogels
ASPN
$525M
– –
-37,520
Closed -$240K
ATEN icon
1177
A10 Networks
ATEN
$1.98B
– –
-13,953
Closed -$228K
CVSA
1178
Covista Inc
CVSA
$4.76B
– –
-15,988
Closed -$1.61M
ATHM icon
1179
Autohome
ATHM
$2.62B
– –
-15,917
Closed -$441K
ATR icon
1180
AptarGroup
ATR
$8.66B
– –
-26,045
Closed -$3.86M
ATRC icon
1181
AtriCure
ATRC
$2.06B
– –
-95,574
Closed -$3.08M
AVAV icon
1182
AeroVironment
AVAV
$8.96B
– –
-15,735
Closed -$1.88M
AVNT icon
1183
Avient
AVNT
$4.19B
– –
-35,878
Closed -$1.33M
AVY icon
1184
Avery Dennison
AVY
$13.4B
– –
-9,498
Closed -$1.69M
AXON
1185
Axon Enterprise
AXON
$44.9B
– –
-1,535
Closed -$807K
BANC icon
1186
Banc of California
BANC
$2.99B
– –
-82,787
Closed -$1.17M
BBAI icon
1187
BigBear.ai
BBAI
$1.54B
– –
-250,522
Closed -$716K
BC icon
1188
Brunswick
BC
$5.3B
– –
-9,246
Closed -$498K
BCRX icon
1189
BioCryst Pharmaceuticals
BCRX
$2.41B
– –
-32,464
Closed -$243K
BEKE icon
1190
KE Holdings
BEKE
$18.8B
– –
-40,238
Closed -$808K
BFAM icon
1191
Bright Horizons
BFAM
$3.88B
– –
-12,596
Closed -$1.6M
BFH icon
1192
Bread Financial
BFH
$4.4B
– –
-45,377
Closed -$2.27M
BHR
1193
Braemar Hotels & Resorts
BHR
$143M
– –
-120,731
Closed -$301K
BKLN icon
1194
Invesco Senior Loan ETF
BKLN
$6.81B
– –
-83,052
Closed -$1.72M
BKNG icon
1195
Booking.com
BKNG
$160B
– –
-3,925
Closed -$723K
BKR icon
1196
Baker Hughes
BKR
$61.8B
– –
-31,255
Closed -$1.37M
BKU icon
1197
Bankunited
BKU
$3.38B
– –
-11,187
Closed -$385K
BLNK icon
1198
Blink Charging
BLNK
$85.4M
– –
-14,633
Closed -$13.4K
BMI icon
1199
Badger Meter
BMI
$4.05B
– –
-2,379
Closed -$453K
BMRN icon
1200
BioMarin Pharmaceuticals
BMRN
$12.1B
– –
-14,225
Closed -$1.01M
46 47
48
49 50

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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.