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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
ACAD icon
1201
Acadia Pharmaceuticals
ACAD
$5.03B
– –
-45,319
Closed -$832K
ACI icon
1202
Albertsons Companies
ACI
$5.83B
– –
-179,956
Closed -$3.53M
ADT icon
1203
ADT
ADT
$5.58B
– –
-47,643
Closed -$329K
AGYS icon
1204
Agilysys
AGYS
$3.06B
– –
-6,191
Closed -$815K
AIN icon
1205
Albany International
AIN
$1.78B
– –
-2,684
Closed -$215K
AIR icon
1206
AAR Corp
AIR
$5.76B
– –
-3,377
Closed -$207K
AIT icon
1207
Applied Industrial Technologies
AIT
$13.3B
– –
-1,366
Closed -$327K
ALLE icon
1208
Allegion
ALLE
$14.4B
– –
-10,953
Closed -$1.43M
ALRM icon
1209
Alarm.com
ALRM
$2.85B
– –
-8,755
Closed -$532K
AMGN icon
1210
Amgen
AMGN
$222B
– –
-3,460
Closed -$902K
AN icon
1211
AutoNation
AN
$6.92B
– –
-2,323
Closed -$395K
AOSL icon
1212
Alpha and Omega Semiconductor
AOSL
$1.08B
– –
-10,353
Closed -$383K
AOS icon
1213
A.O. Smith
AOS
$8.7B
– –
-10,622
Closed -$725K
APD icon
1214
Air Products & Chemicals
APD
$67.6B
– –
-2,386
Closed -$692K
APLE icon
1215
Apple Hospitality REIT
APLE
$3.82B
– –
-58,360
Closed -$896K
APLT
1216
DELISTED
Applied Therapeutics
APLT
– –
-53,718
Closed -$46K
APPF icon
1217
AppFolio
APPF
$7.04B
– –
-2,224
Closed -$549K
APPS icon
1218
Digital Turbine
APPS
$1.74B
– –
-20,996
Closed -$35.5K
ARE icon
1219
Alexandria Real Estate Equities
ARE
$8.56B
– –
-11,262
Closed -$1.1M
ARWR icon
1220
Arrowhead Research
ARWR
$12.4B
– –
-172,623
Closed -$3.25M
AUPH icon
1221
Aurinia Pharmaceuticals
AUPH
$2.11B
– –
-10,275
Closed -$92.3K
AWK icon
1222
American Water Works
AWK
$26.9B
– –
-5,601
Closed -$697K
AZEK
1223
DELISTED
The AZEK Co
AZEK
– –
-11,919
Closed -$566K
AZTA icon
1224
Azenta
AZTA
$1.48B
– –
-10,011
Closed -$501K
BAK icon
1225
Braskem
BAK
$913M
– –
-18,485
Closed -$71.4K
47 48
49
50 51

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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.