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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
BANF icon
1226
BancFirst
BANF
$3.8B
– –
-7,584
Closed -$889K
BANR icon
1227
Banner Corp
BANR
$2.4B
– –
-5,593
Closed -$373K
BAP icon
1228
Credicorp
BAP
$30.7B
– –
-3,138
Closed -$575K
BDX icon
1229
Becton Dickinson
BDX
$48.2B
– –
-1,050
Closed -$238K
BFLY icon
1230
Butterfly Network
BFLY
$2.35B
– –
-14,509
Closed -$45.3K
BKE icon
1231
Buckle
BKE
$2.37B
– –
-8,369
Closed -$425K
BKH icon
1232
Black Hills Corp
BKH
$5.69B
– –
-3,709
Closed -$217K
BOH icon
1233
Bank of Hawaii
BOH
$3.13B
– –
-3,739
Closed -$266K
BPOP icon
1234
Popular Inc
BPOP
$11.1B
– –
-11,324
Closed -$1.07M
BUSE icon
1235
First Busey Corp
BUSE
$2.56B
– –
-36,639
Closed -$864K
BWXT icon
1236
BWX Technologies
BWXT
$15.6B
– –
-2,342
Closed -$261K
BXP icon
1237
Boston Properties
BXP
$11.1B
– –
-8,662
Closed -$644K
BYND icon
1238
Beyond Meat
BYND
$277M
– –
-16,133
Closed -$60.7K
BBBY
1239
Bed Bath & Beyond
BBBY
$442M
– –
-25,730
Closed -$115K
CARS icon
1240
Cars.com
CARS
$660M
– –
-19,077
Closed -$331K
CART icon
1241
Maplebear
CART
$11.8B
– –
-8,384
Closed -$347K
CASY icon
1242
Casey's General Stores
CASY
$30.9B
– –
-902
Closed -$357K
CAVA icon
1243
CAVA Group
CAVA
$7.27B
– –
-6,390
Closed -$721K
CC icon
1244
Chemours
CC
$2.37B
– –
-210,762
Closed -$3.56M
CEG icon
1245
Constellation Energy
CEG
$95.6B
– –
-2,596
Closed -$581K
CENX icon
1246
Century Aluminum
CENX
$5.07B
– –
-14,899
Closed -$271K
CERS icon
1247
Cerus
CERS
$474M
– –
-22,278
Closed -$34.3K
CF icon
1248
CF Industries
CF
$17.3B
– –
-5,398
Closed -$461K
CHKP icon
1249
Check Point Software Technologies
CHKP
$13.1B
– –
-2,293
Closed -$428K
CHRD icon
1250
Chord Energy
CHRD
$7.39B
– –
-2,143
Closed -$251K
48 49
50
51 52

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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.