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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
DFS
1251
DELISTED
Discover Financial Services
DFS
– –
-9,055
Closed -$1.55M
DLB icon
1252
Dolby
DLB
$5.79B
– –
-11,585
Closed -$930K
DOCN icon
1253
DigitalOcean
DOCN
$14.6B
– –
-42,389
Closed -$1.42M
DOLE icon
1254
Dole
DOLE
$1.32B
– –
-19,811
Closed -$286K
DRS icon
1255
Leonardo DRS
DRS
$12B
– –
-20,334
Closed -$669K
DT icon
1256
Dynatrace
DT
$14.2B
– –
-29,891
Closed -$1.41M
DTM icon
1257
DT Midstream
DTM
$13.4B
– –
-8,120
Closed -$783K
DUK icon
1258
Duke Energy
DUK
$97.3B
– –
-24,953
Closed -$3.04M
DUOL icon
1259
Duolingo
DUOL
$6.12B
– –
-920
Closed -$286K
DVA icon
1260
DaVita
DVA
$11.7B
– –
-19,461
Closed -$2.98M
EA
1261
DELISTED
Electronic Arts
EA
– –
-3,966
Closed -$573K
EBAY icon
1262
eBay
EBAY
$49.7B
– –
-8,226
Closed -$557K
EDIT icon
1263
Editas Medicine
EDIT
$442M
– –
-14,105
Closed -$16.4K
EE icon
1264
Excelerate Energy
EE
$1.11B
– –
-47,035
Closed -$1.35M
EEFT icon
1265
Euronet Worldwide
EEFT
$2.7B
– –
-8,402
Closed -$898K
EFSC icon
1266
Enterprise Financial Services Corp
EFSC
$2.39B
– –
-36,488
Closed -$1.96M
EGBN icon
1267
Eagle Bancorp
EGBN
$845M
– –
-13,662
Closed -$287K
ELAN icon
1268
Elanco Animal Health
ELAN
$11.1B
– –
-201,824
Closed -$2.12M
EMHY icon
1269
iShares JPMorgan EM High Yield Bond ETF
EMHY
$627M
– –
-5,731
Closed -$219K
ENOV icon
1270
Enovis
ENOV
$1.53B
– –
-48,186
Closed -$1.84M
ENS icon
1271
EnerSys
ENS
$6.99B
– –
-7,270
Closed -$666K
ENTG icon
1272
Entegris
ENTG
$23.2B
– –
-3,264
Closed -$286K
ENVA icon
1273
Enova International
ENVA
$6.29B
– –
-13,807
Closed -$1.33M
EPAC icon
1274
Enerpac Tool Group
EPAC
$1.93B
– –
-8,630
Closed -$387K
EQR icon
1275
Equity Residential
EQR
$25.1B
– –
-33,017
Closed -$2.36M
49 50
51
52 53

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AT
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OHIF
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HMCP
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ACM
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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.