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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
FOR icon
1301
Forestar Group
FOR
$1.51B
– –
-12,459
Closed -$323K
FOUR icon
1302
Shift4
FOUR
$3.26B
– –
-3,509
Closed -$364K
FSM icon
1303
Fortuna Silver Mines
FSM
$3.07B
– –
-13,305
Closed -$57.1K
FSS icon
1304
Federal Signal
FSS
$7.83B
– –
-3,705
Closed -$342K
FULT icon
1305
Fulton Financial
FULT
$4.64B
– –
-11,952
Closed -$230K
FYBR
1306
DELISTED
Frontier Communications
FYBR
– –
-8,905
Closed -$309K
GBDC icon
1307
Golub Capital BDC
GBDC
$3.42B
– –
-17,053
Closed -$259K
GNTX icon
1308
Gentex
GNTX
$5.07B
– –
-31,776
Closed -$913K
GOLF icon
1309
Acushnet Holdings
GOLF
$5.45B
– –
-3,798
Closed -$270K
GPI icon
1310
Group 1 Automotive
GPI
$3.18B
– –
-890
Closed -$375K
GT icon
1311
Goodyear
GT
$1.85B
– –
-340,320
Closed -$3.06M
GTLB icon
1312
GitLab
GTLB
$6.58B
– –
-17,228
Closed -$971K
GWRE icon
1313
Guidewire Software
GWRE
$14.2B
– –
-28,197
Closed -$4.75M
HAE icon
1314
Haemonetics
HAE
$4B
– –
-4,720
Closed -$369K
HAYW icon
1315
Hayward Holdings
HAYW
$3.36B
– –
-24,899
Closed -$381K
HCSG icon
1316
Healthcare Services Group
HCSG
$1.53B
– –
-13,604
Closed -$158K
HIW icon
1317
Highwoods Properties
HIW
$3.47B
– –
-24,840
Closed -$760K
HLT icon
1318
Hilton Worldwide
HLT
$71.5B
– –
-4,153
Closed -$1.03M
HMN icon
1319
Horace Mann Educators
HMN
$2.11B
– –
-7,393
Closed -$290K
HOLX
1320
DELISTED
Hologic
HOLX
– –
-3,053
Closed -$220K
HPK icon
1321
HighPeak Energy
HPK
$910M
– –
-10,406
Closed -$153K
HRL icon
1322
Hormel Foods
HRL
$13.8B
– –
-7,823
Closed -$245K
HUMA icon
1323
Humacyte
HUMA
$194M
– –
-42,875
Closed -$217K
HWKN icon
1324
Hawkins
HWKN
$2.71B
– –
-3,609
Closed -$443K
IBRX icon
1325
ImmunityBio
IBRX
$8.1B
– –
-25,144
Closed -$64.4K
51 52
53
54 55

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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.