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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
MA icon
1351
Mastercard
MA
$493B
– –
-548
Closed -$289K
MAA icon
1352
Mid-America Apartment Communities
MAA
$15.7B
– –
-3,437
Closed -$531K
MAN icon
1353
ManpowerGroup
MAN
$2.63B
– –
-10,418
Closed -$601K
MBB icon
1354
iShares MBS ETF
MBB
$39.1B
– –
-14,274
Closed -$1.31M
MCHI icon
1355
iShares MSCI China ETF
MCHI
$6.38B
– –
-15,394
Closed -$721K
MCW
1356
DELISTED
Mister Car Wash
MCW
– –
-43,619
Closed -$318K
MDGL icon
1357
Madrigal Pharmaceuticals
MDGL
$11.8B
– –
-1,286
Closed -$397K
MDXG icon
1358
MiMedx Group
MDXG
$633M
– –
-37,806
Closed -$364K
MGEE icon
1359
MGE Energy Inc
MGEE
$3.08B
– –
-3,100
Closed -$291K
MHO icon
1360
M/I Homes
MHO
$3.84B
– –
-4,785
Closed -$636K
MOG.A icon
1361
Moog Inc Class A
MOG.A
$12.8B
– –
-1,915
Closed -$377K
MPC icon
1362
Marathon Petroleum
MPC
$83.7B
– –
-2,928
Closed -$408K
MPT
1363
Medical Properties Trust
MPT
$2.81B
– –
-286,082
Closed -$1.13M
MRCY icon
1364
Mercury Systems
MRCY
$6.52B
– –
-10,956
Closed -$460K
MRTN icon
1365
Marten Transport
MRTN
$1.22B
– –
-20,014
Closed -$312K
MTN icon
1366
Vail Resorts
MTN
$5.3B
– –
-1,788
Closed -$335K
MTUM icon
1367
iShares MSCI USA Momentum Factor ETF
MTUM
$26.2B
– –
-8,765
Closed -$1.81M
NAVI icon
1368
Navient
NAVI
$853M
– –
-24,118
Closed -$321K
NBTB icon
1369
NBT Bancorp
NBTB
$2.74B
– –
-12,244
Closed -$585K
NCNO icon
1370
nCino
NCNO
$2.1B
– –
-9,114
Closed -$306K
NJR icon
1371
New Jersey Resources
NJR
$5.58B
– –
-20,890
Closed -$975K
NOVA
1372
DELISTED
Sunnova Energy
NOVA
– –
-79,214
Closed -$272K
NTAP icon
1373
NetApp
NTAP
$37.2B
– –
-1,990
Closed -$231K
NTRS icon
1374
Northern Trust
NTRS
$33.9B
– –
-2,434
Closed -$249K
OCFC icon
1375
OceanFirst Financial
OCFC
$1.91B
– –
-19,684
Closed -$356K
53 54
55
56 57

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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.