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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
LEA icon
1376
Lear
LEA
$7.93B
– –
-12,686
Closed -$1.12M
LEG icon
1377
Leggett & Platt
LEG
$1.31B
– –
-255,520
Closed -$2.02M
LESL icon
1378
Leslie's
LESL
$14.2M
– –
-3,247
Closed -$47.8K
LHX icon
1379
L3Harris
LHX
$53.9B
– –
-13,302
Closed -$2.78M
LNT icon
1380
Alliant Energy
LNT
$18B
– –
-63,637
Closed -$4.1M
LSCC icon
1381
Lattice Semiconductor
LSCC
$18.3B
– –
-32,176
Closed -$1.69M
LUMN icon
1382
Lumen
LUMN
$6.09B
– –
-400,950
Closed -$1.57M
LZ icon
1383
LegalZoom.com
LZ
$971M
– –
-13,659
Closed -$118K
MAC icon
1384
Macerich
MAC
$6.66B
– –
-30,256
Closed -$519K
MAIN icon
1385
Main Street Capital
MAIN
$5.28B
– –
-11,281
Closed -$638K
MAS icon
1386
Masco
MAS
$14.9B
– –
-17,353
Closed -$1.21M
MAX icon
1387
MediaAlpha
MAX
$756M
– –
-14,211
Closed -$131K
MC icon
1388
Moelis & Co
MC
$4.98B
– –
-6,608
Closed -$386K
MCD icon
1389
McDonald's
MCD
$196B
– –
-8,894
Closed -$2.78M
MDT icon
1390
Medtronic
MDT
$110B
– –
-22,246
Closed -$2M
MED icon
1391
Medifast
MED
$136M
– –
-17,615
Closed -$237K
ONT
1392
Onterris Inc
ONT
$530M
– –
-18,758
Closed -$267K
MGPI icon
1393
MGP Ingredients
MGPI
$371M
– –
-27,973
Closed -$822K
MIR icon
1394
Mirion Technologies
MIR
$3.74B
– –
-151,996
Closed -$2.2M
MLTX icon
1395
MoonLake Immunotherapeutics
MLTX
$1.53B
– –
-9,510
Closed -$372K
MRSH
1396
Marsh
MRSH
$92.2B
– –
-7,854
Closed -$1.92M
MMS icon
1397
Maximus
MMS
$3.06B
– –
-20,522
Closed -$1.4M
MOH icon
1398
Molina Healthcare
MOH
$10B
– –
-1,762
Closed -$580K
MPWR icon
1399
Monolithic Power Systems
MPWR
$66.8B
– –
-1,880
Closed -$1.09M
MRVI icon
1400
Maravai LifeSciences
MRVI
$922M
– –
-423,477
Closed -$936K
54 55
56
57 58

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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.