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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
MRVL icon
1401
Marvell Technology
MRVL
$189B
– –
-43,369
Closed -$2.67M
MSEX icon
1402
Middlesex Water
MSEX
$1.08B
– –
-52,371
Closed -$3.36M
MTB icon
1403
M&T Bank
MTB
$36.1B
– –
-5,336
Closed -$954K
MTZ icon
1404
MasTec
MTZ
$20.8B
– –
-3,220
Closed -$376K
MWA icon
1405
Mueller Water Products
MWA
$4.24B
– –
-9,899
Closed -$252K
NBIX icon
1406
Neurocrine Biosciences
NBIX
$16.2B
– –
-3,433
Closed -$380K
NDSN icon
1407
Nordson
NDSN
$17.2B
– –
-7,442
Closed -$1.5M
NEE icon
1408
NextEra Energy
NEE
$176B
– –
-59,907
Closed -$4.25M
NEOG icon
1409
Neogen
NEOG
$2.46B
– –
-73,563
Closed -$638K
NET icon
1410
Cloudflare
NET
$101B
– –
-3,893
Closed -$439K
NEXT icon
1411
NextDecade
NEXT
$1.81B
– –
-34,575
Closed -$269K
NFE icon
1412
New Fortress Energy
NFE
$98M
– –
-18,061
Closed -$150K
NKE icon
1413
Nike
NKE
$62.3B
– –
-4,976
Closed -$316K
NOC icon
1414
Northrop Grumman
NOC
$80.7B
– –
-5,199
Closed -$2.66M
NOMD icon
1415
Nomad Foods
NOMD
$1.65B
– –
-14,443
Closed -$284K
NOVT icon
1416
Novanta
NOVT
$5.82B
– –
-20,206
Closed -$2.58M
NSA
1417
DELISTED
National Storage Affiliates Trust
NSA
– –
-20,538
Closed -$809K
NSC icon
1418
Norfolk Southern
NSC
$76.9B
– –
-11,613
Closed -$2.75M
NSSC icon
1419
Napco Security Technologies
NSSC
$1.46B
– –
-26,232
Closed -$604K
NVCR icon
1420
NovoCure
NVCR
$1.83B
– –
-77,873
Closed -$1.39M
NVRI icon
1421
Enviri
NVRI
$630M
– –
-15,839
Closed -$105K
NVTS icon
1422
Navitas Semiconductor
NVTS
$3.24B
– –
-221,411
Closed -$454K
ODFL icon
1423
Old Dominion Freight Line
ODFL
$44B
– –
-10,795
Closed -$1.79M
OFG icon
1424
OFG Bancorp
OFG
$2.24B
– –
-45,123
Closed -$1.81M
OKTA icon
1425
Okta
OKTA
$24.9B
– –
-3,991
Closed -$420K
55 56
57
58 59

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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.