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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
XHB icon
1476
State Street SPDR S&P Homebuilders ETF
XHB
$1.56B
– –
-9,981
Closed -$1.04M
XLE icon
1477
State Street Energy Select Sector SPDR ETF
XLE
$37.7B
– –
-11,572
Closed -$496K
XLF icon
1478
State Street Financial Select Sector SPDR ETF
XLF
$58.2B
– –
-29,090
Closed -$1.41M
XLK icon
1479
State Street Technology Select Sector SPDR ETF
XLK
$124B
– –
-1,920
Closed -$223K
XOM icon
1480
ExxonMobil
XOM
$634B
– –
-5,086
Closed -$547K
YUM icon
1481
Yum! Brands
YUM
$41.1B
– –
-3,448
Closed -$463K
GTM
1482
ZoomInfo Technologies
GTM
$1.22B
– –
-26,039
Closed -$274K
CNR
1483
Core Natural Resources Inc
CNR
$4.45B
– –
-2,590
Closed -$276K
CON
1484
Concentra Group Holdings
CON
$4.36B
– –
-22,553
Closed -$446K
NBIS
1485
Nebius Group N.V.
NBIS
$47.7B
– –
-37,002
Closed -$1.02M
JBTM
1486
JBT Marel
JBTM
$6.39B
– –
-3,683
Closed -$468K
AZPN
1487
DELISTED
Aspen Technology Inc
AZPN
– –
-1,723
Closed -$430K
MTTR
1488
DELISTED
Matterport, Inc. Class A Common Stock
MTTR
– –
-13,022
Closed -$61.7K
NARI
1489
DELISTED
Inari Medical, Inc. Common Stock
NARI
– –
-9,244
Closed -$472K
SUM
1490
DELISTED
Summit Materials, Inc. Class A Common Stock
SUM
– –
-14,169
Closed -$717K
HTLF
1491
DELISTED
Heartland Financial USA, Inc.
HTLF
– –
-9,287
Closed -$569K
56 57 58 59
60

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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.