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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
TBBK icon
1501
The Bancorp
TBBK
$2.99B
– –
-19,418
Closed -$1.03M
TDC icon
1502
Teradata
TDC
$2.47B
– –
-22,414
Closed -$504K
TDG icon
1503
TransDigm Group
TDG
$69.4B
– –
-968
Closed -$1.34M
TEL icon
1504
TE Connectivity
TEL
$63.1B
– –
-17,228
Closed -$2.43M
TER icon
1505
Teradyne
TER
$60.9B
– –
-37,826
Closed -$3.12M
TGLS icon
1506
Tecnoglass Holdings Inc.
TGLS
$2.12B
– –
-9,957
Closed -$712K
TILE icon
1507
Interface
TILE
$2.01B
– –
-10,065
Closed -$200K
TJX icon
1508
TJX Companies
TJX
$177B
– –
-9,399
Closed -$1.14M
TMHC
1509
DELISTED
Taylor Morrison
TMHC
– –
-31,814
Closed -$1.91M
TNK icon
1510
Teekay Tankers
TNK
$2.58B
– –
-27,619
Closed -$1.06M
TNL icon
1511
Travel + Leisure Co
TNL
$4.77B
– –
-19,826
Closed -$918K
TPG icon
1512
TPG
TPG
$7.69B
– –
-25,990
Closed -$1.23M
TRTX
1513
TPG RE Finance Trust
TRTX
$610M
– –
-45,753
Closed -$373K
TRUP icon
1514
Trupanion
TRUP
$1.06B
– –
-39,183
Closed -$1.46M
TT icon
1515
Trane Technologies
TT
$106B
– –
-8,771
Closed -$2.96M
TTEK icon
1516
Tetra Tech
TTEK
$8.78B
– –
-38,357
Closed -$1.12M
TWLO icon
1517
Twilio
TWLO
$29.3B
– –
-8,250
Closed -$808K
TWST icon
1518
Twist Bioscience
TWST
$7.21B
– –
-10,509
Closed -$413K
TXT icon
1519
Textron
TXT
$15.2B
– –
-49,058
Closed -$3.54M
U icon
1520
Unity
U
$15.5B
– –
-30,062
Closed -$589K
UE icon
1521
Urban Edge Properties
UE
$2.78B
– –
-107,548
Closed -$2.04M
UHS icon
1522
Universal Health Services
UHS
$10.4B
– –
-7,753
Closed -$1.46M
ULTA icon
1523
Ulta Beauty
ULTA
$23.2B
– –
-8,341
Closed -$3.06M
UPWK icon
1524
Upwork
UPWK
$1.18B
– –
-63,976
Closed -$835K
USNA icon
1525
Usana Health Sciences
USNA
$277M
– –
-18,760
Closed -$506K
59 60
61
62 63

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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.