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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
UVV icon
1526
Universal Corp
UVV
$1.27B
– –
-6,975
Closed -$391K
V icon
1527
Visa
V
$677B
– –
-5,474
Closed -$1.92M
VC icon
1528
Visteon
VC
$2.78B
– –
-12,687
Closed -$985K
VCTR icon
1529
Victory Capital Holdings
VCTR
$6.65B
– –
-38,081
Closed -$2.2M
VIAV icon
1530
Viavi Solutions
VIAV
$9.66B
– –
-191,496
Closed -$2.14M
VRDN icon
1531
Viridian Therapeutics
VRDN
$2.67B
– –
-113,646
Closed -$1.53M
VRE
1532
DELISTED
Veris Residential
VRE
– –
-80,599
Closed -$1.36M
VSXY
1533
Victoria's Secret
VSXY
$7.83B
– –
-19,904
Closed -$370K
VSEC icon
1534
VSE Corp
VSEC
$6.12B
– –
-5,606
Closed -$673K
VT icon
1535
Vanguard Total World Stock ETF
VT
$79.8B
– –
-7,080
Closed -$821K
VTI icon
1536
Vanguard Morningstar Total Stock Market ETF
VTI
$684B
– –
-1,170
Closed -$322K
VVV icon
1537
Valvoline
VVV
$4.51B
– –
-33,923
Closed -$1.18M
VVX icon
1538
V2X
VVX
$2.65B
– –
-56,119
Closed -$2.75M
VWO icon
1539
Vanguard FTSE Emerging Markets ETF
VWO
$124B
– –
-20,746
Closed -$939K
WBS icon
1540
Webster Financial
WBS
$12.8B
– –
-5,298
Closed -$273K
WERN icon
1541
Werner Enterprises
WERN
$2.25B
– –
-171,129
Closed -$5.01M
WMG icon
1542
Warner Music
WMG
$13.8B
– –
-92,140
Closed -$2.89M
WNC icon
1543
Wabash National
WNC
$527M
– –
-13,496
Closed -$149K
WSC icon
1544
WillScot Mobile Mini Holdings
WSC
$4.41B
– –
-79,681
Closed -$2.22M
WSM icon
1545
Williams-Sonoma
WSM
$29.6B
– –
-5,166
Closed -$817K
WST icon
1546
West Pharmaceutical
WST
$24.9B
– –
-2,950
Closed -$660K
WT icon
1547
WisdomTree
WT
$3.22B
– –
-20,008
Closed -$178K
WTFC icon
1548
Wintrust Financial
WTFC
$10.7B
– –
-5,816
Closed -$654K
WTM icon
1549
White Mountains Insurance
WTM
$5.13B
– –
-1,491
Closed -$2.87M
WU icon
1550
Western Union
WU
$2.21B
– –
-85,950
Closed -$909K
60 61
62
63 64

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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.