DFCM

Dark Forest Capital Management Portfolio holdings

AUM $2.49B

1-Year Return 16.21%

2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2

This Quarter Return

+4.69%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$969M

AUM Growth

+$552M (+132%)

Cap. Flow

+$539M

Cap. Flow % of AUM

55.6%

Top 10 Holdings % Top 10 Hldgs %

13.18%

Holding

1,578

New

426

Increased

496

Reduced

Closed

572

Top Buys

1	Alphabet (Google) Class A GOOGL	$40.4M
2	Blackstone BX	$15.9M
3	Airbnb ABNB	$12.8M
4	lululemon athletica LULU	$8.85M
5	Shift4 FOUR	$8.85M

Top Sells

1	CVII Churchill Capital Corp VII Class A Common Stock CVII	$13.2M
2	Berkshire Hathaway Class B BRK.B	$10.9M
3	CCVI Churchill Capital Corp VI CCVI	$6.66M
4	KVSA Khosla Ventures Acquisition Co. Class A Common Stock KVSA	$5.66M
5	KVSC Khosla Ventures Acquisition Co. III Class A Common Stock KVSC	$5.47M

Sector Composition

1	Technology	18.54%
2	Financials	14.97%
3	Consumer Discretionary	13.75%
4	Industrials	12.26%
5	Healthcare	8.12%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
151	151 PennyMac Financial PFSI $6.06B	$1.44M	0.13%	20,488 +4,659	+29%	+$328K
152	152 Illinois Tool Works ITW $77.5B	$1.44M	0.13%	5,756 +3,953	+219%	+$989K
153	153 TG Therapeutics TGTX $5.1B	$1.44M	0.13%	57,874 +42,363	+273%	+$1.05M
154	BBBY 154 Bed Bath & Beyond, Inc. BBBY $565M	$1.43M	0.13%	+43,759	New	+$1.43M
155	155 Royalty Pharma RPRX $15.7B	$1.42M	0.13%	+46,349	New	+$1.42M
156	156 Liberty Broadband Class C LBRDK $8.58B	$1.42M	0.13%	17,731 +17,523	+8,425%	+$1.4M
157	157 Crocs CROX $4.7B	$1.42M	0.13%	+12,625	New	+$1.42M
158	158 Gen Digital GEN $18.2B	$1.42M	0.13%	+76,349	New	+$1.42M
159	AZEK 159 DELISTED The AZEK Co AZEK	$1.41M	0.13%	+46,639	New	+$1.41M
160	160 Taylor Morrison TMHC $7.08B	$1.41M	0.13%	28,962 +21,149	+271%	+$1.03M
161	161 eBay EBAY $41.9B	$1.41M	0.13%	31,514 +31,195	+9,779%	+$1.39M
162	162 Texas Instruments TXN $170B	$1.4M	0.13%	+7,797	New	+$1.4M
163	163 Ametek AME $43.1B	$1.4M	0.13%	8,619 +4,009	+87%	+$649K
164	164 Darling Ingredients DAR $5.04B	$1.4M	0.13%	21,872 +19,501	+822%	+$1.24M
165	165 WEC Energy WEC $34.5B	$1.4M	0.13%	15,810 +15,606	+7,650%	+$1.38M
166	166 RenaissanceRe RNR $11.3B	$1.39M	0.13%	7,472 +7,141	+2,157%	+$1.33M
167	167 Kimberly-Clark KMB $42.7B	$1.39M	0.13%	10,050 +9,900	+6,600%	+$1.37M
168	168 Werner Enterprises WERN $1.71B	$1.37M	0.13%	31,106 +30,527	+5,272%	+$1.35M
169	169 Autodesk ADSK $69.2B	$1.37M	0.13%	6,686 +4,332	+184%	+$886K
170	170 SPDR Bloomberg Short Term High Yield Bond ETF SJNK $4.87B	$1.37M	0.13%	55,290 +28,010	+103%	+$692K
171	171 Shake Shack SHAK $4.02B	$1.36M	0.13%	17,547 +14,838	+548%	+$1.15M
172	172 Insmed INSM $30.3B	$1.36M	0.13%	64,353 +50,161	+353%	+$1.06M
173	173 Clorox CLX $15.4B	$1.35M	0.12%	+8,513	New	+$1.35M
174	174 Select Water Solutions WTTR $871M	$1.35M	0.12%	+166,838	New	+$1.35M
175	175 Home Depot HD $416B	$1.35M	0.12%	4,334 +4,156	+2,335%	+$1.29M