DFCM

Dark Forest Capital Management Portfolio holdings

AUM $2.49B

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

+2.58%

1 Year Return

+16.21%

3 Year Return

+49.59%

5 Year Return

–

10 Year Return

–

AUM

$678M

AUM Growth

+$678M (-13%)

Cap. Flow

-$111M

Cap. Flow % of AUM

-16.42%

Top 10 Holdings % Top 10 Hldgs %

12.34%

Holding

1,351

New

414

Increased

244

Reduced

226

Closed

464

Top Buys

1	Applovin APP	$8.84M
2	Capri Holdings CPRI	$5.57M
3	Guidewire Software GWRE	$4.75M
4	Coinbase COIN	$4.4M
5	Chemours CC	$3.56M

Top Sells

1	Utilities Select Sector SPDR Fund XLU	$22.5M
2	Apollo Global Management APO	$16.1M
3	Workday WDAY	$15.5M
4	Shift4 FOUR	$8.31M
5	Apple AAPL	$6.93M

Sector Composition

1	Financials	14.42%
2	Industrials	14.07%
3	Consumer Discretionary	10.93%
4	Technology	10.75%
5	Healthcare	9.45%

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
201	201 BancFirst BANF $4.43B	$889K	0.13%	+7,584	New	+$889K
202	202 Simpson Manufacturing SSD $7.95B	$885K	0.13%	+5,337	New	+$885K
203	203 Kennametal KMT $1.63B	$881K	0.13%	+36,658	New	+$881K
204	204 Enovis ENOV $1.77B	$877K	0.13%	19,997 -14,554	-42%	-$639K
205	205 Kratos Defense & Security Solutions KTOS $11.1B	$877K	0.13%	33,248 -51,779	-61%	-$1.37M
206	206 Saic SAIC $5.52B	$869K	0.13%	+7,777	New	+$869K
207	207 Kaiser Aluminum KALU $1.26B	$867K	0.13%	12,342 +6,276	+103%	+$441K
208	208 First Busey Corp BUSE $2.2B	$864K	0.13%	+36,639	New	+$864K
209	209 Markel Group MKL $24.8B	$863K	0.13%	+500	New	+$863K
210	210 Sensata Technologies ST $4.74B	$858K	0.13%	+31,301	New	+$858K
211	211 Phillips Edison & Co PECO $4.42B	$849K	0.13%	+22,666	New	+$849K
212	212 United Parcel Service UPS $74.1B	$847K	0.12%	6,714 -667	-9%	-$84.1K
213	213 Veracyte VCYT $2.39B	$845K	0.12%	+21,337	New	+$845K
214	ALEX 214 Alexander & Baldwin ALEX $1.41B	$844K	0.12%	+47,603	New	+$844K
215	215 Cal-Maine CALM $5.61B	$844K	0.12%	+8,204	New	+$844K
216	216 DT Midstream DTM $10.6B	$844K	0.12%	8,490 +5,245	+162%	+$522K
217	217 Vanguard Russell 2000 ETF VTWO $12.6B	$842K	0.12%	9,431 -368	-4%	-$32.9K
218	218 Bankunited BKU $2.95B	$842K	0.12%	22,056 +13,149	+148%	+$502K
219	219 Snowflake SNOW $79.6B	$839K	0.12%	5,435 +332	+7%	+$51.3K
220	220 Exelixis EXEL $10.1B	$838K	0.12%	25,176 +7,152	+40%	+$238K
221	221 Acadia Pharmaceuticals ACAD $4.38B	$832K	0.12%	45,319 -29,225	-39%	-$536K
222	FBRT 222 Franklin BSP Realty Trust FBRT $950M	$831K	0.12%	+66,246	New	+$831K
223	223 US Foods USFD $17.5B	$828K	0.12%	+12,270	New	+$828K
224	224 First Financial Bankshares FFIN $5.28B	$821K	0.12%	+22,779	New	+$821K
225	225 Workday WDAY $61.6B	$821K	0.12%	3,180 -60,100	-95%	-$15.5M