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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
CSTM icon
201
Constellium
CSTM
$3.99B
$3.1M 0.14%
306,848
+284,385
+1,266% +$3.02M
LMB icon
202
Limbach Holdings
LMB
$581M
$3.09M 0.14%
+41,507
New +$3.63M
ATRC icon
203
AtriCure
ATRC
$2.11B
$3.08M 0.14%
95,574
+70,410
+280% +$2.61M
SNV
204
DELISTED
Synovus
SNV
$3.08M 0.14%
65,963
+47,839
+264% +$2.47M
STRL icon
205
Sterling Infrastructure
STRL
$16.7B
$3.08M 0.14%
27,223
+20,293
+293% +$2.86M
FCF icon
206
First Commonwealth Financial
FCF
$2.17B
$3.08M 0.14%
+198,300
New +$3.22M
WY icon
207
Weyerhaeuser
WY
$18.4B
$3.07M 0.14%
+104,805
New +$3.12M
MDU icon
208
MDU Resources
MDU
$4.3B
$3.06M 0.14%
+180,987
New +$3.12M
ULTA icon
209
Ulta Beauty
ULTA
$24.3B
$3.06M 0.14%
8,341
+7,871
+1,675% +$3M
GEHC icon
210
GE HealthCare
GEHC
$32.4B
$3.05M 0.14%
37,785
+30,442
+415% +$2.62M
FERG icon
211
Ferguson
FERG
$49.8B
$3.05M 0.14%
19,006
+7,724
+68% +$1.34M
DUK icon
212
Duke Energy
DUK
$97.3B
$3.04M 0.14%
+24,953
New +$2.84M
PAG icon
213
Penske Automotive Group
PAG
$14.2B
$3.04M 0.14%
21,115
+16,278
+337% +$2.61M
ZION icon
214
Zions Bancorporation
ZION
$10.3B
$3.02M 0.14%
+60,562
New +$3.26M
CTRE icon
215
CareTrust REIT
CTRE
$9.74B
$3M 0.14%
104,955
+40,476
+63% +$1.09M
MEDP icon
216
Medpace
MEDP
$16.5B
$2.99M 0.14%
9,828
+7,944
+422% +$2.67M
XHR
217
Xenia Hotels & Resorts
XHR
$1.79B
$2.99M 0.14%
254,128
+243,542
+2,301% +$3.39M
ORA icon
218
Ormat Technologies
ORA
$6.64B
$2.99M 0.14%
42,221
+5,879
+16% +$398K
DVA icon
219
DaVita
DVA
$11.7B
$2.98M 0.14%
19,461
+17,412
+850% +$2.74M
IT icon
220
Gartner
IT
$11.7B
$2.97M 0.14%
7,084
+6,125
+639% +$3.02M
GD icon
221
General Dynamics
GD
$106B
$2.97M 0.13%
10,896
+8,228
+308% +$2.14M
LQDA icon
222
Liquidia Corp
LQDA
$8.02B
$2.97M 0.13%
201,103
+148,740
+284% +$2.17M
FIBK icon
223
First Interstate BancSystem
FIBK
$3.58B
$2.96M 0.13%
103,406
+63,111
+157% +$1.96M
TT icon
224
Trane Technologies
TT
$106B
$2.96M 0.13%
8,771
+8,000
+1,038% +$2.89M
FNF icon
225
Fidelity National Financial
FNF
$13.5B
$2.95M 0.13%
+45,385
New +$2.73M
7 8
9
10 11

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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.