Dark Forest Capital Management LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Dark Forest Capital Management LP reported 1,192 stock positions worth $2.2 billion. Its top holding was Cheniere Energy (LNG) at 1.5% of the portfolio, followed by CRH (CRH, 1.1%) and Alphabet Class A (GOOGL, 1.1%). Compared with Q4 2024, it opened 601 new positions, sold out of 296, added to 496 and reduced 92. The biggest buy was Cheniere Energy (LNG, shares +743%) and the biggest sale an exit from Trade Desk Inc./the Class A (TTD).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001853322
- Portfolio Value
- $2.2B (Q1 2025)
- SEC Filing
- 0001853322-25-000005 ↗ filed May 15, 2025
Holdings Value
Holdings 1,192 stocks · $2.2B
| LNG Cheniere Energy Inc. | 1.46% | 137,385 | $31.8M | Add +742.8% |
| CRH CRH PLC | 1.09% | 271,110 | $23.8M | Add +89.3% |
| GOOGL Alphabet Inc. Class A | 1.08% | 152,604 | $23.6M | Add +51.1% |
| AMCR Amcor PLC | 0.61% | 1,369,104 | $13.3M | Add +962.2% |
| AXS Axis Capital Holdings Ltd. | 0.53% | 116,239 | $11.7M | Add +571.0% |
| MSFT Microsoft Corp. | 0.53% | 30,699 | $11.5M | Add +4572.6% |
| LIVN Livanova PLC | 0.50% | 275,054 | $10.8M | Add +960.1% |
| ORI Old Republic Intl Corp. | 0.48% | 266,913 | $10.5M | Add +505.8% |
| PANW Palo Alto Networks Inc. | 0.44% | 55,911 | $9.5M | New |
| COP Conocophillips | 0.43% | 89,849 | $9.4M | Add +654.0% |
| ATMU Atmus Filtration Technologie | 0.43% | 253,532 | $9.3M | Add +253.2% |
| AAPL Apple Inc. | 0.41% | 39,979 | $8.9M | New |
| SCCO Southern Copper Corp. | 0.41% | 94,486 | $8.8M | New |
| ALSN Allison Transmission Holding | 0.40% | 90,372 | $8.6M | Add +286.4% |
| AMZN Amazon.com Inc. | 0.39% | 44,579 | $8.5M | Add +1174.4% |
| ITW Illinois Tool Works | 0.37% | 32,297 | $8.0M | Add +2644.0% |
| CPT Camden Property Trust | 0.36% | 63,519 | $7.8M | New |
| GE General Electric filed as GE AEROSPACE | 0.34% | 37,391 | $7.5M | Add +672.4% |
| DOV Dover Corp. | 0.34% | 42,581 | $7.5M | Add +145.9% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.34% | 100,905 | $7.5M | Add +180.2% |
| ESGR Enstar Group Ltd. | 0.33% | 21,950 | $7.3M | Add +429.2% |
| FR First Industrial Realty TR | 0.33% | 131,342 | $7.1M | Add +1951.3% |
| RGLD Royal Gold Inc. | 0.32% | 43,034 | $7.0M | Add +724.3% |
| NVDA Nvidia Corp. | 0.32% | 64,759 | $7.0M | Add +1201.7% |
| NE Noble Corp. PLC | 0.32% | 293,096 | $6.9M | Add +363.6% |
| POR Portland General Electric Co. | 0.32% | 154,257 | $6.9M | Add +1211.5% |
| LAUR Laureate Education Inc. | 0.31% | 330,060 | $6.7M | Add +1099.1% |
| RCL Royal Caribbean Cruises Ltd. | 0.31% | 32,833 | $6.7M | Add +611.4% |
| BAH Booz Allen Hamilton Holdings | 0.31% | 63,870 | $6.7M | Add +318.7% |
| BXMT Blackstone Mortgage Tru Class A | 0.30% | 330,257 | $6.6M | Add +1253.5% |
| LINE Lineage Inc. | 0.30% | 112,015 | $6.6M | New |
| BSX Boston Scientific Corp. | 0.30% | 64,332 | $6.5M | Add +255.4% |
| FTI Technipfmc PLC | 0.30% | 204,501 | $6.5M | Add +82.9% |
| OXY Occidental Petroleum Corp. | 0.29% | 126,443 | $6.2M | Add +1651.5% |
| CLH Clean Harbors Inc. | 0.28% | 30,609 | $6.0M | New |
| PECO Phillips Edison & Company Inc. | 0.28% | 164,368 | $6.0M | Add +625.2% |
| CNK Cinemark Holdings Inc. | 0.27% | 240,749 | $6.0M | Add +2933.6% |
| MGRC McGrath Rentcorp | 0.27% | 53,209 | $5.9M | Add +231.9% |
| D Dominion Energy Inc. | 0.27% | 104,751 | $5.9M | Add +106.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.27% | 59,406 | $5.9M | Add +2274.3% |
| THS Treehouse Foods Inc. | 0.27% | 214,013 | $5.8M | New |
| DRH Diamondrock Hospitality Co. | 0.27% | 750,823 | $5.8M | Add +5687.6% |
| PEP Pepsico Inc. | 0.26% | 38,251 | $5.7M | Add +1499.1% |
| FRME First Merchants Corp. | 0.26% | 140,438 | $5.7M | Add +285.4% |
| AVGO Broadcom Inc. | 0.26% | 33,845 | $5.7M | New |
| CL Colgate-Palmolive Co. | 0.26% | 60,262 | $5.6M | New |
| GPC Genuine Parts Co. | 0.26% | 47,216 | $5.6M | New |
| COR Cencora Inc. | 0.26% | 20,220 | $5.6M | Add +870.7% |
| ARR Armour Residential REIT Inc. | 0.26% | 327,460 | $5.6M | Add +1064.3% |
| HUN Huntsman Corp. | 0.26% | 352,907 | $5.6M | Add +860.0% |
| IDCC Interdigital Inc. | 0.25% | 26,831 | $5.5M | New |
| GATX Gatx Corp. | 0.25% | 35,704 | $5.5M | New |
| ANET Arista Networks Inc. | 0.25% | 71,018 | $5.5M | New |
| C Citigroup Inc. | 0.25% | 76,709 | $5.4M | Add +239.5% |
| BSY Bentley Systems Inc. Class B | 0.25% | 136,550 | $5.4M | Add +120.7% |
| KNX Knight-Swift Transportation | 0.25% | 123,299 | $5.4M | New |
| MS Morgan Stanley | 0.25% | 45,824 | $5.3M | Add +1977.2% |
| EHC Encompass Health Corp. | 0.24% | 51,981 | $5.3M | Add +611.6% |
| RRR Red Rock Resorts Inc. Class A | 0.24% | 121,228 | $5.3M | Add +604.9% |
| PNR Pentair PLC | 0.24% | 59,694 | $5.2M | New |
| DIOD Diodes Inc. | 0.24% | 120,770 | $5.2M | New |
| BX Blackstone Inc. | 0.24% | 37,297 | $5.2M | New |
| NFG National Fuel Gas Co. | 0.24% | 65,735 | $5.2M | Add +1652.0% |
| ROKU Roku Inc. | 0.24% | 73,423 | $5.2M | Add +2114.2% |
| LCII Lci Industries | 0.24% | 59,111 | $5.2M | Add +691.5% |
| CDP Copt Defense Properties | 0.24% | 189,389 | $5.2M | New |
| DTE DTE Energy Company | 0.24% | 37,184 | $5.1M | Add +288.7% |
| KLIC Kulicke & Soffa Industries | 0.23% | 155,331 | $5.1M | New |
| FOLD Amicus Therapeutics Inc. | 0.23% | 626,837 | $5.1M | Add +1543.2% |
| WERN Werner Enterprises Inc. | 0.23% | 171,129 | $5.0M | Add +865.3% |
| CRDO Credo Technology Group Holdi | 0.23% | 123,558 | $5.0M | New |
| VST Vistra Corp. | 0.23% | 42,205 | $5.0M | Add +362.6% |
| KGS Kodiak Gas Services Inc. | 0.23% | 132,837 | $5.0M | Add +107.9% |
| DDS Dillards Inc. Class A | 0.23% | 13,816 | $4.9M | Add +966.9% |
| TLN Talen Energy Corp. | 0.23% | 24,730 | $4.9M | Add +365.2% |
| GPN Global Payments Inc. | 0.23% | 50,273 | $4.9M | New |
| CDE Coeur Mining Inc. | 0.22% | 812,129 | $4.8M | Add +232.7% |
| KMPR Kemper Corp. | 0.22% | 71,786 | $4.8M | New |
| ATO Atmos Energy Corp. | 0.22% | 30,630 | $4.7M | New |
| APAM Artisan Partners Asset Ma -A | 0.22% | 121,085 | $4.7M | Add +222.6% |
| CCI Crown Castle Inc. | 0.22% | 45,309 | $4.7M | Add +36.3% |
| DOW Dow Inc. | 0.22% | 135,202 | $4.7M | Add +566.8% |
| SSD Simpson Manufacturing Co. Inc. | 0.21% | 29,830 | $4.7M | Add +458.9% |
| KDP Keurig Dr Pepper Inc. | 0.21% | 136,759 | $4.7M | Add +176.5% |
| PNC PNC Financial Services Group | 0.21% | 26,611 | $4.7M | Add +937.5% |
| ACLX Arcellx Inc. | 0.21% | 71,070 | $4.7M | Add +342.3% |
| ADC Agree Realty Corp. | 0.21% | 59,501 | $4.6M | New |
| FELE Franklin Electric Co. Inc. | 0.21% | 48,518 | $4.6M | Add +340.2% |
| GAP The Gap Inc. | 0.21% | 219,187 | $4.5M | Add +968.5% |
| BLK BlackRock Inc. | 0.21% | 4,752 | $4.5M | New |
| LLY Eli Lilly & Co. | 0.21% | 5,425 | $4.5M | Add +715.8% |
| DELL Dell Technologies -C | 0.21% | 49,048 | $4.5M | Add +1378.2% |
| CPRT Copart Inc. | 0.20% | 78,751 | $4.5M | Add +395.6% |
| A Agilent Technologies Inc. | 0.20% | 38,003 | $4.4M | Add +918.9% |
| SAM Boston Beer Company Inc. Class A | 0.20% | 18,572 | $4.4M | Add +2308.8% |
| VEEV Veeva Systems Inc. Class A | 0.20% | 19,112 | $4.4M | Add +166.8% |
| HHH Howard Hughes Holdings Inc. | 0.20% | 59,536 | $4.4M | Add +134.0% |
| ESI Element Solutions Inc. | 0.20% | 194,488 | $4.4M | Add +169.5% |
| HWM Howmet Aerospace Inc. | 0.20% | 33,787 | $4.4M | Add +725.1% |
| DBX Dropbox Inc. Class A | 0.20% | 163,542 | $4.4M | New |
Options reported separately and not counted above: SPY puts ($11.2M), IWM puts ($8.0M), LQDA calls ($959K), FXI calls ($717K).
Portfolio Sells Q4 2024 → Q1 2025
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −1.41 |
| APP AppLovin Corp. Class A | Reduce -73.4% | 0.09% | −1.22 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Reduce -63.6% | 0.13% | −1.02 |
| VWO Vanguard Ftse Emerging Marke | Reduce -84.0% | 0.04% | −0.80 |
| GWRE Guidewire Software Inc. | Sold out | 0.00% | −0.70 |
| CPRI Capri Holdings Ltd. | Reduce -49.0% | 0.12% | −0.70 |
| ENTG Entegris Inc. | Reduce -93.0% | 0.01% | −0.67 |
| BKLN Invesco Senior Loan ETF | Reduce -60.5% | 0.08% | −0.57 |
| CC The Chemours Co. | Sold out | 0.00% | −0.53 |
| ACI Albertsons Cos Inc. Class A | Sold out | 0.00% | −0.52 |
| VUG Vanguard Mrngstar GR ETF-Sui | Sold out | 0.00% | −0.51 |
| RPRX Royalty Pharma PLC Class A | Sold out | 0.00% | −0.50 |
| LBRDK Liberty Broadband-C | Reduce -44.7% | 0.12% | −0.49 |
| ARWR Arrowhead Pharmaceuticals Inc. | Sold out | 0.00% | −0.48 |
| GT Goodyear Tire & Rubber Co. | Sold out | 0.00% | −0.45 |
| V Visa Inc. Class A | Reduce -51.1% | 0.09% | −0.43 |
| CWAN Clearwater Analytics HDS-A | Reduce -60.3% | 0.06% | −0.42 |
| KAI Kadant Inc. | Sold out | 0.00% | −0.42 |
| SPB Spectrum Brands Holdings Inc. | Sold out | 0.00% | −0.42 |
| MWA Mueller Water Products Inc. Class A | Reduce -92.2% | 0.01% | −0.41 |
| VC Visteon Corp. | Reduce -63.1% | 0.05% | −0.40 |
| VXUS Vanguard Total Intl Stock | Sold out | 0.00% | −0.39 |
| DAL Delta Air Lines Inc. | Reduce -1.1% | 0.10% | −0.37 |
| COOP Mr Cooper Group Inc. | Reduce -39.8% | 0.09% | −0.31 |
| CWST Casella Waste Systems Inc. Class A | Sold out | 0.00% | −0.29 |
| LII Lennox International Inc. | Sold out | 0.00% | −0.27 |
| MTUM iShares MSCI USA Momentum Fa | Sold out | 0.00% | −0.27 |
| EMB iShares JP Morgan Usd Emergi | Sold out | 0.00% | −0.25 |
| OKTA Okta Inc. | Reduce -82.1% | 0.02% | −0.24 |
| VTV Vanguard Mrngstr Val ETF-Aui | Sold out | 0.00% | −0.23 |
| JNK SS SPDR BB High Yield Bond | Sold out | 0.00% | −0.21 |
| ALLE Allegion PLC | Sold out | 0.00% | −0.21 |
| XLF SS Financial Select Sector | Sold out | 0.00% | −0.21 |
| STZ Constellation Brands Inc. Class A | Reduce -68.4% | 0.02% | −0.20 |
| ICVT iShares Convertible Bond ETF | Sold out | 0.00% | −0.20 |
| CRI Carter's Inc. | Sold out | 0.00% | −0.20 |
| MBB iShares MBS ETF | Sold out | 0.00% | −0.19 |
| APO Apollo Global Management Inc. | Reduce -28.0% | 0.04% | −0.19 |
| GEF Greif Inc. Class A | Reduce -36.4% | 0.04% | −0.19 |
| FLS Flowserve Corp. | Reduce -49.1% | 0.03% | −0.18 |
| AHRT Ah Realty Trust Inc. | Reduce -79.1% | 0.01% | −0.17 |
| CNXC Concentrix Corp. | Reduce -81.5% | 0.01% | −0.17 |
| OPCH Option Care Health Inc. | Sold out | 0.00% | −0.17 |
| DCI Donaldson Co. Inc. | Sold out | 0.00% | −0.17 |
| HTO H2O America | Sold out | 0.00% | −0.17 |
| TXG 10X Genomics Inc. Class A | Reduce -56.5% | 0.02% | −0.17 |
| CWB SS SPDR BB Conv Sec ETF | Sold out | 0.00% | −0.17 |
| MPT Medical Properties Trust Inc. | Sold out | 0.00% | −0.17 |
| GTY Getty Realty Corp. | Reduce -5.8% | 0.07% | −0.17 |
| EG Everest Group Ltd. | Sold out | 0.00% | −0.16 |
Portfolio Buys Q4 2024 → Q1 2025
| LNG Cheniere Energy Inc. | Add +742.8% | 1.46% | +0.94 |
| MSFT Microsoft Corp. | Add +4572.6% | 0.53% | +0.49 |
| PANW Palo Alto Networks Inc. | New | 0.44% | +0.44 |
| AMCR Amcor PLC | Add +962.2% | 0.61% | +0.43 |
| AAPL Apple Inc. | New | 0.41% | +0.41 |
| SCCO Southern Copper Corp. | New | 0.41% | +0.41 |
| CPT Camden Property Trust | New | 0.36% | +0.36 |
| ITW Illinois Tool Works | Add +2644.0% | 0.37% | +0.32 |
| LIVN Livanova PLC | Add +960.1% | 0.50% | +0.32 |
| AXS Axis Capital Holdings Ltd. | Add +571.0% | 0.53% | +0.31 |
| LINE Lineage Inc. | New | 0.30% | +0.30 |
| FR First Industrial Realty TR | Add +1951.3% | 0.33% | +0.28 |
| CLH Clean Harbors Inc. | New | 0.28% | +0.28 |
| AMZN Amazon.com Inc. | Add +1174.4% | 0.39% | +0.28 |
| THS Treehouse Foods Inc. | New | 0.27% | +0.27 |
| AVGO Broadcom Inc. | New | 0.26% | +0.26 |
| CL Colgate-Palmolive Co. | New | 0.26% | +0.26 |
| COP Conocophillips | Add +654.0% | 0.43% | +0.26 |
| GPC Genuine Parts Co. | New | 0.26% | +0.26 |
| IDCC Interdigital Inc. | New | 0.25% | +0.25 |
| GATX Gatx Corp. | New | 0.25% | +0.25 |
| ANET Arista Networks Inc. | New | 0.25% | +0.25 |
| DRH Diamondrock Hospitality Co. | Add +5687.6% | 0.27% | +0.25 |
| KNX Knight-Swift Transportation | New | 0.25% | +0.25 |
| ORI Old Republic Intl Corp. | Add +505.8% | 0.48% | +0.25 |
| BXMT Blackstone Mortgage Tru Class A | Add +1253.5% | 0.30% | +0.24 |
| POR Portland General Electric Co. | Add +1211.5% | 0.32% | +0.24 |
| PNR Pentair PLC | New | 0.24% | +0.24 |
| BX Blackstone Inc. | New | 0.24% | +0.24 |
| DIOD Diodes Inc. | New | 0.24% | +0.24 |
| CNK Cinemark Holdings Inc. | Add +2933.6% | 0.27% | +0.24 |
| CDP Copt Defense Properties | New | 0.24% | +0.24 |
| LAUR Laureate Education Inc. | Add +1099.1% | 0.31% | +0.24 |
| KLIC Kulicke & Soffa Industries | New | 0.23% | +0.23 |
| OXY Occidental Petroleum Corp. | Add +1651.5% | 0.29% | +0.23 |
| DIS The Walt Disney Co. | Add +2274.3% | 0.27% | +0.23 |
| CRDO Credo Technology Group Holdi | New | 0.23% | +0.23 |
| GPN Global Payments Inc. | New | 0.23% | +0.23 |
| GE General Electric | Add +672.4% | 0.34% | +0.22 |
| NVDA Nvidia Corp. | Add +1201.7% | 0.32% | +0.22 |
| RGLD Royal Gold Inc. | Add +724.3% | 0.32% | +0.22 |
| KMPR Kemper Corp. | New | 0.22% | +0.22 |
| ATO Atmos Energy Corp. | New | 0.22% | +0.22 |
| ADC Agree Realty Corp. | New | 0.21% | +0.21 |
| PEP Pepsico Inc. | Add +1499.1% | 0.26% | +0.21 |
| BLK BlackRock Inc. | New | 0.21% | +0.21 |
| NFG National Fuel Gas Co. | Add +1652.0% | 0.24% | +0.21 |
| MS Morgan Stanley | Add +1977.2% | 0.25% | +0.20 |
| ROKU Roku Inc. | Add +2114.2% | 0.24% | +0.20 |
| DBX Dropbox Inc. Class A | New | 0.20% | +0.20 |
Options Activity Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 20,000 | $11.2M |
| IWM iShares Russell 2000 ETF | put | New | 40,000 | $8.0M |
| LQDA Liquidia Corp. | call | New | 65,000 | $959K |
| FXI iShares China Large-Cap ETF | call | New | 20,000 | $717K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 777 | $1.5B | INDA, AXS, MU, SSNC, BRK.B |
| Q1 2026 | 766 | $1.1B | BPOP, AXS, CDE, ROKU, UNP |
| Q4 2025 | 931 | $2.2B | EEM, WMT, AXS, CVX, TOST |
| Q3 2025Amended | 1,110 | $2.7B | L, EWZ, SPG, VWO, INDA |
| Q2 2025 | 1,133 | $2.5B | LNG, MSFT, NVDA, PANW, SPG |
| Q1 2025 | 1,192 | $2.2B | LNG, CRH, GOOGL, AMCR, AXS |
| Q4 2024 | 887 | $678.2M | GOOGL, CRH, TTD, APP, HYG |
| Q3 2024 | 937 | $782.5M | XLU, GOOGL, WDAY, TTD, APO |
| Q2 2024 | 636 | $546.2M | GOOGL, PLTR, APO, AVTR, RPRX |
| Q1 2024 | 672 | $590.6M | GOOGL, CRWD, KKR, ESTC, EDR |