Dark Forest Capital Management LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Dark Forest Capital Management LP reported 1,133 stock positions worth $2.5 billion. Its top holding was Cheniere Energy (LNG) at 0.8% of the portfolio, followed by Microsoft (MSFT, 0.7%) and Nvidia (NVDA, 0.7%). Compared with Q1 2025, it opened 379 new positions, sold out of 438, added to 403 and reduced 349. The biggest buy was Simon Property (SPG, shares +1270%) and the biggest sale an exit from CRH (CRH).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001853322
- Portfolio Value
- $2.5B (Q2 2025)
- SEC Filing
- 0001853322-25-000007 ↗ filed Aug 14, 2025
Holdings Value
Holdings 1,133 stocks · $2.5B
| LNG Cheniere Energy Inc. | 0.79% | 80,240 | $19.5M | Reduce -41.6% |
| MSFT Microsoft Corp. | 0.73% | 36,384 | $18.1M | Add +18.5% |
| NVDA Nvidia Corp. | 0.72% | 113,520 | $17.9M | Add +75.3% |
| PANW Palo Alto Networks Inc. | 0.72% | 87,010 | $17.8M | Add +55.6% |
| SPG Simon Property Group Inc. | 0.66% | 102,279 | $16.4M | Add +1269.8% |
| MS Morgan Stanley | 0.54% | 94,587 | $13.3M | Add +106.4% |
| AAPL Apple Inc. | 0.52% | 62,762 | $12.9M | Add +57.0% |
| GGG Graco Inc. | 0.51% | 147,166 | $12.7M | Add +508.2% |
| FERG Ferguson Enterprises Inc. | 0.50% | 57,436 | $12.5M | Add +202.2% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.50% | 263,328 | $12.5M | Add +280.6% |
| AMZN Amazon.com Inc. | 0.50% | 56,628 | $12.4M | Add +27.0% |
| VEEV Veeva Systems Inc. Class A | 0.46% | 39,809 | $11.5M | Add +108.3% |
| MGY Magnolia Oil & Gas Corp. Class A | 0.45% | 496,807 | $11.2M | Add +191.0% |
| KHC The Kraft Heinz Co. | 0.44% | 427,937 | $11.0M | Add +366.3% |
| BLK BlackRock Inc. | 0.42% | 9,859 | $10.3M | Add +107.5% |
| COF Capital One Financial Corp. | 0.41% | 48,281 | $10.3M | Add +319.8% |
| TIP iShares Tips Bond ETF | 0.41% | 91,743 | $10.1M | New |
| GE General Electric filed as GE AEROSPACE | 0.39% | 37,785 | $9.7M | Add +1.1% |
| FTI Technipfmc PLC | 0.38% | 273,462 | $9.4M | Add +33.7% |
| ORI Old Republic Intl Corp. | 0.37% | 242,296 | $9.3M | Reduce -9.2% |
| PSX Phillips 66 | 0.37% | 78,033 | $9.3M | New |
| DOV Dover Corp. | 0.37% | 50,127 | $9.2M | Add +17.7% |
| SNV Synovus Financial Corp. | 0.36% | 174,893 | $9.1M | Add +165.1% |
| RRR Red Rock Resorts Inc. Class A | 0.36% | 170,725 | $8.9M | Add +40.8% |
| NE Noble Corp. PLC | 0.35% | 325,454 | $8.6M | Add +11.0% |
| POR Portland General Electric Co. | 0.35% | 212,621 | $8.6M | Add +37.8% |
| ARW Arrow Electronics Inc. | 0.34% | 66,610 | $8.5M | Add +573.9% |
| GM General Motors Co. | 0.34% | 170,886 | $8.4M | Add +228.1% |
| LMT Lockheed Martin Corp. | 0.34% | 18,110 | $8.4M | Add +1324.9% |
| AMED Amedisys Inc. | 0.33% | 83,111 | $8.2M | Add +965.3% |
| UNP Union Pacific Corp. | 0.33% | 35,400 | $8.1M | New |
| OXY Occidental Petroleum Corp. | 0.32% | 189,034 | $7.9M | Add +49.5% |
| BAH Booz Allen Hamilton Holdings | 0.32% | 75,671 | $7.9M | Add +18.5% |
| CTAS Cintas Corp. | 0.31% | 34,957 | $7.8M | Add +247.9% |
| SRE Sempra | 0.31% | 102,305 | $7.8M | New |
| SBAC SBA Communications Corp. | 0.31% | 32,839 | $7.7M | Add +145.7% |
| GEV GE Vernova Inc. | 0.30% | 14,213 | $7.5M | Add +52.5% |
| MET Metlife Inc. | 0.30% | 92,229 | $7.4M | Add +541.3% |
| EXPO Exponent Inc. | 0.29% | 96,783 | $7.2M | Add +112.2% |
| ARES Ares Management Corp. Class A | 0.29% | 41,670 | $7.2M | Add +71.8% |
| AMKR Amkor Technology Inc. | 0.28% | 337,615 | $7.1M | New |
| NLY Annaly Capital Management Inc. | 0.28% | 374,674 | $7.1M | Add +215.5% |
| GIS General Mills Inc. | 0.28% | 135,905 | $7.0M | Add +339.0% |
| KDP Keurig Dr Pepper Inc. | 0.28% | 212,566 | $7.0M | Add +55.4% |
| WLK Westlake Corp. | 0.28% | 92,491 | $7.0M | Add +929.0% |
| NWE Northwestern Energy Group Inc. | 0.28% | 134,812 | $6.9M | Add +780.1% |
| RELY Remitly Global Inc. | 0.28% | 368,281 | $6.9M | Add +390.1% |
| LLY Eli Lilly & Co. | 0.28% | 8,861 | $6.9M | Add +63.3% |
| DLTR Dollar Tree Inc. | 0.27% | 68,393 | $6.8M | Add +839.6% |
| GPC Genuine Parts Co. | 0.27% | 55,640 | $6.7M | Add +17.8% |
| AVA Avista Corp. | 0.27% | 176,681 | $6.7M | Add +551.9% |
| KGS Kodiak Gas Services Inc. | 0.27% | 195,260 | $6.7M | Add +47.0% |
| SCHW Schwab (charles) Corp. | 0.27% | 73,208 | $6.7M | New |
| INTU Intuit Inc. | 0.26% | 8,342 | $6.6M | New |
| RGLD Royal Gold Inc. | 0.26% | 36,786 | $6.5M | Reduce -14.5% |
| NFLX Netflix Inc. | 0.26% | 4,874 | $6.5M | Add +200.3% |
| PB Prosperity Bancshares Inc. | 0.26% | 92,773 | $6.5M | Add +90.4% |
| AOS Smith (a.o.) Corp. | 0.26% | 98,529 | $6.5M | New |
| GLPI Gaming and Leisure Propertie | 0.26% | 136,784 | $6.4M | New |
| CLH Clean Harbors Inc. | 0.25% | 27,403 | $6.3M | Reduce -10.5% |
| AYI Acuity Inc. | 0.25% | 21,161 | $6.3M | Add +166.0% |
| APD Air Products & Chemicals Inc. | 0.25% | 21,905 | $6.2M | New |
| ZION Zions Bancorp NA | 0.25% | 118,687 | $6.2M | Add +96.0% |
| BSY Bentley Systems Inc. Class B | 0.25% | 113,827 | $6.1M | Reduce -16.6% |
| MTG Mgic Investment Corp. | 0.25% | 219,732 | $6.1M | Add +93.1% |
| MKL Markel Group Inc. | 0.24% | 3,038 | $6.1M | Add +1192.8% |
| HWM Howmet Aerospace Inc. | 0.24% | 32,370 | $6.0M | Reduce -4.2% |
| C Citigroup Inc. | 0.24% | 70,508 | $6.0M | Reduce -8.1% |
| SSD Simpson Manufacturing Co. Inc. | 0.24% | 38,629 | $6.0M | Add +29.5% |
| KMX Carmax Inc. | 0.24% | 89,145 | $6.0M | Add +343.7% |
| BKH Black Hills Corp. | 0.24% | 106,273 | $6.0M | New |
| PPC Pilgrim's Pride Corp. | 0.24% | 132,487 | $6.0M | Add +110.6% |
| SANM Sanmina Corp. | 0.24% | 60,613 | $5.9M | Add +18.7% |
| SIGI Selective Insurance Group | 0.24% | 68,431 | $5.9M | Add +86.0% |
| TOL Toll Brothers Inc. | 0.24% | 51,577 | $5.9M | Add +1257.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.24% | 19,961 | $5.9M | Add +169.7% |
| DEI Douglas Emmett Inc. | 0.24% | 390,434 | $5.9M | Add +1868.7% |
| PEP Pepsico Inc. | 0.23% | 44,161 | $5.8M | Add +15.4% |
| MTDR Matador Resources Co. | 0.23% | 121,308 | $5.8M | Add +54.9% |
| WTS Watts Water Technologies-A | 0.23% | 23,191 | $5.7M | Add +348.7% |
| ORLY O'reilly Automotive Inc. | 0.23% | 63,206 | $5.7M | Add +376.7% |
| DDOG Datadog Inc. Class A | 0.23% | 42,174 | $5.7M | Add +112.7% |
| RCL Royal Caribbean Cruises Ltd. | 0.23% | 18,030 | $5.6M | Reduce -45.1% |
| CRC California Resources Corp. | 0.22% | 121,813 | $5.6M | New |
| CRDO Credo Technology Group Holdi | 0.22% | 59,603 | $5.5M | Reduce -51.8% |
| FFIN First Finl Bankshares Inc. | 0.22% | 151,950 | $5.5M | Add +287.2% |
| ESNT Essent Group Ltd. | 0.22% | 89,854 | $5.5M | Add +442.1% |
| AIT Applied Industrial Tech Inc. | 0.22% | 23,426 | $5.4M | New |
| CDP Copt Defense Properties | 0.22% | 197,319 | $5.4M | Add +4.2% |
| LAMR Lamar Advertising Co. Class A | 0.22% | 44,501 | $5.4M | Add +462.1% |
| AXP American Express Co. | 0.21% | 16,725 | $5.3M | Add +144.2% |
| CRUS Cirrus Logic Inc. | 0.21% | 51,141 | $5.3M | Add +38.0% |
| BSX Boston Scientific Corp. | 0.21% | 49,549 | $5.3M | Reduce -23.0% |
| SPGI S&P Global Inc. | 0.21% | 10,018 | $5.3M | Add +1002.1% |
| KEYS Keysight Technologies Inc. | 0.21% | 31,817 | $5.2M | Add +20.2% |
| CNP Centerpoint Energy Inc. | 0.21% | 141,511 | $5.2M | New |
| VRSN Verisign Inc. | 0.21% | 18,002 | $5.2M | Add +90.2% |
| UDR Udr Inc. | 0.21% | 126,952 | $5.2M | New |
| CACI Caci International Inc. Class A | 0.21% | 10,815 | $5.2M | Add +1416.8% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.21% | 152,202 | $5.1M | Add +90.5% |
Options reported separately and not counted above: SPY puts ($8.3M), IWM puts ($4.3M), XLF calls ($2.4M), XLE puts ($2.3M), EFA puts ($1.3M), CB puts ($1.0M), AMZN calls ($878K), LQDA calls ($530K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $111K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | 13,834 | $111K | New |
Total filed on the 13F, all lines: $2.5B.
Portfolio Sells Q1 2025 → Q2 2025
| CRH CRH PLC | Sold out | 0.00% | −1.09 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −1.08 |
| LNG Cheniere Energy Inc. | Reduce -41.6% | 0.79% | −0.67 |
| AMCR Amcor PLC | Reduce -77.8% | 0.11% | −0.50 |
| LIVN Livanova PLC | Reduce -83.0% | 0.08% | −0.41 |
| COP Conocophillips | Reduce -78.8% | 0.07% | −0.36 |
| AXS Axis Capital Holdings Ltd. | Reduce -63.8% | 0.18% | −0.36 |
| ITW Illinois Tool Works | Reduce -88.5% | 0.04% | −0.33 |
| ATMU Atmus Filtration Technologie | Reduce -69.6% | 0.11% | −0.31 |
| LINE Lineage Inc. | Sold out | 0.00% | −0.30 |
| CPT Camden Property Trust | Reduce -68.8% | 0.09% | −0.27 |
| HUN Huntsman Corp. | Sold out | 0.00% | −0.26 |
| IDCC Interdigital Inc. | Sold out | 0.00% | −0.25 |
| PECO Phillips Edison & Company Inc. | Reduce -88.7% | 0.03% | −0.25 |
| ESGR Enstar Group Ltd. | Reduce -70.3% | 0.09% | −0.25 |
| BXMT Blackstone Mortgage Tru Class A | Reduce -77.5% | 0.06% | −0.25 |
| LAUR Laureate Education Inc. | Reduce -78.8% | 0.07% | −0.24 |
| THS Treehouse Foods Inc. | Reduce -86.0% | 0.02% | −0.24 |
| BX Blackstone Inc. | Sold out | 0.00% | −0.24 |
| KLIC Kulicke & Soffa Industries | Sold out | 0.00% | −0.23 |
| FR First Industrial Realty TR | Reduce -62.7% | 0.09% | −0.23 |
| WERN Werner Enterprises Inc. | Sold out | 0.00% | −0.23 |
| APAM Artisan Partners Asset Ma -A | Sold out | 0.00% | −0.22 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.22 |
| ALSN Allison Transmission Holding | Reduce -46.6% | 0.18% | −0.21 |
| MGRC McGrath Rentcorp | Reduce -76.0% | 0.06% | −0.21 |
| ADC Agree Realty Corp. | Sold out | 0.00% | −0.21 |
| FELE Franklin Electric Co. Inc. | Sold out | 0.00% | −0.21 |
| SCCO Southern Copper Corp. | Reduce -47.1% | 0.20% | −0.20 |
| ESI Element Solutions Inc. | Sold out | 0.00% | −0.20 |
| DBX Dropbox Inc. Class A | Sold out | 0.00% | −0.20 |
| ARR Armour Residential REIT Inc. | Reduce -74.4% | 0.06% | −0.20 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.19 |
| DTE DTE Energy Company | Reduce -77.8% | 0.04% | −0.19 |
| GAP The Gap Inc. | Reduce -92.0% | 0.02% | −0.19 |
| CARG Cargurus Inc. | Sold out | 0.00% | −0.19 |
| PNR Pentair PLC | Reduce -80.2% | 0.05% | −0.19 |
| LNT Alliant Energy Corp. | Sold out | 0.00% | −0.19 |
| KR Kroger Co. | Sold out | 0.00% | −0.18 |
| HWC Hancock Whitney Corp. | Sold out | 0.00% | −0.18 |
| ATR Aptargroup Inc. | Sold out | 0.00% | −0.18 |
| CADE Cadence Bank | Sold out | 0.00% | −0.17 |
| INTA Intapp Inc. | Sold out | 0.00% | −0.17 |
| HHH Howard Hughes Holdings Inc. | Reduce -80.8% | 0.03% | −0.17 |
| EHC Encompass Health Corp. | Reduce -72.0% | 0.07% | −0.17 |
| HSIC Henry Schein Inc. | Sold out | 0.00% | −0.17 |
| ACGL Arch Capital Group Ltd. | Sold out | 0.00% | −0.17 |
| BRKR Bruker Corp. | Reduce -80.4% | 0.03% | −0.16 |
| FOLD Amicus Therapeutics Inc. | Reduce -50.3% | 0.07% | −0.16 |
| COIN Coinbase Global Inc. Class A | Sold out | 0.00% | −0.16 |
Portfolio Buys Q1 2025 → Q2 2025
| SPG Simon Property Group Inc. | Add +1269.8% | 0.66% | +0.60 |
| GGG Graco Inc. | Add +508.2% | 0.51% | +0.42 |
| TIP iShares Tips Bond ETF | New | 0.41% | +0.41 |
| NVDA Nvidia Corp. | Add +75.3% | 0.72% | +0.40 |
| PSX Phillips 66 | New | 0.37% | +0.37 |
| BAC Bank of America Corp. | Add +280.6% | 0.50% | +0.37 |
| FERG Ferguson Enterprises Inc. | Add +202.2% | 0.50% | +0.36 |
| UNP Union Pacific Corp. | New | 0.33% | +0.33 |
| COF Capital One Financial Corp. | Add +319.8% | 0.41% | +0.32 |
| KHC The Kraft Heinz Co. | Add +366.3% | 0.44% | +0.32 |
| SRE Sempra | New | 0.31% | +0.31 |
| LMT Lockheed Martin Corp. | Add +1324.9% | 0.34% | +0.31 |
| AMED Amedisys Inc. | Add +965.3% | 0.33% | +0.30 |
| ARW Arrow Electronics Inc. | Add +573.9% | 0.34% | +0.29 |
| MS Morgan Stanley | Add +106.4% | 0.54% | +0.29 |
| AMKR Amkor Technology Inc. | New | 0.28% | +0.28 |
| PANW Palo Alto Networks Inc. | Add +55.6% | 0.72% | +0.28 |
| SCHW Schwab (charles) Corp. | New | 0.27% | +0.27 |
| INTU Intuit Inc. | New | 0.26% | +0.26 |
| AOS Smith (a.o.) Corp. | New | 0.26% | +0.26 |
| VEEV Veeva Systems Inc. Class A | Add +108.3% | 0.46% | +0.26 |
| GLPI Gaming and Leisure Propertie | New | 0.26% | +0.26 |
| MGY Magnolia Oil & Gas Corp. Class A | Add +191.0% | 0.45% | +0.25 |
| APD Air Products & Chemicals Inc. | New | 0.25% | +0.25 |
| DLTR Dollar Tree Inc. | Add +839.6% | 0.27% | +0.25 |
| MET Metlife Inc. | Add +541.3% | 0.30% | +0.25 |
| WLK Westlake Corp. | Add +929.0% | 0.28% | +0.24 |
| BKH Black Hills Corp. | New | 0.24% | +0.24 |
| NWE Northwestern Energy Group Inc. | Add +780.1% | 0.28% | +0.24 |
| GM General Motors Co. | Add +228.1% | 0.34% | +0.23 |
| MKL Markel Group Inc. | Add +1192.8% | 0.24% | +0.22 |
| CRC California Resources Corp. | New | 0.22% | +0.22 |
| SNV Synovus Financial Corp. | Add +165.1% | 0.36% | +0.22 |
| DEI Douglas Emmett Inc. | Add +1868.7% | 0.24% | +0.22 |
| AIT Applied Industrial Tech Inc. | New | 0.22% | +0.22 |
| CTAS Cintas Corp. | Add +247.9% | 0.31% | +0.22 |
| TOL Toll Brothers Inc. | Add +1257.3% | 0.24% | +0.22 |
| AVA Avista Corp. | Add +551.9% | 0.27% | +0.22 |
| BLK BlackRock Inc. | Add +107.5% | 0.42% | +0.21 |
| CNP Centerpoint Energy Inc. | New | 0.21% | +0.21 |
| UDR Udr Inc. | New | 0.21% | +0.21 |
| RELY Remitly Global Inc. | Add +390.1% | 0.28% | +0.21 |
| MSFT Microsoft Corp. | Add +18.5% | 0.73% | +0.20 |
| GIS General Mills Inc. | Add +339.0% | 0.28% | +0.20 |
| CACI Caci International Inc. Class A | Add +1416.8% | 0.21% | +0.20 |
| OWL Blue Owl Capital Inc. | New | 0.20% | +0.20 |
| NFLX Netflix Inc. | Add +200.3% | 0.26% | +0.19 |
| SPGI S&P Global Inc. | Add +1002.1% | 0.21% | +0.19 |
| ITGR Integer Holdings Corp. | New | 0.18% | +0.18 |
| FISV Fiserv Inc. | New | 0.18% | +0.18 |
Options Activity Q1 2025 → Q2 2025
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -32.5% | 13,500 | $8.3M |
| IWM iShares Russell 2000 ETF | put | Reduce -50.0% | 20,000 | $4.3M |
| XLF SS Financial Select Sector | call | New | 45,000 | $2.4M |
| XLE SS Energy Select Sector | put | New | 27,500 | $2.3M |
| EFA iShares MSCI Eafe ETF | put | New | 15,000 | $1.3M |
| CB Chubb Ltd. | put | New | 3,500 | $1.0M |
| AMZN Amazon.com Inc. | call | New | 4,000 | $878K |
| FXI iShares China Large-Cap ETF | call | Sold out | 20,000 | $717Kbefore exit |
| LQDA Liquidia Corp. | call | Reduce -34.6% | 42,500 | $530K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| GENVR Gen Digital Inc. - CVR | RIGHT 99/99/9999 | New | 13,834 | $111K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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 |