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KPF

K2 Principal Fund Portfolio holdings

AUM $1.43B
1-Year Est. Return 29.56%
This Fund
S&P 500
This Quarter Est. Return
-0.7%
1 Year Est. Return
+29.56%
3 Year Est. Return
+71.66%
5 Year Est. Return
+57.43%
10 Year Est. Return
+278.66%
AUM
$1.43B
AUM Growth
+$191M
Cap. Flow
-$106M
Cap. Flow %
-7.43%
Top 10 Hldgs %
20.87%
Holding
592
New
187
Increased
59
Reduced
77
Closed
105

Top Buys

Rank Stock Value
1
PFSI icon
PennyMac Financial
PFSI
+$8.39M
2
GLD icon
SPDR Gold Trust
GLD
+$6.54M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$6.24M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.27M
5
WLIIU
Willow Lane Acquisition Corp II Unit
WLIIU
+$4.55M

Top Sells

Rank Stock Value
1
BTI icon
British American Tobacco
BTI
+$5.69M
2
B
Barrick Mining
B
+$4.4M
3
NGD
New Gold Inc
NGD
+$4.19M
4
ALUB.U
Alussa Energy Acquisition Corp II Units
ALUB.U
+$3.54M
5
OPEN icon
Opendoor
OPEN
+$3.26M

Sector Composition

Rank Sector Weight
1 Financials 8.7%
2 Communication Services 1.84%
3 Consumer Discretionary 1.81%
4 Materials 1.59%
5 Technology 1.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$132B
$86.3M 6.03%
200,600
+93,400
+87% +$41.8M
SPY icon
2
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$787B
$48.8M 3.41%
+75,000
New +$51M
SPY icon
3
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$787B
$35.6M 2.48%
54,700
-3,500
-6% -$2.38M
GLD icon
4
PUT
SPDR Gold Trust
GLD
$132B
$31.4M 2.19%
+73,000
New +$32.7M
IWM icon
5
PUT
iShares Russell 2000 ETF
IWM
$82.4B
$21.1M 1.47%
+85,000
New +$21.9M
SLV icon
6
CALL
iShares Silver Trust
SLV
$28.4B
$15.3M 1.07%
224,400
-35,600
-14% -$2.7M
COPX icon
7
PUT
Global X Copper Miners ETF NEW
COPX
$7.18B
$14.8M 1.03%
194,000
+144,000
+288% +$11.9M
GDXJ icon
8
PUT
VanEck Junior Gold Miners ETF
GDXJ
$7.01B
$12.9M 0.9%
107,500
+25,500
+31% +$3.33M
FCX icon
9
PUT
Freeport-McMoran
FCX
$89.9B
$12.1M 0.85%
206,000
-144,000
-41% -$8.7M
HYG icon
10
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.4B
$11.9M 0.83%
+150,000
New +$12.1M
GOOG icon
11
Alphabet (Google) Class C
GOOG
$4.22T
$9.53M 0.67%
33,205
+19,851
+149% +$6.24M
RYAM icon
12
CALL
Rayonier Advanced Materials
RYAM
$581M
$9.35M 0.65%
845,000
+248,600
+42% +$2.24M
QQQ icon
13
PUT
Invesco QQQ Trust
QQQ
$471B
$9.23M 0.64%
16,000
-4,000
-20% -$2.43M
XLP icon
14
PUT
State Street Consumer Staples Select Sector SPDR ETF
XLP
$14.2B
$8.2M 0.57%
+100,000
New +$8.42M
GDXJ icon
15
CALL
VanEck Junior Gold Miners ETF
GDXJ
$7.01B
$7.8M 0.54%
65,000
+43,000
+195% +$5.62M
PFSI icon
16
PennyMac Financial
PFSI
$4.36B
$7.08M 0.49%
81,002
+78,000
+2,598% +$8.39M
DCH
17
Dauch Corp
DCH
$1.31B
$7.03M 0.49%
1,184,918
+355,726
+43% +$2.47M
SHOP icon
18
PUT
Shopify
SHOP
$160B
$6.88M 0.48%
+58,000
New +$7.62M
EEM icon
19
PUT
iShares MSCI Emerging Markets ETF
EEM
$28.9B
$6.81M 0.48%
+120,000
New +$7.06M
SUNC
20
SunocoCorp LLC
SUNC
$3.84B
$6.48M 0.45%
105,090
– –
FSLR icon
21
First Solar
FSLR
$22.1B
$6.41M 0.45%
32,500
+13,750
+73% +$3.04M
GME icon
22
PUT
GameStop
GME
$9.78B
$6.34M 0.44%
275,000
– –
GLD icon
23
SPDR Gold Trust
GLD
$132B
$6.28M 0.44%
+14,603
New +$6.54M
ABVX
24
Abivax
ABVX
$11.7B
$5.98M 0.42%
53,741
+31,241
+139% +$3.7M
SUN icon
25
PUT
Sunoco
SUN
$14.1B
$5.85M 0.41%
90,000
– –
1
2 3 4 5

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WIM
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LCG
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CCM
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K2 Principal Fund's Q1 2026 Portfolio in Review

As of Q1 2026, K2 Principal Fund held 592 positions worth $1.43B, up 15% from $1.24B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $106M in Q1 2026, closing 105 positions and reducing 77 holdings. Its most notable exit was Barrick Mining, an estimated $4.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.7% of assets, up from 7% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in SPDR Gold Trust worth $6.28M.

  • K2 Principal Fund's largest Q1 2026 buy was SPDR Gold Trust: 14,603 shares worth $6.28M.
  • K2 Principal Fund added most to PennyMac Financial in Q1 2026, an estimated $8.39M increase.
  • K2 Principal Fund's biggest Q1 2026 reduction was British American Tobacco, cutting an estimated $5.69M.
  • K2 Principal Fund fully exited Barrick Mining in Q1 2026, selling an estimated $4.4M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.43B portfolio in Q1 2026.
  • K2 Principal Fund opened 187 new positions and closed 105 in Q1 2026.
  • K2 Principal Fund's portfolio value rose 15% quarter-over-quarter to $1.43B.

Based on K2 Principal Fund's 13F filing for Q1 2026, filed 14 May 2026.