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KPF

K2 Principal Fund Portfolio holdings

AUM $1.36B
1-Year Est. Return 25.57%
This Fund
S&P 500
This Quarter Est. Return
+9.09%
1 Year Est. Return
+25.57%
3 Year Est. Return
+75.5%
5 Year Est. Return
+59.21%
10 Year Est. Return
+265.44%
AUM
$901M
AUM Growth
+$206M
Cap. Flow
-$198M
Cap. Flow %
-21.99%
Top 10 Hldgs %
20.65%
Holding
406
New
128
Increased
42
Reduced
35
Closed
102

Top Buys

Rank Stock Value
1
WLAC
Willow Lane Acquisition Corp
WLAC
+$9.24M
2
DYNC
Dynamix Corp
DYNC
+$8.53M
3
MLACU
Mountain Lake Acquisition Corp Units
MLACU
+$7.5M
4
TDACU
Translational Development Acquisition Corp Units
TDACU
+$6.76M
5
SEI
Solaris Energy Infrastructure
SEI
+$6.13M

Top Sells

Rank Stock Value
1
VACHU
Voyager Acquisition Corp Unit
VACHU
+$10.4M
2
HONDU
HCM II Acquisition Corp Unit
HONDU
+$7.76M
3
VCICU
Vine Hill Capital Investment Corp Unit
VCICU
+$7.25M
4
PMT
PennyMac Mortgage Investment
PMT
+$5.84M
5
POLEU
Andretti Acquisition Corp II Unit
POLEU
+$5.4M

Sector Composition

Rank Sector Weight
1 Financials 4.72%
2 Technology 2.72%
3 Energy 2.11%
4 Communication Services 1.71%
5 Consumer Discretionary 1.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FVNNU
301
Future Vision II Acquisition Corp Units
FVNNU
$56.4M
– –
-50,022
Closed -$501K
GLAC
302
DELISTED
Global Lights Acquisition Corp Ordinary Shares
GLAC
– –
-10,841
Closed -$113K
EVGR
303
DELISTED
Evergreen Corporation Class A Ordinary Share
EVGR
– –
-23,599
Closed -$275K
GODN
304
DELISTED
Golden Star Acquisition Corporation Ordinary Shares
GODN
– –
-100,000
Closed -$1.09M
TETE
305
DELISTED
Technology & Telecommunication Acquisition Corporation Class A Ordinary Shares
TETE
– –
-125,000
Closed -$1.52M
CFFS
306
DELISTED
CF Acquisition Corp. VII Class A Common Stock
CFFS
– –
-259,800
Closed -$2.88M
IVCBW
307
DELISTED
Investcorp Europe Acquisition Corp I Warrant
IVCBW
– –
-333,948
Closed -$3.34K
BFAC
308
DELISTED
Battery Future Acquisition Corp.
BFAC
– –
-164,440
Closed -$1.82M
BOCN
309
DELISTED
Blue Ocean Acquisition Corp Class A Ordinary Shares
BOCN
– –
-90,000
Closed -$1.02M
BFAC.WS
310
DELISTED
Battery Future Acquisition Corp. Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share
BFAC.WS
– –
-670,438
Closed -$6.7K
BOCNW
311
DELISTED
Blue Ocean Acquisition Corp Warrants
BOCNW
– –
-281,000
Closed -$5.62K
CTLT
312
DELISTED
CATALENT, INC.
CTLT
– –
-21,607
Closed -$1.31M
GLLI
313
DELISTED
Globalink Investment Inc. Common Stock
GLLI
– –
-100,000
Closed -$1.13M
GHIX
314
DELISTED
Gores Holdings IX, Inc. Class A Common Stock
GHIX
– –
-36,469
Closed -$386K
AY
315
DELISTED
Atlantica Sustainable Infrastructure plc Ordinary Shares
AY
– –
-34,494
Closed -$758K
PFTAW
316
DELISTED
Perception Capital Corp. III Warrant
PFTAW
– –
-350,000
Closed -$10.5K
SMR.WS
317
DELISTED
NuScale Power Corporation Warrants, each exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
SMR.WS
– –
-63,045
Closed -$200K
TLGY
318
DELISTED
TLGY Acquisition Corporation Class A Ordinary Share
TLGY
– –
-158,685
Closed -$1.83M
TGAA
319
DELISTED
Target Global Acquisition I Corp. Class A Ordinary Share
TGAA
– –
-152,424
Closed -$1.72M
WEL
320
DELISTED
Integrated Wellness Acquisition Corp
WEL
– –
-72,000
Closed -$849K
MRO
321
DELISTED
Marathon Oil Corporation
MRO
– –
-20,200
Closed -$538K
HAYN
322
DELISTED
Haynes International, Inc.
HAYN
– –
-4,195
Closed -$250K
CBRG
323
DELISTED
Chain Bridge I Class A Ordinary Shares
CBRG
– –
-40,000
Closed -$452K
SAVE
324
PUT
DELISTED
Spirit Airlines, Inc.
SAVE
– –
-100,000
Closed -$240K
NVEI
325
DELISTED
Nuvei Corporation Subordinate Voting Shares
NVEI
– –
-25,711
Closed -$857K
10 11 12
13
14

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K2 Principal Fund's Q4 2024 Portfolio in Review

As of Q4 2024, K2 Principal Fund held 406 positions worth $901M, up 30% from $695M the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $198M in Q4 2024, closing 102 positions and reducing 35 holdings. Its most notable exit was Voyager Acquisition Corp Unit, an estimated $10.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 4.7% of assets, up from 3.2% a quarter earlier, followed by Technology and Energy.

Against the trend, K2 Principal Fund opened a new position in Willow Lane Acquisition Corp worth $9.24M.

  • K2 Principal Fund's largest Q4 2024 buy was Willow Lane Acquisition Corp: 933,888 shares worth $9.24M.
  • K2 Principal Fund added most to Alphabet (Google) Class C in Q4 2024, an estimated $3.01M increase.
  • K2 Principal Fund's biggest Q4 2024 reduction was Presidio Production Co, cutting an estimated $2.6M.
  • K2 Principal Fund fully exited Voyager Acquisition Corp Unit in Q4 2024, selling an estimated $10.4M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $901M portfolio in Q4 2024.
  • K2 Principal Fund opened 128 new positions and closed 102 in Q4 2024.
  • K2 Principal Fund's portfolio value rose 30% quarter-over-quarter to $901M.

Based on K2 Principal Fund's 13F filing for Q4 2024, filed 14 Feb 2025.