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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
+1.51%
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
$1.24B
AUM Growth
+$9.76M
Cap. Flow
-$461M
Cap. Flow %
-37.16%
Top 10 Hldgs %
20.77%
Holding
481
New
139
Increased
48
Reduced
70
Closed
71

Top Buys

Rank Stock Value
1
SUNC
SunocoCorp LLC
SUNC
+$5.29M
2
BTI icon
British American Tobacco
BTI
+$4.93M
3
BIP icon
Brookfield Infrastructure Partners
BIP
+$4.35M
4
BEP icon
Brookfield Renewable
BEP
+$3.69M
5
NGD
New Gold Inc
NGD
+$3.63M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$26.6M
2
CORZ icon
Core Scientific
CORZ
+$12M
3
SLV icon
iShares Silver Trust
SLV
+$6.83M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.95M
5
TLNCU
Talon Capital Corp Units
TLNCU
+$4.52M

Sector Composition

Rank Sector Weight
1 Financials 6.98%
2 Materials 2.32%
3 Technology 1.78%
4 Communication Services 1.46%
5 Consumer Discretionary 1.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BBU
326
DELISTED
Brookfield Business Partners
BBU
– –
-8,700
Closed -$397K
BKR icon
327
CALL
Baker Hughes
BKR
$63.6B
– –
-33,000
Closed -$1.61M
SRTAW
328
DELISTED
Strata Critical Medical Inc Warrants
SRTAW
– –
-175,280
Closed -$36.8K
BBBY
329
CALL
Bed Bath & Beyond
BBBY
$423M
– –
-33,000
Closed -$294K
CCJ icon
330
Cameco
CCJ
$42.4B
– –
-23,000
Closed -$1.93M
CLF icon
331
CALL
Cleveland-Cliffs
CLF
$7.13B
– –
-50,000
Closed -$610K
COOP
332
DELISTED
Mr. Cooper
COOP
– –
-15,000
Closed -$3.16M
CORZ icon
333
CALL
Core Scientific
CORZ
$6.25B
– –
-100,000
Closed -$1.79M
CORZ icon
334
Core Scientific
CORZ
$6.25B
– –
-668,101
Closed -$12M
CPRI icon
335
CALL
Capri Holdings
CPRI
$1.75B
– –
-20,000
Closed -$398K
CPRI icon
336
Capri Holdings
CPRI
$1.75B
– –
-41,357
Closed -$824K
CRNC icon
337
Cerence
CRNC
$403M
– –
-54,119
Closed -$594K
EMX
338
DELISTED
EMX Royalty
EMX
– –
-201,488
Closed -$1.04M
FLR icon
339
CALL
Fluor
FLR
$6.99B
– –
-15,000
Closed -$631K
FND icon
340
CALL
Floor & Decor
FND
$6.3B
– –
-10,000
Closed -$737K
FND icon
341
Floor & Decor
FND
$6.3B
– –
-18,500
Closed -$1.36M
FORLW
342
DELISTED
Four Leaf Acquisition Corp Warrants
FORLW
– –
-55,548
Closed -$2.22K
GCMG icon
343
GCM Grosvenor
GCMG
$834M
– –
-59,780
Closed -$31.7K
GLD icon
344
SPDR Gold Trust
GLD
$143B
– –
-69,646
Closed -$26.6M
GLD icon
345
PUT
SPDR Gold Trust
GLD
$143B
– –
-25,000
Closed -$8.89M
HLT icon
346
Hilton Worldwide
HLT
$70B
– –
-1,818
Closed -$472K
HYG icon
347
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.9B
– –
-100,000
Closed -$8.12M
INTC icon
348
CALL
Intel
INTC
$492B
– –
-50,000
Closed -$1.68M
INVH icon
349
PUT
Invitation Homes
INVH
$17.8B
– –
-50,000
Closed -$1.47M
LCID icon
350
CALL
Lucid Motors
LCID
$2.6B
– –
-12,000
Closed -$285K
12 13
14
15 16

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DC
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FC
FORA Capital Miami, Florida $1.36B AUM 56.1% 1-Year Est. Return
QF
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KRS
Kentucky Retirement Systems Frankfort, Kentucky $1.37B AUM 33.36% 1-Year Est. Return
AF
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PP
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CRM
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K2 Principal Fund's Q4 2025 Portfolio in Review

As of Q4 2025, K2 Principal Fund held 481 positions worth $1.24B, up 0.79% from $1.23B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $461M in Q4 2025, closing 71 positions and reducing 70 holdings. Its most notable exit was SPDR Gold Trust, an estimated $26.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7% of assets, up from 6.5% a quarter earlier, followed by Materials and Technology.

Against the trend, K2 Principal Fund opened a new position in SunocoCorp LLC worth $5.18M.

  • K2 Principal Fund's largest Q4 2025 buy was SunocoCorp LLC: 105,090 shares worth $5.18M.
  • K2 Principal Fund added most to British American Tobacco in Q4 2025, an estimated $4.93M increase.
  • K2 Principal Fund's biggest Q4 2025 reduction was iShares Silver Trust, cutting an estimated $6.83M.
  • K2 Principal Fund fully exited SPDR Gold Trust in Q4 2025, selling an estimated $26.6M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.24B portfolio in Q4 2025.
  • K2 Principal Fund opened 139 new positions and closed 71 in Q4 2025.
  • K2 Principal Fund's portfolio value rose 0.79% quarter-over-quarter to $1.24B.

Based on K2 Principal Fund's 13F filing for Q4 2025, filed 13 Feb 2026.