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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
-0.7%
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
$1.43B
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
ZKPW
401
Lafayette Digital Acquisition Corp I Warrant
ZKPW
$2.91M
$5.75K ﹤0.01%
+25,000
New +$8.28K
BLUWW
402
Blue Water Acquisition Corp III Warrant
BLUWW
$4.62K ﹤0.01%
10,260
– –
ITHAW
403
ITHAX Acquisition Corp III Warrants
ITHAW
$2.65M
$4.5K ﹤0.01%
+25,000
New +$5.57K
ESHAR
404
DELISTED
ESH Acquisition Corp Right
ESHAR
$2.24K ﹤0.01%
22,379
-4,428
-17% -$859
RFAIR
405
RF Acquisition Corp II Right
RFAIR
$1.6K ﹤0.01%
13,374
– –
ACRE
406
Ares Commercial Real Estate
ACRE
$256M
– –
-77,377
Closed -$370K
APLD icon
407
CALL
Applied Digital
APLD
$8.37B
– –
-25,000
Closed -$613K
ASGI
408
abrdn Global Infrastructure Income Fund
ASGI
$757M
– –
-9,425
Closed -$211K
ATMCW
409
DELISTED
AlphaTime Acquisition Corp Warrant
ATMCW
– –
-141,606
Closed -$9.91K
BB icon
410
CALL
BlackBerry
BB
$5.18B
– –
-50,000
Closed -$190K
BTDR icon
411
PUT
Bitdeer Technologies
BTDR
$2.12B
– –
-50,000
Closed -$561K
CAMT icon
412
Camtek
CAMT
$7.38B
– –
-4,000
Closed -$425K
CFLT
413
DELISTED
Confluent
CFLT
– –
-74,997
Closed -$2.27M
CII icon
414
BlackRock Enhanced Captial and Income Fund
CII
$1.02B
– –
-10,682
Closed -$250K
CLNE icon
415
Clean Energy Fuels
CLNE
$355M
– –
-250,000
Closed -$525K
CRNC icon
416
CALL
Cerence
CRNC
$403M
– –
-50,000
Closed -$535K
CSIQ icon
417
PUT
Canadian Solar
CSIQ
$1.06B
– –
-75,000
Closed -$1.78M
CUBE icon
418
CubeSmart
CUBE
$9.23B
– –
-30,100
Closed -$1.09M
CYBR
419
DELISTED
CyberArk
CYBR
– –
-6,748
Closed -$3.01M
DCBO
420
Docebo
DCBO
$594M
– –
-76,910
Closed -$1.71M
FCX icon
421
CALL
Freeport-McMoran
FCX
$98.7B
– –
-10,000
Closed -$508K
FCX icon
422
Freeport-McMoran
FCX
$98.7B
– –
-25,800
Closed -$1.56M
FYBR
423
DELISTED
Frontier Communications
FYBR
– –
-71,074
Closed -$2.71M
B
424
Barrick Mining
B
$68.5B
– –
-101,145
Closed -$4.4M
HHH icon
425
CALL
Howard Hughes
HHH
$3.91B
– –
-3,000
Closed -$239K
15 16
17
18 19

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KRS
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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.