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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
GDX icon
26
PUT
VanEck Gold Miners ETF
GDX
$22.9B
$5.74M 0.4%
62,500
-167,500
-73% -$16.5M
UBER icon
27
PUT
Uber
UBER
$140B
$5.18M 0.36%
+72,000
New +$5.54M
IBIT icon
28
iShares Bitcoin Trust
IBIT
$47.5B
$5.14M 0.36%
133,822
+76,500
+133% +$3.31M
SEI
29
CALL
Solaris Energy Infrastructure
SEI
$3.7B
$5.09M 0.36%
+90,000
New +$4.87M
ARKK icon
30
CALL
ARK Innovation ETF
ARKK
$6.05B
$4.73M 0.33%
+70,000
New +$5.19M
ARKK icon
31
PUT
ARK Innovation ETF
ARKK
$6.05B
$4.6M 0.32%
+68,000
New +$5.04M
SOLS
32
CALL
Solstice Advanced Materials
SOLS
$9.67B
$4.57M 0.32%
60,000
+20,000
+50% +$1.37M
WLIIU
33
Willow Lane Acquisition Corp II Unit
WLIIU
$4.54M 0.32%
+450,000
New +$4.55M
SPRY icon
34
ARS Pharmaceuticals
SPRY
$596M
$4.49M 0.31%
559,697
+549,497
+5,387% +$5.27M
WLAC
35
DELISTED
Willow Lane Acquisition Corp
WLAC
$4.24M 0.3%
+397,897
New +$4.52M
GME icon
36
CALL
GameStop
GME
$9.58B
$4.16M 0.29%
180,700
-195,800
-52% -$4.54M
GFR icon
37
Greenfire Resources
GFR
$832M
$4.15M 0.29%
656,440
-188,845
-22% -$1.09M
BEP icon
38
Brookfield Renewable
BEP
$10B
$4.11M 0.29%
125,800
-4,100
-3% -$124K
SLV icon
39
PUT
iShares Silver Trust
SLV
$27.8B
$4.09M 0.29%
60,000
+55,000
+1,100% +$4.18M
CCII
40
Cohen Circle Acquisition Corp II
CCII
$359M
$4.08M 0.28%
399,200
– –
NSC icon
41
Norfolk Southern
NSC
$78.3B
$4.04M 0.28%
14,091
+3,291
+30% +$978K
LION icon
42
Lionsgate Studios
LION
$3.89B
$4.02M 0.28%
419,605
+123,536
+42% +$1.14M
APP icon
43
Applovin
APP
$134B
$4.01M 0.28%
10,068
+5,836
+138% +$2.82M
VST icon
44
Vistra
VST
$57B
$3.89M 0.27%
25,850
+15,850
+159% +$2.57M
SVAC
45
DELISTED
Spring Valley Acquisition Corp III
SVAC
$3.77M 0.26%
370,960
+195,960
+112% +$2.04M
BMO icon
46
PUT
Bank of Montreal
BMO
$124B
$3.77M 0.26%
+20,000
New +$2.78M
CLBR
47
Colombier Acquisition Corp III
CLBR
$412M
$3.74M 0.26%
+372,211
New +$3.74M
IJR icon
48
PUT
iShares Core S&P Small-Cap ETF
IJR
$109B
$3.73M 0.26%
30,000
– –
AQN icon
49
Algonquin Power & Utilities
AQN
$4.61B
$3.68M 0.26%
600,000
+400,000
+200% +$2.59M
XPOF icon
50
Xponential Fitness
XPOF
$253M
$3.61M 0.25%
600,000
-94,974
-14% -$686K
1
2
3 4 5

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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.