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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
RYAM icon
51
Rayonier Advanced Materials
RYAM
$569M
$3.55M 0.25%
320,400
-282,224
-47% -$2.55M
BTI icon
52
British American Tobacco
BTI
$129B
$3.49M 0.24%
59,626
-96,109
-62% -$5.69M
AMZN icon
53
Amazon
AMZN
$2.51T
$3.36M 0.23%
16,141
+3,433
+27% +$756K
CMII
54
Columbus Circle Capital Corp II
CMII
$314M
$3.32M 0.23%
+337,415
New +$3.32M
BRR
55
ProCap Financial Inc
BRR
$168M
$3.28M 0.23%
+1,552,900
New +$4.31M
UBER icon
56
CALL
Uber
UBER
$140B
$3.27M 0.23%
+45,500
New +$3.5M
BEAG
57
Bold Eagle Acquisition Corp
BEAG
$334M
$3.24M 0.23%
306,918
-100
-0% -$1.06K
PAR icon
58
CALL
PAR Technology
PAR
$641M
$3.2M 0.22%
240,000
-180,000
-43% -$4.23M
PMTR
59
Perimeter Acquisition Corp I
PMTR
$322M
$3.05M 0.21%
297,237
– –
CEPT
60
DELISTED
Cantor Equity Partners II
CEPT
$3.05M 0.21%
279,994
-67,135
-19% -$769K
OR icon
61
OR Royalties Inc
OR
$5.45B
$3.04M 0.21%
+80,000
New +$3.29M
SRG
62
Seritage Growth Properties
SRG
$130M
$3.04M 0.21%
1,081,400
+25,000
+2% +$78.1K
AXP icon
63
PUT
American Express
AXP
$233B
$3.02M 0.21%
+10,000
New +$3.35M
IEAG
64
Infinite Eagle Acquisition Corp
IEAG
$445M
$3M 0.21%
+300,000
New +$3.01M
VOO icon
65
CALL
Vanguard S&P 500 ETF
VOO
$967B
$2.99M 0.21%
5,000
-1,300
-21% -$813K
ARCI
66
Archimedes Tech SPAC Partners III
ARCI
$355M
$2.95M 0.21%
+299,536
New +$2.96M
DBRG icon
67
DigitalBridge
DBRG
$2.93B
$2.93M 0.2%
190,000
+58,933
+45% +$907K
BTI icon
68
CALL
British American Tobacco
BTI
$129B
$2.92M 0.2%
50,000
-60,000
-55% -$3.55M
QQQ icon
69
CALL
Invesco QQQ Trust
QQQ
$460B
$2.89M 0.2%
+5,000
New +$3.04M
GENI icon
70
CALL
Genius Sports
GENI
$1.72B
$2.88M 0.2%
+650,000
New +$4.63M
IT icon
71
CALL
Gartner
IT
$8.95B
$2.85M 0.2%
+18,000
New +$3.31M
IGV icon
72
PUT
iShares Expanded Tech-Software Sector ETF
IGV
$12.9B
$2.8M 0.2%
+35,000
New +$3.1M
PAR icon
73
PUT
PAR Technology
PAR
$641M
$2.8M 0.2%
210,000
+110,000
+110% +$2.58M
JENA
74
Jena Acquisition Corp II
JENA
$2.79M 0.19%
273,000
– –
ELE
75
Elemental Royalty Corp
ELE
$1.01B
$2.78M 0.19%
106,256
-71,100
-40% -$1.45M
1 2
3
4 5

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WIM
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LCG
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SMA
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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.