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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
+8.64%
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
$725M
AUM Growth
-$63M
Cap. Flow
-$143M
Cap. Flow %
-19.72%
Top 10 Hldgs %
22.96%
Holding
394
New
118
Increased
38
Reduced
57
Closed
98

Top Buys

Rank Stock Value
1
MAG
MAG Silver
MAG
+$5.72M
2
GTEN
Gores Holdings X
GTEN
+$3.99M
3
JNPR
Juniper Networks
JNPR
+$3.58M
4
RAC
Rithm Acquisition Corp
RAC
+$3.5M
5
CORZ icon
Core Scientific
CORZ
+$3.47M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$16.8M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$5.97M
3
SEI
Solaris Energy Infrastructure
SEI
+$5.9M
4
RAC.U
Rithm Acquisition Corp Units
RAC.U
+$3.54M
5
SVCC
Stellar V Capital Corp
SVCC
+$3.4M

Sector Composition

Rank Sector Weight
1 Financials 11.62%
2 Technology 4.89%
3 Consumer Discretionary 1.89%
4 Energy 1.63%
5 Communication Services 1.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GROY.WS icon
151
Gold Royalty Corp Warrants
GROY.WS
$179M
$347K 0.05%
990,295
+2,000
+0.2% +$589
KDKRW
152
Kodiak AI Warrants
KDKRW
$340K 0.05%
308,753
+49,800
+19% +$42.7K
HVIIR
153
Hennessy Capital Investment Corp VII Rights
HVIIR
$326K 0.05%
1,086,931
+363
+0% +$103
ASGI
154
abrdn Global Infrastructure Income Fund
ASGI
$766M
$306K 0.04%
15,000
– –
LYV icon
155
PUT
Live Nation Entertainment
LYV
$42.1B
$303K 0.04%
+2,000
New +$275K
FACTU
156
FACT II Acquisition Corp Unit
FACTU
$300K 0.04%
30,000
– –
RVT icon
157
Royce Value Trust
RVT
$2.3B
$293K 0.04%
19,490
+382
+2% +$5.48K
BDJ icon
158
BlackRock Enhanced Equity Dividend Trust
BDJ
$1.73B
$293K 0.04%
32,984
– –
DCBO
159
Docebo
DCBO
$566M
$292K 0.04%
+10,100
New +$286K
FLDDW
160
Fold Holdings Warrant
FLDDW
$1.12M
$270K 0.04%
380,780
-9,403
-2% -$6.42K
TAC icon
161
CALL
TransAlta
TAC
$3.93B
$270K 0.04%
25,000
– –
BTX
162
BlackRock Technology and Private Equity Term Trust
BTX
$1B
$256K 0.04%
34,843
-157
-0.4% -$1.04K
BRRWW
163
ProCap Financial Inc
BRRWW
$3.02M
$249K 0.03%
+150,000
New +$275K
APP icon
164
CALL
Applovin
APP
$116B
$245K 0.03%
+700
New +$227K
ECF
165
Ellsworth Growth & Income Fund
ECF
$172M
$244K 0.03%
23,785
– –
CII icon
166
BlackRock Enhanced Captial and Income Fund
CII
$1.02B
$228K 0.03%
10,682
-654
-6% -$12.7K
WLACW
167
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$227K 0.03%
630,559
+58,365
+10% +$15.7K
DMA
168
Destra Multi-Alternative Fund
DMA
$68.2M
$216K 0.03%
24,709
+5,007
+25% +$42.4K
SABA
169
Saba Capital Income & Opportunities Fund II
SABA
$223M
$211K 0.03%
23,000
– –
LCID icon
170
Lucid Motors
LCID
$2.77B
$197K 0.03%
+9,360
New +$224K
DAAQW
171
Digital Asset Acquisition Corp Warrant
DAAQW
$195K 0.03%
+228,980
New +$217K
NETDW
172
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$181K 0.03%
376,983
-400
-0.1% -$186
ALDFW
173
Aldel Financial II Inc Warrants
ALDFW
$155K 0.02%
298,680
– –
BEAGR
174
Bold Eagle Acquisition Corp Right
BEAGR
$155K 0.02%
500,907
-20,449
-4% -$5.92K
MACIW
175
Melar Acquisition Corp I Warrant
MACIW
$153K 0.02%
509,029
-20,000
-4% -$3.61K
5 6
7
8 9

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QF
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KRS
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CRM
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K2 Principal Fund's Q2 2025 Portfolio in Review

As of Q2 2025, K2 Principal Fund held 394 positions worth $725M, down 8% from $788M the previous quarter. Its ten largest holdings account for 23% of the portfolio.

K2 Principal Fund withdrew a net $143M in Q2 2025, closing 98 positions and reducing 57 holdings. Its most notable exit was Solaris Energy Infrastructure, an estimated $5.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 12% of assets, up from 6.1% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in MAG Silver worth $6.8M.

  • K2 Principal Fund's largest Q2 2025 buy was MAG Silver: 321,870 shares worth $6.8M.
  • K2 Principal Fund added most to Kodiak AI in Q2 2025, an estimated $2.97M increase.
  • K2 Principal Fund's biggest Q2 2025 reduction was SPDR Gold Trust, cutting an estimated $16.8M.
  • K2 Principal Fund fully exited Solaris Energy Infrastructure in Q2 2025, selling an estimated $5.9M.
  • K2 Principal Fund's ten largest holdings make up 23% of its $725M portfolio in Q2 2025.
  • K2 Principal Fund opened 118 new positions and closed 98 in Q2 2025.
  • K2 Principal Fund's portfolio value fell 8% quarter-over-quarter to $725M.

Based on K2 Principal Fund's 13F filing for Q2 2025, filed 14 Aug 2025.