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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
+0.3%
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
$788M
AUM Growth
-$112M
Cap. Flow
-$447M
Cap. Flow %
-56.71%
Top 10 Hldgs %
19.01%
Holding
417
New
101
Increased
38
Reduced
59
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$14.3M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$10.3M
3
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.84M
4
FSLR icon
First Solar
FSLR
+$5.33M
5
CEPO
Cantor Equity Partners I
CEPO
+$3.66M

Top Sells

Rank Stock Value
1
IAU icon
iShares Gold Trust
IAU
+$12.4M
2
DYNC
Dynamix Corp
DYNC
+$8.17M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$7.7M
4
MLACU
Mountain Lake Acquisition Corp Units
MLACU
+$7.51M
5
TDACU
Translational Development Acquisition Corp Units
TDACU
+$6.76M

Sector Composition

Rank Sector Weight
1 Financials 6.07%
2 Energy 2.45%
3 Technology 2.17%
4 Healthcare 1.15%
5 Real Estate 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MODV
201
PUT
DELISTED
ModivCare
MODV
$39.6K 0.01%
+30,000
New +$145K
NOEMR
202
CO2 Energy Transition Corp Right
NOEMR
$36.1K ﹤0.01%
+190,000
New +$36.4K
KFIIR
203
K&F Growth Acquisition Corp II Rights
KFIIR
$36K ﹤0.01%
+299,909
New +$36.7K
SVCCW
204
Stellar V Capital Corp Warrant
SVCCW
$35.7K ﹤0.01%
+169,960
New +$38K
SPKLW
205
Spark I Acquisition Corp Warrant
SPKLW
$6.35M
$34.3K ﹤0.01%
264,020
-2,000
-0.8% -$305
NRO
206
Neuberger Real Estate Securities Income Fund Inc
NRO
$189M
$34.3K ﹤0.01%
+10,400
New +$34.8K
SEATW icon
207
Vivid Seats Inc Warrant
SEATW
$544K
$34.2K ﹤0.01%
162,704
+52,214
+47% +$15.3K
DRDBW
208
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.26M
$33.1K ﹤0.01%
+103,595
New +$31.2K
BZAIW
209
Blaize Holdings Warrants
BZAIW
$6.44M
$32.3K ﹤0.01%
+169,985
New +$73.2K
MRNOW
210
Murano Global Investments PLC Warrants
MRNOW
$170K
$32.2K ﹤0.01%
140,174
-1,610
-1% -$419
JACS.RT
211
Jackson Acquisition Co II Rights
JACS.RT
$31.3K ﹤0.01%
+136,000
New +$30.8K
OACCW
212
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$29.3K ﹤0.01%
39,058
– –
HDRNW
213
Hadron Energy Warrant
HDRNW
$2.4M
$26.1K ﹤0.01%
261,500
– –
PLMKW
214
Plum Acquisition Corp IV Warrants
PLMKW
$3.84M
$24K ﹤0.01%
+150,000
New +$24K
GETY icon
215
Getty Images
GETY
$186M
$23.9K ﹤0.01%
+13,789
New +$32.8K
POLEW
216
Andretti Acquisition Corp II Warrant
POLEW
$1.61M
$20K ﹤0.01%
111,237
– –
OAKUW
217
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$20K ﹤0.01%
500,340
-700
-0.1% -$30
VEEAW
218
Veea Inc Warrant
VEEAW
$604K
$18.3K ﹤0.01%
228,890
– –
ANSCW
219
Agriculture & Natural Solutions Acquisition Corp Warrant
ANSCW
$62.1K
$18K ﹤0.01%
59,840
+4,940
+9% +$1.7K
DTSQR
220
DT Cloud Star Acquisition Corp Right
DTSQR
$15.8K ﹤0.01%
99,000
– –
GCTS.WS
221
GCT Semiconductor Holding Warrants
GCTS.WS
$22.1M
$12.8K ﹤0.01%
183,091
– –
XBPEW
222
XBP Europe Holdings Warrant
XBPEW
$11.7K ﹤0.01%
233,305
+54,433
+30% +$1.75K
NPWR.WS icon
223
NET Power Inc Warrants
NPWR.WS
$16.2M
$11.1K ﹤0.01%
37,091
+7,284
+24% +$15.7K
IBACR
224
IB Acquisition Corp Right
IBACR
$9K ﹤0.01%
150,000
– –
BSLKW
225
DELISTED
Bolt Projects Holdings Warrant
BSLKW
$9K ﹤0.01%
300,000
– –
7 8
9
10 11

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DC
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QF
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KRS
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CRM
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K2 Principal Fund's Q1 2025 Portfolio in Review

As of Q1 2025, K2 Principal Fund held 417 positions worth $788M, down 12% from $901M the previous quarter. Its ten largest holdings account for 19% of the portfolio.

K2 Principal Fund withdrew a net $447M in Q1 2025, closing 100 positions and reducing 59 holdings. Its most notable exit was iShares Gold Trust, an estimated $12.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.1% of assets, up from 4.7% a quarter earlier, followed by Energy and Technology.

Against the trend, K2 Principal Fund opened a new position in Hennessy Capital Investment Corp VII worth $10.4M.

  • K2 Principal Fund's largest Q1 2025 buy was Hennessy Capital Investment Corp VII: 1,049,683 shares worth $10.4M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q1 2025, an estimated $14.3M increase.
  • K2 Principal Fund's biggest Q1 2025 reduction was Dynamix Corp, cutting an estimated $8.17M.
  • K2 Principal Fund fully exited iShares Gold Trust in Q1 2025, selling an estimated $12.4M.
  • K2 Principal Fund's ten largest holdings make up 19% of its $788M portfolio in Q1 2025.
  • K2 Principal Fund opened 101 new positions and closed 100 in Q1 2025.
  • K2 Principal Fund's portfolio value fell 12% quarter-over-quarter to $788M.

Based on K2 Principal Fund's 13F filing for Q1 2025, filed 15 May 2025.