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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
+17.68%
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
$1.23B
AUM Growth
+$506M
Cap. Flow
-$175M
Cap. Flow %
-14.23%
Top 10 Hldgs %
22.22%
Holding
438
New
98
Increased
34
Reduced
62
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$19.1M
2
EVAC
EQV Ventures Acquisition Corp II
EVAC
+$4.81M
3
XPOF icon
Xponential Fitness
XPOF
+$4.73M
4
CORZ icon
Core Scientific
CORZ
+$4.72M
5
SLV icon
iShares Silver Trust
SLV
+$4.57M

Top Sells

Rank Stock Value
1
MAG
MAG Silver
MAG
+$6.8M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$6.37M
3
HES
Hess
HES
+$4.54M
4
CCIR
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
+$4.5M
5
CLBR
Colombier Acquisition Corp II
CLBR
+$4.39M

Sector Composition

Rank Sector Weight
1 Financials 6.54%
2 Technology 3.1%
3 Consumer Discretionary 1.77%
4 Real Estate 1.75%
5 Communication Services 1.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GTENW
201
Gores Holdings X Warrants
GTENW
$6.96M
$76.7K 0.01%
100,956
– –
PMTRW
202
Perimeter Acquisition Corp I Warrant
PMTRW
$12.1M
$74.2K 0.01%
123,618
– –
CRAQR
203
Cal Redwood Acquisition Corp Right
CRAQR
$71.8K 0.01%
326,246
– –
RTACW
204
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.54M
$71.3K 0.01%
59,413
+21,984
+59% +$34.1K
RAC.WS
205
Rithm Acquisition Corp Warrants
RAC.WS
$70.8K 0.01%
116,000
– –
NOEMW
206
CO2 Energy Transition Corp Warrant
NOEMW
$1.31M
$69.5K 0.01%
408,991
-11,250
-3% -$1.57K
MACIW
207
Melar Acquisition Corp I Warrant
MACIW
$66.4K 0.01%
414,711
-94,318
-19% -$19.8K
CHACR
208
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$65.2K 0.01%
210,413
-33,600
-14% -$8.27K
ZEOWW
209
Zeo Energy Corp Warrants
ZEOWW
$63.9K 0.01%
1,277,536
– –
JENA.RT
210
Jena Acquisition Corp II Rights
JENA.RT
$62.5K 0.01%
+312,735
New +$60K
WENNW
211
Wen Acquisition Corp Warrant
WENNW
$62.2K 0.01%
+113,158
New +$72.4K
BCARW
212
D. Boral ARC Acquisition I Corp Warrant
BCARW
$6.72M
$59.8K ﹤0.01%
+271,677
New +$49.8K
SVCCW
213
Stellar V Capital Corp Warrant
SVCCW
$57.8K ﹤0.01%
169,960
– –
MLACR
214
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$54.7K ﹤0.01%
364,949
-1,700
-0.5% -$341
DRDBW
215
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.26M
$52.8K ﹤0.01%
103,595
– –
LOKVW
216
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$52.5K ﹤0.01%
125,000
– –
PCAPW
217
ProCap Acquisition Corp Warrant
PCAPW
$50.1K ﹤0.01%
+77,017
New +$50.8K
SVIIR
218
DELISTED
Spring Valley Acquisition Corp II Rights
SVIIR
$49K ﹤0.01%
94,300
-5,700
-6% -$1.84K
LPAAW
219
Launch One Acquisition Corp Warrant
LPAAW
$1.73M
$47.1K ﹤0.01%
204,746
-210,869
-51% -$50.7K
SVACW
220
DELISTED
Spring Valley Acquisition Corp III Warrant
SVACW
$46.7K ﹤0.01%
+66,666
New +$46.7K
MCGAW
221
Yorkville Acquisition Corp Warrant
MCGAW
$1.76M
$46K ﹤0.01%
+38,333
New +$53.2K
NTWOW
222
Newbury Street II Acquisition Corp Warrant
NTWOW
$3.45M
$45.6K ﹤0.01%
198,260
-500
-0.3% -$115
EVAC.WS
223
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$45.5K ﹤0.01%
+189,383
New +$52.7K
NOEMR
224
CO2 Energy Transition Corp Right
NOEMR
$42.9K ﹤0.01%
178,954
-11,046
-6% -$2.37K
NHICW
225
NewHold Investment Corp III Warrants
NHICW
$18.8M
$42.8K ﹤0.01%
118,865
-40,580
-25% -$12.9K
7 8
9
10 11

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DC
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FC
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QF
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KRS
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CRM
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K2 Principal Fund's Q3 2025 Portfolio in Review

As of Q3 2025, K2 Principal Fund held 438 positions worth $1.23B, up 70% from $725M the previous quarter. Its ten largest holdings account for 22% of the portfolio.

K2 Principal Fund withdrew a net $175M in Q3 2025, closing 100 positions and reducing 62 holdings. Its most notable exit was MAG Silver, an estimated $6.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.5% of assets, down from 12% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in EQV Ventures Acquisition Corp II worth $4.82M.

  • K2 Principal Fund's largest Q3 2025 buy was EQV Ventures Acquisition Corp II: 483,973 shares worth $4.82M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q3 2025, an estimated $19.1M increase.
  • K2 Principal Fund's biggest Q3 2025 reduction was iShares Bitcoin Trust, cutting an estimated $6.37M.
  • K2 Principal Fund fully exited MAG Silver in Q3 2025, selling an estimated $6.8M.
  • K2 Principal Fund's ten largest holdings make up 22% of its $1.23B portfolio in Q3 2025.
  • K2 Principal Fund opened 98 new positions and closed 100 in Q3 2025.
  • K2 Principal Fund's portfolio value rose 70% quarter-over-quarter to $1.23B.

Based on K2 Principal Fund's 13F filing for Q3 2025, filed 13 Nov 2025.