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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
+9.21%
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
$725M
AUM Growth
-$63M
Cap. Flow
-$143M
Cap. Flow %
-19.69%
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
OACCW
226
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$34.4K ﹤0.01%
39,058
– –
NRO
227
Neuberger Real Estate Securities Income Fund Inc
NRO
$195M
$33.5K ﹤0.01%
10,400
– –
VEEAW
228
Veea Inc Warrant
VEEAW
$756K
$32K ﹤0.01%
228,890
– –
SZZLR
229
Sizzle Acquisition Corp II Right
SZZLR
$30.7K ﹤0.01%
+153,273
New +$29.7K
SAFX
230
XCF Global Inc
SAFX
$142M
$29.3K ﹤0.01%
+33,332
New +$207K
NOEMR
231
CO2 Energy Transition Corp Right
NOEMR
$28.5K ﹤0.01%
190,000
– –
MRNOW
232
Murano Global Investments PLC Warrants
MRNOW
$218K
$28K ﹤0.01%
140,174
– –
AACBR
233
Artius II Acquisition Inc Rights
AACBR
$26.9K ﹤0.01%
+112,006
New +$25.1K
XPL icon
234
Solitario Resources
XPL
$67.9M
$25.1K ﹤0.01%
38,554
-246,237
-86% -$155K
GETY icon
235
Getty Images
GETY
$171M
$22.9K ﹤0.01%
13,789
– –
GCTS.WS
236
GCT Semiconductor Holding Warrants
GCTS.WS
$14.5M
$18.3K ﹤0.01%
183,091
– –
NPWR.WS icon
237
NET Power Inc Warrants
NPWR.WS
$11.8M
$15.2K ﹤0.01%
46,181
+9,090
+25% +$2.76K
OAKUW
238
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$15K ﹤0.01%
500,340
– –
KFIIR
239
K&F Growth Acquisition Corp II Rights
KFIIR
$14.2K ﹤0.01%
118,722
-181,187
-60% -$24.7K
SVIIR
240
DELISTED
Spring Valley Acquisition Corp II Rights
SVIIR
$14K ﹤0.01%
100,000
– –
JVSAR
241
DELISTED
JV SPAC Acquisition Corp. Right
JVSAR
$12.5K ﹤0.01%
+14,387
New +$5.97K
XBPEW
242
XBP Europe Holdings Warrant
XBPEW
$11.7K ﹤0.01%
233,305
– –
AAM.WS
243
DELISTED
AA Mission Acquisition Corp Warrants
AAM.WS
$11.3K ﹤0.01%
125,000
– –
KVACW icon
244
Keen Vision Acquisition Corp Warrant
KVACW
$446K
$11.2K ﹤0.01%
224,607
– –
HDRNW
245
Hadron Energy Warrant
HDRNW
$3.6M
$10.5K ﹤0.01%
70,297
-191,203
-73% -$19.1K
KIDZW
246
KIDZ AI Inc Warrants
KIDZW
$242K
$9.73K ﹤0.01%
+74,888
New +$11.6K
CHEB.WS
247
DELISTED
Chenghe Acquisition II Co. Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
CHEB.WS
$9.32K ﹤0.01%
103,560
-1,477
-1% -$115
ANSCW
248
Agriculture & Natural Solutions Acquisition Corp Warrant
ANSCW
$8.34K ﹤0.01%
55,589
-4,251
-7% -$851
BSLKW
249
DELISTED
Bolt Projects Holdings Warrant
BSLKW
$7.86K ﹤0.01%
261,977
-38,023
-13% -$985
SEATW icon
250
Vivid Seats Inc Warrant
SEATW
$7.49K ﹤0.01%
53,525
-109,179
-67% -$24.9K
8 9
10
11 12

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LCG
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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.