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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
+17.68%
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
$1.23B
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
NHICW
226
NewHold Investment Corp III Warrants
NHICW
$42.8K ﹤0.01%
118,865
-40,580
-25% -$12.9K
TACHW
227
Titan Acquisition Corp Warrants
TACHW
$8M
$41K ﹤0.01%
136,650
– –
MRNOW
228
Murano Global Investments PLC Warrants
MRNOW
$169K
$37.8K ﹤0.01%
252,143
+111,969
+80% +$23.3K
SRTAW
229
DELISTED
Strata Critical Medical Inc Warrants
SRTAW
$36.8K ﹤0.01%
175,280
-321,789
-65% -$63.1K
NPWR.WS icon
230
NET Power Inc Warrants
NPWR.WS
$14.6M
$34.6K ﹤0.01%
46,181
– –
CHARR
231
Charlton Aria Acquisition Corp Rights
CHARR
$34.5K ﹤0.01%
191,752
-100,000
-34% -$19.1K
JACS.RT
232
Jackson Acquisition Co II Rights
JACS.RT
$34K ﹤0.01%
136,000
– –
NRO
233
Neuberger Real Estate Securities Income Fund Inc
NRO
$193M
$33.6K ﹤0.01%
10,400
– –
GCMG icon
234
GCM Grosvenor
GCMG
$751M
$31.7K ﹤0.01%
+59,780
New +$741K
GPATW
235
GP-Act III Acquisition Corp Warrants
GPATW
$2.3M
$31.7K ﹤0.01%
121,798
– –
HDRNW
236
Hadron Energy Warrant
HDRNW
$2.83M
$31.4K ﹤0.01%
69,790
-507
-0.7% -$94
OACCW
237
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$3.39M
$29.3K ﹤0.01%
39,058
– –
SZZLR
238
Sizzle Acquisition Corp II Right
SZZLR
$27.6K ﹤0.01%
153,273
– –
SPEGR
239
Silver Pegasus Acquisition Corp Rights
SPEGR
$25K ﹤0.01%
+100,000
New +$21.6K
AACBR
240
Artius II Acquisition Inc Rights
AACBR
$24.6K ﹤0.01%
112,006
– –
BRRWW
241
ProCap Financial Inc
BRRWW
$2.57M
$23.2K ﹤0.01%
19,370
-130,630
-87% -$200K
ONCHW
242
1RT Acquisition Corp Warrant
ONCHW
$22.3K ﹤0.01%
+25,000
New +$26.7K
KCHVR
243
Kochav Defense Acquisition Corp Right
KCHVR
$22K ﹤0.01%
+100,000
New +$20.7K
OAKUW
244
DELISTED
Oak Woods Acquisition Corp Warrant
OAKUW
$20K ﹤0.01%
500,340
– –
AAM.WS
245
DELISTED
AA Mission Acquisition Corp Warrants
AAM.WS
$20K ﹤0.01%
125,000
– –
TGE.WS
246
The Generation Essentials Group Warrants
TGE.WS
$16.9K ﹤0.01%
129,911
-62,595
-33% -$19.6K
KFIIR
247
K&F Growth Acquisition Corp II Rights
KFIIR
$15.4K ﹤0.01%
118,722
– –
VEEAW
248
Veea Inc Warrant
VEEAW
$12.7K ﹤0.01%
182,090
-46,800
-20% -$5.8K
KVACW icon
249
Keen Vision Acquisition Corp Warrant
KVACW
$477K
$12.3K ﹤0.01%
204,578
-20,029
-9% -$1.47K
ATMCW
250
DELISTED
AlphaTime Acquisition Corp Warrant
ATMCW
$9.91K ﹤0.01%
141,606
– –
8 9
10
11 12

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WIM
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LCG
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CCM
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SMA
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SCA
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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.