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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
+1.51%
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
$1.24B
AUM Growth
+$9.76M
Cap. Flow
-$461M
Cap. Flow %
-37.16%
Top 10 Hldgs %
20.77%
Holding
481
New
139
Increased
48
Reduced
70
Closed
71

Top Buys

Rank Stock Value
1
SUNC
SunocoCorp LLC
SUNC
+$5.29M
2
BTI icon
British American Tobacco
BTI
+$4.93M
3
BIP icon
Brookfield Infrastructure Partners
BIP
+$4.35M
4
BEP icon
Brookfield Renewable
BEP
+$3.69M
5
NGD
New Gold Inc
NGD
+$3.63M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$26.6M
2
CORZ icon
Core Scientific
CORZ
+$12M
3
SLV icon
iShares Silver Trust
SLV
+$6.83M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.95M
5
TLNCU
Talon Capital Corp Units
TLNCU
+$4.52M

Sector Composition

Rank Sector Weight
1 Financials 6.98%
2 Materials 2.32%
3 Technology 1.78%
4 Communication Services 1.46%
5 Consumer Discretionary 1.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LOKVW
226
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$131K 0.01%
132,200
+7,200
+6% +$5.94K
OBDC icon
227
Blue Owl Capital
OBDC
$5.36B
$128K 0.01%
+10,300
New +$131K
TACOW
228
Berto Acquisition Corp Warrant
TACOW
$16.6M
$125K 0.01%
336,901
+184,633
+121% +$93.8K
EURKR
229
Eureka Acquisition Corp Right
EURKR
$124K 0.01%
+326,474
New +$118K
SPRY icon
230
ARS Pharmaceuticals
SPRY
$559M
$119K 0.01%
10,200
-611,607
-98% -$5.95M
HVIIR
231
Hennessy Capital Investment Corp VII Rights
HVIIR
$110K 0.01%
394,597
-211,534
-35% -$76.5K
CRAQR
232
Cal Redwood Acquisition Corp Right
CRAQR
$105K 0.01%
328,278
+2,032
+0.6% +$585
NWAX.U
233
New America Acquisition I Corp Units
NWAX.U
$104K 0.01%
+10,000
New +$104K
QUBT icon
234
CALL
Quantum Computing Inc
QUBT
$1.81B
$103K 0.01%
+10,000
New +$142K
PCF
235
High Income Securities Fund
PCF
$99.2M
$102K 0.01%
16,617
-100
-0.6% -$621
FACTW
236
FACT II Acquisition Corp Warrant
FACTW
$1.32M
$101K 0.01%
288,286
-6,767
-2% -$2.54K
MOBBW
237
Mobilicom Ltd Warrants
MOBBW
$2.18B
$100K 0.01%
+31,140
New +$96.8K
OPENW
238
Opendoor Technologies Inc Series K Warrants
OPENW
$10.2M
$100K 0.01%
+111,406
New +$150K
JOBY.WS icon
239
Joby Aviation Warrants
JOBY.WS
$99K 0.01%
+25,000
New +$137K
AIRJW
240
AirJoule Technologies Warrant
AIRJW
$63.1M
$98.5K 0.01%
+115,912
New +$114K
GTENW
241
Gores Holdings X Warrants
GTENW
$6.96M
$93.9K 0.01%
100,956
– –
AENTW icon
242
Alliance Entertainment Holding Corp Warrants
AENTW
$3.72M
$93.8K 0.01%
+110,294
New +$80.8K
NIOBW
243
NioCorp Developments Ltd Warrant
NIOBW
$51.9M
$93.2K 0.01%
+50,100
New +$125K
BCARW
244
D. Boral ARC Acquisition I Corp Warrant
BCARW
$10.1M
$92.8K 0.01%
257,677
-14,000
-5% -$4.84K
SIMAW
245
SIM Acquisition Corp I Warrant
SIMAW
$3.15M
$86.9K 0.01%
395,072
– –
LPBBW
246
Launch Two Acquisition Corp Warrant
LPBBW
$3.22M
$85.7K 0.01%
267,954
– –
PMTRW
247
Perimeter Acquisition Corp I Warrant
PMTRW
$10.8M
$82.9K 0.01%
116,818
-6,800
-6% -$5.68K
CCCXW
248
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$81.4K 0.01%
10,567
-44,433
-81% -$331K
SPKLW
249
Spark I Acquisition Corp Warrant
SPKLW
$6.5M
$80.7K 0.01%
260,220
– –
RAC.WS
250
Rithm Acquisition Corp Warrants
RAC.WS
$80K 0.01%
116,000
– –
8 9
10
11 12

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KGI
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SC
Styrax Capital New York $1.43B AUM 50.63% 1-Year Est. Return
WIM
Weitz Investment Management Omaha, Nebraska $1.43B AUM 0.51% 1-Year Est. Return
LCG
Luxor Capital Group New York $1.43B AUM 30.88% 1-Year Est. Return
CCM
Callodine Capital Management Boston, Massachusetts $1.43B AUM 8.74% 1-Year Est. Return
TS
Triglav Skladi Ljubljana, Slovenia $1.43B AUM 39.24% 1-Year Est. Return
SMA
Sage Mountain Advisors Atlanta, Georgia $1.43B AUM 16.47% 1-Year Est. Return
SCA
Stonebridge Capital Advisors St Paul, Minnesota $1.43B AUM 21.98% 1-Year Est. Return

K2 Principal Fund's Q4 2025 Portfolio in Review

As of Q4 2025, K2 Principal Fund held 481 positions worth $1.24B, up 0.79% from $1.23B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $461M in Q4 2025, closing 71 positions and reducing 70 holdings. Its most notable exit was SPDR Gold Trust, an estimated $26.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7% of assets, up from 6.5% a quarter earlier, followed by Materials and Technology.

Against the trend, K2 Principal Fund opened a new position in SunocoCorp LLC worth $5.18M.

  • K2 Principal Fund's largest Q4 2025 buy was SunocoCorp LLC: 105,090 shares worth $5.18M.
  • K2 Principal Fund added most to British American Tobacco in Q4 2025, an estimated $4.93M increase.
  • K2 Principal Fund's biggest Q4 2025 reduction was iShares Silver Trust, cutting an estimated $6.83M.
  • K2 Principal Fund fully exited SPDR Gold Trust in Q4 2025, selling an estimated $26.6M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.24B portfolio in Q4 2025.
  • K2 Principal Fund opened 139 new positions and closed 71 in Q4 2025.
  • K2 Principal Fund's portfolio value rose 0.79% quarter-over-quarter to $1.24B.

Based on K2 Principal Fund's 13F filing for Q4 2025, filed 13 Feb 2026.