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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
+3.32%
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
$1.51B
AUM Growth
+$279M
Cap. Flow
+$223M
Cap. Flow %
14.8%
Top 10 Hldgs %
40.05%
Holding
511
New
204
Increased
73
Reduced
35
Closed
140

Top Buys

Rank Stock Value
1
SKIN icon
SkinHealth Systems
SKIN
+$43.2M
2
PFSI icon
PennyMac Financial
PFSI
+$21.6M
3
SJT
San Juan Basin Royalty Trust
SJT
+$12.6M
4
WFG icon
West Fraser Timber
WFG
+$11.3M
5
TRIS
Tristar Acquisition I Corp.
TRIS
+$11.2M

Top Sells

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$23.6M
2
HHH icon
Howard Hughes
HHH
+$19.2M
3
PFTAU
Perception Capital Corp. III Unit
PFTAU
+$15.9M
4
SKINW
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
+$11.4M
5
SOND
Sonder
SOND
+$10.1M

Sector Composition

Rank Sector Weight
1 Financials 16.28%
2 Consumer Staples 4.73%
3 Materials 1.97%
4 Communication Services 1.66%
5 Technology 1.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DISCK
251
CALL
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
$229K 0.02%
+10,000
New +$241K
SKIN icon
252
CALL
SkinHealth Systems
SKIN
$83.4M
$222K 0.01%
9,200
-304,400
-97% -$7.84M
COVAW
253
DELISTED
COVA Acquisition Corp. Warrants to purchase Class A ordinary shares
COVAW
$221K 0.01%
445,482
– –
GWIIW
254
DELISTED
Good Works II Acquisition Corp. Warrant
GWIIW
$220K 0.01%
386,292
– –
PAFOR
255
DELISTED
Pacifico Acquisition Corp. Rights
PAFOR
$215K 0.01%
+477,463
New +$193K
FTVIW
256
DELISTED
FinTech Acquisition Corp. VI Warrants
FTVIW
$211K 0.01%
217,057
+142,057
+189% +$147K
LAAAW
257
DELISTED
Lakeshore Acquisition I Corp. Warrant
LAAAW
$210K 0.01%
272,332
+61,057
+29% +$33.1K
FCX icon
258
CALL
Freeport-McMoran
FCX
$86.2B
$209K 0.01%
+5,000
New +$190K
NOACW
259
DELISTED
Natural Order Acquisition Corp. Warrant
NOACW
$206K 0.01%
490,122
+162,474
+50% +$82.3K
INTEW
260
DELISTED
Integral Acquisition Corporation 1 Warrants
INTEW
$205K 0.01%
+325,000
New +$169K
GTPBW
261
DELISTED
Gores Technology Partners II, Inc. Warrant
GTPBW
$196K 0.01%
+149,352
New +$190K
JAQCW
262
DELISTED
Jupiter Acquisition Corporation Warrants
JAQCW
$195K 0.01%
+402,500
New +$214K
BRLSW icon
263
Borealis Foods Inc Warrant
BRLSW
$590K
$183K 0.01%
+300,000
New +$171K
MOBXW icon
264
Mobix Labs Warrants
MOBXW
$182K 0.01%
368,500
+256,000
+228% +$132K
CLAQR
265
DELISTED
CleanTech Acquisition Corp. Rights
CLAQR
$178K 0.01%
525,100
+224,000
+74% +$56.8K
MSAIW icon
266
MultiSensor AI Holdings Warrant
MSAIW
$854K
$176K 0.01%
+375,000
New +$190K
AEAEW
267
DELISTED
AltEnergy Acquisition Corp Warrant
AEAEW
$174K 0.01%
+300,000
New +$170K
AACIW
268
DELISTED
Armada Acquisition Corp. I Warrant
AACIW
$172K 0.01%
+307,304
New +$157K
WINVR
269
DELISTED
WinVest Acquisition Corp. Right
WINVR
$170K 0.01%
+680,792
New +$171K
AVHIW
270
DELISTED
Achari Ventures Holdings Corp I Warrant
AVHIW
$165K 0.01%
+500,000
New +$191K
ENERR
271
DELISTED
Accretion Acquisition Corp Right
ENERR
$160K 0.01%
+500,000
New +$166K
MTRYW
272
DELISTED
Monterey Innovation Acquisition Corp. Warrant
MTRYW
$156K 0.01%
+400,000
New +$176K
DMAQR
273
DELISTED
Deep Medicine Acquisition Corp. Rights
DMAQR
$152K 0.01%
+475,000
New +$150K
GGGVR
274
DELISTED
G3 VRM Acquisition Corp. Rights
GGGVR
$149K 0.01%
+392,785
New +$149K
CIIGW
275
DELISTED
CIIG Capital Partners II, Inc. Warrant
CIIGW
$145K 0.01%
+175,000
New +$142K
9 10
11
12 13

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K2 Principal Fund's Q4 2021 Portfolio in Review

As of Q4 2021, K2 Principal Fund held 511 positions worth $1.51B, up 23% from $1.23B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

K2 Principal Fund deployed $223M of net new capital in Q4 2021, opening 204 new positions and adding to 73 existing holdings. Its largest new stake was San Juan Basin Royalty Trust: 2,014,719 shares worth $12.3M.

By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 18% a quarter earlier, followed by Consumer Staples and Materials.

On the sell side, the largest reduction was Mercer International, an estimated $7.82M trimmed.

  • K2 Principal Fund's largest Q4 2021 buy was San Juan Basin Royalty Trust: 2,014,719 shares worth $12.3M.
  • K2 Principal Fund added most to SkinHealth Systems in Q4 2021, an estimated $43.2M increase.
  • K2 Principal Fund's biggest Q4 2021 reduction was Mercer International, cutting an estimated $7.82M.
  • K2 Principal Fund fully exited PennyMac Mortgage Investment in Q4 2021, selling an estimated $23.6M.
  • K2 Principal Fund's ten largest holdings make up 40% of its $1.51B portfolio in Q4 2021.
  • K2 Principal Fund opened 204 new positions and closed 140 in Q4 2021.
  • K2 Principal Fund's portfolio value rose 23% quarter-over-quarter to $1.51B.

Based on K2 Principal Fund's 13F filing for Q4 2021, filed 11 Feb 2022.