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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
CHPGR
251
ChampionsGate Acquisition Corp Rights
CHPGR
$6.28K ﹤0.01%
+62,780
New +$9.69K
IBACR
252
IB Acquisition Corp Right
IBACR
$4.41K ﹤0.01%
110,178
-39,822
-27% -$2.2K
ATMCW
253
DELISTED
AlphaTime Acquisition Corp Warrant
ATMCW
$4.25K ﹤0.01%
141,606
– –
RFAIR
254
RF Acquisition Corp II Right
RFAIR
$3.5K ﹤0.01%
50,000
– –
DTSQR
255
DT Cloud Star Acquisition Corp Right
DTSQR
$3.44K ﹤0.01%
31,225
-67,775
-68% -$8.59K
HYAC.WS
256
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$3.13K ﹤0.01%
12,500
– –
ESHAR
257
DELISTED
ESH Acquisition Corp Right
ESHAR
$2.15K ﹤0.01%
26,807
-65,820
-71% -$5.75K
FORLW
258
DELISTED
Four Leaf Acquisition Corp Warrants
FORLW
$1.67K ﹤0.01%
55,548
– –
AAPL icon
259
PUT
Apple
AAPL
$4.99T
– –
-10,000
Closed -$2.22M
ABNB icon
260
PUT
Airbnb
ABNB
$90.9B
– –
-20,000
Closed -$2.39M
AIQ icon
261
PUT
Global X Artificial Intelligence & Technology ETF
AIQ
$9.09B
– –
-50,000
Closed -$1.82M
ARKK icon
262
PUT
ARK Innovation ETF
ARKK
$5.74B
– –
-110,000
Closed -$5.23M
BA icon
263
PUT
Boeing
BA
$175B
– –
-10,000
Closed -$1.71M
BMEZ icon
264
BlackRock Health Sciences Trust II
BMEZ
$960M
– –
-20,830
Closed -$310K
BOWNR
265
DELISTED
Bowen Acquisition Corp Rights
BOWNR
– –
-29,596
Closed -$7.7K
CEG icon
266
PUT
Constellation Energy
CEG
$92.8B
– –
-5,000
Closed -$1.01M
CERT icon
267
Certara
CERT
$1.23B
– –
-58,951
Closed -$584K
CEVA icon
268
CEVA Inc
CEVA
$883M
– –
-18,952
Closed -$485K
CIEN icon
269
CALL
Ciena
CIEN
$49.6B
– –
-40,000
Closed -$2.42M
CNQ icon
270
CALL
Canadian Natural Resources
CNQ
$92.2B
– –
-10,000
Closed -$308K
CVNA icon
271
CALL
Carvana
CVNA
$47.3B
– –
-55,000
Closed -$2.3M
CWAN
272
PUT
DELISTED
Clearwater Analytics
CWAN
– –
-27,000
Closed -$724K
CWH icon
273
CALL
Camping World
CWH
$399M
– –
-30,000
Closed -$485K
DIS icon
274
Walt Disney
DIS
$172B
– –
-12,429
Closed -$1.23M
DIS icon
275
PUT
Walt Disney
DIS
$172B
– –
-10,000
Closed -$987K
9 10
11
12 13

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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 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.