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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
XBPEW
251
XBP Europe Holdings Warrant
XBPEW
$9.33K ﹤0.01%
233,305
– –
CHPGR
252
ChampionsGate Acquisition Corp Rights
CHPGR
$8.16K ﹤0.01%
62,780
– –
HYAC.WS
253
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$5K ﹤0.01%
12,500
– –
ESHAR
254
DELISTED
ESH Acquisition Corp Right
ESHAR
$4.56K ﹤0.01%
26,807
– –
FORLW
255
DELISTED
Four Leaf Acquisition Corp Warrants
FORLW
$2.22K ﹤0.01%
55,548
– –
RFAIR
256
RF Acquisition Corp II Right
RFAIR
$1.07K ﹤0.01%
13,374
-36,626
-73% -$2.93K
AGS
257
DELISTED
PlayAGS
AGS
– –
-99,918
Closed -$1.25M
ANSCW
258
Agriculture & Natural Solutions Acquisition Corp Warrant
ANSCW
$2.42M
– –
-55,589
Closed -$8.34K
APP icon
259
CALL
Applovin
APP
$136B
– –
-700
Closed -$245K
ARKK icon
260
CALL
ARK Innovation ETF
ARKK
$5.77B
– –
-10,000
Closed -$703K
ASTS icon
261
CALL
AST SpaceMobile
ASTS
$17.5B
– –
-25,000
Closed -$1.17M
AVGO icon
262
Broadcom
AVGO
$1.85T
– –
-4,854
Closed -$1.34M
BTU icon
263
CALL
Peabody Energy
BTU
$2.61B
– –
-125,000
Closed -$1.68M
CIEN icon
264
Ciena
CIEN
$52.7B
– –
-13,013
Closed -$1.06M
CLBR
265
DELISTED
Colombier Acquisition Corp II
CLBR
– –
-283,990
Closed -$4.39M
CLBR.WS
266
DELISTED
Colombier Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
CLBR.WS
– –
-168,211
Closed -$631K
CORZ icon
267
PUT
Core Scientific
CORZ
$7.01B
– –
-175,000
Closed -$2.99M
DBX icon
268
PUT
Dropbox
DBX
$7.49B
– –
-50,000
Closed -$1.43M
DHI icon
269
D.R. Horton
DHI
$40.7B
– –
-8,000
Closed -$1.03M
DKS icon
270
Dick's Sporting Goods
DKS
$17.9B
– –
-7,500
Closed -$1.48M
ENPH icon
271
PUT
Enphase Energy
ENPH
$4.94B
– –
-40,000
Closed -$1.59M
FL
272
DELISTED
Foot Locker
FL
– –
-60,000
Closed -$1.47M
FLR icon
273
Fluor
FLR
$6.99B
– –
-58,200
Closed -$2.68M
FSLR icon
274
CALL
First Solar
FSLR
$22.1B
– –
-5,000
Closed -$828K
GCMGW
275
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
– –
-79,780
Closed -$51.1K
9 10
11
12 13

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SC
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WIM
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LCG
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CCM
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SMA
Sage Mountain Advisors Atlanta, Georgia $1.43B AUM 16.47% 1-Year Est. Return
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.