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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
ALFUW
251
Centurion Acquisition Corp Warrant
ALFUW
$3.39M
$78.4K 0.01%
245,150
-75,000
-23% -$26.8K
TDACW
252
Translational Development Acquisition Corp Warrants
TDACW
$16.6M
$76.2K 0.01%
245,689
-50,000
-17% -$16.4K
ASTLW icon
253
Algoma Steel Group Warrant
ASTLW
$116K
$76K 0.01%
690,879
– –
GRAF.WS
254
DELISTED
Graf Global Corp Warrants
GRAF.WS
$73.2K 0.01%
162,657
– –
RDAGW
255
Republic Digital Acquisition Co Warrants
RDAGW
$5.16M
$70.2K 0.01%
121,067
– –
TLNCW
256
Talon Capital Corp Warrants
TLNCW
$6.35M
$68.8K 0.01%
+116,666
New +$83.2K
PTON icon
257
CALL
Peloton Interactive
PTON
$2.76B
$67.8K 0.01%
+11,000
New +$77.4K
EVAC.WS
258
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
$66.3K 0.01%
189,383
– –
NOEMW
259
CO2 Energy Transition Corp Warrant
NOEMW
$1.14M
$64K 0.01%
376,348
-32,643
-8% -$5.99K
DAAQW
260
Digital Asset Acquisition Corp Warrant
DAAQW
$2.67M
$63.9K 0.01%
159,845
-40,155
-20% -$24.7K
JENA.RT
261
Jena Acquisition Corp II Rights
JENA.RT
$62.5K 0.01%
312,735
– –
DRDBW
262
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.2M
$62.2K 0.01%
103,595
– –
DVS
263
DELISTED
Dolly Varden Silver Corp
DVS
$62.1K 0.01%
+14,089
New +$61.8K
CUBWW
264
Lionheart Holdings Warrant
CUBWW
$4.72M
$61K ﹤0.01%
358,596
– –
HFRO
265
Highland Opportunities and Income Fund
HFRO
$407M
$60K ﹤0.01%
+10,033
New +$62.9K
FLDDW
266
Fold Holdings Warrant
FLDDW
$1.22M
$57.1K ﹤0.01%
380,780
– –
FRMM
267
Forum Markets
FRMM
$70.9M
$57.1K ﹤0.01%
+11,644
New +$164K
SVCCW
268
Stellar V Capital Corp Warrant
SVCCW
$56.1K ﹤0.01%
169,960
– –
GCTS.WS
269
GCT Semiconductor Holding Warrants
GCTS.WS
$14M
$54.6K ﹤0.01%
683,091
– –
NHICW
270
NewHold Investment Corp III Warrants
NHICW
$53.5K ﹤0.01%
118,865
– –
LPAAW
271
DELISTED
Launch One Acquisition Corp Warrant
LPAAW
$51.2K ﹤0.01%
204,746
– –
ZEOWW
272
Zeo Energy Corp Warrants
ZEOWW
$141K
$51.1K ﹤0.01%
1,277,536
– –
NTWOW
273
Newbury Street II Acquisition Corp Warrant
NTWOW
$2.8M
$49.6K ﹤0.01%
198,253
-7
-0% -$2
PEW.WS
274
GrabAGun Digital Holdings Warrants
PEW.WS
$49.3K ﹤0.01%
129,857
+42,251
+48% +$38.8K
RTACW
275
Renatus Tactical Acquisition Corp I Warrant
RTACW
$6.75M
$48.1K ﹤0.01%
59,413
– –
9 10
11
12 13

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KGI
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SC
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WIM
Weitz Investment Management Omaha, Nebraska $1.43B AUM 0.51% 1-Year Est. Return
LCG
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CCM
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TS
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SMA
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SCA
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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.