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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
+0.32%
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
$788M
AUM Growth
-$112M
Cap. Flow
-$447M
Cap. Flow %
-56.71%
Top 10 Hldgs %
19.01%
Holding
417
New
101
Increased
38
Reduced
59
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$14.3M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$10.3M
3
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.84M
4
FSLR icon
First Solar
FSLR
+$5.33M
5
CEPO
Cantor Equity Partners I
CEPO
+$3.66M

Top Sells

Rank Stock Value
1
IAU icon
iShares Gold Trust
IAU
+$12.4M
2
DYNC
Dynamix Corp
DYNC
+$8.17M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$7.7M
4
MLACU
Mountain Lake Acquisition Corp Units
MLACU
+$7.51M
5
TDACU
Translational Development Acquisition Corp Units
TDACU
+$6.76M

Sector Composition

Rank Sector Weight
1 Financials 6.07%
2 Energy 2.45%
3 Technology 2.17%
4 Healthcare 1.15%
5 Real Estate 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NAK
276
CALL
Northern Dynasty Minerals
NAK
$784M
– –
-150,000
Closed -$87K
NAVI icon
277
PUT
Navient
NAVI
$789M
– –
-25,000
Closed -$332K
NPFD icon
278
Nuveen Variable Rate Preferred & Income Fund
NPFD
$439M
– –
-10,000
Closed -$182K
NTST
279
PUT
NETSTREIT Corp
NTST
$2.09B
– –
-25,000
Closed -$354K
NXT icon
280
Nextpower Inc
NXT
$13.6B
– –
-20,000
Closed -$731K
ODFL icon
281
CALL
Old Dominion Freight Line
ODFL
$44.1B
– –
-10,000
Closed -$1.76M
ON icon
282
ON Semiconductor
ON
$31.8B
– –
-16,973
Closed -$1.07M
PAR icon
283
PUT
PAR Technology
PAR
$699M
– –
-35,000
Closed -$2.54M
PDS
284
CALL
Precision Drilling
PDS
$999M
– –
-11,000
Closed -$672K
PII icon
285
PUT
Polaris
PII
$3.82B
– –
-9,000
Closed -$519K
PLTR icon
286
PUT
Palantir
PLTR
$295B
– –
-30,000
Closed -$2.27M
PRO
287
DELISTED
PROS Holdings
PRO
– –
-68,000
Closed -$1.49M
PROF
288
Profound Medical
PROF
$268M
– –
-35,782
Closed -$269K
QQQ icon
289
PUT
Invesco QQQ Trust
QQQ
$453B
– –
-15,000
Closed -$7.67M
RGLD icon
290
CALL
Royal Gold
RGLD
$16.8B
– –
-17,700
Closed -$2.33M
RTX icon
291
PUT
RTX Corp
RTX
$290B
– –
-40,000
Closed -$4.63M
SLG icon
292
PUT
SL Green Realty
SLG
$3.76B
– –
-17,000
Closed -$1.15M
SRG
293
CALL
Seritage Growth Properties
SRG
$136M
– –
-325,600
Closed -$1.34M
STLD icon
294
CALL
Steel Dynamics
STLD
$36B
– –
-60,000
Closed -$6.84M
TDG icon
295
PUT
TransDigm Group
TDG
$70.2B
– –
-1,000
Closed -$1.27M
TFII icon
296
CALL
TFI International
TFII
$11.1B
– –
-3,800
Closed -$513K
TLT icon
297
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
– –
-5,900
Closed -$515K
TSM icon
298
CALL
TSMC
TSM
$2.1T
– –
-16,000
Closed -$3.16M
UBER icon
299
CALL
Uber
UBER
$143B
– –
-31,000
Closed -$1.87M
USNA icon
300
Usana Health Sciences
USNA
$408M
– –
-10,000
Closed -$359K
10 11
12
13 14

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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 Q1 2025 Portfolio in Review

As of Q1 2025, K2 Principal Fund held 417 positions worth $788M, down 12% from $901M the previous quarter. Its ten largest holdings account for 19% of the portfolio.

K2 Principal Fund withdrew a net $447M in Q1 2025, closing 100 positions and reducing 59 holdings. Its most notable exit was iShares Gold Trust, an estimated $12.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.1% of assets, up from 4.7% a quarter earlier, followed by Energy and Technology.

Against the trend, K2 Principal Fund opened a new position in Hennessy Capital Investment Corp VII worth $10.4M.

  • K2 Principal Fund's largest Q1 2025 buy was Hennessy Capital Investment Corp VII: 1,049,683 shares worth $10.4M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q1 2025, an estimated $14.3M increase.
  • K2 Principal Fund's biggest Q1 2025 reduction was Dynamix Corp, cutting an estimated $8.17M.
  • K2 Principal Fund fully exited iShares Gold Trust in Q1 2025, selling an estimated $12.4M.
  • K2 Principal Fund's ten largest holdings make up 19% of its $788M portfolio in Q1 2025.
  • K2 Principal Fund opened 101 new positions and closed 100 in Q1 2025.
  • K2 Principal Fund's portfolio value fell 12% quarter-over-quarter to $788M.

Based on K2 Principal Fund's 13F filing for Q1 2025, filed 15 May 2025.