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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
GETY icon
276
Getty Images
GETY
$158M
– –
-13,789
Closed -$22.9K
HES
277
DELISTED
Hess
HES
– –
-32,782
Closed -$4.54M
HLT icon
278
CALL
Hilton Worldwide
HLT
$72.5B
– –
-4,000
Closed -$1.07M
HYG icon
279
CALL
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.9B
– –
-25,000
Closed -$2.02M
IBIT icon
280
CALL
iShares Bitcoin Trust
IBIT
$48.1B
– –
-142,500
Closed -$8.72M
IBIT icon
281
PUT
iShares Bitcoin Trust
IBIT
$48.1B
– –
-250,000
Closed -$15.3M
IJR icon
282
PUT
iShares Core S&P Small-Cap ETF
IJR
$110B
– –
-20,000
Closed -$2.19M
IMO icon
283
CALL
Imperial Oil
IMO
$62.3B
– –
-25,000
Closed -$1.99M
IMO icon
284
Imperial Oil
IMO
$62.3B
– –
-15,000
Closed -$1.19M
INSP icon
285
CALL
Inspire Medical Systems
INSP
$1.44B
– –
-9,100
Closed -$1.18M
IONQ.WS
286
IonQ Inc Warrants
IONQ.WS
$5.92B
– –
-32,071
Closed -$1.01M
IREN icon
287
CALL
Iris Energy
IREN
$13.7B
– –
-50,000
Closed -$729K
JNPR
288
DELISTED
Juniper Networks
JNPR
– –
-100,000
Closed -$3.99M
JOBY.WS icon
289
Joby Aviation Warrants
JOBY.WS
– –
-217,107
Closed -$521K
LYV icon
290
CALL
Live Nation Entertainment
LYV
$42.7B
– –
-34,000
Closed -$5.14M
LYV icon
291
PUT
Live Nation Entertainment
LYV
$42.7B
– –
-2,000
Closed -$303K
MAG
292
DELISTED
MAG Silver
MAG
– –
-321,870
Closed -$6.8M
MP icon
293
PUT
MP Materials
MP
$7.42B
– –
-20,000
Closed -$665K
MU icon
294
Micron Technology
MU
$988B
– –
-10,000
Closed -$1.23M
NHC icon
295
PUT
National Healthcare
NHC
$3.58B
– –
-9,500
Closed -$1.02M
OC icon
296
CALL
Owens Corning
OC
$11.2B
– –
-10,000
Closed -$1.38M
OWL icon
297
CALL
Blue Owl Capital
OWL
$6.87B
– –
-29,000
Closed -$557K
RKT icon
298
CALL
Rocket Companies
RKT
$37.5B
– –
-75,000
Closed -$1.06M
RUN icon
299
Sunrun
RUN
$2.27B
– –
-81,639
Closed -$668K
SEATW icon
300
Vivid Seats Inc Warrant
SEATW
– –
-53,525
Closed -$7.49K
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 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.