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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
SKYH.WS icon
276
Sky Harbour Group Warrants
SKYH.WS
$17.7M
$47.9K ﹤0.01%
73,619
– –
TACHW
277
Titan Acquisition Corp Warrants
TACHW
$8M
$42.4K ﹤0.01%
136,650
– –
SVACW
278
DELISTED
Spring Valley Acquisition Corp III Warrant
SVACW
$41.3K ﹤0.01%
66,666
– –
RNGTW
279
Range Capital Acquisition Corp II Warrants
RNGTW
$4.14M
$39.1K ﹤0.01%
+122,200
New +$49.8K
AACBR
280
Artius II Acquisition Inc Rights
AACBR
$37K ﹤0.01%
112,006
– –
CHARR
281
Charlton Aria Acquisition Corp Rights
CHARR
$36.4K ﹤0.01%
191,752
– –
SZZLR
282
Sizzle Acquisition Corp II Right
SZZLR
$35.8K ﹤0.01%
223,957
+70,684
+46% +$14.9K
MLACR
283
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$35.4K ﹤0.01%
147,507
-217,442
-60% -$85.2K
HDRNW
284
Hadron Energy Warrant
HDRNW
$2.83M
$35.3K ﹤0.01%
86,112
+16,322
+23% +$11.2K
WENNW
285
Wen Acquisition Corp Warrant
WENNW
$5.25M
$35.1K ﹤0.01%
113,158
– –
DMIIR
286
Drugs Made In America Acquisition II Corp Right
DMIIR
$35K ﹤0.01%
+250,000
New +$35.7K
DNMXW
287
Dynamix Corp III Warrants
DNMXW
$2.42M
$34.6K ﹤0.01%
+96,249
New +$36.3K
JACS.RT
288
Jackson Acquisition Co II Rights
JACS.RT
$34K ﹤0.01%
136,000
– –
MACIW
289
Melar Acquisition Corp I Warrant
MACIW
$33K ﹤0.01%
236,041
-178,670
-43% -$30.6K
EVOXW
290
Evolution Global Acquisition Corp Warrants
EVOXW
$4.44M
$33K ﹤0.01%
+75,000
New +$28.5K
GPATW
291
GP-Act III Acquisition Corp Warrants
GPATW
$2.3M
$32.9K ﹤0.01%
121,798
– –
NRO
292
Neuberger Real Estate Securities Income Fund Inc
NRO
$193M
$31.6K ﹤0.01%
10,400
– –
GIWWR
293
GigCapital8 Rights
GIWWR
$31K ﹤0.01%
+100,000
New +$37.2K
LWACW
294
LightWave Acquisition Corp Warrants
LWACW
$2.54M
$28.9K ﹤0.01%
+106,950
New +$28.8K
NOEMR
295
CO2 Energy Transition Corp Right
NOEMR
$28.9K ﹤0.01%
131,207
-47,747
-27% -$10.6K
RAAQW
296
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$28.9K ﹤0.01%
+67,110
New +$39.8K
PCAPW
297
ProCap Acquisition Corp Warrant
PCAPW
$2.67M
$28.5K ﹤0.01%
77,017
– –
OPENZ
298
Opendoor Technologies Inc Series Z Warrants
OPENZ
$5.2M
$27.8K ﹤0.01%
+69,434
New +$42K
OACCW
299
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$3.39M
$27.7K ﹤0.01%
39,058
– –
SPEGR
300
Silver Pegasus Acquisition Corp Rights
SPEGR
$24.6K ﹤0.01%
102,500
+2,500
+3% +$672
10 11
12
13 14

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WIM
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LCG
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CCM
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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.