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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
-0.54%
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
$727M
AUM Growth
+$68.5M
Cap. Flow
-$74.1M
Cap. Flow %
-10.2%
Top 10 Hldgs %
28.59%
Holding
373
New
123
Increased
37
Reduced
62
Closed
108

Top Buys

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$11.3M
2
ACI icon
Albertsons Companies
ACI
+$5.8M
3
FHN icon
First Horizon
FHN
+$4.56M
4
ILLM
illumin Holdings Inc. Common Shares
ILLM
+$3.79M
5
NATI
National Instruments Corp
NATI
+$3.53M

Top Sells

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$20.4M
2
SJT
San Juan Basin Royalty Trust
SJT
+$12.9M
3
MNST icon
Monster Beverage
MNST
+$11M
4
COOP
Mr. Cooper
COOP
+$11M
5
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10M

Sector Composition

Rank Sector Weight
1 Financials 5.98%
2 Real Estate 4.77%
3 Healthcare 4.13%
4 Technology 3.4%
5 Energy 2.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RFAC
301
DELISTED
RF Acquisition Corp. Class A Common Stock
RFAC
– –
-76,850
Closed -$777K
LUMO
302
DELISTED
Lumos Pharma, Inc. Common Stock
LUMO
– –
-15,836
Closed -$57.2K
CVII
303
DELISTED
Churchill Capital Corp VII Class A Common Stock
CVII
– –
-360,218
Closed -$3.59M
IMAQR
304
DELISTED
International Media Acquisition Corp. Rights
IMAQR
– –
-75,709
Closed -$5.3K
SPLK
305
CALL
DELISTED
Splunk Inc
SPLK
– –
-10,000
Closed -$861K
VHAQ.RT
306
DELISTED
Viveon Health Acquisition Corp. Rights, each exchangeable into one-twentieth of a share of Common Stock
VHAQ.RT
– –
-722,804
Closed -$94.3K
NSTB
307
DELISTED
Northern Star Investment Corp. II
NSTB
– –
-78,334
Closed -$785K
ELIQ
308
DELISTED
Electriq Power Holdings, Inc.
ELIQ
– –
-60,223
Closed -$613K
NSTB.WS
309
DELISTED
Northern Star Investment Corp. II Redeemable warrants, each whole warrant exercisable for shares of Class A common stock at an exercise price of $11.50 per share
NSTB.WS
– –
-33,804
Closed -$2.19K
KVSA
310
DELISTED
Khosla Ventures Acquisition Co. Class A Common Stock
KVSA
– –
-23,763
Closed -$237K
LIVBW
311
DELISTED
LIV Capital Acquisition Corp. II Warrants
LIVBW
– –
-282,790
Closed -$15.6K
CCVI
312
DELISTED
Churchill Capital Corp VI
CCVI
– –
-333,202
Closed -$3.33M
GETR.WS
313
DELISTED
Getaround, Inc. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
GETR.WS
– –
-68,369
Closed -$3.12K
NSTD.WS
314
DELISTED
Northern Star Investment Corp. IV Redeemable Warrants, each whole warrant exercisable for shares of Class A common stock at an exercise price of $11.50 per share
NSTD.WS
– –
-41,938
Closed -$977
NSTD
315
DELISTED
Northern Star Investment Corp. IV
NSTD
– –
-23,058
Closed -$232K
NSTC
316
DELISTED
Northern Star Investment Corp. III
NSTC
– –
-179,257
Closed -$1.8M
FOCS
317
CALL
DELISTED
Focus Financial Partners Inc. Class A
FOCS
– –
-26,300
Closed -$980K
BLNG
318
DELISTED
Belong Acquisition Corp. Class A Common Stock
BLNG
– –
-32,062
Closed -$317K
MAXR
319
CALL
DELISTED
Maxar Technologies Inc. Common Stock
MAXR
– –
-20,000
Closed -$1.03M
KVSC
320
DELISTED
Khosla Ventures Acquisition Co. III Class A Common Stock
KVSC
– –
-13,893
Closed -$138K
AGFS
321
DELISTED
AgroFresh Solutions Inc
AGFS
– –
-43,894
Closed -$130K
JMACW
322
DELISTED
Maxpro Capital Acquisition Corp. Warrants
JMACW
– –
-325,000
Closed -$17.9K
IAA
323
DELISTED
IAA, Inc. Common Stock
IAA
– –
-19,227
Closed -$769K
GWIIW
324
DELISTED
Good Works II Acquisition Corp. Warrant
GWIIW
– –
-87,509
Closed -$6.34K
HORIW
325
DELISTED
Emerging Markets Horizon Corp. Warrants
HORIW
– –
-109,640
Closed -$548
10 11 12
13
14

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K2 Principal Fund's Q1 2023 Portfolio in Review

As of Q1 2023, K2 Principal Fund held 373 positions worth $727M, up 10% from $658M the previous quarter. Its ten largest holdings account for 29% of the portfolio.

K2 Principal Fund withdrew a net $74.1M in Q1 2023, closing 108 positions and reducing 62 holdings. Its most notable exit was Scotiabank, an estimated $20.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6% of assets, down from 10% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, K2 Principal Fund opened a new position in PennyMac Mortgage Investment worth $10.4M.

  • K2 Principal Fund's largest Q1 2023 buy was PennyMac Mortgage Investment: 839,533 shares worth $10.4M.
  • K2 Principal Fund added most to First Horizon in Q1 2023, an estimated $4.56M increase.
  • K2 Principal Fund's biggest Q1 2023 reduction was San Juan Basin Royalty Trust, cutting an estimated $12.9M.
  • K2 Principal Fund fully exited Scotiabank in Q1 2023, selling an estimated $20.4M.
  • K2 Principal Fund's ten largest holdings make up 29% of its $727M portfolio in Q1 2023.
  • K2 Principal Fund opened 123 new positions and closed 108 in Q1 2023.
  • K2 Principal Fund's portfolio value rose 10% quarter-over-quarter to $727M.

Based on K2 Principal Fund's 13F filing for Q1 2023, filed 11 May 2023.