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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
VALE icon
301
CALL
Vale
VALE
$63.8B
– –
-50,000
Closed -$444K
VFC icon
302
VF Corp
VFC
$5.87B
– –
-290,000
Closed -$6.22M
VFC icon
303
PUT
VF Corp
VFC
$5.87B
– –
-50,000
Closed -$1.07M
W icon
304
CALL
Wayfair
W
$11.9B
– –
-17,000
Closed -$753K
XBI icon
305
PUT
State Street SPDR S&P Biotech ETF
XBI
$10.3B
– –
-20,000
Closed -$1.8M
XLC icon
306
CALL
State Street Communication Services Select Sector SPDR ETF
XLC
$21.9B
– –
-10,000
Closed -$968K
SOC icon
307
CALL
Sable Offshore Corp
SOC
$859M
– –
-20,000
Closed -$458K
RDDT icon
308
PUT
Reddit
RDDT
$34.3B
– –
-56,000
Closed -$9.15M
DJT icon
309
PUT
Trump Media & Technology Group
DJT
$2.87B
– –
-50,000
Closed -$1.71M
TLN
310
CALL
Talen Energy Corp
TLN
$15.9B
– –
-5,000
Closed -$1.01M
RZLV
311
Rezolve AI
RZLV
$949M
– –
-131,250
Closed -$251K
SEI
312
CALL
Solaris Energy Infrastructure
SEI
$3.14B
– –
-235,800
Closed -$6.79M
BSII
313
DELISTED
Black Spade Acquisition II Co Class A Ordinary Share
BSII
– –
-116,892
Closed -$1.16M
NOEMU
314
CO2 Energy Transition Corp Unit
NOEMU
– –
-190,000
Closed -$1.9M
MRLN
315
Merlin Inc
MRLN
$359M
– –
-76,717
Closed -$756K
JACS.U
316
Jackson Acquisition Co II Units
JACS.U
– –
-136,000
Closed -$1.37M
DRDBU
317
Roman DBDR Acquisition Corp II Unit
DRDBU
– –
-407,190
Closed -$4.06M
MLACU
318
DELISTED
Mountain Lake Acquisition Corp Units
MLACU
– –
-748,957
Closed -$7.51M
TDACU
319
Translational Development Acquisition Corp Units
TDACU
– –
-674,997
Closed -$6.76M
SGI
320
CALL
Somnigroup International
SGI
$14.1B
– –
-10,000
Closed -$567K
PITA
321
DELISTED
Heramba Electric plc Ordinary Shares
PITA
– –
-63,631
Closed -$82.7K
WINVW
322
DELISTED
WinVest Acquisition Corp. Warrant
WINVW
– –
-257,731
Closed -$2.58K
PLAO
323
DELISTED
Patria Latin American Opportunity Acquisition Corp. Class A Ordinary Shares
PLAO
– –
-86,862
Closed -$1.01M
BNIXW
324
DELISTED
Bannix Acquisition Corp. Warrant
BNIXW
– –
-148,397
Closed -$4.45K
AZPN
325
DELISTED
Aspen Technology Inc
AZPN
– –
-1,000
Closed -$250K
10 11 12
13
14

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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.