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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
+9.21%
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
$725M
AUM Growth
-$63M
Cap. Flow
-$143M
Cap. Flow %
-19.69%
Top 10 Hldgs %
22.96%
Holding
394
New
118
Increased
38
Reduced
57
Closed
98

Top Buys

Rank Stock Value
1
MAG
MAG Silver
MAG
+$5.72M
2
GTEN
Gores Holdings X
GTEN
+$3.99M
3
JNPR
Juniper Networks
JNPR
+$3.58M
4
RAC
Rithm Acquisition Corp
RAC
+$3.5M
5
CORZ icon
Core Scientific
CORZ
+$3.47M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$16.8M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$5.97M
3
SEI
Solaris Energy Infrastructure
SEI
+$5.9M
4
RAC.U
Rithm Acquisition Corp Units
RAC.U
+$3.54M
5
SVCC
Stellar V Capital Corp
SVCC
+$3.4M

Sector Composition

Rank Sector Weight
1 Financials 11.62%
2 Technology 4.89%
3 Consumer Discretionary 1.89%
4 Energy 1.63%
5 Communication Services 1.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
PPTA
301
Perpetua Resources
PPTA
$2.18B
– –
-142,901
Closed -$1.53M
PTA icon
302
Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund
PTA
$1.04B
– –
-11,967
Closed -$233K
QBTS icon
303
D-Wave Quantum Inc. Common Stock
QBTS
$6.53B
– –
-24,000
Closed -$182K
RGTI icon
304
Rigetti Computing
RGTI
$4.83B
– –
-20,000
Closed -$158K
RMBS icon
305
Rambus
RMBS
$9.49B
– –
-11,520
Closed -$597K
SLV icon
306
PUT
iShares Silver Trust
SLV
$27.6B
– –
-50,000
Closed -$1.55M
SMR icon
307
CALL
NuScale Power
SMR
$2.84B
– –
-30,000
Closed -$425K
SMR icon
308
PUT
NuScale Power
SMR
$2.84B
– –
-30,000
Closed -$425K
SOUN icon
309
CALL
SoundHound AI
SOUN
$2.72B
– –
-20,000
Closed -$162K
SOUN icon
310
PUT
SoundHound AI
SOUN
$2.72B
– –
-20,000
Closed -$162K
SPE
311
Special Opportunities Fund
SPE
$139M
– –
-12,434
Closed -$178K
SPHR icon
312
CALL
Sphere Entertainment
SPHR
$5.06B
– –
-30,000
Closed -$982K
SPRY icon
313
CALL
ARS Pharmaceuticals
SPRY
$563M
– –
-12,000
Closed -$151K
TAC icon
314
PUT
TransAlta
TAC
$4.03B
– –
-100,000
Closed -$935K
TFII icon
315
TFI International
TFII
$12.1B
– –
-15,393
Closed -$1.19M
TFII icon
316
PUT
TFI International
TFII
$12.1B
– –
-10,000
Closed -$775K
TGLS icon
317
Tecnoglass
TGLS
$2.09B
– –
-11,394
Closed -$815K
TOST icon
318
PUT
Toast
TOST
$18.8B
– –
-30,000
Closed -$995K
TPIC
319
CALL
DELISTED
TPI Composites
TPIC
– –
-1,000,000
Closed -$810K
UPS icon
320
PUT
United Parcel Service
UPS
$89.7B
– –
-10,000
Closed -$1.1M
W icon
321
Wayfair
W
$12.5B
– –
-8,832
Closed -$330K
WDC icon
322
Western Digital
WDC
$160B
– –
-59,279
Closed -$2.4M
WGMI icon
323
PUT
CoinShares ETF Trust CoinShares Bitcoin Mining ETF
WGMI
$242M
– –
-20,000
Closed -$255K
WOLF icon
324
PUT
Wolfspeed
WOLF
$1.14B
– –
-150,000
Closed -$459K
WY icon
325
CALL
Weyerhaeuser
WY
$17.7B
– –
-20,000
Closed -$586K
11 12
13
14 15

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SC
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WIM
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LCG
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CCM
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TS
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SMA
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SCA
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K2 Principal Fund's Q2 2025 Portfolio in Review

As of Q2 2025, K2 Principal Fund held 394 positions worth $725M, down 8% from $788M the previous quarter. Its ten largest holdings account for 23% of the portfolio.

K2 Principal Fund withdrew a net $143M in Q2 2025, closing 98 positions and reducing 57 holdings. Its most notable exit was Solaris Energy Infrastructure, an estimated $5.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 12% of assets, up from 6.1% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in MAG Silver worth $6.8M.

  • K2 Principal Fund's largest Q2 2025 buy was MAG Silver: 321,870 shares worth $6.8M.
  • K2 Principal Fund added most to Kodiak AI in Q2 2025, an estimated $2.97M increase.
  • K2 Principal Fund's biggest Q2 2025 reduction was SPDR Gold Trust, cutting an estimated $16.8M.
  • K2 Principal Fund fully exited Solaris Energy Infrastructure in Q2 2025, selling an estimated $5.9M.
  • K2 Principal Fund's ten largest holdings make up 23% of its $725M portfolio in Q2 2025.
  • K2 Principal Fund opened 118 new positions and closed 98 in Q2 2025.
  • K2 Principal Fund's portfolio value fell 8% quarter-over-quarter to $725M.

Based on K2 Principal Fund's 13F filing for Q2 2025, filed 14 Aug 2025.