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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
TAC icon
301
CALL
TransAlta
TAC
$4.06B
– –
-25,000
Closed -$270K
TDOC icon
302
CALL
Teladoc Health
TDOC
$1.19B
– –
-10,000
Closed -$87.1K
TLT icon
303
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.4B
– –
-40,000
Closed -$3.53M
UBER icon
304
CALL
Uber
UBER
$143B
– –
-5,000
Closed -$467K
VOO icon
305
PUT
Vanguard S&P 500 ETF
VOO
$972B
– –
-5,000
Closed -$2.84M
VTWO icon
306
PUT
Vanguard Russell 2000 ETF
VTWO
$17.4B
– –
-62,500
Closed -$5.45M
WIX icon
307
WIX.com
WIX
$2.37B
– –
-12,004
Closed -$1.9M
XPL icon
308
Solitario Resources
XPL
$67.5M
– –
-38,554
Closed -$25.1K
ZETA icon
309
CALL
Zeta Global
ZETA
$5.33B
– –
-30,000
Closed -$465K
BBOT
310
BridgeBio Oncology
BBOT
$681M
– –
-100,000
Closed -$1.06M
IROHR
311
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
– –
-249,454
Closed -$125K
JVSAR
312
DELISTED
JV SPAC Acquisition Corp. Right
JVSAR
– –
-14,387
Closed -$12.5K
IBACR
313
IB Acquisition Corp Right
IBACR
– –
-110,178
Closed -$4.41K
BTX
314
BlackRock Technology and Private Equity Term Trust
BTX
$922M
– –
-34,843
Closed -$256K
CNR
315
CALL
Core Natural Resources Inc
CNR
$4.09B
– –
-10,000
Closed -$697K
CUB
316
Lionheart Holdings
CUB
$283M
– –
-83,943
Closed -$881K
CHEB.WS
317
DELISTED
Chenghe Acquisition II Co. Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
CHEB.WS
– –
-103,560
Closed -$9.32K
ALF
318
Centurion Acquisition Corp
ALF
$386M
– –
-282,839
Closed -$2.98M
HPAI
319
Helport AI
HPAI
$18.3M
– –
-29,152
Closed -$70K
BSLKW
320
DELISTED
Bolt Projects Holdings Warrant
BSLKW
– –
-261,977
Closed -$7.86K
SIMA
321
SIM Acquisition Corp I
SIMA
$89.9M
– –
-205,292
Closed -$2.14M
DTSQR
322
DT Cloud Star Acquisition Corp Right
DTSQR
– –
-31,225
Closed -$3.44K
MBAVW
323
DELISTED
M3-Brigade Acquisition V Corp Warrant
MBAVW
– –
-349,119
Closed -$611K
SBXD
324
SilverBox Corp IV
SBXD
$276M
– –
-249,209
Closed -$2.73M
IMSRW
325
Terrestrial Energy Warrant
IMSRW
$25M
– –
-177,489
Closed -$417K
11 12
13
14 15

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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.