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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
+11.09%
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
$658M
AUM Growth
-$213M
Cap. Flow
-$356M
Cap. Flow %
-54.08%
Top 10 Hldgs %
41.88%
Holding
370
New
83
Increased
31
Reduced
76
Closed
126

Top Buys

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$19.6M
2
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10.2M
3
SJT
San Juan Basin Royalty Trust
SJT
+$6.12M
4
MNST icon
Monster Beverage
MNST
+$6.11M
5
STOR
STORE Capital Corporation
STOR
+$5.01M

Top Sells

Rank Stock Value
1
CIXX
CI Financial Corp.
CIXX
+$27.9M
2
RIVN icon
Rivian
RIVN
+$17.5M
3
PMT
PennyMac Mortgage Investment
PMT
+$15.7M
4
HTZWW
Hertz Global Holdings Warrants
HTZWW
+$13.2M
5
NMRK icon
Newmark Group
NMRK
+$13.1M

Sector Composition

Rank Sector Weight
1 Financials 10.45%
2 Healthcare 5.32%
3 Energy 4.61%
4 Real Estate 4.08%
5 Industrials 2.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LHCG
326
DELISTED
LHC Group LLC
LHCG
– –
-4,500
Closed -$736K
DS
327
DELISTED
Drive Shack Inc.
DS
– –
-357,124
Closed -$221K
SPKAR
328
DELISTED
SPK Acquisition Corp. Right
SPKAR
– –
-1,213,977
Closed -$121K
AGAC.WS
329
DELISTED
African Gold Acquisition Corp Warrants
AGAC.WS
– –
-1,456,944
Closed -$58K
DAOOW
330
DELISTED
Crypto 1 Acquisition Corp Warrants
DAOOW
– –
-243,750
Closed -$24K
HCICW
331
DELISTED
Hennessy Capital Investment Corp. V Warrant
HCICW
– –
-379,873
Closed -$37K
IIIIW
332
DELISTED
INSU Acquisition Corp. III Warrant
IIIIW
– –
-154,411
Closed -$6K
COVAW
333
DELISTED
COVA Acquisition Corp. Warrants to purchase Class A ordinary shares
COVAW
– –
-210,523
Closed -$5K
PAFOR
334
DELISTED
Pacifico Acquisition Corp. Rights
PAFOR
– –
-476,770
Closed -$119K
PCXCW
335
DELISTED
Parsec Capital Acquisitions Corp Warrant
PCXCW
– –
-300,000
Closed -$9K
GTPBW
336
DELISTED
Gores Technology Partners II, Inc. Warrant
GTPBW
– –
-60,406
Closed -$10K
LAAAW
337
DELISTED
Lakeshore Acquisition I Corp. Warrant
LAAAW
– –
-265,780
Closed -$44K
SWCH
338
DELISTED
Switch, Inc. Class A Common Stock
SWCH
– –
-122,753
Closed -$4.14M
DSAQ.WS
339
DELISTED
Direct Selling Acquisition Corp. Warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share
DSAQ.WS
– –
-125,000
Closed -$8K
THCA
340
DELISTED
Tuscan Holdings Corp. II Common Stock
THCA
– –
-201,590
Closed -$2.1M
THCAW
341
DELISTED
Tuscan Holdings Corp. II Warrant
THCAW
– –
-564,472
Closed -$42K
AXH.WS
342
DELISTED
Industrial Human Capital, Inc. Warrants
AXH.WS
– –
-1,444,240
Closed -$29K
IS
343
DELISTED
ironSource Ltd.
IS
– –
-105,494
Closed -$363K
BENER
344
DELISTED
Benessere Capital Acquisition Corp. Right
BENER
– –
-885,316
Closed -$120K
PICC.WS
345
DELISTED
Pivotal Investment Corporation III Redeemable Warrants, each whole warrant exercisable for shares of Class A common stock at an exercise price of $11.50 per share
PICC.WS
– –
-11,474
Closed –
SANBW
346
DELISTED
Sanaby Health Acquisition Corp. I Warrant
SANBW
– –
-125,000
Closed -$6K
PING
347
DELISTED
Ping Identity Holding Corp.
PING
– –
-8,900
Closed -$250K
EXTN
348
DELISTED
Exterran Corporation
EXTN
– –
-273,102
Closed -$1.14M
ASZ.WS
349
DELISTED
Austerlitz Acquisition Corporation II Warrants, each whole Warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
ASZ.WS
– –
-1,695,575
Closed -$170K
DRE
350
DELISTED
Duke Realty Corp.
DRE
– –
-51,139
Closed -$2.46M
11 12 13
14
15

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K2 Principal Fund's Q4 2022 Portfolio in Review

As of Q4 2022, K2 Principal Fund held 370 positions worth $658M, down 24% from $871M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

K2 Principal Fund withdrew a net $356M in Q4 2022, closing 126 positions and reducing 76 holdings. Its most notable exit was Rivian, an estimated $17.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 10% of assets, up from 8% a quarter earlier, followed by Healthcare and Energy.

Against the trend, K2 Principal Fund opened a new position in Scotiabank worth $19.5M.

  • K2 Principal Fund's largest Q4 2022 buy was Scotiabank: 397,554 shares worth $19.5M.
  • K2 Principal Fund added most to San Juan Basin Royalty Trust in Q4 2022, an estimated $6.12M increase.
  • K2 Principal Fund's biggest Q4 2022 reduction was CI Financial Corp., cutting an estimated $27.9M.
  • K2 Principal Fund fully exited Rivian in Q4 2022, selling an estimated $17.5M.
  • K2 Principal Fund's ten largest holdings make up 42% of its $658M portfolio in Q4 2022.
  • K2 Principal Fund opened 83 new positions and closed 126 in Q4 2022.
  • K2 Principal Fund's portfolio value fell 24% quarter-over-quarter to $658M.

Based on K2 Principal Fund's 13F filing for Q4 2022, filed 10 Feb 2023.