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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
X
326
CALL
DELISTED
US Steel
X
– –
-25,000
Closed -$1.06M
XLU icon
327
CALL
State Street Utilities Select Sector SPDR ETF
XLU
$23.4B
– –
-25,000
Closed -$986K
XMTR icon
328
PUT
Xometry
XMTR
$4.58B
– –
-30,000
Closed -$748K
SOC icon
329
Sable Offshore Corp
SOC
$794M
– –
-38,590
Closed -$979K
VRN
330
DELISTED
Veren
VRN
– –
-137,500
Closed -$1.31M
TLN
331
PUT
Talen Energy Corp
TLN
$15.6B
– –
-20,000
Closed -$3.99M
CEP
332
DELISTED
Cantor Equity Partners
CEP
– –
-78,449
Closed -$843K
NBIS
333
Nebius Group N.V.
NBIS
$43.1B
– –
-26,065
Closed -$550K
SEI
334
Solaris Energy Infrastructure
SEI
$2.9B
– –
-271,039
Closed -$5.9M
SEI
335
PUT
Solaris Energy Infrastructure
SEI
$2.9B
– –
-60,000
Closed -$1.31M
VACHW
336
DELISTED
Voyager Acquisition Corp Warrants
VACHW
– –
-293,200
Closed -$44K
BSIIW
337
DELISTED
Black Spade Acquisition II Co Warrant
BSIIW
– –
-262,382
Closed -$57.7K
POLEW
338
Andretti Acquisition Corp II Warrant
POLEW
– –
-111,237
Closed -$20K
DYNC
339
Dynamix Corp
DYNC
$239M
– –
-40,992
Closed -$408K
ALDF
340
Aldel Financial II Inc
ALDF
$321M
– –
-49,297
Closed -$498K
FACT
341
FACT II Acquisition Corp
FACT
$260M
– –
-149,498
Closed -$1.5M
BZAIW
342
Blaize Holdings Warrants
BZAIW
$5.93M
– –
-169,985
Closed -$32.3K
JACS
343
Jackson Acquisition Co II
JACS
$317M
– –
-136,000
Closed -$1.37M
PLMK
344
Plum Acquisition Corp IV
PLMK
$257M
– –
-195,699
Closed -$1.96M
PLMKW
345
Plum Acquisition Corp IV Warrants
PLMKW
– –
-150,000
Closed -$24K
MLAC
346
DELISTED
Mountain Lake Acquisition Corp
MLAC
– –
-100,000
Closed -$1M
ATIIU
347
Archimedes Tech SPAC Partners II Co Unit
ATIIU
– –
-319,790
Closed -$3.22M
AACBU
348
Artius II Acquisition Inc Units
AACBU
$214M
– –
-112,006
Closed -$1.13M
RAC.U
349
Rithm Acquisition Corp Units
RAC.U
– –
-350,000
Closed -$3.54M
LOKVU
350
DELISTED
Live Oak Acquisition Corp V Units
LOKVU
– –
-250,000
Closed -$2.52M
11 12 13
14
15

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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.