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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
FACTU
326
FACT II Acquisition Corp Unit
FACTU
– –
-30,000
Closed -$300K
CCIR
327
DELISTED
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
– –
-410,086
Closed -$4.5M
CCIRW
328
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
– –
-183,586
Closed -$367K
DYNCW
329
Dynamix Corp Warrant
DYNCW
$1.33M
– –
-296,022
Closed -$115K
CEPO
330
Cantor Equity Partners I
CEPO
$272M
– –
-217,896
Closed -$2.59M
IPEXR
331
Inflection Point Acquisition Corp V Rights
IPEXR
– –
-178,617
Closed -$48.2K
USARW
332
DELISTED
USA Rare Earth Inc Warrant
USARW
– –
-44,142
Closed -$105K
AACB
333
Artius II Acquisition Inc
AACB
$291M
– –
-112,006
Closed -$1.13M
KIDZW
334
KIDZ AI Inc Warrants
KIDZW
$224K
– –
-74,888
Closed -$9.73K
FERAR
335
Fifth Era Acquisition Corp I Rights
FERAR
– –
-306,680
Closed -$76.7K
FERA
336
Fifth Era Acquisition Corp I
FERA
$326M
– –
-150,000
Closed -$1.52M
RAC
337
Rithm Acquisition Corp
RAC
$308M
– –
-347,708
Closed -$3.54M
FLYY
338
DELISTED
Spirit Aviation Holdings, Inc.
FLYY
– –
-287,976
Closed -$1.44M
CCCXU
339
DELISTED
Churchill Capital Corp X Unit
CCCXU
– –
-300,000
Closed -$3.09M
TVAIU
340
Thayer Ventures Acquisition Corporation II Unit
TVAIU
– –
-58,271
Closed -$592K
GLXY
341
PUT
Galaxy Digital Inc
GLXY
$4.12B
– –
-75,000
Closed -$2.24M
WENNU
342
Wen Acquisition Corp Unit
WENNU
– –
-226,317
Closed -$2.39M
PCAPU
343
ProCap Acquisition Corp Unit
PCAPU
$212M
– –
-251,303
Closed -$2.69M
OYSEU
344
Oyster Enterprises II Acquisition Corp Units
OYSEU
– –
-100,000
Closed -$1.01M
JENA.U
345
Jena Acquisition Corp II Units
JENA.U
– –
-325,200
Closed -$3.34M
KCHVU
346
Kochav Defense Acquisition Corp Units
KCHVU
– –
-100,000
Closed -$1.02M
WTGUU
347
Wintergreen Acquisition Corp Unit
WTGUU
– –
-59,000
Closed -$595K
TACH
348
Titan Acquisition Corp
TACH
$360M
– –
-245,600
Closed -$2.47M
BRR
349
ProCap Financial Inc
BRR
$155M
– –
-200,000
Closed -$2.12M
SAFX
350
XCF Global Inc
SAFX
$136M
– –
-33,332
Closed -$29.3K
11 12 13
14
15

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KGI
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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 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.