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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
-0.7%
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
$1.43B
AUM Growth
+$191M
Cap. Flow
-$106M
Cap. Flow %
-7.43%
Top 10 Hldgs %
20.87%
Holding
592
New
187
Increased
59
Reduced
77
Closed
105

Top Buys

Rank Stock Value
1
PFSI icon
PennyMac Financial
PFSI
+$8.39M
2
GLD icon
SPDR Gold Trust
GLD
+$6.54M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$6.24M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.27M
5
WLIIU
Willow Lane Acquisition Corp II Unit
WLIIU
+$4.55M

Top Sells

Rank Stock Value
1
BTI icon
British American Tobacco
BTI
+$5.69M
2
B
Barrick Mining
B
+$4.4M
3
NGD
New Gold Inc
NGD
+$4.19M
4
ALUB.U
Alussa Energy Acquisition Corp II Units
ALUB.U
+$3.54M
5
OPEN icon
Opendoor
OPEN
+$3.26M

Sector Composition

Rank Sector Weight
1 Financials 8.7%
2 Communication Services 1.84%
3 Consumer Discretionary 1.81%
4 Materials 1.59%
5 Technology 1.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EVOXW
351
Evolution Global Acquisition Corp Warrants
EVOXW
$4.2M
$25.5K ﹤0.01%
75,000
– –
ALFUW
352
Centurion Acquisition Corp Warrant
ALFUW
$3.39M
$25.1K ﹤0.01%
209,348
-35,802
-15% -$8.55K
TDACW
353
Translational Development Acquisition Corp Warrants
TDACW
$13.2M
$23.6K ﹤0.01%
196,459
-49,230
-20% -$11.3K
MACIW
354
Melar Acquisition Corp I Warrant
MACIW
$1.28M
$23.5K ﹤0.01%
195,777
-40,264
-17% -$5.58K
VHCPW
355
Vine Hill Capital Investment Corp II Warrants
VHCPW
$3.58M
$23.3K ﹤0.01%
+66,666
New +$25.1K
SPEGR
356
Silver Pegasus Acquisition Corp Rights
SPEGR
$22.6K ﹤0.01%
102,500
– –
CMIIW
357
Columbus Circle Capital Corp II Warrant
CMIIW
$8.51M
$22.3K ﹤0.01%
+71,979
New +$26.2K
GPACW
358
General Purpose Acquisition Corp Warrant
GPACW
$3.22M
$22K ﹤0.01%
+100,000
New +$24.8K
SBXE.WS
359
SilverBox Corp V Warrants
SBXE.WS
$21.9K ﹤0.01%
+81,133
New +$27.9K
DRDBW
360
Roman DBDR Acquisition Corp II Warrants
DRDBW
$2.43M
$21.8K ﹤0.01%
103,595
– –
PCAPW
361
ProCap Acquisition Corp Warrant
PCAPW
$3M
$21.6K ﹤0.01%
77,017
– –
KCHVR
362
Kochav Defense Acquisition Corp Right
KCHVR
$21K ﹤0.01%
100,000
– –
SDHIR
363
Siddhi Acquisition Corp Right
SDHIR
$20.8K ﹤0.01%
+138,991
New +$35.1K
OACCW
364
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$20.7K ﹤0.01%
39,058
– –
GRAF.WS
365
Graf Global Corp Warrants
GRAF.WS
$10.6M
$20.3K ﹤0.01%
156,229
-6,428
-4% -$1.73K
DMIIR
366
Drugs Made In America Acquisition II Corp Right
DMIIR
$20K ﹤0.01%
250,000
– –
JOBY.WS icon
367
Joby Aviation Warrants
JOBY.WS
$19.8K ﹤0.01%
25,000
– –
SVIVW
368
Spring Valley Acquisition Corp IV Warrants
SVIVW
$18.3K ﹤0.01%
+25,000
New +$18.3K
SAC.WS
369
Safeguard Acquisition Corp Warrants
SAC.WS
$17.5K ﹤0.01%
+50,000
New +$23K
HVMCW
370
Highview Merger Corp Warrants
HVMCW
$17.3K ﹤0.01%
+75,000
New +$21.4K
GPATW
371
GP-Act III Acquisition Corp Warrants
GPATW
$2.44M
$17.1K ﹤0.01%
121,798
– –
CRANR
372
Crane Harbor Acquisition Corp II Rights
CRANR
$17K ﹤0.01%
+100,000
New +$21.1K
FCRS.WS
373
FutureCrest Acquisition Corp Warrants
FCRS.WS
$14.8K ﹤0.01%
25,000
– –
MEVOW
374
M Evo Global Acquisition Corp II Warrants
MEVOW
$14.3K ﹤0.01%
+43,432
New +$14.8K
HCICR
375
Hennessy Capital Investment Corp VIII Share Rights
HCICR
$14K ﹤0.01%
+77,786
New +$13.6K
13 14
15
16 17

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WIM
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LCG
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CCM
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K2 Principal Fund's Q1 2026 Portfolio in Review

As of Q1 2026, K2 Principal Fund held 592 positions worth $1.43B, up 15% from $1.24B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $106M in Q1 2026, closing 105 positions and reducing 77 holdings. Its most notable exit was Barrick Mining, an estimated $4.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.7% of assets, up from 7% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in SPDR Gold Trust worth $6.28M.

  • K2 Principal Fund's largest Q1 2026 buy was SPDR Gold Trust: 14,603 shares worth $6.28M.
  • K2 Principal Fund added most to PennyMac Financial in Q1 2026, an estimated $8.39M increase.
  • K2 Principal Fund's biggest Q1 2026 reduction was British American Tobacco, cutting an estimated $5.69M.
  • K2 Principal Fund fully exited Barrick Mining in Q1 2026, selling an estimated $4.4M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.43B portfolio in Q1 2026.
  • K2 Principal Fund opened 187 new positions and closed 105 in Q1 2026.
  • K2 Principal Fund's portfolio value rose 15% quarter-over-quarter to $1.43B.

Based on K2 Principal Fund's 13F filing for Q1 2026, filed 14 May 2026.