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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
TWLVR
376
Twelve Seas Investment Co III Rights
TWLVR
$14K ﹤0.01%
+100,000
New +$16.9K
TE.WS
377
DELISTED
T1 Energy Inc Warrants
TE.WS
$14K ﹤0.01%
+63,600
New +$79K
JACS.RT
378
Jackson Acquisition Co II Rights
JACS.RT
$13.6K ﹤0.01%
136,000
– –
AEAQW
379
Activate Energy Acquisition Corp Warrant
AEAQW
$13.5K ﹤0.01%
+50,000
New +$14.5K
DSACW
380
Daedalus Special Acquisition Corp Warrant
DSACW
$3.85M
$13.3K ﹤0.01%
+32,380
New +$14.6K
MCGAW
381
Yorkville Acquisition Corp Warrant
MCGAW
$1.52M
$13K ﹤0.01%
38,333
– –
CHARR
382
Charlton Aria Acquisition Corp Rights
CHARR
$12.8K ﹤0.01%
91,752
-100,000
-52% -$16.1K
NPWR.WS icon
383
NET Power Inc Warrants
NPWR.WS
$13.9M
$12.5K ﹤0.01%
46,181
– –
NOEMW
384
CO2 Energy Transition Corp Warrant
NOEMW
$966K
$12.4K ﹤0.01%
155,312
-221,036
-59% -$31K
NOEMR
385
CO2 Energy Transition Corp Right
NOEMR
$11.9K ﹤0.01%
70,220
-60,987
-46% -$12.2K
KFIIR
386
K&F Growth Acquisition Corp II Rights
KFIIR
$11.9K ﹤0.01%
118,722
– –
LATAW
387
Galata Acquisition Corp II Warrant
LATAW
$1.61M
$11.7K ﹤0.01%
+48,933
New +$17.5K
XBPEW
388
XBP Europe Holdings Warrant
XBPEW
$1.45M
$11.7K ﹤0.01%
233,305
– –
HDRNW
389
Hadron Energy Warrant
HDRNW
$2.84M
$10.9K ﹤0.01%
33,941
-52,171
-61% -$25.7K
ONCHW
390
1RT Acquisition Corp Warrant
ONCHW
$2.37M
$10.8K ﹤0.01%
25,000
– –
LFACW
391
Leapfrog Acquisition Corp Warrants
LFACW
$10.5K ﹤0.01%
+50,000
New +$15.7K
LPAAW
392
Launch One Acquisition Corp Warrant
LPAAW
$10.1K ﹤0.01%
71,918
-132,828
-65% -$24.4K
MBVIW
393
M3-Brigade Acquisition VI Corp Warrant
MBVIW
$4.14M
$10K ﹤0.01%
33,333
– –
ADACW
394
American Drive Acquisition Co Warrant
ADACW
$4.29M
$10K ﹤0.01%
+33,333
New +$11.7K
FACWW
395
Factorial Energy Inc Warrant
FACWW
$11.9M
$9.16K ﹤0.01%
14,091
– –
EMISR
396
Emmis Acquisition Corp Rights
EMISR
$9.13K ﹤0.01%
76,105
-23,895
-24% -$3.77K
BLRKW
397
Bluerock Acquisition Corp Warrants
BLRKW
$2.84M
$8.33K ﹤0.01%
+33,333
New +$10.5K
CHPGR
398
ChampionsGate Acquisition Corp Rights
CHPGR
$8.16K ﹤0.01%
62,780
– –
OBAWW
399
Oxley Bridge Acquisition Ltd Warrants
OBAWW
$2.78M
$7.64K ﹤0.01%
40,217
– –
LPCVW
400
Launchpad Cadenza Acquisition Corp I Warrant
LPCVW
$6.67K ﹤0.01%
+33,333
New +$10.8K
14 15
16
17 18

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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.