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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
+1.51%
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
$1.24B
AUM Growth
+$9.76M
Cap. Flow
-$461M
Cap. Flow %
-37.16%
Top 10 Hldgs %
20.77%
Holding
481
New
139
Increased
48
Reduced
70
Closed
71

Top Buys

Rank Stock Value
1
SUNC
SunocoCorp LLC
SUNC
+$5.29M
2
BTI icon
British American Tobacco
BTI
+$4.93M
3
BIP icon
Brookfield Infrastructure Partners
BIP
+$4.35M
4
BEP icon
Brookfield Renewable
BEP
+$3.69M
5
NGD
New Gold Inc
NGD
+$3.63M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$26.6M
2
CORZ icon
Core Scientific
CORZ
+$12M
3
SLV icon
iShares Silver Trust
SLV
+$6.83M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.95M
5
TLNCU
Talon Capital Corp Units
TLNCU
+$4.52M

Sector Composition

Rank Sector Weight
1 Financials 6.98%
2 Materials 2.32%
3 Technology 1.78%
4 Communication Services 1.46%
5 Consumer Discretionary 1.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
W icon
376
CALL
Wayfair
W
$11.8B
– –
-129,500
Closed -$11.6M
WEN icon
377
CALL
Wendy's
WEN
$1.46B
– –
-20,000
Closed -$183K
WGMI icon
378
CALL
CoinShares ETF Trust CoinShares Bitcoin Mining ETF
WGMI
$213M
– –
-30,000
Closed -$1.33M
LEGT
379
DELISTED
Legato Merger Corp III
LEGT
– –
-49,748
Closed -$534K
TLN
380
Talen Energy Corp
TLN
$15.1B
– –
-6,000
Closed -$2.55M
SEI
381
CALL
Solaris Energy Infrastructure
SEI
$2.66B
– –
-85,000
Closed -$3.4M
VEEAW
382
Veea Inc Warrant
VEEAW
– –
-182,090
Closed -$12.7K
VCICW
383
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
– –
-125,000
Closed -$200K
WLAC
384
DELISTED
Willow Lane Acquisition Corp
WLAC
– –
-196,853
Closed -$2.28M
CRWV
385
PUT
CoreWeave
CRWV
$33.2B
– –
-89,500
Closed -$12.2M
TGE.WS
386
The Generation Essentials Group Warrants
TGE.WS
– –
-129,911
Closed -$16.9K
BRRWW
387
ProCap Financial Inc
BRRWW
$2.47M
– –
-19,370
Closed -$23.2K
MBVIU
388
M3-Brigade Acquisition VI Corp Units
MBVIU
– –
-100,000
Closed -$1.01M
TLNCU
389
Talon Capital Corp Units
TLNCU
$244M
– –
-450,000
Closed -$4.52M
CHECU
390
Chenghe Acquisition III Co Units
CHECU
– –
-156,706
Closed -$1.56M
LATAU
391
Galata Acquisition Corp. II Units
LATAU
– –
-282,100
Closed -$2.82M
DMIIU
392
Drugs Made In America Acquisition II Corp Unit
DMIIU
– –
-426,507
Closed -$4.24M
EMISU
393
DELISTED
Emmis Acquisition Corp Units
EMISU
– –
-197,553
Closed -$1.97M
BCSS.U
394
Bain Capital GSS Investment Corp Units
BCSS.U
– –
-200,000
Closed -$2.02M
BDCIU
395
BTC Development Corp Unit
BDCIU
$232M
– –
-300,000
Closed -$3.03M
12 13 14 15
16

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SC
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WIM
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LCG
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CCM
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K2 Principal Fund's Q4 2025 Portfolio in Review

As of Q4 2025, K2 Principal Fund held 481 positions worth $1.24B, up 0.79% from $1.23B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $461M in Q4 2025, closing 71 positions and reducing 70 holdings. Its most notable exit was SPDR Gold Trust, an estimated $26.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7% of assets, up from 6.5% a quarter earlier, followed by Materials and Technology.

Against the trend, K2 Principal Fund opened a new position in SunocoCorp LLC worth $5.18M.

  • K2 Principal Fund's largest Q4 2025 buy was SunocoCorp LLC: 105,090 shares worth $5.18M.
  • K2 Principal Fund added most to British American Tobacco in Q4 2025, an estimated $4.93M increase.
  • K2 Principal Fund's biggest Q4 2025 reduction was iShares Silver Trust, cutting an estimated $6.83M.
  • K2 Principal Fund fully exited SPDR Gold Trust in Q4 2025, selling an estimated $26.6M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.24B portfolio in Q4 2025.
  • K2 Principal Fund opened 139 new positions and closed 71 in Q4 2025.
  • K2 Principal Fund's portfolio value rose 0.79% quarter-over-quarter to $1.24B.

Based on K2 Principal Fund's 13F filing for Q4 2025, filed 13 Feb 2026.