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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
+3.32%
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
$1.51B
AUM Growth
+$279M
Cap. Flow
+$223M
Cap. Flow %
14.8%
Top 10 Hldgs %
40.05%
Holding
511
New
204
Increased
73
Reduced
35
Closed
140

Top Buys

Rank Stock Value
1
SKIN icon
SkinHealth Systems
SKIN
+$43.2M
2
PFSI icon
PennyMac Financial
PFSI
+$21.6M
3
SJT
San Juan Basin Royalty Trust
SJT
+$12.6M
4
WFG icon
West Fraser Timber
WFG
+$11.3M
5
TRIS
Tristar Acquisition I Corp.
TRIS
+$11.2M

Top Sells

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$23.6M
2
HHH icon
Howard Hughes
HHH
+$19.2M
3
PFTAU
Perception Capital Corp. III Unit
PFTAU
+$15.9M
4
SKINW
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
+$11.4M
5
SOND
Sonder
SOND
+$10.1M

Sector Composition

Rank Sector Weight
1 Financials 16.28%
2 Consumer Staples 4.73%
3 Materials 1.97%
4 Communication Services 1.66%
5 Technology 1.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSLA icon
401
CALL
Tesla
TSLA
$1.22T
– –
-10,500
Closed -$2.71M
TYGO icon
402
Tigo Energy
TYGO
$131M
– –
-400,000
Closed -$3.93M
VLN.WS
403
DELISTED
Valens Semiconductor Ltd Warrants
VLN.WS
– –
-648,414
Closed -$376K
VOO icon
404
PUT
Vanguard S&P 500 ETF
VOO
$972B
– –
-45,000
Closed -$17.7M
WGO icon
405
CALL
Winnebago Industries
WGO
$863M
– –
-10,000
Closed -$724K
WTW icon
406
Willis Towers Watson
WTW
$31.7B
– –
-30,302
Closed -$7.04M
X
407
PUT
DELISTED
US Steel
X
– –
-50,000
Closed -$1.1M
XLRE icon
408
PUT
State Street Real Estate Select Sector SPDR ETF
XLRE
$8.6B
– –
-50,000
Closed -$2.22M
ZBH icon
409
Zimmer Biomet
ZBH
$18.4B
– –
-11,536
Closed -$1.51M
WINVU
410
DELISTED
WinVest Acquisition Corp. Unit
WINVU
– –
-375,000
Closed -$3.81M
SNAX
411
DELISTED
Stryve Foods, Inc. Class A Common Stock
SNAX
– –
-3,453
Closed -$277K
SNAXW
412
DELISTED
Stryve Foods, Inc. Warrant
SNAXW
– –
-509,585
Closed -$397K
MMVWW
413
DELISTED
MultiMetaVerse Holdings Limited Warrant
MMVWW
– –
-104,187
Closed -$49K
CAUD
414
DELISTED
Collective Audience, Inc.. Common Stock
CAUD
– –
-350,000
Closed -$3.42M
KRNLW
415
DELISTED
Kernel Group Holdings, Inc. Warrants
KRNLW
– –
-299,613
Closed -$177K
MAQCW
416
DELISTED
Maquia Capital Acquisition Corporation Warrant
MAQCW
– –
-315,000
Closed -$173K
DSAQ.U
417
DELISTED
Direct Selling Acquisition Corp. Units, each consisting of one share of Class A common stock and one-half of redeemable warrant
DSAQ.U
– –
-250,000
Closed -$2.52M
SNCE
418
DELISTED
Science 37 Holdings, Inc. Common Stock
SNCE
– –
-20,936
Closed -$4.19M
FAZEW
419
DELISTED
FaZe Holdings Inc. Warrant
FAZEW
– –
-582,692
Closed -$450K
OXUSU
420
DELISTED
Oxus Acquisition Corp. Unit
OXUSU
– –
-300,000
Closed -$3.05M
GSD
421
DELISTED
Global Systems Dynamics Inc. Class A Common Stock
GSD
– –
-300,000
Closed -$2.97M
JAQCU
422
DELISTED
Jupiter Acquisition Corporation Units
JAQCU
– –
-805,000
Closed -$7.91M
VCXAU
423
DELISTED
10X Capital Venture Acquisition Corp II Unit
VCXAU
– –
-552,809
Closed -$5.51M
EGLX
424
DELISTED
Enthusiast Gaming Holdings Inc. Common Stock
EGLX
– –
-176,400
Closed -$806K
FOCS
425
CALL
DELISTED
Focus Financial Partners Inc. Class A
FOCS
– –
-9,900
Closed -$518K
15 16
17
18 19

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K2 Principal Fund's Q4 2021 Portfolio in Review

As of Q4 2021, K2 Principal Fund held 511 positions worth $1.51B, up 23% from $1.23B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

K2 Principal Fund deployed $223M of net new capital in Q4 2021, opening 204 new positions and adding to 73 existing holdings. Its largest new stake was San Juan Basin Royalty Trust: 2,014,719 shares worth $12.3M.

By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 18% a quarter earlier, followed by Consumer Staples and Materials.

On the sell side, the largest reduction was Mercer International, an estimated $7.82M trimmed.

  • K2 Principal Fund's largest Q4 2021 buy was San Juan Basin Royalty Trust: 2,014,719 shares worth $12.3M.
  • K2 Principal Fund added most to SkinHealth Systems in Q4 2021, an estimated $43.2M increase.
  • K2 Principal Fund's biggest Q4 2021 reduction was Mercer International, cutting an estimated $7.82M.
  • K2 Principal Fund fully exited PennyMac Mortgage Investment in Q4 2021, selling an estimated $23.6M.
  • K2 Principal Fund's ten largest holdings make up 40% of its $1.51B portfolio in Q4 2021.
  • K2 Principal Fund opened 204 new positions and closed 140 in Q4 2021.
  • K2 Principal Fund's portfolio value rose 23% quarter-over-quarter to $1.51B.

Based on K2 Principal Fund's 13F filing for Q4 2021, filed 11 Feb 2022.