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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
FOCS
426
PUT
DELISTED
Focus Financial Partners Inc. Class A
FOCS
– –
-45,900
Closed -$2.4M
OTMO
427
DELISTED
Otonomo Technologies Ltd. Ordinary shares
OTMO
– –
-8,667
Closed -$621K
BWAC
428
DELISTED
BETTER WORLD ACQUISITION CORP. Common Stock
BWAC
– –
-154,444
Closed -$1.56M
BRIV
429
DELISTED
B. Riley Principal 250 Merger Corp. Class A common stock
BRIV
– –
-399,999
Closed -$3.86M
CIIGU
430
DELISTED
CIIG Capital Partners II, Inc. Unit
CIIGU
– –
-350,000
Closed -$3.53M
HZON
431
DELISTED
Horizon Acquisition Corporation II
HZON
– –
-267,196
Closed -$2.62M
GIA.U
432
DELISTED
GigCapital 5, Inc. Units, each consisting of one share of common stock and one whole redeemable warrant
GIA.U
– –
-200,000
Closed -$2.06M
FTPA
433
DELISTED
FTAC Parnassus Acquisition Corp. Class A Common Stock
FTPA
– –
-250,000
Closed -$2.44M
ESM
434
DELISTED
ESM Acquisition Corporation
ESM
– –
-300,000
Closed -$2.93M
AEHAU
435
DELISTED
Aesther Healthcare Acquisition Corp Units
AEHAU
– –
-250,000
Closed -$2.54M
DNZ
436
DELISTED
D and Z Media Acquisition Corp.
DNZ
– –
-427,302
Closed -$4.16M
SPK
437
DELISTED
SPK Acquisition Corp. Common Stock
SPK
– –
-275,000
Closed -$2.72M
FTVI
438
DELISTED
FinTech Acquisition Corp. VI Class A Common Stock
FTVI
– –
-292,200
Closed -$2.85M
HCAR
439
DELISTED
Healthcare Services Acquisition Corporation Class A Common Stock
HCAR
– –
-517,571
Closed -$5.05M
IIII
440
DELISTED
INSU Acquisition Corp. III Class A Common Stock
IIII
– –
-287,167
Closed -$2.82M
COVA
441
DELISTED
COVA Acquisition Corp. Class A Ordinary Share
COVA
– –
-259,607
Closed -$2.53M
PAFOU
442
DELISTED
Pacifico Acquisition Corp. Units
PAFOU
– –
-200,000
Closed -$2.03M
RCOR.WS
443
DELISTED
Renovacor, Inc. Warrants, entitling the holder thereof to purchase one-half (1/2) of a share of common stock at a price of $11. 50 per whole share
RCOR.WS
– –
-128,379
Closed -$82K
AGBAR
444
DELISTED
AGBA Acquisition Ltd Right
AGBAR
– –
-35,620
Closed -$9K
ESSC
445
DELISTED
East Stone Acquisition Corporation Ordinary Shares
ESSC
– –
-54,032
Closed -$551K
NOAC
446
DELISTED
Natural Order Acquisition Corp. Common Stock
NOAC
– –
-585,343
Closed -$5.74M
AHPAU
447
DELISTED
Avista Public Acquisition Corp. II Unit
AHPAU
– –
-600,000
Closed -$6.07M
QFTA.WS
448
DELISTED
Quantum FinTech Acquisition Corporation Warrants, each warrant exercisable for one-half of one share of Common Stock at an exercise price of $11.50
QFTA.WS
– –
-226,093
Closed -$61K
BENEW
449
DELISTED
Benessere Capital Acquisition Corp. Warrant
BENEW
– –
-364,643
Closed -$160K
PICC.WS
450
DELISTED
Pivotal Investment Corporation III Redeemable Warrants, each whole warrant exercisable for shares of Class A common stock at an exercise price of $11.50 per share
PICC.WS
– –
-29,132
Closed -$26K
16 17
18
19 20

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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.