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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
-0.54%
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
$727M
AUM Growth
+$68.5M
Cap. Flow
-$74.1M
Cap. Flow %
-10.2%
Top 10 Hldgs %
28.59%
Holding
373
New
123
Increased
37
Reduced
62
Closed
108

Top Buys

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$11.3M
2
ACI icon
Albertsons Companies
ACI
+$5.8M
3
FHN icon
First Horizon
FHN
+$4.56M
4
ILLM
illumin Holdings Inc. Common Shares
ILLM
+$3.79M
5
NATI
National Instruments Corp
NATI
+$3.53M

Top Sells

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$20.4M
2
SJT
San Juan Basin Royalty Trust
SJT
+$12.9M
3
MNST icon
Monster Beverage
MNST
+$11M
4
COOP
Mr. Cooper
COOP
+$11M
5
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10M

Sector Composition

Rank Sector Weight
1 Financials 5.98%
2 Real Estate 4.77%
3 Healthcare 4.13%
4 Technology 3.4%
5 Energy 2.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ILLM
26
DELISTED
illumin Holdings Inc. Common Shares
ILLM
$5.92M 0.81%
2,764,184
+2,265,653
+454% +$3.79M
ACI icon
27
Albertsons Companies
ACI
$5.69B
$5.83M 0.8%
+280,699
New +$5.8M
PFSI icon
28
CALL
PennyMac Financial
PFSI
$4.47B
$5.25M 0.72%
88,000
+73,000
+487% +$4.52M
TWO
29
Two Harbors Investment
TWO
$1.27B
$5M 0.69%
339,759
-99,701
-23% -$1.62M
PTON icon
30
CALL
Peloton Interactive
PTON
$2.76B
$4.56M 0.63%
402,400
-153,200
-28% -$1.84M
IWM icon
31
PUT
iShares Russell 2000 ETF
IWM
$80.4B
$4.46M 0.61%
+25,000
New +$4.6M
FNV icon
32
CALL
Franco-Nevada
FNV
$40.8B
$4.37M 0.6%
30,000
+5,000
+20% +$697K
HTZ icon
33
CALL
Hertz
HTZ
$606M
$4.37M 0.6%
268,100
-1,331,900
-83% -$23.2M
SLV icon
34
CALL
iShares Silver Trust
SLV
$27.6B
$4.2M 0.58%
+190,000
New +$3.94M
HAS icon
35
CALL
Hasbro
HAS
$13.3B
$4.1M 0.56%
+76,300
New +$4.36M
RWT
36
Redwood Trust
RWT
$585M
$3.92M 0.54%
582,301
+44,081
+8% +$330K
LSI
37
DELISTED
Life Storage, Inc.
LSI
$3.9M 0.54%
+29,782
New +$3.45M
SJR
38
DELISTED
Shaw Communications Inc.
SJR
$3.82M 0.53%
127,700
-117,100
-48% -$3.39M
VMW
39
DELISTED
VMware, Inc
VMW
$3.76M 0.52%
30,147
+12,799
+74% +$1.54M
NATI
40
DELISTED
National Instruments Corp
NATI
$3.69M 0.51%
+70,461
New +$3.53M
NVRO
41
CALL
DELISTED
NEVRO CORP.
NVRO
$3.67M 0.51%
101,600
+63,600
+167% +$2.23M
AFRM icon
42
CALL
Affirm
AFRM
$24.3B
$3.63M 0.5%
322,200
+209,100
+185% +$2.63M
CF icon
43
CALL
CF Industries
CF
$18.7B
$3.62M 0.5%
+50,000
New +$4.09M
MT icon
44
PUT
ArcelorMittal
MT
$50.9B
$3.61M 0.5%
120,000
+95,000
+380% +$2.83M
INDT
45
DELISTED
INDUS Realty Trust, Inc. (MD) Common Stock
INDT
$3.58M 0.49%
53,985
+23,022
+74% +$1.49M
FRPT icon
46
PUT
Freshpet
FRPT
$3.03B
$3.41M 0.47%
51,500
+24,500
+91% +$1.5M
RY icon
47
CALL
Royal Bank of Canada
RY
$293B
$3.35M 0.46%
+35,000
New +$3.47M
ATVI
48
DELISTED
Activision Blizzard
ATVI
$3.27M 0.45%
38,152
+28,040
+277% +$2.18M
AY
49
CALL
DELISTED
Atlantica Sustainable Infrastructure plc Ordinary Shares
AY
$3.08M 0.42%
+104,100
New +$2.83M
MPC icon
50
Marathon Petroleum
MPC
$90B
$2.97M 0.41%
+22,000
New +$2.75M
1
2
3 4 5

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K2 Principal Fund's Q1 2023 Portfolio in Review

As of Q1 2023, K2 Principal Fund held 373 positions worth $727M, up 10% from $658M the previous quarter. Its ten largest holdings account for 29% of the portfolio.

K2 Principal Fund withdrew a net $74.1M in Q1 2023, closing 108 positions and reducing 62 holdings. Its most notable exit was Scotiabank, an estimated $20.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6% of assets, down from 10% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, K2 Principal Fund opened a new position in PennyMac Mortgage Investment worth $10.4M.

  • K2 Principal Fund's largest Q1 2023 buy was PennyMac Mortgage Investment: 839,533 shares worth $10.4M.
  • K2 Principal Fund added most to First Horizon in Q1 2023, an estimated $4.56M increase.
  • K2 Principal Fund's biggest Q1 2023 reduction was San Juan Basin Royalty Trust, cutting an estimated $12.9M.
  • K2 Principal Fund fully exited Scotiabank in Q1 2023, selling an estimated $20.4M.
  • K2 Principal Fund's ten largest holdings make up 29% of its $727M portfolio in Q1 2023.
  • K2 Principal Fund opened 123 new positions and closed 108 in Q1 2023.
  • K2 Principal Fund's portfolio value rose 10% quarter-over-quarter to $727M.

Based on K2 Principal Fund's 13F filing for Q1 2023, filed 11 May 2023.