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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
+17.68%
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
$1.23B
AUM Growth
+$506M
Cap. Flow
-$175M
Cap. Flow %
-14.23%
Top 10 Hldgs %
22.22%
Holding
438
New
98
Increased
34
Reduced
62
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$19.1M
2
EVAC
EQV Ventures Acquisition Corp II
EVAC
+$4.81M
3
XPOF icon
Xponential Fitness
XPOF
+$4.73M
4
CORZ icon
Core Scientific
CORZ
+$4.72M
5
SLV icon
iShares Silver Trust
SLV
+$4.57M

Top Sells

Rank Stock Value
1
MAG
MAG Silver
MAG
+$6.8M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$6.37M
3
HES
Hess
HES
+$4.54M
4
CCIR
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
+$4.5M
5
CLBR
Colombier Acquisition Corp II
CLBR
+$4.39M

Sector Composition

Rank Sector Weight
1 Financials 6.54%
2 Technology 3.1%
3 Consumer Discretionary 1.77%
4 Real Estate 1.75%
5 Communication Services 1.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ITB icon
26
CALL
iShares US Home Construction ETF
ITB
$2.35B
$4.29M 0.35%
+40,000
New +$4.21M
SRG
27
Seritage Growth Properties
SRG
$133M
$4.25M 0.35%
1,000,000
-15,786
-2% -$55.2K
DMIIU
28
Drugs Made In America Acquisition II Corp Unit
DMIIU
$4.24M 0.34%
+426,507
New +$4.25M
DCH
29
Dauch Corp
DCH
$1.32B
$4.19M 0.34%
+696,786
New +$3.73M
APP icon
30
Applovin
APP
$139B
$4.16M 0.34%
5,788
-379
-6% -$175K
CCII
31
Cohen Circle Acquisition Corp II
CCII
$359M
$4.06M 0.33%
+400,000
New +$4.04M
GDXJ icon
32
CALL
VanEck Junior Gold Miners ETF
GDXJ
$7.15B
$3.96M 0.32%
+40,000
New +$3.07M
UBER icon
33
Uber
UBER
$139B
$3.96M 0.32%
40,430
+7,382
+22% +$690K
RYAM icon
34
Rayonier Advanced Materials
RYAM
$573M
$3.92M 0.32%
+542,720
New +$2.8M
PTON icon
35
Peloton Interactive
PTON
$2.71B
$3.86M 0.31%
429,369
-18,365
-4% -$137K
TIXT
36
DELISTED
TELUS International
TIXT
$3.61M 0.29%
806,090
-28,997
-3% -$118K
AEXA
37
American Exceptionalism Acquisition Corp
AEXA
$569M
$3.61M 0.29%
+330,235
New +$3.56M
HVII
38
Hennessy Capital Investment Corp VII
HVII
$273M
$3.59M 0.29%
352,579
-100,138
-22% -$1.02M
BTI icon
39
British American Tobacco
BTI
$131B
$3.47M 0.28%
65,356
+27,156
+71% +$1.47M
GDXJ icon
40
PUT
VanEck Junior Gold Miners ETF
GDXJ
$7.15B
$3.47M 0.28%
+35,000
New +$2.69M
SEI
41
CALL
Solaris Energy Infrastructure
SEI
$3.22B
$3.4M 0.28%
+85,000
New +$2.66M
GOOG icon
42
Alphabet (Google) Class C
GOOG
$3.99T
$3.29M 0.27%
13,500
-1,500
-10% -$315K
RKT icon
43
PUT
Rocket Companies
RKT
$38.2B
$3.2M 0.26%
+165,000
New +$2.88M
COOP
44
DELISTED
Mr. Cooper
COOP
$3.16M 0.26%
+15,000
New +$2.76M
PKST
45
DELISTED
Peakstone Realty Trust
PKST
$3.11M 0.25%
237,403
+120,706
+103% +$1.61M
BEAG
46
Bold Eagle Acquisition Corp
BEAG
$3.11M 0.25%
299,415
-4,160
-1% -$43.3K
HCMA
47
HCM III Acquisition Corp
HCMA
$346M
$3.03M 0.25%
+300,000
New +$3.03M
BDCIU
48
BTC Development Corp Unit
BDCIU
$232M
$3.03M 0.25%
+300,000
New +$3.03M
GENI icon
49
Genius Sports
GENI
$1.94B
$2.98M 0.24%
240,761
+10,397
+5% +$124K
PAR icon
50
PAR Technology
PAR
$682M
$2.97M 0.24%
+75,132
New +$4.15M
1
2
3 4 5

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SC
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WIM
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LCG
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CCM
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SMA
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SCA
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K2 Principal Fund's Q3 2025 Portfolio in Review

As of Q3 2025, K2 Principal Fund held 438 positions worth $1.23B, up 70% from $725M the previous quarter. Its ten largest holdings account for 22% of the portfolio.

K2 Principal Fund withdrew a net $175M in Q3 2025, closing 100 positions and reducing 62 holdings. Its most notable exit was MAG Silver, an estimated $6.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.5% of assets, down from 12% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in EQV Ventures Acquisition Corp II worth $4.82M.

  • K2 Principal Fund's largest Q3 2025 buy was EQV Ventures Acquisition Corp II: 483,973 shares worth $4.82M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q3 2025, an estimated $19.1M increase.
  • K2 Principal Fund's biggest Q3 2025 reduction was iShares Bitcoin Trust, cutting an estimated $6.37M.
  • K2 Principal Fund fully exited MAG Silver in Q3 2025, selling an estimated $6.8M.
  • K2 Principal Fund's ten largest holdings make up 22% of its $1.23B portfolio in Q3 2025.
  • K2 Principal Fund opened 98 new positions and closed 100 in Q3 2025.
  • K2 Principal Fund's portfolio value rose 70% quarter-over-quarter to $1.23B.

Based on K2 Principal Fund's 13F filing for Q3 2025, filed 13 Nov 2025.