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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
GFR icon
26
Greenfire Resources
GFR
$775M
$4.02M 0.32%
845,285
+397,685
+89% +$1.89M
NLOP
27
Net Lease Office Properties
NLOP
$171M
$3.98M 0.32%
154,500
+9,700
+7% +$274K
VOO icon
28
CALL
Vanguard S&P 500 ETF
VOO
$968B
$3.95M 0.32%
6,300
-48,700
-89% -$30.3M
CEPT
29
DELISTED
Cantor Equity Partners II
CEPT
$3.91M 0.31%
347,129
+196,191
+130% +$2.21M
PAR icon
30
PUT
PAR Technology
PAR
$682M
$3.63M 0.29%
+100,000
New +$3.61M
IJR icon
31
PUT
iShares Core S&P Small-Cap ETF
IJR
$110B
$3.61M 0.29%
+30,000
New +$3.59M
TACO
32
Berto Acquisition Corp
TACO
$393M
$3.6M 0.29%
355,204
+100,000
+39% +$1.03M
COPX icon
33
PUT
Global X Copper Miners ETF NEW
COPX
$7.2B
$3.59M 0.29%
+50,000
New +$3.2M
RYAM icon
34
Rayonier Advanced Materials
RYAM
$573M
$3.55M 0.29%
602,624
+59,904
+11% +$389K
ALUB.U
35
Alussa Energy Acquisition Corp II Units
ALUB.U
$3.54M 0.28%
+350,000
New +$3.54M
RYAM icon
36
CALL
Rayonier Advanced Materials
RYAM
$573M
$3.51M 0.28%
596,400
+568,400
+2,030% +$3.69M
BEP icon
37
Brookfield Renewable
BEP
$9.74B
$3.47M 0.28%
+129,900
New +$3.69M
SRG
38
Seritage Growth Properties
SRG
$133M
$3.43M 0.28%
1,056,400
+56,400
+6% +$214K
SOLS
39
Solstice Advanced Materials
SOLS
$9.62B
$3.39M 0.27%
+69,810
New +$3.29M
OPEN icon
40
Opendoor
OPEN
$3.71B
$3.26M 0.26%
559,157
-483,181
-46% -$3.46M
BEAG
41
Bold Eagle Acquisition Corp
BEAG
$3.25M 0.26%
307,018
+7,603
+3% +$80.9K
CAEP
42
DELISTED
Cantor Equity Partners III
CAEP
$3.19M 0.26%
312,667
+148,845
+91% +$1.54M
NSC icon
43
Norfolk Southern
NSC
$77.1B
$3.12M 0.25%
10,800
+9,900
+1,100% +$2.86M
CLF icon
44
PUT
Cleveland-Cliffs
CLF
$6.99B
$3.11M 0.25%
+234,400
New +$2.96M
PMTR
45
Perimeter Acquisition Corp I
PMTR
$320M
$3.06M 0.25%
297,237
+50,000
+20% +$516K
ABVX
46
Abivax
ABVX
$11.2B
$3.03M 0.24%
+22,500
New +$2.45M
PAR icon
47
PAR Technology
PAR
$682M
$3.03M 0.24%
83,580
+8,448
+11% +$305K
TLNC
48
Talon Capital Corp
TLNC
$349M
$3.03M 0.24%
+299,752
New +$3.02M
CYBR
49
DELISTED
CyberArk
CYBR
$3.01M 0.24%
+6,748
New +$3.25M
PKST
50
DELISTED
Peakstone Realty Trust
PKST
$3M 0.24%
209,114
-28,289
-12% -$390K
1
2
3 4 5

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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.