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KPF

K2 Principal Fund Portfolio holdings

AUM $1.36B
1-Year Est. Return 25.57%
This Fund
S&P 500
This Quarter Est. Return
-0.7%
1 Year Est. Return
+25.57%
3 Year Est. Return
+75.5%
5 Year Est. Return
+59.21%
10 Year Est. Return
+265.44%
AUM
$1.43B
AUM Growth
+$191M
Cap. Flow
-$106M
Cap. Flow %
-7.43%
Top 10 Hldgs %
20.87%
Holding
592
New
187
Increased
59
Reduced
77
Closed
105

Top Buys

Rank Stock Value
1
PFSI icon
PennyMac Financial
PFSI
+$8.39M
2
GLD icon
SPDR Gold Trust
GLD
+$6.54M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$6.24M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.27M
5
WLIIU
Willow Lane Acquisition Corp II Unit
WLIIU
+$4.55M

Top Sells

Rank Stock Value
1
BTI icon
British American Tobacco
BTI
+$5.69M
2
B
Barrick Mining
B
+$4.4M
3
NGD
New Gold Inc
NGD
+$4.19M
4
ALUB.U
Alussa Energy Acquisition Corp II Units
ALUB.U
+$3.54M
5
OPEN icon
Opendoor
OPEN
+$3.26M

Sector Composition

Rank Sector Weight
1 Financials 8.7%
2 Communication Services 1.84%
3 Consumer Discretionary 1.81%
4 Materials 1.59%
5 Technology 1.55%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DVS
476
DELISTED
Dolly Varden Silver Corp
DVS
– –
-14,089
Closed -$62.1K
CHACR
477
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
– –
-215,769
Closed -$173K
CHAC
478
DELISTED
Crane Harbor Acquisition Corp
CHAC
– –
-113,825
Closed -$1.23M
DAAQ
479
Digital Asset Acquisition Corp
DAAQ
$173M
– –
-218,397
Closed -$2.22M
RAAQW
480
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
– –
-67,110
Closed -$28.9K
FAC
481
Factorial Energy Inc
FAC
$612M
– –
-250,000
Closed -$2.58M
LWACU
482
LightWave Acquisition Corp Units
LWACU
– –
-139,300
Closed -$1.42M
CCCX
483
DELISTED
Churchill Capital Corp X
CCCX
– –
-46,340
Closed -$723K
CCCXW
484
DELISTED
Churchill Capital Corp X Warrants
CCCXW
– –
-10,567
Closed -$81.4K
PEW.WS
485
GrabAGun Digital Holdings Warrants
PEW.WS
– –
-129,857
Closed -$49.3K
WTGUR
486
Wintergreen Acquisition Corp Rights
WTGUR
– –
-57,800
Closed -$8.67K
ENHA
487
Enhanced Group Inc
ENHA
$318M
– –
-125,000
Closed -$1.26M
GIWWR
488
GigCapital8 Rights
GIWWR
– –
-100,000
Closed -$31K
SOLS
489
PUT
Solstice Advanced Materials
SOLS
$9.58B
– –
-60,000
Closed -$2.91M
LATA
490
Galata Acquisition Corp II
LATA
$233M
– –
-100,000
Closed -$996K
CHEC
491
Chenghe Acquisition III Co
CHEC
$177M
– –
-80,760
Closed -$805K
ALUB.U
492
Alussa Energy Acquisition Corp II Units
ALUB.U
– –
-350,000
Closed -$3.54M
OPENL
493
Opendoor Technologies Inc Series A Warrants
OPENL
$5.15M
– –
-19,134
Closed -$9.95K
OPENZ
494
Opendoor Technologies Inc Series Z Warrants
OPENZ
$4.43M
– –
-69,434
Closed -$27.8K
RNGT
495
Range Capital Acquisition Corp II
RNGT
$317M
– –
-100,000
Closed -$998K
EVOX
496
Evolution Global Acquisition Corp
EVOX
$322M
– –
-150,000
Closed -$1.48M
SBXE.U
497
SilverBox Corp V Units
SBXE.U
– –
-243,400
Closed -$2.45M
AEAQU
498
Activate Energy Acquisition Corp Unit
AEAQU
– –
-100,000
Closed -$999K
NWAX.U
499
New America Acquisition I Corp Units
NWAX.U
– –
-10,000
Closed -$104K
SAC.U
500
Safeguard Acquisition Corp Units
SAC.U
– –
-100,000
Closed -$1.01M
17 18 19
20
21

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DC
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FC
FORA Capital Miami, Florida $1.36B AUM 56.1% 1-Year Est. Return
QF
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KRS
Kentucky Retirement Systems Frankfort, Kentucky $1.37B AUM 33.36% 1-Year Est. Return
AF
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PP
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CRM
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K2 Principal Fund's Q1 2026 Portfolio in Review

As of Q1 2026, K2 Principal Fund held 592 positions worth $1.43B, up 15% from $1.24B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $106M in Q1 2026, closing 105 positions and reducing 77 holdings. Its most notable exit was Barrick Mining, an estimated $4.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 8.7% of assets, up from 7% a quarter earlier, followed by Communication Services and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in SPDR Gold Trust worth $6.28M.

  • K2 Principal Fund's largest Q1 2026 buy was SPDR Gold Trust: 14,603 shares worth $6.28M.
  • K2 Principal Fund added most to PennyMac Financial in Q1 2026, an estimated $8.39M increase.
  • K2 Principal Fund's biggest Q1 2026 reduction was British American Tobacco, cutting an estimated $5.69M.
  • K2 Principal Fund fully exited Barrick Mining in Q1 2026, selling an estimated $4.4M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.43B portfolio in Q1 2026.
  • K2 Principal Fund opened 187 new positions and closed 105 in Q1 2026.
  • K2 Principal Fund's portfolio value rose 15% quarter-over-quarter to $1.43B.

Based on K2 Principal Fund's 13F filing for Q1 2026, filed 14 May 2026.