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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
+0.32%
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
$788M
AUM Growth
-$112M
Cap. Flow
-$447M
Cap. Flow %
-56.71%
Top 10 Hldgs %
19.01%
Holding
417
New
101
Increased
38
Reduced
59
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$14.3M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$10.3M
3
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.84M
4
FSLR icon
First Solar
FSLR
+$5.33M
5
CEPO
Cantor Equity Partners I
CEPO
+$3.66M

Top Sells

Rank Stock Value
1
IAU icon
iShares Gold Trust
IAU
+$12.4M
2
DYNC
Dynamix Corp
DYNC
+$8.17M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$7.7M
4
MLACU
Mountain Lake Acquisition Corp Units
MLACU
+$7.51M
5
TDACU
Translational Development Acquisition Corp Units
TDACU
+$6.76M

Sector Composition

Rank Sector Weight
1 Financials 6.07%
2 Energy 2.45%
3 Technology 2.17%
4 Healthcare 1.15%
5 Real Estate 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BA icon
51
PUT
Boeing
BA
$169B
$1.71M 0.22%
+10,000
New +$1.73M
SLV icon
52
PUT
iShares Silver Trust
SLV
$27.7B
$1.55M 0.2%
+50,000
New +$1.45M
PPTA
53
Perpetua Resources
PPTA
$2.16B
$1.53M 0.19%
142,901
-27,099
-16% -$291K
PEP icon
54
PUT
PepsiCo
PEP
$196B
$1.5M 0.19%
10,000
– –
FACT
55
FACT II Acquisition Corp
FACT
$259M
$1.5M 0.19%
149,498
-108,002
-42% -$1.08M
CLBR
56
DELISTED
Colombier Acquisition Corp II
CLBR
$1.47M 0.19%
137,945
+57,200
+71% +$618K
GRND icon
57
PUT
Grindr
GRND
$3.06B
$1.43M 0.18%
+80,000
New +$1.4M
JACS
58
Jackson Acquisition Co II
JACS
$317M
$1.37M 0.17%
+136,000
New +$1.36M
MGA icon
59
CALL
Magna International
MGA
$18.8B
$1.36M 0.17%
+40,000
New +$1.54M
VRN
60
DELISTED
Veren
VRN
$1.31M 0.17%
+137,500
New +$761K
SEI
61
PUT
Solaris Energy Infrastructure
SEI
$2.66B
$1.31M 0.17%
+60,000
New +$1.66M
FSLR icon
62
CALL
First Solar
FSLR
$21.4B
$1.26M 0.16%
+10,000
New +$1.56M
DIS icon
63
Walt Disney
DIS
$171B
$1.23M 0.16%
12,429
-8,825
-42% -$948K
AGS
64
DELISTED
PlayAGS
AGS
$1.21M 0.15%
99,918
– –
HCC icon
65
CALL
Warrior Met Coal
HCC
$4.17B
$1.19M 0.15%
25,000
+15,000
+150% +$766K
TFII icon
66
TFI International
TFII
$11.6B
$1.19M 0.15%
15,393
+4,944
+47% +$547K
PTON icon
67
Peloton Interactive
PTON
$2.85B
$1.17M 0.15%
184,809
+130,282
+239% +$1.02M
BBOT
68
BridgeBio Oncology
BBOT
$659M
$1.13M 0.14%
+100,000
New +$1.07M
AACBU
69
Artius II Acquisition Inc Units
AACBU
$214M
$1.13M 0.14%
+112,006
New +$1.12M
BBU
70
DELISTED
Brookfield Business Partners
BBU
$1.12M 0.14%
47,851
-4,534
-9% -$105K
UPS icon
71
PUT
United Parcel Service
UPS
$88.9B
$1.1M 0.14%
+10,000
New +$1.2M
DRDB
72
Roman DBDR Acquisition Corp II
DRDB
$325M
$1.07M 0.14%
+107,090
New +$1.07M
MRK icon
73
Merck
MRK
$322B
$1.06M 0.13%
11,784
-1,248
-10% -$117K
X
74
CALL
DELISTED
US Steel
X
$1.06M 0.13%
25,000
-62,500
-71% -$2.36M
KEYS icon
75
Keysight
KEYS
$50.7B
$1.01M 0.13%
6,755
-245
-4% -$40.5K
1 2
3
4 5

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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 Q1 2025 Portfolio in Review

As of Q1 2025, K2 Principal Fund held 417 positions worth $788M, down 12% from $901M the previous quarter. Its ten largest holdings account for 19% of the portfolio.

K2 Principal Fund withdrew a net $447M in Q1 2025, closing 100 positions and reducing 59 holdings. Its most notable exit was iShares Gold Trust, an estimated $12.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.1% of assets, up from 4.7% a quarter earlier, followed by Energy and Technology.

Against the trend, K2 Principal Fund opened a new position in Hennessy Capital Investment Corp VII worth $10.4M.

  • K2 Principal Fund's largest Q1 2025 buy was Hennessy Capital Investment Corp VII: 1,049,683 shares worth $10.4M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q1 2025, an estimated $14.3M increase.
  • K2 Principal Fund's biggest Q1 2025 reduction was Dynamix Corp, cutting an estimated $8.17M.
  • K2 Principal Fund fully exited iShares Gold Trust in Q1 2025, selling an estimated $12.4M.
  • K2 Principal Fund's ten largest holdings make up 19% of its $788M portfolio in Q1 2025.
  • K2 Principal Fund opened 101 new positions and closed 100 in Q1 2025.
  • K2 Principal Fund's portfolio value fell 12% quarter-over-quarter to $788M.

Based on K2 Principal Fund's 13F filing for Q1 2025, filed 15 May 2025.