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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
+11.09%
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
$658M
AUM Growth
-$213M
Cap. Flow
-$356M
Cap. Flow %
-54.08%
Top 10 Hldgs %
41.88%
Holding
370
New
83
Increased
31
Reduced
76
Closed
126

Top Buys

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$19.6M
2
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10.2M
3
SJT
San Juan Basin Royalty Trust
SJT
+$6.12M
4
MNST icon
Monster Beverage
MNST
+$6.11M
5
STOR
STORE Capital Corporation
STOR
+$5.01M

Top Sells

Rank Stock Value
1
CIXX
CI Financial Corp.
CIXX
+$27.9M
2
RIVN icon
Rivian
RIVN
+$17.5M
3
PMT
PennyMac Mortgage Investment
PMT
+$15.7M
4
HTZWW
Hertz Global Holdings Warrants
HTZWW
+$13.2M
5
NMRK icon
Newmark Group
NMRK
+$13.1M

Sector Composition

Rank Sector Weight
1 Financials 10.45%
2 Healthcare 5.32%
3 Energy 4.61%
4 Real Estate 4.08%
5 Industrials 2.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
USAS
76
Americas Gold and Silver
USAS
$1.31B
$1.02M 0.15%
710,600
-139,000
-16% -$178K
FOCS
77
CALL
DELISTED
Focus Financial Partners Inc. Class A
FOCS
$980K 0.15%
26,300
+3,300
+14% +$117K
LXU icon
78
CALL
LSB Industries
LXU
$822M
$931K 0.14%
+70,000
New +$1.04M
COWN
79
DELISTED
Cowen Inc. Class A Common Stock
COWN
$881K 0.13%
+22,814
New +$882K
X
80
PUT
DELISTED
US Steel
X
$877K 0.13%
35,000
-492,500
-93% -$11.4M
AI icon
81
C3.ai
AI
$1.38B
$873K 0.13%
+78,000
New +$977K
SPLK
82
CALL
DELISTED
Splunk Inc
SPLK
$861K 0.13%
10,000
– –
PFSI icon
83
CALL
PennyMac Financial
PFSI
$4.45B
$850K 0.13%
+15,000
New +$794K
MAXR
84
DELISTED
Maxar Technologies Inc. Common Stock
MAXR
$806K 0.12%
+15,574
New +$428K
CLF icon
85
CALL
Cleveland-Cliffs
CLF
$6.84B
$806K 0.12%
50,000
-110,000
-69% -$1.66M
NSTB
86
DELISTED
Northern Star Investment Corp. II
NSTB
$785K 0.12%
+78,334
New +$781K
UHAL icon
87
U-Haul Holding Co
UHAL
$14.3B
$782K 0.12%
+13,000
New +$748K
RFAC
88
DELISTED
RF Acquisition Corp. Class A Common Stock
RFAC
$777K 0.12%
+76,850
New +$768K
ATVI
89
DELISTED
Activision Blizzard
ATVI
$774K 0.12%
+10,112
New +$751K
IAA
90
DELISTED
IAA, Inc. Common Stock
IAA
$769K 0.12%
+19,227
New +$725K
SMTC icon
91
Semtech
SMTC
$10.4B
$767K 0.12%
26,718
– –
ILLM
92
DELISTED
illumin Holdings Inc. Common Shares
ILLM
$763K 0.12%
498,531
-2,370,876
-83% -$3.9M
INN
93
CALL
Summit Hotel Properties
INN
$743M
$756K 0.11%
+104,700
New +$820K
EPHY
94
DELISTED
Epiphany Technology Acquisition Corp. Class A Common Stock
EPHY
$753K 0.11%
+75,310
New +$751K
ANNX icon
95
Annexon
ANNX
$814M
$753K 0.11%
145,564
+96,233
+195% +$529K
CWK icon
96
CALL
Cushman & Wakefield Ltd
CWK
$3.2B
$723K 0.11%
58,000
– –
UHAL icon
97
CALL
U-Haul Holding Co
UHAL
$14.3B
$722K 0.11%
+12,000
New +$690K
WING icon
98
PUT
Wingstop
WING
$3.67B
$688K 0.1%
5,000
-25,000
-83% -$3.69M
AA icon
99
PUT
Alcoa
AA
$11.7B
$682K 0.1%
15,000
-117,500
-89% -$5.11M
BITE
100
DELISTED
Bite Acquisition Corp.
BITE
$663K 0.1%
+65,806
New +$657K
2 3
4
5 6

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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 Q4 2022 Portfolio in Review

As of Q4 2022, K2 Principal Fund held 370 positions worth $658M, down 24% from $871M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

K2 Principal Fund withdrew a net $356M in Q4 2022, closing 126 positions and reducing 76 holdings. Its most notable exit was Rivian, an estimated $17.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 10% of assets, up from 8% a quarter earlier, followed by Healthcare and Energy.

Against the trend, K2 Principal Fund opened a new position in Scotiabank worth $19.5M.

  • K2 Principal Fund's largest Q4 2022 buy was Scotiabank: 397,554 shares worth $19.5M.
  • K2 Principal Fund added most to San Juan Basin Royalty Trust in Q4 2022, an estimated $6.12M increase.
  • K2 Principal Fund's biggest Q4 2022 reduction was CI Financial Corp., cutting an estimated $27.9M.
  • K2 Principal Fund fully exited Rivian in Q4 2022, selling an estimated $17.5M.
  • K2 Principal Fund's ten largest holdings make up 42% of its $658M portfolio in Q4 2022.
  • K2 Principal Fund opened 83 new positions and closed 126 in Q4 2022.
  • K2 Principal Fund's portfolio value fell 24% quarter-over-quarter to $658M.

Based on K2 Principal Fund's 13F filing for Q4 2022, filed 10 Feb 2023.