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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
WENN
76
Wen Acquisition Corp
WENN
$388M
$2.05M 0.17%
+202,663
New +$2.07M
GROY.WS icon
77
Gold Royalty Corp Warrants
GROY.WS
$153M
$2.05M 0.17%
1,145,422
+155,127
+16% +$178K
RDAG
78
Republic Digital Acquisition Co
RDAG
$389M
$2.04M 0.17%
200,000
-38,720
-16% -$398K
LPLA icon
79
LPL Financial
LPLA
$27.3B
$2.03M 0.17%
+6,115
New +$2.22M
SVAC
80
DELISTED
Spring Valley Acquisition Corp III
SVAC
$2.02M 0.16%
+200,000
New +$2.02M
BCSS.U
81
Bain Capital GSS Investment Corp Units
BCSS.U
$2.02M 0.16%
+200,000
New +$2.02M
EMISU
82
DELISTED
Emmis Acquisition Corp Units
EMISU
$1.97M 0.16%
+197,553
New +$1.97M
CCJ icon
83
Cameco
CCJ
$36.4B
$1.93M 0.16%
+23,000
New +$1.78M
PAR icon
84
CALL
PAR Technology
PAR
$732M
$1.86M 0.15%
+47,000
New +$2.6M
CORZW icon
85
Core Scientific Inc Tranche 1 Warrants
CORZW
$1.17B
$1.84M 0.15%
158,192
+51,100
+48% +$433K
LOKV
86
DELISTED
Live Oak Acquisition Corp V
LOKV
$1.82M 0.15%
178,100
– –
FTW
87
Presidio Production Co
FTW
$340M
$1.8M 0.15%
173,140
-1,281
-0.7% -$13.3K
CORZ icon
88
CALL
Core Scientific
CORZ
$5.97B
$1.79M 0.15%
100,000
-100,000
-50% -$1.47M
CAEP
89
DELISTED
Cantor Equity Partners III
CAEP
$1.69M 0.14%
163,822
-36,178
-18% -$379K
NETD
90
DELISTED
Nabors Energy Transition Corp II
NETD
$1.68M 0.14%
150,000
-150,000
-50% -$1.68M
INTC icon
91
CALL
Intel
INTC
$414B
$1.68M 0.14%
+50,000
New +$1.21M
TER icon
92
Teradyne
TER
$51.8B
$1.65M 0.13%
+12,000
New +$1.31M
BKR icon
93
CALL
Baker Hughes
BKR
$59.4B
$1.61M 0.13%
33,000
+18,000
+120% +$794K
KYIVW
94
Kyivstar Group Warrant
KYIVW
$36.3M
$1.61M 0.13%
+395,441
New +$1.45M
CEPT
95
DELISTED
Cantor Equity Partners II
CEPT
$1.59M 0.13%
150,938
-57,648
-28% -$620K
CHECU
96
Chenghe Acquisition III Co Units
CHECU
$1.56M 0.13%
+156,706
New +$1.57M
RTAC
97
Renatus Tactical Acquisition Corp I
RTAC
$326M
$1.47M 0.12%
134,710
-10,610
-7% -$119K
INVH icon
98
PUT
Invitation Homes
INVH
$17.9B
$1.47M 0.12%
50,000
-50,000
-50% -$1.54M
LWACU
99
LightWave Acquisition Corp Units
LWACU
$1.45M 0.12%
144,300
-5,700
-4% -$57.3K
VOXR
100
Vox Royalty Corp
VOXR
$287M
$1.37M 0.11%
+317,500
New +$1.09M
2 3
4
5 6

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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.