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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
SPRY icon
76
CALL
ARS Pharmaceuticals
SPRY
$564M
$2.11M 0.17%
181,100
+117,900
+187% +$1.15M
XME icon
77
PUT
State Street SPDR S&P Metals & Mining ETF
XME
$3.75B
$2.07M 0.17%
+20,000
New +$1.98M
OACC
78
Oaktree Acquisition Corp III Life Sciences
OACC
$264M
$2.07M 0.17%
195,292
– –
MARA icon
79
PUT
Marathon Digital Holdings
MARA
$4.01B
$2.02M 0.16%
+225,000
New +$3.32M
DBRG icon
80
DigitalBridge
DBRG
$2.93B
$2.01M 0.16%
+131,067
New +$1.57M
PCAP
81
ProCap Acquisition Corp
PCAP
$327M
$2.01M 0.16%
198,332
-18,969
-9% -$194K
EVAC
82
EQV Ventures Acquisition Corp II
EVAC
$599M
$2.01M 0.16%
200,000
-283,973
-59% -$2.84M
VHCPU
83
Vine Hill Capital Investment Corp II Units
VHCPU
$177M
$2M 0.16%
+200,000
New +$2.01M
SVAQU
84
Silicon Valley Acquisition Corp Units
SVAQU
$1.99M 0.16%
+200,000
New +$1.99M
IBIT icon
85
CALL
iShares Bitcoin Trust
IBIT
$47.5B
$1.99M 0.16%
+40,000
New +$2.27M
SOLS
86
CALL
Solstice Advanced Materials
SOLS
$8.66B
$1.94M 0.16%
+40,000
New +$1.88M
ITB icon
87
CALL
iShares US Home Construction ETF
ITB
$2.34B
$1.93M 0.16%
20,000
-20,000
-50% -$2.02M
PL.WS
88
DELISTED
Planet Labs PBC Warrants
PL.WS
$1.9M 0.15%
220,515
+120,515
+121% +$577K
LOKV
89
DELISTED
Live Oak Acquisition Corp V
LOKV
$1.83M 0.15%
178,100
– –
CSIQ icon
90
PUT
Canadian Solar
CSIQ
$935M
$1.78M 0.14%
+75,000
New +$1.63M
SVAC
91
DELISTED
Spring Valley Acquisition Corp III
SVAC
$1.78M 0.14%
175,000
-25,000
-13% -$258K
NKE icon
92
Nike
NKE
$63.2B
$1.72M 0.14%
+27,000
New +$1.76M
DCBO
93
Docebo
DCBO
$555M
$1.71M 0.14%
76,910
-3,000
-4% -$71.6K
SYF icon
94
PUT
Synchrony
SYF
$24.8B
$1.67M 0.13%
+20,000
New +$1.53M
AEXA
95
American Exceptionalism Acquisition Corp
AEXA
$553M
$1.63M 0.13%
143,403
-186,832
-57% -$2.1M
VST icon
96
Vistra
VST
$48.6B
$1.61M 0.13%
+10,000
New +$1.82M
VOXR
97
Vox Royalty Corp
VOXR
$287M
$1.5M 0.12%
317,500
– –
APXTU
98
Apex Treasury Corp Units
APXTU
$259M
$1.49M 0.12%
+148,075
New +$1.49M
NVRI icon
99
Enviri
NVRI
$637M
$1.49M 0.12%
+82,987
New +$1.24M
VACI
100
Viking Acquisition Corp I
VACI
$310M
$1.49M 0.12%
+150,000
New +$1.49M
2 3
4
5 6

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KGI
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SC
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WIM
Weitz Investment Management Omaha, Nebraska $1.43B AUM 0.51% 1-Year Est. Return
LCG
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CCM
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TS
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SMA
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SCA
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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.