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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
AVGO icon
101
Broadcom
AVGO
$1.76T
$682K 0.09%
4,072
-1,228
-23% -$260K
DOO
102
CALL
Bombardier Recreational Products
DOO
$4.48B
$676K 0.09%
20,000
+10,000
+100% +$440K
INSP icon
103
CALL
Inspire Medical Systems
INSP
$1.47B
$653K 0.08%
4,100
-5,900
-59% -$1.07M
NVDA icon
104
NVIDIA
NVDA
$4.6T
$650K 0.08%
+6,000
New +$760K
SLV icon
105
CALL
iShares Silver Trust
SLV
$27.7B
$620K 0.08%
+20,000
New +$581K
GFR icon
106
Greenfire Resources
GFR
$786M
$602K 0.08%
+102,600
New +$634K
RMBS icon
107
Rambus
RMBS
$8.95B
$597K 0.08%
+11,520
New +$677K
HIMS icon
108
PUT
Hims & Hers Health
HIMS
$5.79B
$591K 0.08%
+20,000
New +$743K
NHI icon
109
National Health Investors
NHI
$3.79B
$591K 0.08%
+8,000
New +$564K
WY icon
110
CALL
Weyerhaeuser
WY
$17.6B
$586K 0.07%
+20,000
New +$595K
CERT icon
111
Certara
CERT
$1.26B
$584K 0.07%
+58,951
New +$716K
NBIS
112
Nebius Group N.V.
NBIS
$37.6B
$550K 0.07%
26,065
-3,935
-13% -$129K
ALDF
113
Aldel Financial II Inc
ALDF
$321M
$498K 0.06%
49,297
– –
CEVA icon
114
CEVA Inc
CEVA
$831M
$485K 0.06%
+18,952
New +$609K
CWH icon
115
CALL
Camping World
CWH
$384M
$485K 0.06%
+30,000
New +$613K
IONQ.WS
116
IonQ Inc Warrants
IONQ.WS
$4.99B
$477K 0.06%
42,943
-36,495
-46% -$772K
WOLF icon
117
PUT
Wolfspeed
WOLF
$1.04B
$459K 0.06%
+150,000
New +$877K
VBNK
118
VersaBank
VBNK
$623M
$435K 0.06%
41,982
+21,336
+103% +$265K
SMR icon
119
CALL
NuScale Power
SMR
$2.63B
$425K 0.05%
+30,000
New +$606K
SMR icon
120
PUT
NuScale Power
SMR
$2.63B
$425K 0.05%
+30,000
New +$606K
KGC icon
121
Kinross Gold
KGC
$27.7B
$416K 0.05%
+33,000
New +$370K
PATH icon
122
CALL
UiPath
PATH
$6.52B
$412K 0.05%
+40,000
New +$515K
CLF icon
123
CALL
Cleveland-Cliffs
CLF
$6.49B
$411K 0.05%
50,000
– –
DYNC
124
Dynamix Corp
DYNC
$240M
$408K 0.05%
40,992
-828,920
-95% -$8.17M
ASTLW icon
125
Algoma Steel Group Warrant
ASTLW
$242K
$380K 0.05%
690,879
-1,700
-0.2% -$1.54K
3 4
5
6 7

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WIM
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LCG
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CCM
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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.