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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
+9.21%
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
$725M
AUM Growth
-$63M
Cap. Flow
-$143M
Cap. Flow %
-19.69%
Top 10 Hldgs %
22.96%
Holding
394
New
118
Increased
38
Reduced
57
Closed
98

Top Buys

Rank Stock Value
1
MAG
MAG Silver
MAG
+$5.72M
2
GTEN
Gores Holdings X
GTEN
+$3.99M
3
JNPR
Juniper Networks
JNPR
+$3.58M
4
RAC
Rithm Acquisition Corp
RAC
+$3.5M
5
CORZ icon
Core Scientific
CORZ
+$3.47M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$16.8M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$5.97M
3
SEI
Solaris Energy Infrastructure
SEI
+$5.9M
4
RAC.U
Rithm Acquisition Corp Units
RAC.U
+$3.54M
5
SVCC
Stellar V Capital Corp
SVCC
+$3.4M

Sector Composition

Rank Sector Weight
1 Financials 11.62%
2 Technology 4.89%
3 Consumer Discretionary 1.89%
4 Energy 1.63%
5 Communication Services 1.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IMO icon
101
Imperial Oil
IMO
$60.8B
$1.19M 0.16%
+15,000
New +$1.07M
INSP icon
102
CALL
Inspire Medical Systems
INSP
$1.47B
$1.18M 0.16%
9,100
+5,000
+122% +$725K
VFC icon
103
VF Corp
VFC
$6.71B
$1.18M 0.16%
+100,000
New +$1.24M
ASTS icon
104
CALL
AST SpaceMobile
ASTS
$17.4B
$1.17M 0.16%
+25,000
New +$724K
CORZW icon
105
Core Scientific Inc Tranche 1 Warrants
CORZW
$1.39B
$1.16M 0.16%
107,092
+67,424
+170% +$335K
GENVR
106
Gen Digital Inc Contingent Value Rights
GENVR
$1.15M 0.16%
+143,630
New +$1.01M
AACB
107
Artius II Acquisition Inc
AACB
$291M
$1.13M 0.16%
+112,006
New +$1.12M
DRDB
108
Roman DBDR Acquisition Corp II
DRDB
$325M
$1.1M 0.15%
107,090
– –
HLT icon
109
CALL
Hilton Worldwide
HLT
$75.3B
$1.07M 0.15%
4,000
-8,000
-67% -$1.9M
RKT icon
110
CALL
Rocket Companies
RKT
$38.2B
$1.06M 0.15%
+75,000
New +$973K
BBOT
111
BridgeBio Oncology
BBOT
$703M
$1.06M 0.15%
100,000
– –
CIEN icon
112
Ciena
CIEN
$53.4B
$1.06M 0.15%
13,013
– –
DHI icon
113
D.R. Horton
DHI
$41.3B
$1.03M 0.14%
+8,000
New +$985K
AIOT
114
PowerFleet Inc
AIOT
$514M
$1.03M 0.14%
+238,417
New +$1.18M
JBS
115
JBS N.V.
JBS
$44.7B
$1.02M 0.14%
+69,944
New +$984K
KCHVU
116
Kochav Defense Acquisition Corp Units
KCHVU
$1.02M 0.14%
+100,000
New +$1.01M
NHC icon
117
PUT
National Healthcare
NHC
$3.53B
$1.02M 0.14%
9,500
+6,500
+217% +$650K
IONQ.WS
118
IonQ Inc Warrants
IONQ.WS
$5.83B
$1.01M 0.14%
32,071
-10,872
-25% -$243K
OYSEU
119
Oyster Enterprises II Acquisition Corp Units
OYSEU
$1.01M 0.14%
+100,000
New +$1.01M
SZZL
120
Sizzle Acquisition Corp II
SZZL
$325M
$1M 0.14%
+100,000
New +$998K
CUB
121
Lionheart Holdings
CUB
$283M
$881K 0.12%
+83,943
New +$872K
NNAVW
122
DELISTED
NextNav Inc Warrant
NNAVW
$849K 0.12%
133,725
-39,165
-23% -$198K
FSLR icon
123
CALL
First Solar
FSLR
$22.1B
$828K 0.11%
5,000
-5,000
-50% -$738K
IREN icon
124
CALL
Iris Energy
IREN
$13B
$729K 0.1%
+50,000
New +$406K
ARKK icon
125
CALL
ARK Innovation ETF
ARKK
$5.74B
$703K 0.1%
+10,000
New +$551K
3 4
5
6 7

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LCG
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K2 Principal Fund's Q2 2025 Portfolio in Review

As of Q2 2025, K2 Principal Fund held 394 positions worth $725M, down 8% from $788M the previous quarter. Its ten largest holdings account for 23% of the portfolio.

K2 Principal Fund withdrew a net $143M in Q2 2025, closing 98 positions and reducing 57 holdings. Its most notable exit was Solaris Energy Infrastructure, an estimated $5.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 12% of assets, up from 6.1% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in MAG Silver worth $6.8M.

  • K2 Principal Fund's largest Q2 2025 buy was MAG Silver: 321,870 shares worth $6.8M.
  • K2 Principal Fund added most to Kodiak AI in Q2 2025, an estimated $2.97M increase.
  • K2 Principal Fund's biggest Q2 2025 reduction was SPDR Gold Trust, cutting an estimated $16.8M.
  • K2 Principal Fund fully exited Solaris Energy Infrastructure in Q2 2025, selling an estimated $5.9M.
  • K2 Principal Fund's ten largest holdings make up 23% of its $725M portfolio in Q2 2025.
  • K2 Principal Fund opened 118 new positions and closed 98 in Q2 2025.
  • K2 Principal Fund's portfolio value fell 8% quarter-over-quarter to $725M.

Based on K2 Principal Fund's 13F filing for Q2 2025, filed 14 Aug 2025.