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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
FND icon
101
Floor & Decor
FND
$6.14B
$1.36M 0.11%
+18,500
New +$1.52M
GENVR
102
Gen Digital Inc Contingent Value Rights
GENVR
$1.36M 0.11%
184,274
+40,644
+28% +$367K
WGMI icon
103
CALL
CoinShares ETF Trust CoinShares Bitcoin Mining ETF
WGMI
$242M
$1.33M 0.11%
+30,000
New +$904K
AIOT
104
PowerFleet Inc
AIOT
$525M
$1.31M 0.11%
250,000
+11,583
+5% +$53.5K
RDDT icon
105
Reddit
RDDT
$34.4B
$1.26M 0.1%
+5,481
New +$1.12M
CCIX
106
Churchill Capital Corp IX
CCIX
$399M
$1.2M 0.1%
114,350
– –
ATII
107
Archimedes Tech SPAC Partners II Co
ATII
$316M
$1.16M 0.09%
113,670
-46,500
-29% -$475K
ARES icon
108
CALL
Ares Management
ARES
$28.8B
$1.12M 0.09%
7,000
– –
OUT icon
109
Outfront Media
OUT
$5.72B
$1.11M 0.09%
+60,435
New +$1.1M
DRDB
110
Roman DBDR Acquisition Corp II
DRDB
$325M
$1.11M 0.09%
107,090
– –
GTEN
111
Gores Holdings X
GTEN
$474M
$1.05M 0.09%
102,849
-286,477
-74% -$2.93M
WLACW
112
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$1.05M 0.09%
374,374
-256,185
-41% -$268K
ONCH
113
1RT Acquisition Corp
ONCH
$222M
$1.04M 0.08%
+100,000
New +$1.03M
EMX
114
DELISTED
EMX Royalty
EMX
$1.04M 0.08%
+201,488
New +$697K
MBVIU
115
M3-Brigade Acquisition VI Corp Units
MBVIU
$1.01M 0.08%
+100,000
New +$1M
SZZL
116
Sizzle Acquisition Corp II
SZZL
$325M
$1.01M 0.08%
100,000
– –
KCHV
117
Kochav Defense Acquisition Corp
KCHV
$355M
$1M 0.08%
+100,000
New +$1M
SPEG
118
Silver Pegasus Acquisition Corp
SPEG
$158M
$997K 0.08%
+100,000
New +$996K
BLUW
119
Blue Water Acquisition Corp III
BLUW
$334M
$996K 0.08%
+100,000
New +$997K
TSEM icon
120
Tower Semiconductor
TSEM
$22.9B
$977K 0.08%
+13,512
New +$738K
MSFT icon
121
Microsoft
MSFT
$2.92T
$906K 0.07%
+1,750
New +$893K
CPRI icon
122
Capri Holdings
CPRI
$1.88B
$824K 0.07%
+41,357
New +$829K
NVDA icon
123
NVIDIA
NVDA
$4.77T
$746K 0.06%
4,000
– –
NXT icon
124
Nextpower Inc
NXT
$14.5B
$740K 0.06%
+10,000
New +$644K
FND icon
125
CALL
Floor & Decor
FND
$6.14B
$737K 0.06%
+10,000
New +$820K
3 4
5
6 7

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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.