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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
-0.54%
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
$727M
AUM Growth
+$68.5M
Cap. Flow
-$74.1M
Cap. Flow %
-10.2%
Top 10 Hldgs %
28.59%
Holding
373
New
123
Increased
37
Reduced
62
Closed
108

Top Buys

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$11.3M
2
ACI icon
Albertsons Companies
ACI
+$5.8M
3
FHN icon
First Horizon
FHN
+$4.56M
4
ILLM
illumin Holdings Inc. Common Shares
ILLM
+$3.79M
5
NATI
National Instruments Corp
NATI
+$3.53M

Top Sells

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$20.4M
2
SJT
San Juan Basin Royalty Trust
SJT
+$12.9M
3
MNST icon
Monster Beverage
MNST
+$11M
4
COOP
Mr. Cooper
COOP
+$11M
5
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10M

Sector Composition

Rank Sector Weight
1 Financials 5.98%
2 Real Estate 4.77%
3 Healthcare 4.13%
4 Technology 3.4%
5 Energy 2.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DUET
126
DELISTED
DUET Acquisition Corp. Class A Common Stock
DUET
$523K 0.07%
+50,500
New +$517K
CWH icon
127
CALL
Camping World
CWH
$384M
$522K 0.07%
25,000
– –
JUN
128
DELISTED
Juniper II Corp.
JUN
$521K 0.07%
+50,250
New +$518K
DMYS
129
DELISTED
dMY Technology Group, Inc. VI
DMYS
$516K 0.07%
+50,490
New +$512K
CCL icon
130
CALL
Carnival Corporation Ltd
CCL
$38.1B
$508K 0.07%
50,000
-10,000
-17% -$104K
CCL icon
131
Carnival Corporation Ltd
CCL
$38.1B
$508K 0.07%
+50,000
New +$518K
SMTC icon
132
Semtech
SMTC
$9.65B
$507K 0.07%
21,000
-5,718
-21% -$179K
YOTA
133
DELISTED
Yotta Acquisition Corporation Common Stock
YOTA
$501K 0.07%
+48,666
New +$495K
CLF icon
134
CALL
Cleveland-Cliffs
CLF
$6.49B
$458K 0.06%
25,000
-25,000
-50% -$495K
BACA
135
DELISTED
Berenson Acquisition Corp. I
BACA
$456K 0.06%
+44,787
New +$453K
TGVC
136
DELISTED
TG Venture Acquisition Corp. Class A Common Stock
TGVC
$439K 0.06%
+42,400
New +$436K
GME icon
137
GameStop
GME
$9.8B
$408K 0.06%
+17,712
New +$353K
SRG
138
CALL
Seritage Growth Properties
SRG
$138M
$394K 0.05%
50,000
– –
AIV
139
CALL
Aimco
AIV
$377M
$385K 0.05%
+50,000
New +$373K
SGML icon
140
PUT
Sigma Lithium
SGML
$1.05B
$384K 0.05%
+10,200
New +$327K
BTE icon
141
PUT
Baytex Energy
BTE
$2.96B
$375K 0.05%
+100,000
New +$370K
RKT icon
142
PUT
Rocket Companies
RKT
$38.8B
$353K 0.05%
+39,000
New +$336K
PEB icon
143
CALL
Pebblebrook Hotel Trust
PEB
$2.18B
$351K 0.05%
+25,000
New +$365K
STLD icon
144
Steel Dynamics
STLD
$36.2B
$339K 0.05%
+3,000
New +$349K
SLNA
145
DELISTED
Selina Hospitality PLC Ordinary Shares
SLNA
$333K 0.05%
215,076
+29,340
+16% +$77.7K
QS icon
146
PUT
QuantumScape Corp
QS
$3.05B
$327K 0.05%
+40,000
New +$325K
HZON.WS
147
DELISTED
Horizon Acquisition Corporation II Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
HZON.WS
$314K 0.04%
667,423
-637,168
-49% -$311K
LSDI
148
DELISTED
Lucy Scientific Discovery Inc. Common Stock
LSDI
$294K 0.04%
+29,671
New +$549K
VEEA
149
Veea Inc
VEEA
$8.59M
$252K 0.03%
+24,474
New +$249K
STHO icon
150
Star Holdings Shares of Beneficial Interest
STHO
$112M
$244K 0.03%
+14,039
New +$273K
4 5
6
7 8

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K2 Principal Fund's Q1 2023 Portfolio in Review

As of Q1 2023, K2 Principal Fund held 373 positions worth $727M, up 10% from $658M the previous quarter. Its ten largest holdings account for 29% of the portfolio.

K2 Principal Fund withdrew a net $74.1M in Q1 2023, closing 108 positions and reducing 62 holdings. Its most notable exit was Scotiabank, an estimated $20.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6% of assets, down from 10% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, K2 Principal Fund opened a new position in PennyMac Mortgage Investment worth $10.4M.

  • K2 Principal Fund's largest Q1 2023 buy was PennyMac Mortgage Investment: 839,533 shares worth $10.4M.
  • K2 Principal Fund added most to First Horizon in Q1 2023, an estimated $4.56M increase.
  • K2 Principal Fund's biggest Q1 2023 reduction was San Juan Basin Royalty Trust, cutting an estimated $12.9M.
  • K2 Principal Fund fully exited Scotiabank in Q1 2023, selling an estimated $20.4M.
  • K2 Principal Fund's ten largest holdings make up 29% of its $727M portfolio in Q1 2023.
  • K2 Principal Fund opened 123 new positions and closed 108 in Q1 2023.
  • K2 Principal Fund's portfolio value rose 10% quarter-over-quarter to $727M.

Based on K2 Principal Fund's 13F filing for Q1 2023, filed 11 May 2023.