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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
SKGRW
126
DELISTED
SK Growth Opportunities Corporation Warrant
SKGRW
$351K 0.04%
539,612
-29,753
-5% -$15.9K
BMEZ icon
127
BlackRock Health Sciences Trust II
BMEZ
$966M
$310K 0.04%
20,830
+4,559
+28% +$71.3K
CNQ icon
128
CALL
Canadian Natural Resources
CNQ
$96.9B
$308K 0.04%
+10,000
New +$303K
FACTU
129
FACT II Acquisition Corp Unit
FACTU
$301K 0.04%
30,000
– –
ADX icon
130
Adams Diversified Equity Fund
ADX
$3.01B
$301K 0.04%
15,826
+348
+2% +$6.99K
FLDDW
131
Fold Holdings Warrant
FLDDW
$995K
$289K 0.04%
+390,183
New +$316K
BDJ icon
132
BlackRock Enhanced Equity Dividend Trust
BDJ
$1.7B
$284K 0.04%
32,984
+5,000
+18% +$43.6K
W icon
133
Wayfair
W
$11.8B
$283K 0.04%
+8,832
New +$367K
JOBY.WS icon
134
Joby Aviation Warrants
JOBY.WS
$279K 0.04%
227,177
+70,956
+45% +$123K
NHC icon
135
PUT
National Healthcare
NHC
$3.57B
$278K 0.04%
+3,000
New +$291K
ASGI
136
abrdn Global Infrastructure Income Fund
ASGI
$740M
$276K 0.04%
15,000
+5,000
+50% +$89.7K
RVT icon
137
Royce Value Trust
RVT
$2.19B
$272K 0.03%
19,108
+385
+2% +$5.97K
IMSRW
138
Terrestrial Energy Warrant
IMSRW
$21.4M
$264K 0.03%
382,768
-1,876
-0.5% -$441
WGMI icon
139
PUT
CoinShares ETF Trust CoinShares Bitcoin Mining ETF
WGMI
$213M
$255K 0.03%
+20,000
New +$400K
GROY.WS icon
140
Gold Royalty Corp Warrants
GROY.WS
$145M
$247K 0.03%
988,295
-105
-0% -$31
CCIRW
141
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
$244K 0.03%
135,397
-62,212
-31% -$80.3K
TAC icon
142
CALL
TransAlta
TAC
$3.93B
$234K 0.03%
+25,000
New +$277K
PTA icon
143
Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund
PTA
$1.03B
$233K 0.03%
+11,967
New +$236K
SKYH.WS icon
144
Sky Harbour Group Warrants
SKYH.WS
$18.4M
$231K 0.03%
+75,018
New +$188K
DMYY
145
DELISTED
dMY Squared
DMYY
$223K 0.03%
20,000
-30,000
-60% -$332K
BTX
146
BlackRock Technology and Private Equity Term Trust
BTX
$895M
$219K 0.03%
+35,000
New +$260K
HVIIR
147
Hennessy Capital Investment Corp VII Rights
HVIIR
$217K 0.03%
+1,086,568
New +$225K
ECF
148
Ellsworth Growth & Income Fund
ECF
$164M
$216K 0.03%
23,785
+8,592
+57% +$83.3K
CII icon
149
BlackRock Enhanced Captial and Income Fund
CII
$964M
$209K 0.03%
11,336
-3,693
-25% -$74K
KDK
150
Kodiak AI
KDK
$776M
$209K 0.03%
18,722
-31,278
-63% -$346K
4 5
6
7 8

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WIM
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LCG
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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.