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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
CNR
126
CALL
Core Natural Resources Inc
CNR
$4.16B
$697K 0.1%
+10,000
New +$711K
RUN icon
127
Sunrun
RUN
$2.38B
$668K 0.09%
+81,639
New +$642K
MP icon
128
PUT
MP Materials
MP
$7.68B
$665K 0.09%
+20,000
New +$510K
SLV icon
129
iShares Silver Trust
SLV
$28.3B
$637K 0.09%
19,400
-83,300
-81% -$2.55M
NVDA icon
130
NVIDIA
NVDA
$4.76T
$632K 0.09%
4,000
-2,000
-33% -$252K
CLBR.WS
131
DELISTED
Colombier Acquisition Corp. II Warrants, each whole warrant exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
CLBR.WS
$631K 0.09%
168,211
-30,849
-15% -$69.2K
CHPG
132
ChampionsGate Acquisition Corp
CHPG
$628K 0.09%
+62,780
New +$628K
W icon
133
CALL
Wayfair
W
$12.5B
$614K 0.08%
+12,000
New +$448K
MBAVW
134
DELISTED
M3-Brigade Acquisition V Corp Warrant
MBAVW
$611K 0.08%
349,119
-280,523
-45% -$308K
WTGUU
135
Wintergreen Acquisition Corp Unit
WTGUU
$595K 0.08%
+59,000
New +$593K
TVAIU
136
Thayer Ventures Acquisition Corporation II Unit
TVAIU
$592K 0.08%
+58,271
New +$589K
BBU
137
DELISTED
Brookfield Business Partners
BBU
$583K 0.08%
22,500
-25,351
-53% -$595K
BKR icon
138
CALL
Baker Hughes
BKR
$60.1B
$575K 0.08%
+15,000
New +$566K
OWL icon
139
CALL
Blue Owl Capital
OWL
$6.54B
$557K 0.08%
+29,000
New +$536K
VBNK
140
VersaBank
VBNK
$631M
$555K 0.08%
48,682
+6,700
+16% +$73.2K
LEGT
141
DELISTED
Legato Merger Corp III
LEGT
$531K 0.07%
49,748
+35,950
+261% +$381K
JOBY.WS icon
142
Joby Aviation Warrants
JOBY.WS
$521K 0.07%
217,107
-10,070
-4% -$13.6K
UBER icon
143
CALL
Uber
UBER
$139B
$467K 0.06%
+5,000
New +$412K
ZETA icon
144
CALL
Zeta Global
ZETA
$5.17B
$465K 0.06%
+30,000
New +$398K
MRK icon
145
Merck
MRK
$323B
$450K 0.06%
5,684
-6,100
-52% -$485K
ASTLW icon
146
Algoma Steel Group Warrant
ASTLW
$160K
$428K 0.06%
690,879
– –
IMSRW
147
Terrestrial Energy Warrant
IMSRW
$23.6M
$417K 0.06%
177,489
-205,279
-54% -$312K
FTW.WS
148
Presidio Production Co Warrants
FTW.WS
$388K 0.05%
530,857
– –
CLF icon
149
CALL
Cleveland-Cliffs
CLF
$6.99B
$380K 0.05%
50,000
– –
CCIRW
150
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
$367K 0.05%
183,586
+48,189
+36% +$89.3K
4 5
6
7 8

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SC
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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 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.