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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
PLYM
126
DELISTED
Plymouth Industrial REIT
PLYM
$715K 0.06%
+32,000
New +$588K
MCGA
127
Yorkville Acquisition Corp
MCGA
$241M
$693K 0.06%
+65,000
New +$697K
CRNC icon
128
Cerence
CRNC
$359M
$674K 0.05%
+54,119
New +$554K
AES icon
129
PUT
AES
AES
$10.6B
$658K 0.05%
+50,000
New +$649K
SPRY icon
130
CALL
ARS Pharmaceuticals
SPRY
$579M
$635K 0.05%
+63,200
New +$907K
FLR icon
131
CALL
Fluor
FLR
$6.54B
$631K 0.05%
+15,000
New +$690K
ROK icon
132
Rockwell Automation
ROK
$51.1B
$612K 0.05%
+1,750
New +$604K
CLF icon
133
CALL
Cleveland-Cliffs
CLF
$6.49B
$610K 0.05%
50,000
– –
CCCX
134
DELISTED
Churchill Capital Corp X
CCCX
$609K 0.05%
+47,330
New +$500K
IAUX.WS
135
i-80 Gold Corp Warrants
IAUX.WS
$110M
$608K 0.05%
+1,350,000
New +$392K
STLD icon
136
Steel Dynamics
STLD
$36.4B
$558K 0.05%
+4,000
New +$525K
SCS
137
DELISTED
Steelcase
SCS
$539K 0.04%
+31,322
New +$452K
LEGT
138
DELISTED
Legato Merger Corp III
LEGT
$534K 0.04%
49,748
– –
VBNK
139
VersaBank
VBNK
$623M
$519K 0.04%
42,502
-6,180
-13% -$71.4K
LCID icon
140
Lucid Motors
LCID
$3.11B
$491K 0.04%
20,658
+11,298
+121% +$255K
MRK icon
141
Merck
MRK
$322B
$477K 0.04%
5,684
– –
HLT icon
142
Hilton Worldwide
HLT
$72.4B
$472K 0.04%
+1,818
New +$491K
CPRI icon
143
CALL
Capri Holdings
CPRI
$1.82B
$398K 0.03%
+20,000
New +$401K
BBU
144
DELISTED
Brookfield Business Partners
BBU
$397K 0.03%
8,700
-13,800
-61% -$368K
FCX icon
145
CALL
Freeport-McMoran
FCX
$86.2B
$392K 0.03%
10,000
-65,000
-87% -$2.82M
PFSI icon
146
PennyMac Financial
PFSI
$4.47B
$372K 0.03%
+3,002
New +$325K
ADX icon
147
Adams Diversified Equity Fund
ADX
$3.01B
$368K 0.03%
16,520
+338
+2% +$7.38K
RRX icon
148
Regal Rexnord
RRX
$12.5B
$358K 0.03%
+2,496
New +$368K
PL.WS
149
DELISTED
Planet Labs PBC Warrants
PL.WS
$357K 0.03%
+100,000
New +$145K
PLUG icon
150
Plug Power
PLUG
$2.65B
$350K 0.03%
+150,000
New +$254K
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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TS
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SMA
Sage Mountain Advisors Atlanta, Georgia $1.43B AUM 16.47% 1-Year Est. Return
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.