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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
+1.51%
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
$1.24B
AUM Growth
+$9.76M
Cap. Flow
-$461M
Cap. Flow %
-37.16%
Top 10 Hldgs %
20.77%
Holding
481
New
139
Increased
48
Reduced
70
Closed
71

Top Buys

Rank Stock Value
1
SUNC
SunocoCorp LLC
SUNC
+$5.29M
2
BTI icon
British American Tobacco
BTI
+$4.93M
3
BIP icon
Brookfield Infrastructure Partners
BIP
+$4.35M
4
BEP icon
Brookfield Renewable
BEP
+$3.69M
5
NGD
New Gold Inc
NGD
+$3.63M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$26.6M
2
CORZ icon
Core Scientific
CORZ
+$12M
3
SLV icon
iShares Silver Trust
SLV
+$6.83M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.95M
5
TLNCU
Talon Capital Corp Units
TLNCU
+$4.52M

Sector Composition

Rank Sector Weight
1 Financials 6.98%
2 Materials 2.32%
3 Technology 1.78%
4 Communication Services 1.46%
5 Consumer Discretionary 1.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FTW
126
Presidio Production Co
FTW
$341M
$1.05M 0.08%
100,000
-73,140
-42% -$764K
RAAQ
127
DELISTED
Real Asset Acquisition Corp
RAAQ
$1.05M 0.08%
+102,434
New +$1.06M
BLUW
128
Blue Water Acquisition Corp III
BLUW
$335M
$1.03M 0.08%
100,000
– –
CEPV
129
Cantor Equity Partners V
CEPV
$332M
$1.02M 0.08%
+100,000
New +$1.03M
ONCH
130
1RT Acquisition Corp
ONCH
$222M
$1.02M 0.08%
100,000
– –
VEON icon
131
VEON
VEON
$3.5B
$1.01M 0.08%
+19,300
New +$978K
KCHV
132
Kochav Defense Acquisition Corp
KCHV
$355M
$1.01M 0.08%
100,000
– –
FCRS
133
FutureCrest Acquisition Corp
FCRS
$368M
$1.01M 0.08%
+100,000
New +$1.01M
SAC.U
134
Safeguard Acquisition Corp Units
SAC.U
$1.01M 0.08%
+100,000
New +$1.01M
SPEG
135
Silver Pegasus Acquisition Corp
SPEG
$158M
$1.01M 0.08%
100,000
– –
PRCH icon
136
Porch Group
PRCH
$1.35B
$1M 0.08%
+110,000
New +$1.32M
GPACU
137
General Purpose Acquisition Corp Units
GPACU
$209M
$1M 0.08%
+100,000
New +$1,000K
LFACU
138
Leapfrog Acquisition Corp Units
LFACU
$1M 0.08%
+100,000
New +$1M
MBVI
139
M3-Brigade Acquisition VI Corp
MBVI
$439M
$1M 0.08%
+100,000
New +$1.01M
BLRKU
140
Bluerock Acquisition Corp Unit
BLRKU
$153M
$1M 0.08%
+100,000
New +$1M
AEAQU
141
Activate Energy Acquisition Corp Unit
AEAQU
$999K 0.08%
+100,000
New +$1M
RNGT
142
Range Capital Acquisition Corp II
RNGT
$317M
$998K 0.08%
+100,000
New +$999K
LPCVU
143
Launchpad Cadenza Acquisition Corp I Unit
LPCVU
$201M
$998K 0.08%
+100,000
New +$999K
ADACU
144
American Drive Acquisition Co Units
ADACU
$997K 0.08%
+100,000
New +$997K
LATA
145
Galata Acquisition Corp II
LATA
$233M
$996K 0.08%
+100,000
New +$997K
TWLVU
146
Twelve Seas Investment Company III Units
TWLVU
$995K 0.08%
+100,000
New +$997K
KYIVW
147
Kyivstar Group Warrant
KYIVW
$36.9M
$968K 0.08%
273,501
-121,940
-31% -$466K
CARS icon
148
Cars.com
CARS
$722M
$954K 0.08%
+78,176
New +$909K
THS
149
DELISTED
Treehouse Foods
THS
$951K 0.08%
+40,300
New +$880K
ATII
150
Archimedes Tech SPAC Partners II Co
ATII
$315M
$911K 0.07%
87,900
-25,770
-23% -$267K
4 5
6
7 8

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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 Q4 2025 Portfolio in Review

As of Q4 2025, K2 Principal Fund held 481 positions worth $1.24B, up 0.79% from $1.23B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $461M in Q4 2025, closing 71 positions and reducing 70 holdings. Its most notable exit was SPDR Gold Trust, an estimated $26.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7% of assets, up from 6.5% a quarter earlier, followed by Materials and Technology.

Against the trend, K2 Principal Fund opened a new position in SunocoCorp LLC worth $5.18M.

  • K2 Principal Fund's largest Q4 2025 buy was SunocoCorp LLC: 105,090 shares worth $5.18M.
  • K2 Principal Fund added most to British American Tobacco in Q4 2025, an estimated $4.93M increase.
  • K2 Principal Fund's biggest Q4 2025 reduction was iShares Silver Trust, cutting an estimated $6.83M.
  • K2 Principal Fund fully exited SPDR Gold Trust in Q4 2025, selling an estimated $26.6M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.24B portfolio in Q4 2025.
  • K2 Principal Fund opened 139 new positions and closed 71 in Q4 2025.
  • K2 Principal Fund's portfolio value rose 0.79% quarter-over-quarter to $1.24B.

Based on K2 Principal Fund's 13F filing for Q4 2025, filed 13 Feb 2026.