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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
PSQH icon
151
PSQ Holdings
PSQH
$12.4M
$222K 0.03%
+1,463
New +$221K
UHAL.B icon
152
CALL
U-Haul Holding Co Series N
UHAL.B
$12.4B
$207K 0.03%
+4,000
New +$227K
ASRT
153
DELISTED
Assertio
ASRT
$180K 0.02%
+1,882
New +$142K
INN
154
CALL
Summit Hotel Properties
INN
$766M
$175K 0.02%
25,000
-79,700
-76% -$605K
TYGOW
155
DELISTED
Tigo Energy, Inc. Warrant
TYGOW
$173K 0.02%
613,688
-177,307
-22% -$45.3K
SOC.WS
156
DELISTED
Sable Offshore Corp. Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50
SOC.WS
$156K 0.02%
274,512
-9,834
-3% -$6.6K
USAS
157
Americas Gold and Silver
USAS
$1.24B
$156K 0.02%
129,600
-581,000
-82% -$789K
ROCAR
158
DELISTED
ROC Energy Acquisition Corp. Rights
ROCAR
$145K 0.02%
447,661
-302,339
-40% -$92.1K
CXAC
159
DELISTED
C5 Acquisition Corporation
CXAC
$144K 0.02%
+13,750
New +$142K
VGAS icon
160
Verde Clean Fuels
VGAS
$22.5M
$128K 0.02%
+75,000
New +$720K
BTM
161
DELISTED
Bitcoin Depot
BTM
$128K 0.02%
+1,760
New +$126K
SPRY icon
162
CALL
ARS Pharmaceuticals
SPRY
$579M
$116K 0.02%
+17,800
New +$137K
MCAGR
163
DELISTED
Mountain Crest Acquisition Corp. V Right
MCAGR
$115K 0.02%
564,700
-420,000
-43% -$72.9K
ALTU
164
DELISTED
Altitude Acquisition Corp
ALTU
$102K 0.01%
+10,000
New +$100K
MBSC.WS
165
DELISTED
M3-Brigade Acquisition III Corp. Public warrants, each whole public warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
MBSC.WS
$88K 0.01%
237,763
– –
JWACR
166
DELISTED
Jupiter Wellness Acquisition Corp. Right
JWACR
$87.5K 0.01%
218,709
-396,453
-64% -$64.6K
RWT
167
CALL
Redwood Trust
RWT
$588M
$67.4K 0.01%
+10,000
New +$74.9K
ILLM
168
CALL
DELISTED
illumin Holdings Inc. Common Shares
ILLM
$57.8K 0.01%
+27,000
New +$45.1K
HUBCW icon
169
Hub Cyber Security Warrant 2/27/28
HUBCW
$164K
$50.6K 0.01%
+404,542
New +$54.9K
AXAC.RT
170
DELISTED
AXIOS Sustainable Growth Acquisition Corporation Rights to receive one-tenth (1/10) of one Class A ordinary share
AXAC.RT
$47.9K 0.01%
312,923
-187,077
-37% -$27.7K
ENERR
171
DELISTED
Accretion Acquisition Corp Right
ENERR
$45.5K 0.01%
478,907
-21,093
-4% -$2.39K
ENCPW
172
DELISTED
Energem Corp Warrant
ENCPW
$40.9K 0.01%
527,749
– –
OSAAW
173
DELISTED
ProSomnus, Inc. Warrant
OSAAW
$40.1K 0.01%
253,794
-11,986
-5% -$1.5K
ABTC
174
American Bitcoin Corp
ABTC
$379M
$39.1K 0.01%
+33
New +$50K
DMAQR
175
DELISTED
Deep Medicine Acquisition Corp. Rights
DMAQR
$36.9K 0.01%
254,190
-101,000
-28% -$10.2K
5 6
7
8 9

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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.