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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
FWRD icon
151
CALL
Forward Air
FWRD
$461M
$201K 0.03%
10,000
-12,500
-56% -$345K
SABA
152
Saba Capital Income & Opportunities Fund II
SABA
$220M
$200K 0.03%
23,000
– –
FTW.WS
153
Presidio Production Co Warrants
FTW.WS
$191K 0.02%
530,857
-11,800
-2% -$4.33K
MBAVW
154
DELISTED
M3-Brigade Acquisition V Corp Warrant
MBAVW
$183K 0.02%
629,642
-200,600
-24% -$47.1K
QBTS icon
155
D-Wave Quantum Inc. Common Stock
QBTS
$5.99B
$182K 0.02%
+24,000
New +$161K
SPE
156
Special Opportunities Fund
SPE
$139M
$178K 0.02%
12,434
+1,966
+19% +$28.5K
ITOS
157
DELISTED
iTeos Therapeutics
ITOS
$174K 0.02%
+29,178
New +$214K
XPL icon
158
Solitario Resources
XPL
$66.3M
$171K 0.02%
284,791
-64,109
-18% -$42K
DMA
159
Destra Multi-Alternative Fund
DMA
$67.6M
$167K 0.02%
19,702
+5,372
+37% +$46.2K
SOUN icon
160
CALL
SoundHound AI
SOUN
$2.48B
$162K 0.02%
+20,000
New +$249K
SOUN icon
161
PUT
SoundHound AI
SOUN
$2.48B
$162K 0.02%
+20,000
New +$249K
CLBR.WS
162
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
$159K 0.02%
199,060
+57,451
+41% +$51.9K
RGTI icon
163
Rigetti Computing
RGTI
$4.39B
$158K 0.02%
+20,000
New +$222K
SPRY icon
164
CALL
ARS Pharmaceuticals
SPRY
$579M
$151K 0.02%
12,000
-15,000
-56% -$180K
NETDW
165
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$151K 0.02%
377,383
+82,437
+28% +$25.6K
LEGT
166
DELISTED
Legato Merger Corp III
LEGT
$145K 0.02%
+13,798
New +$143K
GCMGW
167
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
$142K 0.02%
+81,780
New +$162K
WLACW
168
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$132K 0.02%
+572,194
New +$118K
TEAF
169
DELISTED
Ecofin Sustainable & Social Impact Term Fund
TEAF
$126K 0.02%
+11,119
New +$133K
CORZW icon
170
Core Scientific Inc Tranche 1 Warrants
CORZW
$1.13B
$120K 0.02%
39,668
-375,827
-90% -$2.3M
BEAGR
171
Bold Eagle Acquisition Corp Right
BEAGR
$120K 0.02%
521,356
-5,677
-1% -$1.43K
NPWR icon
172
NET Power
NPWR
$120M
$113K 0.01%
43,125
+7,088
+20% +$50K
PCF
173
High Income Securities Fund
PCF
$98.8M
$111K 0.01%
+16,717
New +$112K
DYNCW
174
Dynamix Corp Warrant
DYNCW
$1.33M
$108K 0.01%
372,500
-102,500
-22% -$28.9K
IROHR
175
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
$105K 0.01%
+350,354
New +$103K
5 6
7
8 9

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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.