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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
TIC
151
TIC Solutions Inc
TIC
$1.59B
$333K 0.03%
+25,000
New +$285K
VPG icon
152
Vishay Precision Group
VPG
$1.13B
$321K 0.03%
+10,000
New +$289K
RVT icon
153
Royce Value Trust
RVT
$2.2B
$320K 0.03%
19,837
+347
+2% +$5.45K
ASGI
154
abrdn Global Infrastructure Income Fund
ASGI
$742M
$317K 0.03%
15,000
– –
BDJ icon
155
BlackRock Enhanced Equity Dividend Trust
BDJ
$1.71B
$300K 0.02%
32,984
– –
DMA
156
Destra Multi-Alternative Fund
DMA
$68.6M
$300K 0.02%
34,709
+10,000
+40% +$86.8K
BBBY
157
CALL
Bed Bath & Beyond
BBBY
$476M
$294K 0.02%
+33,000
New +$273K
LCID icon
158
CALL
Lucid Motors
LCID
$3.09B
$285K 0.02%
+12,000
New +$271K
ECF
159
Ellsworth Growth & Income Fund
ECF
$165M
$276K 0.02%
23,785
– –
NSC icon
160
Norfolk Southern
NSC
$76B
$270K 0.02%
+900
New +$250K
KDKRW
161
Kodiak AI Warrants
KDKRW
$270K 0.02%
252,130
-56,623
-18% -$73.8K
FTW.WS
162
Presidio Production Co Warrants
FTW.WS
$264K 0.02%
528,157
-2,700
-0.5% -$1.48K
NNAVW
163
DELISTED
NextNav Inc Warrant
NNAVW
$260K 0.02%
48,080
-85,645
-64% -$552K
BACQR
164
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$251K 0.02%
368,500
+118,500
+47% +$57.5K
CII icon
165
BlackRock Enhanced Captial and Income Fund
CII
$971M
$246K 0.02%
10,682
– –
CLF icon
166
Cleveland-Cliffs
CLF
$6.45B
$244K 0.02%
+20,000
New +$210K
OXLC
167
Oxford Lane Capital
OXLC
$864M
$218K 0.02%
12,868
+8,868
+222% +$162K
CCIIW
168
Cohen Circle Acquisition Corp II Warrant
CCIIW
$213K 0.02%
+304,700
New +$229K
SABA
169
Saba Capital Income & Opportunities Fund II
SABA
$221M
$210K 0.02%
23,000
– –
IPCXR
170
Inflection Point Acquisition Corp III Rights
IPCXR
$208K 0.02%
473,166
+250,000
+112% +$97.1K
SVIIW
171
DELISTED
Spring Valley Acquisition Corp II Warrant
SVIIW
$207K 0.02%
159,239
-188,802
-54% -$84.7K
RYAM icon
172
CALL
Rayonier Advanced Materials
RYAM
$571M
$202K 0.02%
+28,000
New +$144K
PTA icon
173
Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund
PTA
$1.04B
$200K 0.02%
+9,804
New +$198K
VCICW
174
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$200K 0.02%
125,000
-68,134
-35% -$61.6K
CCCXW
175
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$195K 0.02%
+55,000
New +$80.6K
5 6
7
8 9

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KGI
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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
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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.