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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
SRTAW
176
DELISTED
Strata Critical Medical Inc Warrants
SRTAW
$105K 0.01%
477,069
+113,792
+31% +$37.8K
BACQR
177
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$98.2K 0.01%
490,776
-508,124
-51% -$97.4K
ALDFW
178
Aldel Financial II Inc Warrants
ALDFW
$89.6K 0.01%
298,680
-1,320
-0.4% -$357
USARW
179
DELISTED
USA Rare Earth Inc Warrant
USARW
$87.2K 0.01%
130,125
-242,404
-65% -$253K
HPAI
180
Helport AI
HPAI
$16.9M
$85.7K 0.01%
29,152
– –
LPBBW
181
Launch Two Acquisition Corp Warrant
LPBBW
$2.93M
$80.2K 0.01%
381,754
-45,204
-11% -$9.52K
ZEOWW
182
Zeo Energy Corp Warrants
ZEOWW
$141K
$76.7K 0.01%
1,277,536
-18,062
-1% -$1.79K
KDKRW
183
Kodiak AI Warrants
KDKRW
$75.1K 0.01%
258,953
-314,562
-55% -$54.6K
MACIW
184
Melar Acquisition Corp I Warrant
MACIW
$74.1K 0.01%
529,029
+74,878
+16% +$10.6K
LEGT.WS
185
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$73.6K 0.01%
367,983
+111,671
+44% +$21.7K
LPAAW
186
DELISTED
Launch One Acquisition Corp Warrant
LPAAW
$65.8K 0.01%
438,716
-81,100
-16% -$11.9K
MLACR
187
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$58.7K 0.01%
+366,749
New +$70.4K
NTWOW
188
Newbury Street II Acquisition Corp Warrant
NTWOW
$2.16M
$58.6K 0.01%
266,570
– –
BSIIW
189
DELISTED
Black Spade Acquisition II Co Warrant
BSIIW
$57.7K 0.01%
262,382
– –
CHARR
190
Charlton Aria Acquisition Corp Rights
CHARR
$54K 0.01%
300,000
– –
SIMAW
191
SIM Acquisition Corp I Warrant
SIMAW
$52.9K 0.01%
406,721
– –
FACTW
192
FACT II Acquisition Corp Warrant
FACTW
$1.32M
$49.8K 0.01%
276,675
-100,000
-27% -$18.6K
CUBWW
193
Lionheart Holdings Warrant
CUBWW
$49.6K 0.01%
413,314
– –
SVIIW
194
DELISTED
Spring Valley Acquisition Corp II Warrant
SVIIW
$48.7K 0.01%
348,041
– –
OXLC
195
Oxford Lane Capital
OXLC
$862M
$47.2K 0.01%
+2,000
New +$49.7K
ALFUW
196
Centurion Acquisition Corp Warrant
ALFUW
$46.2K 0.01%
308,153
+12,600
+4% +$1.79K
NOEMW
197
CO2 Energy Transition Corp Warrant
NOEMW
$1.3M
$45.7K 0.01%
+457,063
New +$39.7K
VACHW
198
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$44K 0.01%
293,200
-228,000
-44% -$34.7K
TDACW
199
Translational Development Acquisition Corp Warrants
TDACW
$16.6M
$41.4K 0.01%
+295,689
New +$52K
OPFI.WS
200
DELISTED
OppFi Inc Warrants
OPFI.WS
$41K 0.01%
+18,799
New +$51.5K
6 7
8
9 10

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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.