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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
+9.21%
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
$725M
AUM Growth
-$63M
Cap. Flow
-$143M
Cap. Flow %
-19.69%
Top 10 Hldgs %
22.96%
Holding
394
New
118
Increased
38
Reduced
57
Closed
98

Top Buys

Rank Stock Value
1
MAG
MAG Silver
MAG
+$5.72M
2
GTEN
Gores Holdings X
GTEN
+$3.99M
3
JNPR
Juniper Networks
JNPR
+$3.58M
4
RAC
Rithm Acquisition Corp
RAC
+$3.5M
5
CORZ icon
Core Scientific
CORZ
+$3.47M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$16.8M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$5.97M
3
SEI
Solaris Energy Infrastructure
SEI
+$5.9M
4
RAC.U
Rithm Acquisition Corp Units
RAC.U
+$3.54M
5
SVCC
Stellar V Capital Corp
SVCC
+$3.4M

Sector Composition

Rank Sector Weight
1 Financials 11.62%
2 Technology 4.89%
3 Consumer Discretionary 1.89%
4 Energy 1.63%
5 Communication Services 1.35%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MACIW
176
Melar Acquisition Corp I Warrant
MACIW
$1.04M
$153K 0.02%
509,029
-20,000
-4% -$3.61K
TEAF
177
DELISTED
Ecofin Sustainable & Social Impact Term Fund
TEAF
$136K 0.02%
11,119
– –
SKYH.WS icon
178
Sky Harbour Group Warrants
SKYH.WS
$17.7M
$125K 0.02%
73,619
-1,399
-2% -$2.89K
IROHR
179
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
$125K 0.02%
249,454
-100,900
-29% -$38.1K
TACOW
180
Berto Acquisition Corp Warrant
TACOW
$14.5M
$122K 0.02%
+152,268
New +$114K
CUBWW
181
Lionheart Holdings Warrant
CUBWW
$5.35M
$119K 0.02%
359,330
-53,984
-13% -$11.7K
DYNCW
182
Dynamix Corp Warrant
DYNCW
$1.41M
$115K 0.02%
296,022
-76,478
-21% -$25.9K
LPAAW
183
Launch One Acquisition Corp Warrant
LPAAW
$1.96M
$112K 0.02%
415,615
-23,101
-5% -$4.96K
SIMAW
184
SIM Acquisition Corp I Warrant
SIMAW
$2.65M
$109K 0.02%
401,917
-4,804
-1% -$1.1K
LPBBW
185
Launch Two Acquisition Corp Warrant
LPBBW
$107K 0.01%
267,954
-113,800
-30% -$34.2K
ATIIW
186
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$21.3M
$107K 0.01%
+259,895
New +$80.2K
PCF
187
High Income Securities Fund
PCF
$99.2M
$106K 0.01%
16,717
– –
USARW
188
DELISTED
USA Rare Earth Inc Warrant
USARW
$105K 0.01%
44,142
-85,983
-66% -$176K
SRTAW
189
DELISTED
Strata Critical Medical Inc Warrants
SRTAW
$104K 0.01%
497,069
+20,000
+4% +$3.86K
ALFUW
190
Centurion Acquisition Corp Warrant
ALFUW
$96K 0.01%
320,150
+11,997
+4% +$2.95K
CRAQR
191
Cal Redwood Acquisition Corp Right
CRAQR
$88.1K 0.01%
+326,246
New +$84.8K
BACQR
192
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$87.5K 0.01%
250,000
-240,776
-49% -$63.7K
LOKVW
193
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$87.5K 0.01%
+125,000
New +$63.3K
TDOC icon
194
CALL
Teladoc Health
TDOC
$1.61B
$87.1K 0.01%
+10,000
New +$72.5K
LEGT.WS
195
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$86.9K 0.01%
377,983
+10,000
+3% +$2.33K
OXLC
196
Oxford Lane Capital
OXLC
$824M
$84K 0.01%
4,000
+2,000
+100% +$44.9K
PMTRW
197
Perimeter Acquisition Corp I Warrant
PMTRW
$11.1M
$79.1K 0.01%
+123,618
New +$82.9K
IPCXR
198
Inflection Point Acquisition Corp III Rights
IPCXR
$78.1K 0.01%
+223,166
New +$79.3K
TGE.WS
199
The Generation Essentials Group Warrants
TGE.WS
$77K 0.01%
+192,506
New +$103K
FERAR
200
Fifth Era Acquisition Corp I Rights
FERAR
$76.7K 0.01%
+306,680
New +$68.2K
6 7
8
9 10

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K2 Principal Fund's Q2 2025 Portfolio in Review

As of Q2 2025, K2 Principal Fund held 394 positions worth $725M, down 8% from $788M the previous quarter. Its ten largest holdings account for 23% of the portfolio.

K2 Principal Fund withdrew a net $143M in Q2 2025, closing 98 positions and reducing 57 holdings. Its most notable exit was Solaris Energy Infrastructure, an estimated $5.9M position sold in full.

By sector, the portfolio is most concentrated in Financials at 12% of assets, up from 6.1% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in MAG Silver worth $6.8M.

  • K2 Principal Fund's largest Q2 2025 buy was MAG Silver: 321,870 shares worth $6.8M.
  • K2 Principal Fund added most to Kodiak AI in Q2 2025, an estimated $2.97M increase.
  • K2 Principal Fund's biggest Q2 2025 reduction was SPDR Gold Trust, cutting an estimated $16.8M.
  • K2 Principal Fund fully exited Solaris Energy Infrastructure in Q2 2025, selling an estimated $5.9M.
  • K2 Principal Fund's ten largest holdings make up 23% of its $725M portfolio in Q2 2025.
  • K2 Principal Fund opened 118 new positions and closed 98 in Q2 2025.
  • K2 Principal Fund's portfolio value fell 8% quarter-over-quarter to $725M.

Based on K2 Principal Fund's 13F filing for Q2 2025, filed 14 Aug 2025.