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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
FLDDW
176
Fold Holdings Warrant
FLDDW
$1.02M
$190K 0.02%
380,780
– –
WEN icon
177
CALL
Wendy's
WEN
$1.46B
$183K 0.01%
+20,000
New +$205K
EIC
178
Eagle Point Income Co
EIC
$229M
$169K 0.01%
+12,573
New +$167K
HVIIR
179
Hennessy Capital Investment Corp VII Rights
HVIIR
$164K 0.01%
606,131
-480,800
-44% -$138K
SPKLW
180
Spark I Acquisition Corp Warrant
SPKLW
$6.65M
$156K 0.01%
260,220
-3,800
-1% -$1.12K
ALDFW
181
Aldel Financial II Inc Warrants
ALDFW
$152K 0.01%
298,680
– –
SIMAW
182
SIM Acquisition Corp I Warrant
SIMAW
$146K 0.01%
395,072
-6,845
-2% -$2.02K
ASTLW icon
183
Algoma Steel Group Warrant
ASTLW
$157K
$138K 0.01%
690,879
– –
BEAGR
184
Bold Eagle Acquisition Corp Right
BEAGR
$135K 0.01%
500,907
– –
LEGT.WS
185
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$132K 0.01%
377,983
– –
TEAF
186
DELISTED
Ecofin Sustainable & Social Impact Term Fund
TEAF
$131K 0.01%
11,119
– –
GCTS.WS
187
GCT Semiconductor Holding Warrants
GCTS.WS
$13.5M
$130K 0.01%
683,091
+500,000
+273% +$58.8K
DAAQW
188
Digital Asset Acquisition Corp Warrant
DAAQW
$3.1M
$112K 0.01%
200,000
-28,980
-13% -$23K
SKYH.WS icon
189
Sky Harbour Group Warrants
SKYH.WS
$18.1M
$111K 0.01%
73,619
– –
PEW.WS
190
GrabAGun Digital Holdings Warrants
PEW.WS
$110K 0.01%
+87,606
New +$155K
ALFUW
191
Centurion Acquisition Corp Warrant
ALFUW
$3.5M
$109K 0.01%
320,150
– –
PCF
192
High Income Securities Fund
PCF
$98.8M
$106K 0.01%
16,717
– –
NETDW
193
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$105K 0.01%
375,583
-1,400
-0.4% -$375
TACOW
194
Berto Acquisition Corp Warrant
TACOW
$15.6M
$102K 0.01%
152,268
– –
LPBBW
195
Launch Two Acquisition Corp Warrant
LPBBW
$2.93M
$99.1K 0.01%
267,954
– –
ATIIW
196
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$18.2M
$91K 0.01%
259,895
– –
CUBWW
197
Lionheart Holdings Warrant
CUBWW
$89.6K 0.01%
358,596
-734
-0.2% -$198
TDACW
198
Translational Development Acquisition Corp Warrants
TDACW
$16.6M
$85.8K 0.01%
295,689
– –
FACTW
199
FACT II Acquisition Corp Warrant
FACTW
$1.32M
$82.6K 0.01%
295,053
-8,900
-3% -$2.33K
RDAGW
200
Republic Digital Acquisition Co Warrants
RDAGW
$4.82M
$78.7K 0.01%
121,067
– –
6 7
8
9 10

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KGI
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SC
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WIM
Weitz Investment Management Omaha, Nebraska $1.43B AUM 0.51% 1-Year Est. Return
LCG
Luxor Capital Group New York $1.43B AUM 30.88% 1-Year Est. Return
CCM
Callodine Capital Management Boston, Massachusetts $1.43B AUM 8.74% 1-Year Est. Return
TS
Triglav Skladi Ljubljana, Slovenia $1.43B AUM 39.24% 1-Year Est. Return
SMA
Sage Mountain Advisors Atlanta, Georgia $1.43B AUM 16.47% 1-Year Est. Return
SCA
Stonebridge Capital Advisors St Paul, Minnesota $1.43B AUM 21.98% 1-Year Est. Return

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.