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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
+3.32%
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
$1.51B
AUM Growth
+$279M
Cap. Flow
+$223M
Cap. Flow %
14.8%
Top 10 Hldgs %
40.05%
Holding
511
New
204
Increased
73
Reduced
35
Closed
140

Top Buys

Rank Stock Value
1
SKIN icon
SkinHealth Systems
SKIN
+$43.2M
2
PFSI icon
PennyMac Financial
PFSI
+$21.6M
3
SJT
San Juan Basin Royalty Trust
SJT
+$12.6M
4
WFG icon
West Fraser Timber
WFG
+$11.3M
5
TRIS
Tristar Acquisition I Corp.
TRIS
+$11.2M

Top Sells

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$23.6M
2
HHH icon
Howard Hughes
HHH
+$19.2M
3
PFTAU
Perception Capital Corp. III Unit
PFTAU
+$15.9M
4
SKINW
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
+$11.4M
5
SOND
Sonder
SOND
+$10.1M

Sector Composition

Rank Sector Weight
1 Financials 16.28%
2 Consumer Staples 4.73%
3 Materials 1.97%
4 Communication Services 1.66%
5 Technology 1.6%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
LYV icon
201
Live Nation Entertainment
LYV
$42.1B
$491K 0.03%
+4,100
New +$442K
MBTCR
202
DELISTED
Nocturne Acquisition Corporation Right
MBTCR
$481K 0.03%
1,199,931
+397,705
+50% +$166K
GIA.WS
203
DELISTED
GigCapital 5, Inc. Redeemable Warrants, each exercisable for one share of Common Stock at an exercise price of $11.50 per share
GIA.WS
$481K 0.03%
+919,200
New +$512K
IPOD.WS
204
DELISTED
Social Capital Hedosophia Holdings Corp. IV Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
IPOD.WS
$481K 0.03%
+235,654
New +$473K
HERAW
205
DELISTED
FTAC Hera Acquisition Corp. Warrant
HERAW
$476K 0.03%
501,035
+80,017
+19% +$79.2K
MCFE
206
DELISTED
McAfee Corp. Class A Common Stock
MCFE
$476K 0.03%
+18,467
New +$445K
AXH.WS
207
DELISTED
Industrial Human Capital, Inc. Warrants
AXH.WS
$473K 0.03%
+1,244,240
New +$499K
MCAER
208
DELISTED
Mountain Crest Acquisition Corp. III Right
MCAER
$472K 0.03%
857,479
+634,124
+284% +$398K
SPKAR
209
DELISTED
SPK Acquisition Corp. Right
SPKAR
$460K 0.03%
1,313,977
+696,889
+113% +$257K
OABIW icon
210
OmniAb Inc Warrant
OABIW
$10.2M
$448K 0.03%
+607,235
New +$380K
PLAY icon
211
PUT
Dave & Buster's
PLAY
$361M
$442K 0.03%
+11,500
New +$426K
DFLIW icon
212
Dragonfly Energy Holdings Warrant
DFLIW
$39.6K
$439K 0.03%
714,251
+470,501
+193% +$288K
TRIS.WS
213
DELISTED
Tristar Acquisition I Corp. Redeemable Warrants, each exercisable for one Class A Ordinary Share at an exercise price of $11.50 per share
TRIS.WS
$439K 0.03%
+859,957
New +$450K
ASPAW
214
DELISTED
Abri SPAC I Inc Warrant
ASPAW
$439K 0.03%
731,392
+381,392
+109% +$213K
OPEN icon
215
PUT
Opendoor
OPEN
$3.8B
$438K 0.03%
+31,000
New +$573K
LSPD icon
216
Lightspeed Commerce
LSPD
$1.41B
$404K 0.03%
+10,000
New +$682K
BRIVW
217
DELISTED
B. Riley Principal 250 Merger Corp. Warrant
BRIVW
$401K 0.03%
501,724
+87,460
+21% +$89.9K
AVYA
218
CALL
DELISTED
Avaya Holdings Corp. Common Stock
AVYA
$396K 0.03%
20,000
+10,000
+100% +$197K
RRD
219
DELISTED
RR Donnelley & Sons Co.
RRD
$394K 0.03%
+35,000
New +$303K
RCL icon
220
PUT
Royal Caribbean
RCL
$86.5B
$385K 0.03%
+5,000
New +$406K
NVEI
221
DELISTED
Nuvei Corporation Subordinate Voting Shares
NVEI
$370K 0.02%
+5,700
New +$561K
HCARW
222
DELISTED
Healthcare Services Acquisition Corporation Warrant
HCARW
$367K 0.02%
705,612
– –
AAGRW
223
DELISTED
African Agriculture Holdings Inc Warrant
AAGRW
$365K 0.02%
+184,569
New +$306K
BOAC.WS
224
DELISTED
Bluescape Opportunities Acquisition Corp. Redeemable warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
BOAC.WS
$358K 0.02%
424,603
+324,603
+325% +$319K
TBCPW
225
DELISTED
Thunder Bridge Capital Partners III Inc. Warrant
TBCPW
$354K 0.02%
+426,605
New +$370K
7 8
9
10 11

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K2 Principal Fund's Q4 2021 Portfolio in Review

As of Q4 2021, K2 Principal Fund held 511 positions worth $1.51B, up 23% from $1.23B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

K2 Principal Fund deployed $223M of net new capital in Q4 2021, opening 204 new positions and adding to 73 existing holdings. Its largest new stake was San Juan Basin Royalty Trust: 2,014,719 shares worth $12.3M.

By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 18% a quarter earlier, followed by Consumer Staples and Materials.

On the sell side, the largest reduction was Mercer International, an estimated $7.82M trimmed.

  • K2 Principal Fund's largest Q4 2021 buy was San Juan Basin Royalty Trust: 2,014,719 shares worth $12.3M.
  • K2 Principal Fund added most to SkinHealth Systems in Q4 2021, an estimated $43.2M increase.
  • K2 Principal Fund's biggest Q4 2021 reduction was Mercer International, cutting an estimated $7.82M.
  • K2 Principal Fund fully exited PennyMac Mortgage Investment in Q4 2021, selling an estimated $23.6M.
  • K2 Principal Fund's ten largest holdings make up 40% of its $1.51B portfolio in Q4 2021.
  • K2 Principal Fund opened 204 new positions and closed 140 in Q4 2021.
  • K2 Principal Fund's portfolio value rose 23% quarter-over-quarter to $1.51B.

Based on K2 Principal Fund's 13F filing for Q4 2021, filed 11 Feb 2022.