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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
ZEOWW
201
Zeo Energy Corp Warrants
ZEOWW
$160K
$76.7K 0.01%
1,277,536
– –
RTACW
202
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.96M
$76.4K 0.01%
+37,429
New +$75.7K
RDAGW
203
Republic Digital Acquisition Co Warrants
RDAGW
$76.3K 0.01%
+121,067
New +$105K
FACTW
204
FACT II Acquisition Corp Warrant
FACTW
$1.4M
$76K 0.01%
303,953
+27,278
+10% +$6.09K
HPAI
205
Helport AI
HPAI
$17.3M
$70K 0.01%
29,152
– –
TDACW
206
Translational Development Acquisition Corp Warrants
TDACW
$17.4M
$68K 0.01%
295,689
– –
CHACR
207
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$65.9K 0.01%
+244,013
New +$55.7K
GTENW
208
Gores Holdings X Warrants
GTENW
$7.62M
$59.6K 0.01%
+100,956
New +$60.2K
RAC.WS
209
Rithm Acquisition Corp Warrants
RAC.WS
$56.8K 0.01%
+116,000
New +$48.7K
DRDBW
210
Roman DBDR Acquisition Corp II Warrants
DRDBW
$51.8K 0.01%
103,595
– –
MLACR
211
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$51.3K 0.01%
366,649
-100
-0% -$18
GCMGW
212
DELISTED
GCM Grosvenor Inc Warrant
GCMGW
$51.1K 0.01%
79,780
-2,000
-2% -$2.31K
NHICW
213
NewHold Investment Corp III Warrants
NHICW
$20.4M
$51K 0.01%
+159,445
New +$43K
TACHW
214
Titan Acquisition Corp Warrants
TACHW
$7.92M
$50.6K 0.01%
+136,650
New +$39.3K
SPKLW
215
Spark I Acquisition Corp Warrant
SPKLW
$7.55M
$50.2K 0.01%
264,020
– –
SVIIW
216
DELISTED
Spring Valley Acquisition Corp II Warrant
SVIIW
$48.7K 0.01%
348,041
– –
IPEXR
217
Inflection Point Acquisition Corp V Rights
IPEXR
$48.2K 0.01%
+178,617
New +$47.1K
VCICW
218
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
$46.4K 0.01%
193,134
– –
GRAF.WS
219
Graf Global Corp Warrants
GRAF.WS
$10.9M
$43.9K 0.01%
162,657
+130,000
+398% +$29K
CHARR
220
Charlton Aria Acquisition Corp Rights
CHARR
$43.8K 0.01%
291,752
-8,248
-3% -$1.37K
NTWOW
221
Newbury Street II Acquisition Corp Warrant
NTWOW
$2.32M
$41.7K 0.01%
198,760
-67,810
-25% -$12.9K
NOEMW
222
CO2 Energy Transition Corp Warrant
NOEMW
$37.8K 0.01%
420,241
-36,822
-8% -$3.59K
SVCCW
223
Stellar V Capital Corp Warrant
SVCCW
$37.4K 0.01%
169,960
– –
JACS.RT
224
Jackson Acquisition Co II Rights
JACS.RT
$36.7K 0.01%
136,000
– –
GPATW
225
GP-Act III Acquisition Corp Warrants
GPATW
$36.5K 0.01%
+121,798
New +$32.4K
7 8
9
10 11

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WIM
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LCG
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CCM
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SMA
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SCA
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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.