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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
+1.51%
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
$1.24B
AUM Growth
+$9.76M
Cap. Flow
-$461M
Cap. Flow %
-37.16%
Top 10 Hldgs %
20.77%
Holding
481
New
139
Increased
48
Reduced
70
Closed
71

Top Buys

Rank Stock Value
1
SUNC
SunocoCorp LLC
SUNC
+$5.29M
2
BTI icon
British American Tobacco
BTI
+$4.93M
3
BIP icon
Brookfield Infrastructure Partners
BIP
+$4.35M
4
BEP icon
Brookfield Renewable
BEP
+$3.69M
5
NGD
New Gold Inc
NGD
+$3.63M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$26.6M
2
CORZ icon
Core Scientific
CORZ
+$12M
3
SLV icon
iShares Silver Trust
SLV
+$6.83M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.95M
5
TLNCU
Talon Capital Corp Units
TLNCU
+$4.52M

Sector Composition

Rank Sector Weight
1 Financials 6.98%
2 Materials 2.32%
3 Technology 1.78%
4 Communication Services 1.46%
5 Consumer Discretionary 1.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DMA
201
Destra Multi-Alternative Fund
DMA
$68M
$311K 0.03%
34,709
– –
ECF
202
Ellsworth Growth & Income Fund
ECF
$164M
$286K 0.02%
24,619
+834
+4% +$9.95K
EIC
203
Eagle Point Income Co
EIC
$229M
$269K 0.02%
23,584
+11,011
+88% +$131K
KDKRW
204
Kodiak AI Warrants
KDKRW
$266K 0.02%
173,851
-78,279
-31% -$120K
BACQR
205
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$258K 0.02%
348,231
-20,269
-6% -$16.6K
CII icon
206
BlackRock Enhanced Captial and Income Fund
CII
$966M
$250K 0.02%
10,682
– –
UTF icon
207
Cohen & Steers Infrastructure Fund
UTF
$3.09B
$242K 0.02%
+10,043
New +$241K
HHH icon
208
CALL
Howard Hughes
HHH
$4B
$239K 0.02%
3,000
-127,000
-98% -$10.5M
FTW.WS
209
Presidio Production Co Warrants
FTW.WS
$235K 0.02%
488,712
-39,445
-7% -$21.9K
HYAC.WS
210
DELISTED
Haymaker Acquisition Corp 4 Warrants
HYAC.WS
$216K 0.02%
139,087
+126,587
+1,013% +$160K
ASGI
211
abrdn Global Infrastructure Income Fund
ASGI
$741M
$211K 0.02%
9,425
-5,575
-37% -$120K
CCIIW
212
Cohen Circle Acquisition Corp II Warrant
CCIIW
$211K 0.02%
300,985
-3,715
-1% -$2.89K
STLD icon
213
Steel Dynamics
STLD
$36.6B
$203K 0.02%
1,200
-2,800
-70% -$445K
SCPQU
214
Social Commerce Partners Corp Unit
SCPQU
$107M
$200K 0.02%
+20,000
New +$200K
BB icon
215
CALL
BlackBerry
BB
$4.64B
$190K 0.02%
+50,000
New +$220K
SZZL
216
Sizzle Acquisition Corp II
SZZL
$325M
$188K 0.02%
18,479
-81,521
-82% -$828K
SABA
217
Saba Capital Income & Opportunities Fund II
SABA
$220M
$187K 0.02%
22,700
-300
-1% -$2.62K
IPCXR
218
Inflection Point Acquisition Corp III Rights
IPCXR
$180K 0.01%
473,166
– –
CHACR
219
DELISTED
Crane Harbor Acquistion Corp Rights
CHACR
$173K 0.01%
215,769
+5,356
+3% +$4.22K
LEGT.WS
220
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
$168K 0.01%
409,167
+31,184
+8% +$15.8K
APADR
221
DELISTED
A Paradise Acquisition Corp Rights
APADR
$163K 0.01%
+650,000
New +$149K
ALDFW
222
Aldel Financial II Inc Warrants
ALDFW
$159K 0.01%
288,369
-10,311
-3% -$6.03K
BEAGR
223
Bold Eagle Acquisition Corp Right
BEAGR
$153K 0.01%
478,518
-22,389
-4% -$7.88K
MBC icon
224
MasterBrand
MBC
$1.08B
$149K 0.01%
+13,516
New +$158K
ATIIW
225
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$19.8M
$132K 0.01%
239,895
-20,000
-8% -$9.89K
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 Q4 2025 Portfolio in Review

As of Q4 2025, K2 Principal Fund held 481 positions worth $1.24B, up 0.79% from $1.23B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $461M in Q4 2025, closing 71 positions and reducing 70 holdings. Its most notable exit was SPDR Gold Trust, an estimated $26.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7% of assets, up from 6.5% a quarter earlier, followed by Materials and Technology.

Against the trend, K2 Principal Fund opened a new position in SunocoCorp LLC worth $5.18M.

  • K2 Principal Fund's largest Q4 2025 buy was SunocoCorp LLC: 105,090 shares worth $5.18M.
  • K2 Principal Fund added most to British American Tobacco in Q4 2025, an estimated $4.93M increase.
  • K2 Principal Fund's biggest Q4 2025 reduction was iShares Silver Trust, cutting an estimated $6.83M.
  • K2 Principal Fund fully exited SPDR Gold Trust in Q4 2025, selling an estimated $26.6M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.24B portfolio in Q4 2025.
  • K2 Principal Fund opened 139 new positions and closed 71 in Q4 2025.
  • K2 Principal Fund's portfolio value rose 0.79% quarter-over-quarter to $1.24B.

Based on K2 Principal Fund's 13F filing for Q4 2025, filed 13 Feb 2026.