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KPF

K2 Principal Fund Portfolio holdings

AUM $1.36B
1-Year Est. Return 25.58%
This Fund
S&P 500
This Quarter Est. Return
+8.26%
1 Year Est. Return
+25.58%
3 Year Est. Return
+76.48%
5 Year Est. Return
+60.09%
10 Year Est. Return
+267.47%
AUM
$785M
AUM Growth
+$125M
Cap. Flow
-$50.3M
Cap. Flow %
-6.42%
Top 10 Hldgs %
19.97%
Holding
445
New
157
Increased
40
Reduced
37
Closed
159

Top Buys

Rank Stock Value
1
THCBU
Tuscan Holdings Corp. Unit
THCBU
+$16.8M
2
TRNE.U
Trine Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half of
TRNE.U
+$8.01M
3
INSUU
Insurance Acquisition Corp. Unit
INSUU
+$7.07M
4
LVOXU
LiveVox Holding, Inc. Unit
LVOXU
+$6.99M
5
STNL
Sentinel Energy Services Inc. Class A Common Stock
STNL
+$6.89M

Top Sells

Rank Stock Value
1
FSAC
Federal Street Acquisition Corp. Common Stock
FSAC
+$11.1M
2
GOOG icon
Alphabet (Google) Class C
GOOG
+$10M
3
DMTK
DermTech, Inc. Common Stock
DMTK
+$6.52M
4
DNB
Dun & Bradstreet
DNB
+$6.4M
5
HYACU
Haymaker Acquisition Corp. Unit
HYACU
+$6.35M

Sector Composition

Rank Sector Weight
1 Miscellaneous 64%
2 Technology 7.36%
3 Consumer Discretionary 7.24%
4 Communication Services 5.17%
5 Industrials 4.82%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SMH icon
1
PUT
VanEck Semiconductor ETF
SMH
$69B
$26.6M 3.39%
500,000
+400,000
+400% +$19.8M
XOP icon
2
CALL
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.12B
$19.2M 2.45%
156,250
+149,325
+2,156% +$18M
SMH icon
3
CALL
VanEck Semiconductor ETF
SMH
$69B
$18.6M 2.37%
+350,000
New +$17.3M
THCBU
4
DELISTED
Tuscan Holdings Corp. Unit
THCBU
$17.2M 2.19%
+1,650,000
New +$16.8M
QCOM icon
5
PUT
Qualcomm
QCOM
$180B
$14.8M 1.89%
+260,000
New +$14M
QCOM icon
6
CALL
Qualcomm
QCOM
$180B
$13.7M 1.74%
+240,000
New +$13M
VEAC
7
DELISTED
Vantage Energy Acquisition Corp. Class A
VEAC
$12.1M 1.54%
1,185,018
+50,000
+4% +$508K
SPAQ.U
8
DELISTED
Spartan Energy Acquisition Corp Units (each consisting of one Class A Common Stock and one-third of
SPAQ.U
$10.5M 1.33%
1,033,900
– –
PACQU
9
DELISTED
Pure Acquisition Corp. Unit
PACQU
$9.56M 1.22%
903,746
– –
FPAC.U
10
DELISTED
Far Point Acquisition Corporation Units, each consisting of one share of Class A common stock, $0.00
FPAC.U
$9.53M 1.21%
916,597
– –
TLT icon
11
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$47.1B
$9.48M 1.21%
+75,000
New +$9.12M
XOP icon
12
PUT
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$4.12B
$9.22M 1.18%
75,000
+20,000
+36% +$2.41M
STNL
13
DELISTED
Sentinel Energy Services Inc. Class A Common Stock
STNL
$8.57M 1.09%
853,553
+685,910
+409% +$6.89M
TRCO
14
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$8.2M 1.05%
177,763
+83,563
+89% +$3.84M
CFFAU
15
DELISTED
CF Finance Acquisition Corp. Unit
CFFAU
$8.16M 1.04%
800,000
– –
KXIN icon
16
Kaixin Holdings
KXIN
$2.05M
$8.06M 1.03%
2
– –
TRNE.U
17
DELISTED
Trine Acquisition Corp. Units, each consisting of one share of Class A Common Stock and one-half of
TRNE.U
$8.02M 1.02%
+800,000
New +$8.01M
DFBHU
18
DELISTED
DFB Healthcare Acquisitions Corp. Unit
DFBHU
$7.67M 0.98%
755,853
– –
FTACU
19
DELISTED
FinTech Acquisition Corp. III Unit
FTACU
$7.64M 0.97%
750,000
– –
TVPT
20
DELISTED
Travelport Worldwide Limited
TVPT
$7.57M 0.97%
481,436
+288,065
+149% +$4.52M
INSUU
21
DELISTED
Insurance Acquisition Corp. Unit
INSUU
$7.07M 0.9%
+700,000
New +$7.07M
LVOXU
22
DELISTED
LiveVox Holding, Inc. Unit
LVOXU
$7M 0.89%
+700,000
New +$6.99M
PACK icon
23
Ranpak Holdings
PACK
$389M
$6.87M 0.88%
669,934
+293,613
+78% +$2.97M
LEXEA
24
DELISTED
Liberty Expedia Holdings, Inc. Class A Common Stock
LEXEA
$6.68M 0.85%
156,100
+94,500
+153% +$4.06M
PARA
25
CALL
DELISTED
Paramount Global Class B
PARA
$6.65M 0.85%
+140,000
New +$6.82M
1
2 3 4 5

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CCA
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PFM
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PP
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FCM
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FBCM
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B
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AIP
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K2 Principal Fund's Q1 2019 Portfolio in Review

As of Q1 2019, K2 Principal Fund held 445 positions worth $785M, up 19% from $659M the previous quarter. Its ten largest holdings account for 20% of the portfolio.

K2 Principal Fund withdrew a net $50.3M in Q1 2019, closing 159 positions and reducing 37 holdings. Its most notable exit was Federal Street Acquisition Corp. Common Stock, an estimated $11.1M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 64% of assets, up from 57% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in Tuscan Holdings Corp. Unit worth $17.2M.

  • K2 Principal Fund's largest Q1 2019 buy was Tuscan Holdings Corp. Unit: 1,650,000 shares worth $17.2M.
  • K2 Principal Fund added most to Sentinel Energy Services Inc. Class A Common Stock in Q1 2019, an estimated $6.89M increase.
  • K2 Principal Fund's biggest Q1 2019 reduction was Saban Capital Acquisition Corp. Class A Ordinary Share, cutting an estimated $5.9M.
  • K2 Principal Fund fully exited Federal Street Acquisition Corp. Common Stock in Q1 2019, selling an estimated $11.1M.
  • K2 Principal Fund's ten largest holdings make up 20% of its $785M portfolio in Q1 2019.
  • K2 Principal Fund opened 157 new positions and closed 159 in Q1 2019.
  • K2 Principal Fund's portfolio value rose 19% quarter-over-quarter to $785M.

Based on K2 Principal Fund's 13F filing for Q1 2019, filed 14 May 2019.