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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
+5.15%
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
+$28.2M
Cap. Flow
-$167M
Cap. Flow %
-13.57%
Top 10 Hldgs %
30.38%
Holding
553
New
191
Increased
38
Reduced
38
Closed
238

Top Buys

Rank Stock Value
1
CIXX
CI Financial Corp.
CIXX
+$88.5M
2
PFSI icon
PennyMac Financial
PFSI
+$40.7M
3
PMT
PennyMac Mortgage Investment
PMT
+$16M
4
PFTAU
Perception Capital Corp. III Unit
PFTAU
+$16M
5
CHWAU
CHW Acquisition Corporation Unit
CHWAU
+$9.92M

Top Sells

Rank Stock Value
1
SKIN icon
SkinHealth Systems
SKIN
+$21.8M
2
PRPB
CC Neuberger Principal Holdings II Class A Ordinary Shares
PRPB
+$15.1M
3
GACQU
Global Consumer Acquisition Corp. Unit
GACQU
+$12.2M
4
BPYU
Brookfield Property REIT Inc. Class A Common Stock
BPYU
+$10.2M
5
SVOK
Seven Oaks Acquisition Corp. Class A Common Stock
SVOK
+$8.78M

Sector Composition

Rank Sector Weight
1 Financials 18.24%
2 Real Estate 4.79%
3 Healthcare 4.26%
4 Technology 2.93%
5 Communication Services 2.46%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CIXX
1
DELISTED
CI Financial Corp.
CIXX
$94.1M 7.64%
4,619,434
+4,608,317
+41,453% +$88.5M
BG icon
2
CALL
Bunge Global
BG
$23.7B
$52M 4.23%
+639,800
New +$49.4M
PTON icon
3
PUT
Peloton Interactive
PTON
$2.61B
$46.5M 3.78%
534,000
+497,000
+1,343% +$54.9M
PFSI icon
4
PennyMac Financial
PFSI
$4.29B
$45.1M 3.67%
738,597
+641,313
+659% +$40.7M
EDV icon
5
PUT
Vanguard World Funds Extended Duration ETF
EDV
$3.3B
$27.1M 2.2%
+200,000
New +$28.1M
GLD icon
6
PUT
SPDR Gold Trust
GLD
$130B
$25.5M 2.07%
155,000
– –
PMT
7
PennyMac Mortgage Investment
PMT
$835M
$23.6M 1.92%
1,200,315
+817,086
+213% +$16M
PFSI icon
8
CALL
PennyMac Financial
PFSI
$4.29B
$22.9M 1.86%
+374,800
New +$23.8M
HHH icon
9
Howard Hughes
HHH
$3.92B
$18.3M 1.49%
219,045
-1,868
-0.8% -$161K
VOO icon
10
PUT
Vanguard S&P 500 ETF
VOO
$967B
$17.7M 1.44%
45,000
+44,000
+4,400% +$17.9M
PFTAU
11
DELISTED
Perception Capital Corp. III Unit
PFTAU
$15.9M 1.29%
+1,600,000
New +$16M
SKIN icon
12
SkinHealth Systems
SKIN
$95.9M
$15.3M 1.24%
589,833
-990,747
-63% -$21.8M
WFG icon
13
CALL
West Fraser Timber
WFG
$5.22B
$15M 1.22%
+140,600
New +$10.5M
SNAP icon
14
CALL
Snap
SNAP
$7.42B
$14.4M 1.17%
+195,000
New +$14.1M
CIXX
15
CALL
DELISTED
CI Financial Corp.
CIXX
$14.2M 1.15%
+550,700
New +$10.6M
BHC icon
16
CALL
Bausch Health
BHC
$1.66B
$12.4M 1.01%
444,800
+394,800
+790% +$11.2M
INMD icon
17
CALL
InMode
INMD
$867M
$12M 0.97%
150,200
-457,800
-75% -$27.9M
SKINW
18
DELISTED
The Beauty Health Company Warrant expiring 5/4/2026
SKINW
$11.4M 0.92%
+784,234
New +$8.41M
SLX icon
19
PUT
VanEck Steel ETF
SLX
$163M
$11M 0.9%
+200,000
New +$12.3M
SOND
20
DELISTED
Sonder
SOND
$10.1M 0.82%
51,134
– –
CHWAU
21
DELISTED
CHW Acquisition Corporation Unit
CHWAU
$10.1M 0.82%
+990,000
New +$9.92M
MERC icon
22
Mercer International
MERC
$46.5M
$9.27M 0.75%
800,000
+249,912
+45% +$2.9M
KSU
23
DELISTED
Kansas City Southern
KSU
$9.07M 0.74%
33,510
+9,410
+39% +$2.62M
MRK icon
24
CALL
Merck
MRK
$322B
$8.26M 0.67%
+110,000
New +$8.37M
INFO
25
DELISTED
IHS Markit Ltd. Common Shares
INFO
$8.25M 0.67%
70,779
– –
1
2 3 4 5

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K2 Principal Fund's Q3 2021 Portfolio in Review

As of Q3 2021, K2 Principal Fund held 553 positions worth $1.23B, up 2.3% from $1.2B the previous quarter. Its ten largest holdings account for 30% of the portfolio.

K2 Principal Fund withdrew a net $167M in Q3 2021, closing 238 positions and reducing 38 holdings. Its most notable exit was CC Neuberger Principal Holdings II Class A Ordinary Shares, an estimated $15.1M position sold in full.

By sector, the portfolio is most concentrated in Financials at 18% of assets, up from 15% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, K2 Principal Fund opened a new position in Perception Capital Corp. III Unit worth $15.9M.

  • K2 Principal Fund's largest Q3 2021 buy was Perception Capital Corp. III Unit: 1,600,000 shares worth $15.9M.
  • K2 Principal Fund added most to CI Financial Corp. in Q3 2021, an estimated $88.5M increase.
  • K2 Principal Fund's biggest Q3 2021 reduction was SkinHealth Systems, cutting an estimated $21.8M.
  • K2 Principal Fund fully exited CC Neuberger Principal Holdings II Class A Ordinary Shares in Q3 2021, selling an estimated $15.1M.
  • K2 Principal Fund's ten largest holdings make up 30% of its $1.23B portfolio in Q3 2021.
  • K2 Principal Fund opened 191 new positions and closed 238 in Q3 2021.
  • K2 Principal Fund's portfolio value rose 2.3% quarter-over-quarter to $1.23B.

Based on K2 Principal Fund's 13F filing for Q3 2021, filed 12 Nov 2021.