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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
+3.32%
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
$1.51B
AUM Growth
+$279M
Cap. Flow
-$147M
Cap. Flow %
-9.73%
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 Miscellaneous 68.04%
2 Financials 16.28%
3 Consumer Staples 4.73%
4 Materials 2.14%
5 Technology 2.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SPY icon
1
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$814B
$133M 8.81%
+280,000
New +$129M
CIXX
2
DELISTED
CI Financial Corp.
CIXX
$99.1M 6.56%
4,742,034
+122,600
+3% +$2.72M
PFSI icon
3
PennyMac Financial
PFSI
$3.81B
$74.4M 4.92%
1,065,572
+326,975
+44% +$21.6M
SPY icon
4
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$814B
$71.2M 4.72%
+150,000
New +$68.9M
SKIN icon
5
SkinHealth Systems
SKIN
$89.1M
$54.7M 3.62%
2,264,595
+1,674,762
+284% +$43.2M
IJR icon
6
PUT
iShares Core S&P Small-Cap ETF
IJR
$110B
$45.8M 3.03%
+400,000
New +$45.6M
TLT icon
7
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$47.1B
$43.7M 2.9%
+295,000
New +$43.5M
BG icon
8
CALL
Bunge Global
BG
$22.8B
$29.9M 1.98%
320,000
-319,800
-50% -$28.5M
GLD icon
9
PUT
SPDR Gold Trust
GLD
$150B
$26.5M 1.76%
155,000
– –
PTON icon
10
PUT
Peloton Interactive
PTON
$2.37B
$26.5M 1.75%
740,700
+206,700
+39% +$12.6M
ATVI
11
CALL
DELISTED
Activision Blizzard
ATVI
$22.1M 1.46%
+332,100
New +$22.7M
IWM icon
12
PUT
iShares Russell 2000 ETF
IWM
$80.5B
$19.6M 1.3%
88,000
+63,000
+252% +$14.2M
HYG icon
13
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$15.4B
$19.1M 1.27%
219,800
+144,800
+193% +$12.6M
EDV icon
14
CALL
Vanguard World Funds Extended Duration ETF
EDV
$3.75B
$18.7M 1.24%
+133,600
New +$18.6M
BG icon
15
Bunge Global
BG
$22.8B
$15.9M 1.05%
170,000
+78,127
+85% +$6.97M
TLT icon
16
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$47.1B
$15.7M 1.04%
106,000
+61,000
+136% +$8.99M
IGV icon
17
CALL
iShares Expanded Tech-Software Sector ETF
IGV
$14.2B
$14.5M 0.96%
+182,500
New +$15.2M
WFG icon
18
West Fraser Timber
WFG
$5.38B
$12.9M 0.86%
135,505
+130,505
+2,610% +$11.3M
AFRM icon
19
PUT
Affirm
AFRM
$24.4B
$12.5M 0.83%
+124,100
New +$16.4M
SJT
20
San Juan Basin Royalty Trust
SJT
$138M
$12.3M 0.81%
+2,014,719
New +$12.6M
CIXX
21
CALL
DELISTED
CI Financial Corp.
CIXX
$11.7M 0.78%
560,100
+9,400
+2% +$208K
TRIS
22
DELISTED
Tristar Acquisition I Corp.
TRIS
$11.2M 0.74%
+1,153,837
New +$11.2M
RNG icon
23
CALL
RingCentral
RNG
$6.13B
$10.7M 0.71%
+57,000
New +$12.7M
XLY icon
24
PUT
State Street Consumer Discretionary Select Sector SPDR ETF
XLY
$22.3B
$10.2M 0.68%
+100,000
New +$9.96M
INSP icon
25
PUT
Inspire Medical Systems
INSP
$1.82B
$10.1M 0.67%
+44,000
New +$10.7M
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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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 withdrew a net $147M in Q4 2021, closing 140 positions and reducing 35 holdings. Its most notable exit was PennyMac Mortgage Investment, an estimated $23.6M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 68% of assets, up from 57% a quarter earlier, followed by Financials and Consumer Staples.

Against the trend, K2 Principal Fund opened a new position in San Juan Basin Royalty Trust worth $12.3M.

  • 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.