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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
+11.09%
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
$658M
AUM Growth
-$213M
Cap. Flow
-$356M
Cap. Flow %
-54.08%
Top 10 Hldgs %
41.88%
Holding
370
New
83
Increased
31
Reduced
76
Closed
126

Top Buys

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$19.6M
2
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10.2M
3
SJT
San Juan Basin Royalty Trust
SJT
+$6.12M
4
MNST icon
Monster Beverage
MNST
+$6.11M
5
STOR
STORE Capital Corporation
STOR
+$5.01M

Top Sells

Rank Stock Value
1
CIXX
CI Financial Corp.
CIXX
+$27.9M
2
RIVN icon
Rivian
RIVN
+$17.5M
3
PMT
PennyMac Mortgage Investment
PMT
+$15.7M
4
HTZWW
Hertz Global Holdings Warrants
HTZWW
+$13.2M
5
NMRK icon
Newmark Group
NMRK
+$13.1M

Sector Composition

Rank Sector Weight
1 Financials 10.45%
2 Healthcare 5.32%
3 Energy 4.61%
4 Real Estate 4.08%
5 Industrials 2.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TLT icon
1
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$79.2M 12.04%
795,600
+595,600
+298% +$60M
SJT
2
San Juan Basin Royalty Trust
SJT
$118M
$27.3M 4.15%
2,393,209
+557,893
+30% +$6.12M
BNS icon
3
CALL
Scotiabank
BNS
$106B
$26.1M 3.96%
+393,200
New +$19.4M
CIXX
4
CALL
DELISTED
CI Financial Corp.
CIXX
$26M 3.95%
1,922,700
+387,400
+25% +$3.91M
HTZ icon
5
CALL
Hertz
HTZ
$603M
$24.6M 3.74%
+1,600,000
New +$26.9M
SPRY icon
6
ARS Pharmaceuticals
SPRY
$596M
$24.5M 3.72%
2,872,148
-375,385
-12% -$2.44M
COOP
7
DELISTED
Mr. Cooper
COOP
$20.4M 3.09%
507,339
-67,070
-12% -$2.83M
BNS icon
8
Scotiabank
BNS
$106B
$19.5M 2.96%
+397,554
New +$19.6M
MNST icon
9
Monster Beverage
MNST
$91.5B
$11M 1.67%
216,654
+126,142
+139% +$6.11M
IAU icon
10
CALL
iShares Gold Trust
IAU
$62.9B
$10.4M 1.58%
300,000
+50,000
+20% +$1.64M
UHAL.B icon
11
U-Haul Holding Co Series N
UHAL.B
$12.3B
$9.72M 1.48%
+176,882
New +$10.2M
SRG
12
Seritage Growth Properties
SRG
$130M
$9.27M 1.41%
783,624
+163,624
+26% +$1.81M
FCX icon
13
PUT
Freeport-McMoran
FCX
$91.3B
$9.2M 1.4%
242,200
-505,300
-68% -$17.7M
HYG icon
14
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$8.1M 1.23%
110,000
+35,000
+47% +$2.58M
DASH icon
15
CALL
DoorDash
DASH
$74B
$7.8M 1.19%
159,800
-6,900
-4% -$358K
FCX icon
16
CALL
Freeport-McMoran
FCX
$91.3B
$7.22M 1.1%
190,000
-79,000
-29% -$2.76M
SJR
17
DELISTED
Shaw Communications Inc.
SJR
$7.04M 1.07%
244,800
-58,400
-19% -$1.53M
TWO
18
Two Harbors Investment
TWO
$1.27B
$6.93M 1.05%
439,460
+100,858
+30% +$1.52M
RBA icon
19
CALL
RB Global
RBA
$20.3B
$6.36M 0.97%
+110,000
New +$6.4M
IEI icon
20
PUT
iShares 3-7 Year Treasury Bond ETF
IEI
$18.1B
$5.74M 0.87%
50,000
-175,000
-78% -$20.1M
STOR
21
DELISTED
STORE Capital Corporation
STOR
$5.06M 0.77%
+157,800
New +$5.01M
SWIR
22
DELISTED
Sierra Wireless
SWIR
$4.76M 0.72%
164,395
+98,526
+150% +$2.9M
TGT icon
23
PUT
Target
TGT
$61.1B
$4.62M 0.7%
+31,000
New +$4.86M
RVLV icon
24
Revolve Group
RVLV
$1.75B
$4.45M 0.68%
199,990
+65,000
+48% +$1.56M
PTON icon
25
CALL
Peloton Interactive
PTON
$2.61B
$4.41M 0.67%
555,600
+430,300
+343% +$4.13M
1
2 3 4 5

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K2 Principal Fund's Q4 2022 Portfolio in Review

As of Q4 2022, K2 Principal Fund held 370 positions worth $658M, down 24% from $871M the previous quarter. Its ten largest holdings account for 42% of the portfolio.

K2 Principal Fund withdrew a net $356M in Q4 2022, closing 126 positions and reducing 76 holdings. Its most notable exit was Rivian, an estimated $17.5M position sold in full.

By sector, the portfolio is most concentrated in Financials at 10% of assets, up from 8% a quarter earlier, followed by Healthcare and Energy.

Against the trend, K2 Principal Fund opened a new position in Scotiabank worth $19.5M.

  • K2 Principal Fund's largest Q4 2022 buy was Scotiabank: 397,554 shares worth $19.5M.
  • K2 Principal Fund added most to San Juan Basin Royalty Trust in Q4 2022, an estimated $6.12M increase.
  • K2 Principal Fund's biggest Q4 2022 reduction was CI Financial Corp., cutting an estimated $27.9M.
  • K2 Principal Fund fully exited Rivian in Q4 2022, selling an estimated $17.5M.
  • K2 Principal Fund's ten largest holdings make up 42% of its $658M portfolio in Q4 2022.
  • K2 Principal Fund opened 83 new positions and closed 126 in Q4 2022.
  • K2 Principal Fund's portfolio value fell 24% quarter-over-quarter to $658M.

Based on K2 Principal Fund's 13F filing for Q4 2022, filed 10 Feb 2023.