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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
-0.54%
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
$727M
AUM Growth
+$68.5M
Cap. Flow
-$74.1M
Cap. Flow %
-10.2%
Top 10 Hldgs %
28.59%
Holding
373
New
123
Increased
37
Reduced
62
Closed
108

Top Buys

Rank Stock Value
1
PMT
PennyMac Mortgage Investment
PMT
+$11.3M
2
ACI icon
Albertsons Companies
ACI
+$5.8M
3
FHN icon
First Horizon
FHN
+$4.56M
4
ILLM
illumin Holdings Inc. Common Shares
ILLM
+$3.79M
5
NATI
National Instruments Corp
NATI
+$3.53M

Top Sells

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$20.4M
2
SJT
San Juan Basin Royalty Trust
SJT
+$12.9M
3
MNST icon
Monster Beverage
MNST
+$11M
4
COOP
Mr. Cooper
COOP
+$11M
5
UHAL.B icon
U-Haul Holding Co Series N
UHAL.B
+$10M

Sector Composition

Rank Sector Weight
1 Financials 5.98%
2 Real Estate 4.77%
3 Healthcare 4.13%
4 Technology 3.4%
5 Energy 2.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TGT icon
1
CALL
Target
TGT
$61.1B
$27.7M 3.82%
167,400
+142,400
+570% +$23.4M
FCX icon
2
PUT
Freeport-McMoran
FCX
$91.3B
$25.6M 3.52%
625,000
+382,800
+158% +$15.9M
BNS icon
3
CALL
Scotiabank
BNS
$106B
$24.3M 3.34%
481,800
+88,600
+23% +$4.55M
SPY icon
4
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$20.5M 2.82%
+50,000
New +$19.9M
HYG icon
5
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$20.3M 2.79%
268,800
+158,800
+144% +$11.9M
XME icon
6
PUT
State Street SPDR S&P Metals & Mining ETF
XME
$4.11B
$19.4M 2.67%
+365,000
New +$19.9M
FRPT icon
7
CALL
Freshpet
FRPT
$2.78B
$17.9M 2.46%
+269,800
New +$16.6M
SPRY icon
8
ARS Pharmaceuticals
SPRY
$596M
$17.5M 2.41%
2,686,490
-185,658
-6% -$1.43M
TLT icon
9
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$14.9M 2.05%
140,000
-655,600
-82% -$68.6M
SJT
10
San Juan Basin Royalty Trust
SJT
$118M
$12.1M 1.67%
1,152,805
-1,240,404
-52% -$12.9M
RGLD icon
11
CALL
Royal Gold
RGLD
$16.9B
$11.5M 1.59%
+89,000
New +$11M
TLT icon
12
PUT
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
$10.6M 1.46%
+100,000
New +$10.5M
RCL icon
13
PUT
Royal Caribbean
RCL
$76B
$10.6M 1.46%
+162,500
New +$10.7M
COOP
14
DELISTED
Mr. Cooper
COOP
$10.5M 1.45%
257,211
-250,128
-49% -$11M
PMT
15
PennyMac Mortgage Investment
PMT
$835M
$10.4M 1.42%
+839,533
New +$11.3M
TOL icon
16
CALL
Toll Brothers
TOL
$13.7B
$9.4M 1.29%
156,600
+126,600
+422% +$7.3M
IAU icon
17
CALL
iShares Gold Trust
IAU
$62.9B
$9.16M 1.26%
245,000
-55,000
-18% -$1.97M
DASH icon
18
CALL
DoorDash
DASH
$74B
$8.21M 1.13%
129,200
-30,600
-19% -$1.75M
MPC icon
19
PUT
Marathon Petroleum
MPC
$91.2B
$8.09M 1.11%
+60,000
New +$7.51M
JNJ icon
20
CALL
Johnson & Johnson
JNJ
$624B
$7.91M 1.09%
+51,000
New +$8.24M
GLD icon
21
PUT
SPDR Gold Trust
GLD
$130B
$7.33M 1.01%
+40,000
New +$7.04M
AUY
22
DELISTED
Yamana Gold, Inc.
AUY
$7.09M 0.98%
1,212,401
+538,571
+80% +$3.06M
USO icon
23
CALL
United States Oil Fund
USO
$2.5B
$6.64M 0.91%
+100,000
New +$6.67M
SRG
24
Seritage Growth Properties
SRG
$130M
$6.38M 0.88%
810,562
+26,938
+3% +$299K
FHN icon
25
First Horizon
FHN
$12.1B
$5.92M 0.81%
332,798
+205,377
+161% +$4.56M
1
2 3 4 5

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K2 Principal Fund's Q1 2023 Portfolio in Review

As of Q1 2023, K2 Principal Fund held 373 positions worth $727M, up 10% from $658M the previous quarter. Its ten largest holdings account for 29% of the portfolio.

K2 Principal Fund withdrew a net $74.1M in Q1 2023, closing 108 positions and reducing 62 holdings. Its most notable exit was Scotiabank, an estimated $20.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6% of assets, down from 10% a quarter earlier, followed by Real Estate and Healthcare.

Against the trend, K2 Principal Fund opened a new position in PennyMac Mortgage Investment worth $10.4M.

  • K2 Principal Fund's largest Q1 2023 buy was PennyMac Mortgage Investment: 839,533 shares worth $10.4M.
  • K2 Principal Fund added most to First Horizon in Q1 2023, an estimated $4.56M increase.
  • K2 Principal Fund's biggest Q1 2023 reduction was San Juan Basin Royalty Trust, cutting an estimated $12.9M.
  • K2 Principal Fund fully exited Scotiabank in Q1 2023, selling an estimated $20.4M.
  • K2 Principal Fund's ten largest holdings make up 29% of its $727M portfolio in Q1 2023.
  • K2 Principal Fund opened 123 new positions and closed 108 in Q1 2023.
  • K2 Principal Fund's portfolio value rose 10% quarter-over-quarter to $727M.

Based on K2 Principal Fund's 13F filing for Q1 2023, filed 11 May 2023.