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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
+4.79%
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
+$308M
Cap. Flow
-$187M
Cap. Flow %
-23.76%
Top 10 Hldgs %
37.08%
Holding
337
New
107
Increased
33
Reduced
35
Closed
107

Top Buys

Rank Stock Value
1
COOP
Mr. Cooper
COOP
+$8.17M
2
IVCB
Investcorp Europe Acquisition Corp I Class A Ordinary Shares
IVCB
+$3.6M
3
TXNM
TXNM Energy Inc
TXNM
+$3.43M
4
TLT icon
iShares 20+ Year Treasury Bond ETF
TLT
+$3.39M
5
PXD
Pioneer Natural Resource Co.
PXD
+$3.12M

Top Sells

Rank Stock Value
1
ATVI
Activision Blizzard
ATVI
+$9.83M
2
VMW
VMware, Inc
VMW
+$6.21M
3
CVE icon
Cenovus Energy
CVE
+$4.16M
4
GMED icon
Globus Medical
GMED
+$3.48M
5
NATI
National Instruments Corp
NATI
+$3.35M

Sector Composition

Rank Sector Weight
1 Miscellaneous 81.26%
2 Financials 8.26%
3 Healthcare 2.22%
4 Technology 1.63%
5 Energy 1.34%
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
$95.1M 12.11%
200,000
+150,000
+300% +$66.8M
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$814B
$71.3M 9.08%
+150,000
New +$66.8M
COOP
3
DELISTED
Mr. Cooper
COOP
$18.2M 2.32%
279,510
+138,147
+98% +$8.17M
SPRY icon
4
ARS Pharmaceuticals
SPRY
$559M
$16.7M 2.13%
3,054,333
+502,271
+20% +$2.2M
INTC icon
5
CALL
Intel
INTC
$506B
$13.1M 1.66%
260,000
+135,000
+108% +$5.48M
IAU icon
6
CALL
iShares Gold Trust
IAU
$65.8B
$12.7M 1.62%
325,000
+112,500
+53% +$4.21M
FNV icon
7
CALL
Franco-Nevada
FNV
$51.3B
$11.6M 1.48%
+105,000
New +$12.8M
VOO icon
8
CALL
Vanguard S&P 500 ETF
VOO
$1.05T
$10.9M 1.39%
+25,000
New +$10.2M
FCX icon
9
CALL
Freeport-McMoran
FCX
$104B
$10.4M 1.33%
+245,000
New +$9.05M
IAU icon
10
PUT
iShares Gold Trust
IAU
$65.8B
$9.76M 1.24%
+250,000
New +$9.35M
XLU icon
11
CALL
State Street Utilities Select Sector SPDR ETF
XLU
$22.4B
$9.5M 1.21%
+300,000
New +$9.17M
SRG
12
CALL
Seritage Growth Properties
SRG
$117M
$8M 1.02%
855,800
+529,800
+163% +$4.45M
IWM icon
13
PUT
iShares Russell 2000 ETF
IWM
$80.5B
$7.63M 0.97%
+38,000
New +$6.81M
LEN icon
14
CALL
Lennar Class A
LEN
$20.1B
$7.53M 0.96%
+52,167
New +$6.28M
MT icon
15
CALL
ArcelorMittal
MT
$59.4B
$6.96M 0.89%
+245,000
New +$6M
USO icon
16
CALL
United States Oil Fund
USO
$1.61B
$6.67M 0.85%
+100,000
New +$7.25M
TLT icon
17
CALL
iShares 20+ Year Treasury Bond ETF
TLT
$47.1B
$6.43M 0.82%
+65,000
New +$5.87M
XME icon
18
CALL
State Street SPDR S&P Metals & Mining ETF
XME
$4.86B
$6.2M 0.79%
+103,700
New +$5.49M
TOL icon
19
CALL
Toll Brothers
TOL
$13.1B
$5.6M 0.71%
+54,500
New +$4.54M
DHI icon
20
CALL
D.R. Horton
DHI
$39.9B
$5.24M 0.67%
+34,500
New +$4.25M
SRG
21
Seritage Growth Properties
SRG
$117M
$5.06M 0.64%
540,654
-121,097
-18% -$1.02M
KGC icon
22
CALL
Kinross Gold
KGC
$36.6B
$4.39M 0.56%
725,000
+525,000
+263% +$2.87M
ACI icon
23
Albertsons Companies
ACI
$6.09B
$4.37M 0.56%
190,000
-59,231
-24% -$1.31M
SLV icon
24
PUT
iShares Silver Trust
SLV
$32.2B
$4.36M 0.55%
+200,000
New +$4.26M
MSTR icon
25
PUT
Strategy Inc
MSTR
$56.7B
$4.17M 0.53%
+66,000
New +$3.13M
1
2 3 4 5

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PFM
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FCM
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B
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K2 Principal Fund's Q4 2023 Portfolio in Review

As of Q4 2023, K2 Principal Fund held 337 positions worth $785M, up 64% from $477M the previous quarter. Its ten largest holdings account for 37% of the portfolio.

K2 Principal Fund withdrew a net $187M in Q4 2023, closing 107 positions and reducing 35 holdings. Its most notable exit was Activision Blizzard, an estimated $9.83M position sold in full.

By sector, the portfolio is most concentrated in Miscellaneous at 81% of assets, up from 75% a quarter earlier, followed by Financials and Healthcare.

Against the trend, K2 Principal Fund opened a new position in Investcorp Europe Acquisition Corp I Class A Ordinary Shares worth $3.62M.

  • K2 Principal Fund's largest Q4 2023 buy was Investcorp Europe Acquisition Corp I Class A Ordinary Shares: 328,498 shares worth $3.62M.
  • K2 Principal Fund added most to Mr. Cooper in Q4 2023, an estimated $8.17M increase.
  • K2 Principal Fund's biggest Q4 2023 reduction was U-Haul Holding Co Series N, cutting an estimated $2.02M.
  • K2 Principal Fund fully exited Activision Blizzard in Q4 2023, selling an estimated $9.83M.
  • K2 Principal Fund's ten largest holdings make up 37% of its $785M portfolio in Q4 2023.
  • K2 Principal Fund opened 107 new positions and closed 107 in Q4 2023.
  • K2 Principal Fund's portfolio value rose 64% quarter-over-quarter to $785M.

Based on K2 Principal Fund's 13F filing for Q4 2023, filed 14 Feb 2024.