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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
+0.32%
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
$788M
AUM Growth
-$112M
Cap. Flow
-$447M
Cap. Flow %
-56.71%
Top 10 Hldgs %
19.01%
Holding
417
New
101
Increased
38
Reduced
59
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$14.3M
2
HVII
Hennessy Capital Investment Corp VII
HVII
+$10.3M
3
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.84M
4
FSLR icon
First Solar
FSLR
+$5.33M
5
CEPO
Cantor Equity Partners I
CEPO
+$3.66M

Top Sells

Rank Stock Value
1
IAU icon
iShares Gold Trust
IAU
+$12.4M
2
DYNC
Dynamix Corp
DYNC
+$8.17M
3
GOOG icon
Alphabet (Google) Class C
GOOG
+$7.7M
4
MLACU
Mountain Lake Acquisition Corp Units
MLACU
+$7.51M
5
TDACU
Translational Development Acquisition Corp Units
TDACU
+$6.76M

Sector Composition

Rank Sector Weight
1 Financials 6.07%
2 Energy 2.45%
3 Technology 2.17%
4 Healthcare 1.15%
5 Real Estate 1.15%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$130B
$20.2M 2.56%
+70,000
New +$18.5M
GLD icon
2
SPDR Gold Trust
GLD
$130B
$18.8M 2.39%
65,246
+54,101
+485% +$14.3M
GOOG icon
3
CALL
Alphabet (Google) Class C
GOOG
$3.88T
$14.4M 1.82%
92,000
+82,000
+820% +$15M
IBIT icon
4
iShares Bitcoin Trust
IBIT
$47.5B
$10.5M 1.34%
225,000
-45,000
-17% -$2.38M
HVII
5
Hennessy Capital Investment Corp VII
HVII
$273M
$10.4M 1.32%
+1,049,683
New +$10.3M
GLD icon
6
PUT
SPDR Gold Trust
GLD
$130B
$9.36M 1.19%
32,500
-139,500
-81% -$36.9M
VOO icon
7
PUT
Vanguard S&P 500 ETF
VOO
$967B
$7.71M 0.98%
15,000
-3,500
-19% -$1.89M
VOO icon
8
CALL
Vanguard S&P 500 ETF
VOO
$967B
$6.42M 0.82%
12,500
-33,000
-73% -$17.8M
SPRY icon
9
ARS Pharmaceuticals
SPRY
$596M
$6.11M 0.77%
+485,355
New +$5.84M
SEI
10
Solaris Energy Infrastructure
SEI
$3.7B
$5.9M 0.75%
271,039
-37,196
-12% -$1.03M
HES
11
DELISTED
Hess
HES
$5.88M 0.75%
36,782
-2,600
-7% -$382K
TLN
12
Talen Energy Corp
TLN
$18.1B
$5.63M 0.71%
28,207
-1,782
-6% -$386K
FSLR icon
13
First Solar
FSLR
$22.1B
$5.58M 0.71%
44,104
+34,104
+341% +$5.33M
ARKK icon
14
PUT
ARK Innovation ETF
ARKK
$6.05B
$5.23M 0.66%
+110,000
New +$6.3M
IONQ icon
15
PUT
IonQ
IONQ
$12.7B
$4.41M 0.56%
200,000
+180,000
+900% +$5.83M
NLOP
16
Net Lease Office Properties
NLOP
$173M
$4.39M 0.56%
140,000
+5,725
+4% +$180K
WLAC
17
DELISTED
Willow Lane Acquisition Corp
WLAC
$4.09M 0.52%
407,894
-525,994
-56% -$5.24M
TLN
18
PUT
Talen Energy Corp
TLN
$18.1B
$3.99M 0.51%
+20,000
New +$4.34M
CCIR
19
DELISTED
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
$3.74M 0.47%
333,306
-229,077
-41% -$2.53M
CEPO
20
Cantor Equity Partners I
CEPO
$272M
$3.7M 0.47%
+361,517
New +$3.66M
RAC.U
21
Rithm Acquisition Corp Units
RAC.U
$3.54M 0.45%
+350,000
New +$3.52M
SVCC
22
Stellar V Capital Corp
SVCC
$230M
$3.4M 0.43%
+339,920
New +$3.39M
BEAG
23
Bold Eagle Acquisition Corp
BEAG
$334M
$3.35M 0.43%
330,416
-191,108
-37% -$1.91M
NETD
24
DELISTED
Nabors Energy Transition Corp II
NETD
$3.29M 0.42%
+300,000
New +$3.27M
ATIIU
25
Archimedes Tech SPAC Partners II Co Unit
ATIIU
$3.22M 0.41%
+319,790
New +$3.21M
1
2 3 4 5

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K2 Principal Fund's Q1 2025 Portfolio in Review

As of Q1 2025, K2 Principal Fund held 417 positions worth $788M, down 12% from $901M the previous quarter. Its ten largest holdings account for 19% of the portfolio.

K2 Principal Fund withdrew a net $447M in Q1 2025, closing 100 positions and reducing 59 holdings. Its most notable exit was iShares Gold Trust, an estimated $12.4M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.1% of assets, up from 4.7% a quarter earlier, followed by Energy and Technology.

Against the trend, K2 Principal Fund opened a new position in Hennessy Capital Investment Corp VII worth $10.4M.

  • K2 Principal Fund's largest Q1 2025 buy was Hennessy Capital Investment Corp VII: 1,049,683 shares worth $10.4M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q1 2025, an estimated $14.3M increase.
  • K2 Principal Fund's biggest Q1 2025 reduction was Dynamix Corp, cutting an estimated $8.17M.
  • K2 Principal Fund fully exited iShares Gold Trust in Q1 2025, selling an estimated $12.4M.
  • K2 Principal Fund's ten largest holdings make up 19% of its $788M portfolio in Q1 2025.
  • K2 Principal Fund opened 101 new positions and closed 100 in Q1 2025.
  • K2 Principal Fund's portfolio value fell 12% quarter-over-quarter to $788M.

Based on K2 Principal Fund's 13F filing for Q1 2025, filed 15 May 2025.