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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
+17.68%
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
$1.23B
AUM Growth
+$506M
Cap. Flow
-$175M
Cap. Flow %
-14.23%
Top 10 Hldgs %
22.22%
Holding
438
New
98
Increased
34
Reduced
62
Closed
100

Top Buys

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$19.1M
2
EVAC
EQV Ventures Acquisition Corp II
EVAC
+$4.81M
3
XPOF icon
Xponential Fitness
XPOF
+$4.73M
4
CORZ icon
Core Scientific
CORZ
+$4.72M
5
SLV icon
iShares Silver Trust
SLV
+$4.57M

Top Sells

Rank Stock Value
1
MAG
MAG Silver
MAG
+$6.8M
2
IBIT icon
iShares Bitcoin Trust
IBIT
+$6.37M
3
HES
Hess
HES
+$4.54M
4
CCIR
Cohen Circle Acquisition Corp. I Class A Ordinary Shares
CCIR
+$4.5M
5
CLBR
Colombier Acquisition Corp II
CLBR
+$4.39M

Sector Composition

Rank Sector Weight
1 Financials 6.54%
2 Technology 3.1%
3 Consumer Discretionary 1.77%
4 Real Estate 1.75%
5 Communication Services 1.38%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$130B
$72.9M 5.92%
205,000
+100,000
+95% +$31.9M
VOO icon
2
CALL
Vanguard S&P 500 ETF
VOO
$967B
$33.7M 2.74%
55,000
+52,500
+2,100% +$30.9M
GLD icon
3
SPDR Gold Trust
GLD
$130B
$24.8M 2.01%
69,646
+59,900
+615% +$19.1M
SLV icon
4
CALL
iShares Silver Trust
SLV
$27.8B
$23.3M 1.89%
550,000
+222,000
+68% +$7.97M
QQQ icon
5
PUT
Invesco QQQ Trust
QQQ
$460B
$21M 1.71%
+35,000
New +$20M
BTI icon
6
CALL
British American Tobacco
BTI
$129B
$14.3M 1.16%
270,000
-120,000
-31% -$6.51M
CRWV
7
PUT
CoreWeave
CRWV
$44.2B
$12.2M 0.99%
89,500
+79,500
+795% +$9.41M
CORZ icon
8
Core Scientific
CORZ
$7.62B
$12M 0.97%
668,101
+321,510
+93% +$4.72M
W icon
9
CALL
Wayfair
W
$10.9B
$11.6M 0.94%
129,500
+117,500
+979% +$8.61M
HHH icon
10
CALL
Howard Hughes
HHH
$3.92B
$10.7M 0.87%
130,000
+78,000
+150% +$5.78M
GLD icon
11
PUT
SPDR Gold Trust
GLD
$130B
$8.89M 0.72%
25,000
-4,000
-14% -$1.27M
HYG icon
12
PUT
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
$8.12M 0.66%
100,000
-100,000
-50% -$8.06M
OPEN icon
13
Opendoor
OPEN
$3.71B
$8.04M 0.65%
+1,042,338
New +$4.23M
FCX icon
14
PUT
Freeport-McMoran
FCX
$91.3B
$7.69M 0.62%
+196,000
New +$8.5M
SPHR icon
15
CALL
Sphere Entertainment
SPHR
$4.77B
$7.13M 0.58%
+114,700
New +$5.41M
SPRY icon
16
ARS Pharmaceuticals
SPRY
$596M
$6.25M 0.51%
621,807
+304,681
+96% +$4.37M
SLV icon
17
iShares Silver Trust
SLV
$27.8B
$6.21M 0.5%
146,631
+127,231
+656% +$4.57M
FSLR icon
18
First Solar
FSLR
$22.1B
$6.12M 0.5%
27,750
-20,541
-43% -$3.94M
XPOF icon
19
Xponential Fitness
XPOF
$253M
$5.76M 0.47%
740,000
+518,957
+235% +$4.73M
IBIT icon
20
iShares Bitcoin Trust
IBIT
$47.5B
$4.95M 0.4%
76,100
-97,900
-56% -$6.37M
EVAC
21
EQV Ventures Acquisition Corp II
EVAC
$597M
$4.82M 0.39%
+483,973
New +$4.81M
MARA icon
22
CALL
Marathon Digital Holdings
MARA
$4.87B
$4.57M 0.37%
+250,000
New +$4.21M
TLNCU
23
Talon Capital Corp Units
TLNCU
$4.52M 0.37%
+450,000
New +$4.51M
OPEN icon
24
PUT
Opendoor
OPEN
$3.71B
$4.38M 0.36%
+568,333
New +$2.31M
NLOP
25
Net Lease Office Properties
NLOP
$173M
$4.29M 0.35%
144,800
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1
2 3 4 5

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K2 Principal Fund's Q3 2025 Portfolio in Review

As of Q3 2025, K2 Principal Fund held 438 positions worth $1.23B, up 70% from $725M the previous quarter. Its ten largest holdings account for 22% of the portfolio.

K2 Principal Fund withdrew a net $175M in Q3 2025, closing 100 positions and reducing 62 holdings. Its most notable exit was MAG Silver, an estimated $6.8M position sold in full.

By sector, the portfolio is most concentrated in Financials at 6.5% of assets, down from 12% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, K2 Principal Fund opened a new position in EQV Ventures Acquisition Corp II worth $4.82M.

  • K2 Principal Fund's largest Q3 2025 buy was EQV Ventures Acquisition Corp II: 483,973 shares worth $4.82M.
  • K2 Principal Fund added most to SPDR Gold Trust in Q3 2025, an estimated $19.1M increase.
  • K2 Principal Fund's biggest Q3 2025 reduction was iShares Bitcoin Trust, cutting an estimated $6.37M.
  • K2 Principal Fund fully exited MAG Silver in Q3 2025, selling an estimated $6.8M.
  • K2 Principal Fund's ten largest holdings make up 22% of its $1.23B portfolio in Q3 2025.
  • K2 Principal Fund opened 98 new positions and closed 100 in Q3 2025.
  • K2 Principal Fund's portfolio value rose 70% quarter-over-quarter to $1.23B.

Based on K2 Principal Fund's 13F filing for Q3 2025, filed 13 Nov 2025.