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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
+1.51%
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
$1.24B
AUM Growth
+$9.76M
Cap. Flow
-$461M
Cap. Flow %
-37.16%
Top 10 Hldgs %
20.77%
Holding
481
New
139
Increased
48
Reduced
70
Closed
71

Top Buys

Rank Stock Value
1
SUNC
SunocoCorp LLC
SUNC
+$5.29M
2
BTI icon
British American Tobacco
BTI
+$4.93M
3
BIP icon
Brookfield Infrastructure Partners
BIP
+$4.35M
4
BEP icon
Brookfield Renewable
BEP
+$3.69M
5
NGD
New Gold Inc
NGD
+$3.63M

Top Sells

Rank Stock Value
1
GLD icon
SPDR Gold Trust
GLD
+$26.6M
2
CORZ icon
Core Scientific
CORZ
+$12M
3
SLV icon
iShares Silver Trust
SLV
+$6.83M
4
SPRY icon
ARS Pharmaceuticals
SPRY
+$5.95M
5
TLNCU
Talon Capital Corp Units
TLNCU
+$4.52M

Sector Composition

Rank Sector Weight
1 Financials 6.98%
2 Materials 2.32%
3 Technology 1.78%
4 Communication Services 1.46%
5 Consumer Discretionary 1.3%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLD icon
1
CALL
SPDR Gold Trust
GLD
$130B
$42.5M 3.42%
107,200
-97,800
-48% -$37.3M
SPY icon
2
CALL
State Street SPDR S&P 500 ETF Trust
SPY
$777B
$39.7M 3.2%
+58,200
New +$39.3M
GDX icon
3
PUT
VanEck Gold Miners ETF
GDX
$22.9B
$19.7M 1.59%
+230,000
New +$18.2M
FCX icon
4
PUT
Freeport-McMoran
FCX
$91.3B
$17.8M 1.43%
350,000
+154,000
+79% +$6.67M
SLV icon
5
CALL
iShares Silver Trust
SLV
$27.8B
$16.7M 1.35%
260,000
-290,000
-53% -$14.5M
PAR icon
6
CALL
PAR Technology
PAR
$641M
$15.2M 1.23%
420,000
+373,000
+794% +$13.5M
QQQ icon
7
PUT
Invesco QQQ Trust
QQQ
$460B
$12.3M 0.99%
20,000
-15,000
-43% -$9.2M
GDXJ icon
8
PUT
VanEck Junior Gold Miners ETF
GDXJ
$7.05B
$9.33M 0.75%
82,000
+47,000
+134% +$4.86M
BTI icon
9
British American Tobacco
BTI
$129B
$8.82M 0.71%
155,735
+90,379
+138% +$4.93M
GME icon
10
CALL
GameStop
GME
$9.58B
$7.56M 0.61%
+376,500
New +$8.45M
META icon
11
PUT
Meta Platforms (Facebook)
META
$1.54T
$6.6M 0.53%
+10,000
New +$6.68M
BTI icon
12
CALL
British American Tobacco
BTI
$129B
$6.23M 0.5%
110,000
-160,000
-59% -$8.73M
XPOF icon
13
Xponential Fitness
XPOF
$253M
$5.72M 0.46%
694,974
-45,026
-6% -$320K
GME icon
14
PUT
GameStop
GME
$9.58B
$5.52M 0.44%
+275,000
New +$6.17M
PLTR icon
15
PUT
Palantir
PLTR
$296B
$5.33M 0.43%
+30,000
New +$5.43M
DCH
16
Dauch Corp
DCH
$1.33B
$5.32M 0.43%
829,192
+132,406
+19% +$823K
SUNC
17
SunocoCorp LLC
SUNC
$3.9B
$5.18M 0.42%
+105,090
New +$5.29M
FSLR icon
18
First Solar
FSLR
$22.1B
$4.9M 0.39%
18,750
-9,000
-32% -$2.27M
SUN icon
19
PUT
Sunoco
SUN
$14.1B
$4.72M 0.38%
+90,000
New +$4.76M
B
20
Barrick Mining
B
$62.3B
$4.4M 0.35%
101,145
+21,300
+27% +$799K
BIP icon
21
Brookfield Infrastructure Partners
BIP
$18.9B
$4.34M 0.35%
+124,900
New +$4.35M
NGD
22
DELISTED
New Gold Inc
NGD
$4.19M 0.34%
+481,563
New +$3.63M
GOOG icon
23
Alphabet (Google) Class C
GOOG
$3.88T
$4.19M 0.34%
13,354
-146
-1% -$41.8K
ELE
24
Elemental Royalty Corp
ELE
$1.01B
$4.12M 0.33%
+177,356
New +$2.73M
CCII
25
Cohen Circle Acquisition Corp II
CCII
$359M
$4.09M 0.33%
399,200
-800
-0.2% -$8.21K
1
2 3 4 5

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WIM
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LCG
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CCM
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SMA
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K2 Principal Fund's Q4 2025 Portfolio in Review

As of Q4 2025, K2 Principal Fund held 481 positions worth $1.24B, up 0.79% from $1.23B the previous quarter. Its ten largest holdings account for 21% of the portfolio.

K2 Principal Fund withdrew a net $461M in Q4 2025, closing 71 positions and reducing 70 holdings. Its most notable exit was SPDR Gold Trust, an estimated $26.6M position sold in full.

By sector, the portfolio is most concentrated in Financials at 7% of assets, up from 6.5% a quarter earlier, followed by Materials and Technology.

Against the trend, K2 Principal Fund opened a new position in SunocoCorp LLC worth $5.18M.

  • K2 Principal Fund's largest Q4 2025 buy was SunocoCorp LLC: 105,090 shares worth $5.18M.
  • K2 Principal Fund added most to British American Tobacco in Q4 2025, an estimated $4.93M increase.
  • K2 Principal Fund's biggest Q4 2025 reduction was iShares Silver Trust, cutting an estimated $6.83M.
  • K2 Principal Fund fully exited SPDR Gold Trust in Q4 2025, selling an estimated $26.6M.
  • K2 Principal Fund's ten largest holdings make up 21% of its $1.24B portfolio in Q4 2025.
  • K2 Principal Fund opened 139 new positions and closed 71 in Q4 2025.
  • K2 Principal Fund's portfolio value rose 0.79% quarter-over-quarter to $1.24B.

Based on K2 Principal Fund's 13F filing for Q4 2025, filed 13 Feb 2026.