K2 Principal's New Investments.
K2 Principal Fund Increases Equity Stakes in Five Diverse Firms
Key Points
Beyond K2 Principal’s stake in TIC Solutions, several other institutions disclosed new TIC positions in the period, including National Bank of Canada FI (~$53,000), Tower Research Capital (~$82,000), Dauntless Investment Group (~$110,000), BNP Paribas Financial Markets (~$97,000), and Financial Avengers Inc. (~$120,000). TIC opened at about $9.31 with a market cap near $2.03 billion, a negative P/E (~-16.06), a beta around 2.83, and notable liquidity metrics (50-day and 200-day moving averages near $8.13–$8.44).
For Norfolk Southern, K2 Principal acquired 14,991 shares worth about $4.72 million, and overall hedge funds and institutional investors own about 75.10% of NSC’s stock, highlighting a high level of institutional concentration in the name.
IMAX: K2 Principal bought 93,100 shares for roughly $3.71 million, representing about 0.17% ownership, while hedge funds and institutional investors collectively own a large majority (about 93.51%) of IMAX stock.
PennyMac Financial Services saw K2 acquire 159,766 shares valued at roughly $13.92 million; institutional ownership is high (about 57.87%), and Prudential Financial boosted its PennyMac stake by 82.8% in Q2 to around 4,084 shares (~$413,000).
Adeia Inc. attracted 35,406 shares (~$1.17 million) from K2 Principal, with the stock having extremely high institutional ownership (about 97.36%). Adeia opened at $28.02, has a market cap of about $3.09 billion, a P/E around 25.94, and a dividend of $0.05 per share scheduled for September 14; it also shows a 50-day moving average near $29.00 and a 200-day average near $26.34.
K2 Principal Fund L.P. made five new stock bets in the second quarter of 2025, disclosing positions in TIC Solutions, Norfolk Southern, IMAX, PennyMac Financial Services, and Adeia through a Form 13F filing, according to Ticker Report. The fund's largest new position was in PennyMac Financial Services, where it picked up 159,766 shares worth roughly $13.92 million.
The moves signal growing institutional appetite across a range of U.S. sectors, from railroads and entertainment to mortgage finance and intellectual property. In each case, K2 Principal joined a crowded field of hedge funds and large asset managers already holding sizable stakes.
K2 Principal's Biggest Bet Lands in Mortgage Finance
PennyMac Financial Services drew the fund's largest single investment. K2 Principal bought 159,766 shares valued at about $13.92 million, according to Ticker Report. Institutional investors already own roughly 57.87% of PennyMac's stock. Prudential Financial also moved aggressively in the same quarter, boosting its PennyMac stake by 82.8% to around 4,084 shares worth about $413,000.
The second-largest new position was in Norfolk Southern. K2 Principal grabbed 14,991 shares for about $4.72 million. Institutional investors hold a commanding 75.10% of Norfolk Southern's outstanding stock, showing just how concentrated ownership of the railroad giant has become.
IMAX and Adeia Round Out the Portfolio Push
K2 Principal bought 93,100 shares of IMAX for roughly $3.71 million, giving it about 0.17% ownership of the film technology company, according to Ticker Report. IMAX is heavily owned by institutions — hedge funds and big investors collectively hold about 93.51% of its stock. That leaves very little room for individual investors at the table.
Adeia Inc. attracted a smaller bet: 35,406 shares worth about $1.17 million. Yet Adeia may be the most institutionally crowded name in K2's new portfolio. Roughly 97.36% of Adeia's stock is held by institutions. The company, which has a market cap near $3.09 billion and a P/E ratio of about 25.94, also has a $0.05 per share dividend scheduled for September 14.
TIC Solutions Draws a Crowd of New Institutional Buyers
K2 Principal's smallest new position was in TIC Solutions: 93,340 shares worth around $755,000. But K2 was far from alone. Several other institutions also opened fresh TIC positions in the same period, according to Ticker Report. Financial Avengers Inc. added about $120,000 worth, Dauntless Investment Group put in roughly $110,000, and Tower Research Capital bought around $82,000.
TIC opened at about $9.31 per share with a market cap near $2.03 billion. Its P/E ratio sits at roughly -16.06, meaning the company is not yet profitable. Its beta of about 2.83 signals high volatility — TIC's price moves much more than the broader market on any given day.
Why These Five Positions Point to a Broader Trend
K2 Principal's five new stakes span railroads, cinema, mortgage services, tech licensing, and financial solutions. That kind of cross-sector spread suggests the fund is not making a narrow industry bet. Instead, it appears to be hunting for value and growth across the entire U.S. equity market at once.
In each of the five stocks, K2 is joining — not leading — a wave of institutional buying. Big ownership stakes by hedge funds and banks already dominate these names. K2's entry adds another vote of confidence in mid- to large-cap U.S. equities heading into the second half of 2025.
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