K2 PRINCIPAL FUND, L.P.
CIK: 0001461790Latest portfolio: $1.2B · Q4 2025
Holdings
385
Total Value
$1.2B
New Positions
124
Closed Positions
71
Top Holdings
View All 385 Holdings →| # | Stock | Shares | Value | % Portfolio | Change | Type |
|---|---|---|---|---|---|---|
| 1 | GQ9SPDR GOLD TR | 107,200 | $42.5M | 3.42% | NEW | Call |
| 2 | LITE 0.5 06/15/28LUMENTUM HLDGS INC | 14,000 | $39.8M | 3.20% | +11K | |
| 3 | SPYSPDR SP 500 ETF TR | 58,200 | $39.7M | 3.20% | NEW | Call |
| 4 | SPHR 3.5 12/01/28SPHERE ENTERTAINMENT CO | 8,500 | $23.4M | 1.89% | — | |
| 5 | AAUC 8.75 09/07/28ALLIED GOLD CORP | 15,650 | $23.3M | 1.88% | — | |
| 6 | PARPAR TECHNOLOGY CORP | 603,580 | $21.9M | 1.76% | NEW | Put |
| 7 | GDXVANECK ETF TRUST | 235,000 | $20.2M | 1.62% | NEW | Put |
| 8 | FCXFREEPORT-MCMORAN INC | 385,800 | $19.6M | 1.58% | +180K | Put |
| 9 | APLD 2.75 06/01/30APPLIED DIGITAL CORP | 7,000 | $18.8M | 1.52% | NEW | |
| 10 | SLVISHARES SILVER TR | 275,200 | $17.7M | 1.43% | -471,431 | Put |
| 11 | AGCN 0.125 01/15/31FIRST MAJESTIC | 14,500 | $16.1M | 1.30% | NEW | |
| 12 | PTON 0 02/15/26PELOTON INTERACTIVE INC | 15,679 | $15.6M | 1.25% | — | |
| 13 | ASTS 2.375 10/15/32AST SPACEMOBILE INC | 11,500 | $15.2M | 1.22% | +9K | |
| 14 | BMTABRITISH AMERN TOB PLC | 265,735 | $15.0M | 1.21% | -69,621 | Call |
| 15 | CRNC 1.5 07/01/28CERENCE INC | 16,750 | $15.0M | 1.21% | +11K | |
| 16 | VAC 0 01/15/26MARRIOTT VACATIONS WORLDWIDE | 15,000 | $15.0M | 1.21% | — | |
| 17 | TRIP 0.25 04/01/26TRIPADVISOR INC | 14,000 | $13.8M | 1.11% | — | |
| 18 | JBLU 0.5 04/01/26JETBLUE AIRWAYS CORP | 13,824 | $13.6M | 1.10% | +4K | |
| 19 | SPCE 2.5 02/01/27VIRGIN GALACTIC | 16,500 | $13.5M | 1.09% | -14,500 | |
| 20 | GMEGAMESTOP CORP NEW | 651,500 | $13.1M | 1.05% | NEW | Put |
| 21 | SEI 0.25 10/01/31SOLARIS ENERGY INFRAS INC | 12,000 | $13.0M | 1.05% | NEW | |
| 22 | MSTR 0 12/01/29STRATEGY INC | 15,000 | $12.4M | 1.00% | NEW | |
| 23 | NDQINVESCO QQQ TR | 20,000 | $12.3M | 0.99% | -15,000 | Put |
| 24 | PAR 1.5 10/15/27PAR TECHNOLOGY CORP | 12,500 | $12.2M | 0.99% | +9K | |
| 25 | CENX 2.75 05/01/28CENTURY ALUM CO | 5,750 | $12.1M | 0.98% | — |
Quarterly Changes
New Positions
Closed Positions
- GQ9CLOSED$106.5B
- WDC 3 11/15/28CLOSED$24.0B
- IREN 3.5 12/15/29 IRENCLOSED$21.5B
- APLDCLOSED$17.6B
- LITE 1.5 12/15/29CLOSED$16.9B
- AGCN 0.375 01/15/27CLOSED$15.4B
- CORZCLOSED$13.8B
- MICROSTRATEGYCLOSED$13.5B
- MARA HOLDINGSCLOSED$12.6B
- CRWVCLOSED$12.2B
Increased Positions
Sector Breakdown
UnknownNaN% ($InfinityT)
Financial ServicesNaN% ($InfinityT)
Technology0.0% ($2.1897177285332506e+161T)
Basic Materials0.0% ($1.9593824870614406e+37T)
Industrials0.0% ($5.315311814871166e+24T)
Real Estate0.0% ($6.174398434333e+21T)
Consumer Cyclical0.0% ($1308257192994293504.0T)
Communication Services0.0% ($660041903159224576.0T)
Energy0.0% ($5178489847164023.0T)
Utilities0.0% ($433934.7T)
Healthcare0.0% ($43.8T)
Consumer Defensive0.0% ($950.8M)
Filing History
| Quarter | Filing Date | Portfolio Value | Holdings |
|---|---|---|---|
| Q4 2025 | Feb 13, 2026 | $1.2B | 410 |
| Q3 2025 | Nov 13, 2025 | $1.2T | 338 |
| Q2 2025 | Aug 14, 2025 | $725.2B | 296 |
| Q1 2025 | May 15, 2025 | $788.2B | 317 |
| Q4 2024 | Feb 14, 2025 | $900.6B | 304 |
| Q3 2024 | Nov 15, 2024 | $694.7T | 263 |
| Q2 2024 | Aug 14, 2024 | $537.7T | 228 |
| Q1 2024 | May 14, 2024 | $579.0T | 237 |
| Q4 2023 | Feb 14, 2024 | $785.2T | 230 |
| Q3 2023 | Nov 13, 2023 | $477.3T | 226 |
| Q2 2023 | Aug 15, 2023 | $437.2T | 222 |
| Q1 2023 | May 11, 2023 | $726.6T | 265 |
| Q4 2022 | Feb 10, 2023 | $658.1T | 244 |
| Q3 2022 | Nov 14, 2022 | $870.9B | 287 |
| Q2 2022 | Aug 12, 2022 | $906.5B | 354 |
| Q1 2022 | May 16, 2022 | $1.2T | 302 |
| Q4 2021 | Feb 11, 2022 | $1.5T | 371 |
| Q3 2021 | Nov 12, 2021 | $1.2T | 314 |
| Q2 2021 | Aug 13, 2021 | $1.2T | 364 |
| Q1 2021 | May 14, 2021 | $1.3T | 300 |
| Q4 2020 | Feb 12, 2021 | $1.1T | 306 |
| Q3 2020 | Nov 13, 2020 | $668.9B | 243 |
| Q2 2020 | Aug 13, 2020 | $629.2B | 252 |
| Q1 2020 | May 15, 2020 | $527.6B | 233 |
| Q4 2019 | Feb 13, 2020 | $1.2T | 308 |
| Q3 2019 | Nov 15, 2019 | $924.6B | 303 |
| Q2 2019 | Aug 14, 2019 | $828.5B | 277 |
| Q1 2019 | May 14, 2019 | $784.7B | 286 |
| Q4 2018 | Feb 13, 2019 | $659.3B | 282 |
| Q3 2018 | Nov 13, 2018 | $1.0T | 327 |
| Q2 2018 | Aug 13, 2018 | $1.3T | 312 |
| Q1 2018 | May 14, 2018 | $1.8T | 386 |
| Q4 2017 | Feb 12, 2018 | $1.4T | 322 |
| Q3 2017 | Nov 9, 2017 | $1.5T | 413 |
| Q2 2017 | Aug 11, 2017 | $1.5T | 414 |
| Q1 2017 | May 11, 2017 | $1.2T | 378 |
| Q4 2016 | Feb 15, 2017 | $1.1T | 277 |
| Q3 2016 | Nov 15, 2016 | $35.2T | 277 |
| Q2 2016 | Aug 11, 2016 | $758.5B | 353 |
| Q1 2016 | May 12, 2016 | $732.9B | 224 |
Fund Information
K2 PRINCIPAL FUND, L.P. is an institutional investment manager that files 13F reports with the SEC. As of the Q4 2025 filing, the fund reported a portfolio valued at $1.2B across 385 holdings. The largest position is SPDR GOLD TR (GQ9), representing 3.4% of the portfolio. Compared to the previous quarter, the fund opened 157 new positions and closed 94 positions. 13F filings are required quarterly disclosures that provide transparency into the holdings of institutional investment managers with at least $100 million in qualifying assets.