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Asset Manager ← All Institutions

K2 PRINCIPAL FUND, L.P.

Q3 2025 · Filed 2025-11-13
Market Value
$226M
+32.0%
Holdings
165
+19
New Purchases
55
Added To
17
Closed
44
Reduced
27
Top 10 Concentration
36.6%
Turnover
60.0%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GLD 10.94% 1.73% +9.21% $25M
OPEN 3.55% 0.00% +3.55% $8M
SLV 2.75% 0.37% +2.37% $6M
TLNCU 2.00% 0.00% +2.00% $5M
DMIIU 1.87% 0.00% +1.87% $4M
AXL 1.85% 0.00% +1.85% $4M
CORZ 5.30% 3.45% +1.85% $12M
RYAM 1.73% 0.00% +1.73% $4M
AEXA 1.60% 0.00% +1.60% $4M
XPOF 2.55% 0.97% +1.58% $6M
COOP 1.40% 0.00% +1.40% $3M
BDCIU 1.34% 0.00% +1.34% $3M
PAR 1.31% 0.00% +1.31% $3M
LATAU 1.24% 0.00% +1.24% $3M
B 1.16% 0.00% +1.16% $3M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
IBIT 2.19% 6.21% -4.03% $5M
MAG 0.00% 3.97% -3.97% $0
HES 0.00% 2.65% -2.65% $0
CCIR 0.00% 2.63% -2.63% $0
JNPR 0.00% 2.33% -2.33% $0
FSLR 2.71% 4.66% -1.96% $6M
GTEN 0.46% 2.33% -1.86% $1M
CCCXU 0.00% 1.80% -1.80% $0
FLR 0.00% 1.74% -1.74% $0
SBXD-UN 0.00% 1.59% -1.59% $0
PCAPU 0.00% 1.57% -1.57% $0
CEPO 0.00% 1.51% -1.51% $0
BACCU 0.00% 1.46% -1.46% $0
TACH 0.00% 1.44% -1.44% $0
WENNU 0.00% 1.40% -1.40% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 7 $8M 3.3%
Large Cap 29 $75M 33.3%
Mid Cap 20 $35M 15.7%
Small Cap 56 $72M 31.9%
Micro Cap 53 $36M 15.8%

Portfolio Analytics

Avg Market Cap
$125.0B
Median Market Cap
$526M
Avg P/E
46.6
Median P/E
31.0
Avg Dividend Yield
0.04%
Avg Beta
1.10
# Stocks
149
# ETFs / Funds
16

Top Holdings (165 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GLD 10.94% 69,646 $25M $355.47 $22M +59,900 +614.6%
2 CORZ 5.30% 668,101 $12M $17.94 $6M +321,510 +92.8%
3 OPEN 3.55% 1,008,714 $8M $7.97 +1,008,714 NEW
4 SPRY 2.76% 621,807 $6M $10.05 $715K +304,681 +96.1%
5 SLV 2.75% 146,631 $6M $42.37 $6M +127,231 +655.8%
6 FSLR 2.71% 27,750 $6M $220.53 -$2M -20,541 -42.5%
7 XPOF 2.55% 740,000 $6M $7.79 $4M +518,957 +234.8%
8 IBIT 2.19% 76,100 $5M $65.00 -$6M -97,900 -56.3%
9 TLNCU 2.00% 450,000 $5M $10.05 +450,000 NEW
10 NLOP 1.90% 144,800 $4M $29.66 -$418K
11 SRG 1.88% 1,000,000 $4M $4.25 $1M -15,786 -1.6%
12 DMIIU 1.87% 426,507 $4M $9.94 +426,507 NEW
13 AXL 1.85% 696,786 $4M $6.01 +696,786 NEW
14 APP 1.84% 5,788 $4M $718.54 $2M -379 -6.2%
15 UBER 1.75% 40,430 $4M $97.97 $878K +7,382 +22.3%
16 RYAM 1.73% 542,720 $4M $7.22 +542,720 NEW
17 PTON 1.71% 429,369 $4M $9.00 $757K -18,365 -4.1%
18 TIXT 1.60% 806,090 $4M $4.48 $580K -28,997 -3.5%
19 AEXA 1.60% 330,235 $4M $10.93 +330,235 NEW
20 BTI 1.53% 65,356 $3M $53.08 $2M +27,156 +71.1%
21 GOOG 1.45% 13,500 $3M $243.55 $627K -1,500 -10.0%
22 COOP 1.40% 15,000 $3M $210.79 +15,000 NEW
23 PKST 1.38% 237,403 $3M $13.12 $2M +120,706 +103.4%
24 BDCIU 1.34% 300,000 $3M $10.10 +300,000 NEW
25 GENI 1.32% 240,761 $3M $12.38 $585K +10,397 +4.5%
26 PAR 1.31% 75,132 $3M $39.58 +75,132 NEW
27 PDS 1.29% 51,600 $3M $56.36 $666K +4,140 +8.7%
28 LATAU 1.24% 282,100 $3M $9.98 +282,100 NEW
29 FYBR 1.17% 71,074 $3M $37.35 $68K
30 TACO 1.17% 255,204 $3M $10.40 -$519K -49,332 -16.2%
31 B 1.16% 79,845 $3M $32.77 +79,845 NEW
32 CEPF 1.14% 252,641 $3M $10.19 +252,641 NEW
33 FNV 1.13% 11,500 $3M $222.91 +11,500 NEW
34 TLN 1.13% 6,000 $3M $425.38 -$2M -8,100 -57.5%
35 IPCXU 1.10% 248,066 $2M $10.07 $231K +24,900 +11.2%
36 DAAQU 0.98% 218,397 $2M $10.19 -$153K -8,554 -3.8%
37 DCBO 0.97% 79,910 $2M $27.33 $2M +69,810 +691.2%
38 VFC 0.95% 149,100 $2M $14.43 $977K +49,100 +49.1%
39 SAND 0.94% 170,000 $2M $12.52 $530K
40 AMZN 0.92% 9,508 $2M $219.57 -$240K -1,100 -10.4%
41 WENN 0.91% 202,663 $2M $10.12 +202,663 NEW
42 RDAGU 0.90% 200,000 $2M $10.21 -$407K -38,720 -16.2%
43 LPLA 0.90% 6,115 $2M $332.69 +6,115 NEW
44 BCSS 0.89% 200,000 $2M $10.09 +200,000 NEW
45 EMISU 0.87% 197,553 $2M $9.98 +197,553 NEW
46 CCJ 0.85% 23,000 $2M $83.86 +23,000 NEW
47 CAEP 0.75% 163,822 $2M $10.32 -$419K -36,178 -18.1%
48 TER 0.73% 12,000 $2M $137.64 +12,000 NEW
49 CEPT 0.70% 150,938 $2M $10.51 -$714K -57,648 -27.6%
50 CHEC 0.69% 156,706 $2M $9.98 +156,706 NEW
51 RTACU 0.65% 134,710 $1M $10.91 -$245K -10,610 -7.3%
52 VOXCF 0.60% 317,500 $1M $4.30 +317,500 NEW
53 FND 0.60% 18,500 $1M $73.70 +18,500 NEW
54 PWFL 0.58% 250,000 $1M $5.24 $282K +11,583 +4.9%
55 RDDT 0.56% 5,481 $1M $229.99 +5,481 NEW
56 CCIX 0.53% 114,350 $1M $10.48 -$5K
57 GTEN 0.46% 102,849 $1M $10.21 -$3M -286,477 -73.6%
58 EMX 0.46% 201,488 $1M $5.15 +201,488 NEW
59 MBVIU 0.45% 100,000 $1M $10.12 +100,000 NEW
60 SZZLU 0.45% 100,000 $1M $10.08 $3K
61 KCHV 0.44% 100,000 $1M $10.03 +100,000 NEW
62 BLUW 0.44% 100,000 $996K $9.96 +100,000 NEW
63 TSEM 0.43% 13,512 $977K $72.30 +13,512 NEW
64 MSFT 0.40% 1,750 $906K $517.95 +1,750 NEW
65 CPRI 0.36% 41,357 $824K $19.92 +41,357 NEW
66 NVDA 0.33% 4,000 $746K $186.58 $114K
67 NXT 0.33% 10,000 $740K $73.99 +10,000 NEW
68 PLYM 0.32% 32,000 $715K $22.33 +32,000 NEW
69 CRNC 0.30% 54,119 $674K $12.46 +54,119 NEW
70 ROK 0.27% 1,750 $612K $349.53 +1,750 NEW
71 CCCX 0.27% 47,330 $609K $12.86 +47,330 NEW
72 STLD 0.25% 4,000 $558K $139.43 +4,000 NEW
73 SCS 0.24% 31,322 $539K $17.20 +31,322 NEW
74 VBNK 0.23% 42,502 $519K $12.21 -$36K -6,180 -12.7%
75 LCID 0.22% 20,658 $491K $23.79 +20,658 NEW
76 MRK 0.21% 5,684 $477K $83.93 $27K
77 HLT 0.21% 1,818 $472K $259.44 +1,818 NEW
78 BBU 0.18% 8,700 $397K $45.65 -$186K -13,800 -61.3%
79 PFSI 0.16% 3,002 $372K $123.88 +3,002 NEW
80 ADX 0.16% 16,520 $368K $22.30 $17K +338 +2.1%
81 RRX 0.16% 2,496 $358K $143.44 +2,496 NEW
82 PL-WT 0.16% 100,000 $357K $3.57 +100,000 NEW
83 PLUG 0.15% 150,000 $350K $2.33 +150,000 NEW
84 TIC 0.15% 25,000 $333K $13.31 +25,000 NEW
85 VPG 0.14% 10,000 $320K $32.05 +10,000 NEW
86 RVT 0.14% 19,837 $320K $16.13 $27K +347 +1.8%
87 ASGI 0.14% 15,000 $317K $21.13 $11K
88 BDJ 0.13% 32,984 $300K $9.11 $7K
89 DMA 0.13% 34,709 $300K $8.64 $84K +10,000 +40.5%
90 ECF 0.12% 23,785 $276K $11.60 $32K
91 NSC 0.12% 900 $270K $300.41 +900 NEW
92 KDKRW 0.12% 252,130 $270K $1.07 +252,130 NEW
93 NNAVW 0.11% 48,080 $260K $5.41 -$589K -85,645 -64.0%
94 CII 0.11% 10,682 $246K $23.00 $18K
95 CLF 0.11% 20,000 $244K $12.20 +20,000 NEW
96 OXLC 0.10% 12,868 $218K $16.93 +12,868 NEW
97 CCIIU 0.09% 304,700 $213K $0.70 +304,700 NEW
98 SABA 0.09% 23,000 $210K $9.12 -$2K
99 PTA 0.09% 9,804 $200K $20.41 +9,804 NEW
100 VCICW 0.09% 125,000 $200K $1.60 $154K -68,134 -35.3%

Options Breakdown

49 Calls $206M Call Value 22 Puts $73M Put Value 0.35 P/C Ratio

Top Calls

SymbolSharesValueStatus
GLD 205,000 $73M
VOO 55,000 $34M
SLV 550,000 $23M
BTI 270,000 $14M
W 129,500 $12M
HHH 130,000 $11M
SPHR 114,700 $7M NEW
MARA 250,000 $5M NEW
ITB 40,000 $4M NEW
GDXJ 40,000 $4M NEW

Top Puts

SymbolSharesValueStatus
QQQ 35,000 $21M NEW
CRWV 89,500 $12M
GLD 25,000 $9M
HYG 100,000 $8M
FCX 196,000 $8M NEW
OPEN 550,000 $4M NEW
GDXJ 35,000 $3M NEW
RKT 165,000 $3M NEW
SLV 50,000 $2M NEW
INVH 50,000 $1M

New Positions

SymbolValue% Port
OPEN $8M 3.55%
TLNCU $5M 2.00%
DMIIU $4M 1.87%
AXL $4M 1.85%
RYAM $4M 1.73%
AEXA $4M 1.60%
COOP $3M 1.40%
BDCIU $3M 1.34%
PAR $3M 1.31%
LATAU $3M 1.24%
B $3M 1.16%
CEPF $3M 1.14%
FNV $3M 1.13%
WENN $2M 0.91%
LPLA $2M 0.90%

Sold Out Positions

SymbolValue% Port
FLR —%
GETY —%
DKS —%
DHI —%
CIEN —%
CEPO —%
MU —%
AACB —%
IMSRW —%
SAFX —%
XPL —%
IMO —%
RUN —%
PCAPU —%
TACH —%
View SEC EDGAR Filings for K2 PRINCIPAL FUND, L.P. →

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For informational purposes only. Not investment advice. Data sourced from SEC filings. Privacy Terms