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K2 PRINCIPAL FUND, L.P.

Q4 2025 · Filed 2026-02-13
Market Value
$208M
-7.9%
Holdings
192
+27
New Purchases
71
Added To
30
Closed
39
Reduced
29
Top 10 Concentration
24.5%
Turnover
57.3%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BTI 4.23% 1.53% +2.70% $9M
SUNC 2.48% 0.00% +2.48% $5M
BIP 2.08% 0.00% +2.08% $4M
NGD 2.01% 0.00% +2.01% $4M
BEP 1.66% 0.00% +1.66% $3M
SOLS 1.63% 0.00% +1.63% $3M
ABVX 1.46% 0.00% +1.46% $3M
TLNC 1.45% 0.00% +1.45% $3M
CYBR 1.44% 0.00% +1.44% $3M
NSC 1.50% 0.12% +1.38% $3M
CGCT 1.24% 0.00% +1.24% $3M
SBXE-UN 1.17% 0.00% +1.17% $2M
CEPT 1.88% 0.70% +1.17% $4M
RGLD 1.13% 0.00% +1.13% $2M
CFLT 1.09% 0.00% +1.09% $2M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GLD 0.00% 10.94% -10.94% $0
CORZ 0.00% 5.30% -5.30% $0
SPRY 0.06% 2.76% -2.71% $119K
SLV 0.32% 2.75% -2.43% $657K
TLNCU 0.00% 2.00% -2.00% $0
OPEN 1.56% 3.55% -1.99% $3M
DMIIU 0.00% 1.87% -1.87% $0
UBER 0.00% 1.75% -1.75% $0
PTON 0.00% 1.71% -1.71% $0
TIXT 0.00% 1.60% -1.60% $0
COOP 0.00% 1.40% -1.40% $0
BDCIU 0.00% 1.34% -1.34% $0
PDS 0.00% 1.29% -1.29% $0
LATAU 0.00% 1.24% -1.24% $0
TLN 0.00% 1.13% -1.13% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 5 $8M 4.1%
Large Cap 36 $60M 28.7%
Mid Cap 28 $31M 14.8%
Small Cap 63 $71M 34.2%
Micro Cap 60 $38M 18.3%

Portfolio Analytics

Avg Market Cap
$93.8B
Median Market Cap
$600M
Avg P/E
46.5
Median P/E
30.0
Avg Dividend Yield
0.04%
Avg Beta
1.08
# Stocks
173
# ETFs / Funds
19

Top Holdings (192 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BTI 4.23% 155,735 $9M $56.62 $5M +90,379 +138.3%
2 XPOF 2.74% 694,974 $6M $8.23 -$45K -45,026 -6.1%
3 AXL 2.55% 829,192 $5M $6.41 $1M +132,406 +19.0%
4 SUNC 2.48% 105,090 $5M $49.28 +105,090 NEW
5 FSLR 2.35% 18,750 $5M $261.23 -$1M -9,000 -32.4%
6 B 2.11% 101,145 $4M $43.55 $2M +21,300 +26.7%
7 BIP 2.08% 124,900 $4M $34.74 +124,900 NEW
8 NGD 2.01% 481,563 $4M $8.71 +481,563 NEW
9 GOOG 2.01% 13,354 $4M $313.80 $903K -146 -1.1%
10 NLOP 1.91% 154,500 $4M $25.79 -$310K +9,700 +6.7%
11 CEPT 1.88% 347,129 $4M $11.26 $2M +196,191 +130.0%
12 TACO 1.73% 355,204 $4M $10.14 $948K +100,000 +39.2%
13 RYAM 1.70% 602,624 $4M $5.89 -$369K +59,904 +11.0%
14 BEP 1.66% 129,900 $3M $26.70 +129,900 NEW
15 SRG 1.65% 1,056,400 $3M $3.25 -$817K +56,400 +5.6%
16 SOLS 1.63% 69,810 $3M $48.58 +69,810 NEW
17 OPEN 1.56% 559,157 $3M $5.83 -$5M -449,557 -44.6%
18 CAEP 1.53% 312,667 $3M $10.20 $1M +148,845 +90.9%
19 NSC 1.50% 10,800 $3M $288.72 $3M +9,900 +1100.0%
20 ABVX 1.46% 22,500 $3M $134.85 +22,500 NEW
21 PAR 1.45% 83,580 $3M $36.28 $59K +8,448 +11.2%
22 TLNC 1.45% 299,752 $3M $10.11 +299,752 NEW
23 CYBR 1.44% 6,748 $3M $446.06 +6,748 NEW
24 PKST 1.44% 209,114 $3M $14.35 -$114K -28,289 -11.9%
25 AMZN 1.41% 12,708 $3M $230.82 $846K +3,200 +33.7%
26 APP 1.37% 4,232 $3M $673.82 -$1M -1,556 -26.9%
27 IBIT 1.37% 57,322 $3M $49.65 -$2M -18,778 -24.7%
28 IPCXU 1.35% 276,543 $3M $10.14 $306K +28,477 +11.5%
29 FYBR 1.30% 71,074 $3M $38.07 $51K
30 CEPF 1.27% 258,141 $3M $10.28 $79K +5,500 +2.2%
31 FNV 1.24% 12,500 $3M $207.28 $28K +1,000 +8.7%
32 CGCT 1.24% 250,000 $3M $10.30 +250,000 NEW
33 WENN 1.22% 252,663 $3M $10.10 $501K +50,000 +24.7%
34 SBXE-UN 1.17% 243,400 $2M $10.06 +243,400 NEW
35 RGLD 1.13% 10,625 $2M $222.29 +10,625 NEW
36 CFLT 1.09% 74,997 $2M $30.24 +74,997 NEW
37 GENI 1.08% 203,734 $2M $11.02 -$735K -37,027 -15.4%
38 DAAQU 1.06% 218,397 $2M $10.16 -$7K
39 0YY7.L 0.96% 131,067 $2M $15.34 +131,067 NEW
40 VHCPU 0.96% 200,000 $2M $10.02 +200,000 NEW
41 SVAQU 0.95% 200,000 $2M $9.94 +200,000 NEW
42 PL-WT 0.91% 220,515 $2M $8.61 $2M +120,515 +120.5%
43 NKE 0.83% 27,000 $2M $63.71 +27,000 NEW
44 DCBO 0.82% 76,910 $2M $22.20 -$477K -3,000 -3.8%
45 AEXA 0.78% 143,403 $2M $11.39 -$2M -186,832 -56.6%
46 VST 0.77% 10,000 $2M $161.33 +10,000 NEW
47 VOXCF 0.72% 317,500 $2M $4.74 $140K
48 APXTU 0.71% 148,075 $1M $10.05 +148,075 NEW
49 NVRI 0.71% 82,987 $1M $17.92 +82,987 NEW
50 VACI 0.71% 150,000 $1M $9.90 +150,000 NEW
51 EVOX 0.71% 150,000 $1M $9.87 +150,000 NEW
52 RDDT 0.71% 6,437 $1M $229.87 $219K +956 +17.4%
53 DSACU 0.69% 143,620 $1M $10.04 +143,620 NEW
54 PWFL 0.69% 268,846 $1M $5.32 $120K +18,846 +7.5%
55 RTACU 0.66% 129,458 $1M $10.67 -$88K -5,252 -3.9%
56 FCX 0.63% 25,800 $1M $50.79 +25,800 NEW
57 AQN 0.59% 200,000 $1M $6.15 +200,000 NEW
58 CHAC 0.59% 113,825 $1M $10.77 +113,825 NEW
59 RDAGU 0.59% 120,799 $1M $10.12 -$820K -79,201 -39.6%
60 DNMX 0.57% 120,317 $1M $9.89 +120,317 NEW
61 TIC 0.56% 115,289 $1M $10.11 $833K +90,289 +361.2%
62 CCIX 0.56% 108,850 $1M $10.63 -$41K -5,500 -4.8%
63 WIX 0.55% 11,000 $1M $103.89 +11,000 NEW
64 CUBE 0.52% 30,100 $1M $36.05 +30,100 NEW
65 GTEN 0.51% 102,849 $1M $10.25 $4K
66 RAAQU 0.50% 102,434 $1M $10.22 +102,434 NEW
67 BLUW 0.50% 100,000 $1M $10.32 $36K
68 CEPV 0.49% 100,000 $1M $10.25 +100,000 NEW
69 KCHV 0.49% 100,000 $1M $10.14 $11K
70 SAC-UN 0.48% 100,000 $1M $10.09 +100,000 NEW
71 PRCH 0.48% 110,000 $1M $9.13 +110,000 NEW
72 LFACU 0.48% 100,000 $1M $10.01 +100,000 NEW
73 BLRKU 0.48% 100,000 $1M $10.00 +100,000 NEW
74 AEAQU 0.48% 100,000 $999K $9.99 +100,000 NEW
75 LPCVU 0.48% 100,000 $998K $9.98 +100,000 NEW
76 ADACU 0.48% 100,000 $997K $9.97 +100,000 NEW
77 LATA 0.48% 100,000 $996K $9.96 +100,000 NEW
78 CARS 0.46% 78,176 $954K $12.20 +78,176 NEW
79 THS 0.46% 40,300 $951K $23.59 +40,300 NEW
80 PLUG 0.43% 450,000 $886K $1.97 $537K +300,000 +200.0%
81 TSEM 0.42% 7,411 $870K $117.42 -$107K -6,101 -45.1%
82 KVUE 0.38% 46,193 $797K $17.25 +46,193 NEW
83 NVDA 0.36% 4,000 $746K $186.50 -$320
84 CCCX 0.35% 46,340 $723K $15.60 $114K -990 -2.1%
85 TER 0.34% 3,664 $709K $193.56 -$942K -8,336 -69.5%
86 CMCO 0.33% 40,225 $694K $17.25 +40,225 NEW
87 ITB 0.32% 7,000 $674K $96.30 +7,000 NEW
88 FFBC 0.32% 26,576 $665K $25.02 +26,576 NEW
89 SLV 0.32% 10,200 $657K $64.42 -$6M -136,431 -93.0%
90 TLT 0.29% 6,966 $607K $87.16 +6,966 NEW
91 MRK 0.29% 5,684 $598K $105.26 $121K
92 CLF 0.26% 41,300 $548K $13.28 $304K +21,300 +106.5%
93 MTA 0.26% 69,760 $543K $7.78 +69,760 NEW
94 PLYM 0.25% 24,204 $530K $21.88 -$185K -7,796 -24.4%
95 CLNE 0.25% 250,000 $525K $2.10 +250,000 NEW
96 ITHAU 0.24% 50,000 $499K $9.98 +50,000 NEW
97 CAMT 0.20% 4,000 $425K $106.35 +4,000 NEW
98 VPG 0.20% 10,900 $420K $38.50 $99K +900 +9.0%
99 ROK 0.19% 1,039 $404K $389.07 -$207K -711 -40.6%
100 PFSI 0.19% 3,002 $396K $131.84 $24K

Options Breakdown

41 Calls $151M Call Value 34 Puts $120M Put Value 0.79 P/C Ratio

Top Calls

SymbolSharesValueStatus
GLD 107,200 $42M
SPY 58,200 $40M NEW
SLV 260,000 $17M
PAR 420,000 $15M
GME 376,500 $8M NEW
BTI 110,000 $6M
VOO 6,300 $4M
RYAM 596,400 $4M
GDXJ 22,000 $3M
SPRY 181,100 $2M

Top Puts

SymbolSharesValueStatus
GDX 230,000 $20M NEW
FCX 350,000 $18M
QQQ 20,000 $12M
GDXJ 82,000 $9M
META 10,000 $7M NEW
GME 275,000 $6M NEW
PLTR 30,000 $5M NEW
SUN 90,000 $5M NEW
PAR 100,000 $4M NEW
IJR 30,000 $4M NEW

New Positions

SymbolValue% Port
SUNC $5M 2.48%
BIP $4M 2.08%
NGD $4M 2.01%
BEP $3M 1.66%
SOLS $3M 1.63%
ABVX $3M 1.46%
TLNC $3M 1.45%
CYBR $3M 1.44%
CGCT $3M 1.24%
SBXE-UN $2M 1.17%
RGLD $2M 1.13%
CFLT $2M 1.09%
0YY7.L $2M 0.96%
VHCPU $2M 0.96%
SVAQU $2M 0.95%

Sold Out Positions

SymbolValue% Port
UBER —%
HLT —%
CPRI —%
BCSS —%
FND —%
CCJ —%
VFC —%
RRX —%
PTA —%
PDS —%
CORZ —%
GCMG —%
LCID —%
LPLA —%
CRNC —%
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