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Asset Manager ← All Institutions

K2 PRINCIPAL FUND, L.P.

Q4 2025 · Filed 2026-02-13
Market Value
$270M
-2.1%
Holdings
272
+36
New Purchases
93
Added To
39
Closed
39
Reduced
50
Top 10 Concentration
19.0%
Turnover
48.5%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BTI 3.27% 1.26% +2.01% $9M
SUNC 1.92% 0.00% +1.92% $5M
BIP 1.61% 0.00% +1.61% $4M
NGD 1.56% 0.00% +1.56% $4M
ELE 1.53% 0.00% +1.53% $4M
ALUB-UN 1.31% 0.00% +1.31% $4M
BEP 1.29% 0.00% +1.29% $3M
SOLS 1.26% 0.00% +1.26% $3M
ABVX 1.13% 0.00% +1.13% $3M
TLNC 1.12% 0.00% +1.12% $3M
CYBR 1.12% 0.00% +1.12% $3M
NSC 1.16% 0.10% +1.06% $3M
SBXE-UN 0.91% 0.00% +0.91% $2M
RGLD 0.88% 0.00% +0.88% $2M
CEPT 1.45% 0.58% +0.87% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
GLD 0.00% 8.99% -8.99% $0
CORZ 0.00% 4.35% -4.35% $0
SBTX 0.04% 2.27% -2.23% $119K
SLV 0.24% 2.26% -2.01% $657K
OPEN 1.21% 2.92% -1.71% $3M
TLNCU 0.00% 1.64% -1.64% $0
DMIIU 0.00% 1.54% -1.54% $0
UBER 0.00% 1.44% -1.44% $0
PTON 0.00% 1.40% -1.40% $0
TIXT 0.00% 1.31% -1.31% $0
COOP 0.00% 1.15% -1.15% $0
BDCIU 0.00% 1.10% -1.10% $0
HVII 0.21% 1.30% -1.10% $553K
PDS 0.00% 1.06% -1.06% $0
LATAU 0.00% 1.02% -1.02% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 5 $8M 3.1%
Large Cap 34 $53M 19.6%
Mid Cap 33 $43M 16.0%
Small Cap 76 $96M 35.8%
Micro Cap 124 $68M 25.4%

Portfolio Analytics

Avg Market Cap
$68.1B
Median Market Cap
$335M
Avg P/E
44.0
Median P/E
31.6
Avg Dividend Yield
0.02%
Avg Beta
1.11
# Stocks
253
# ETFs / Funds
19

Top Holdings (272 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 BTI 3.27% 155,735 $9M $56.62 $5M +90,379 +138.3%
2 XPOF 2.12% 694,974 $6M $8.23 -$45K -45,026 -6.1%
3 DCH 1.97% 829,192 $5M $6.41 $1M +132,406 +19.0%
4 SUNC 1.92% 105,090 $5M $49.28 — +105,090 — NEW
5 FSLR 1.82% 18,750 $5M $261.23 -$1M -9,000 -32.4%
6 B 1.63% 101,145 $4M $43.55 $2M +21,300 +26.7%
7 BIP 1.61% 124,900 $4M $34.74 — +124,900 — NEW
8 NGD 1.56% 481,563 $4M $8.71 — +481,563 — NEW
9 GOOG 1.55% 13,354 $4M $313.80 $903K -146 -1.1%
10 ELE 1.53% 177,356 $4M $23.23 — +177,356 — NEW
11 CCII 1.52% 399,200 $4M $10.24 $28K -800 -0.2%
12 GFR 1.49% 845,285 $4M $4.76 $2M +397,685 +88.8%
13 NLOP 1.48% 154,500 $4M $25.79 -$310K +9,700 +6.7%
14 CEPT 1.45% 347,129 $4M $11.26 $2M +196,191 +130.0%
15 TACO 1.34% 355,204 $4M $10.14 $948K +100,000 +39.2%
16 RYAM 1.32% 602,624 $4M $5.89 -$369K +59,904 +11.0%
17 ALUB-UN 1.31% 350,000 $4M $10.10 — +350,000 — NEW
18 BEP 1.29% 129,900 $3M $26.70 — +129,900 — NEW
19 SRG 1.27% 1,056,400 $3M $3.25 -$817K +56,400 +5.6%
20 SOLS 1.26% 69,810 $3M $48.58 — +69,810 — NEW
21 OPEN 1.21% 559,157 $3M $5.83 -$5M -449,557 -44.6%
22 BEAG 1.21% 307,018 $3M $10.58 $134K +7,603 +2.5%
23 CAEP 1.18% 312,667 $3M $10.20 $1M +148,845 +90.9%
24 NSC 1.16% 10,800 $3M $288.72 $3M +9,900 +1100.0%
25 PMTR 1.13% 297,237 $3M $10.28 $541K +50,000 +20.2%
26 ABVX 1.13% 22,500 $3M $134.85 — +22,500 — NEW
27 PAR 1.12% 83,580 $3M $36.28 $59K +8,448 +11.2%
28 TLNC 1.12% 299,752 $3M $10.11 — +299,752 — NEW
29 CYBR 1.12% 6,748 $3M $446.06 — +6,748 — NEW
30 PKST 1.11% 209,114 $3M $14.35 -$114K -28,289 -11.9%
31 AMZN 1.09% 12,708 $3M $230.82 $846K +3,200 +33.7%
32 APP 1.06% 4,232 $3M $673.82 -$1M -1,556 -26.9%
33 IBIT 1.06% 57,322 $3M $49.65 -$2M -18,778 -24.7%
34 IPCX 1.04% 276,543 $3M $10.14 $306K +28,477 +11.5%
35 JENA 1.03% 273,000 $3M $10.17 -$15K -2,000 -0.7%
36 FYBR 1.00% 71,074 $3M $38.07 $51K — —
37 LION 1.00% 296,069 $3M $9.13 $76K -84,716 -22.2%
38 CEPF 0.98% 258,141 $3M $10.28 $79K +5,500 +2.2%
39 FNV 0.96% 12,500 $3M $207.28 $28K +1,000 +8.7%
40 HYAC 0.96% 226,442 $3M $11.38 $311K +26,642 +13.3%
41 WENN 0.95% 252,663 $3M $10.10 $501K +50,000 +24.7%
42 SBXE-UN 0.91% 243,400 $2M $10.06 — +243,400 — NEW
43 RGLD 0.88% 10,625 $2M $222.29 — +10,625 — NEW
44 HCMA 0.87% 234,602 $2M $10.04 -$675K -65,398 -21.8%
45 GROY-WT 0.87% 1,183,387 $2M $1.98 $293K +37,965 +3.3%
46 CFLT 0.84% 74,997 $2M $30.24 — +74,997 — NEW
47 GENI 0.83% 203,734 $2M $11.02 -$735K -37,027 -15.4%
48 DAAQ 0.82% 218,397 $2M $10.16 -$7K — —
49 CRAQ 0.81% 215,031 $2M $10.14 $30K — —
50 OACC 0.77% 195,292 $2M $10.58 $14K — —
51 DBRG 0.75% 131,067 $2M $15.34 — +131,067 — NEW
52 PCAP 0.75% 198,332 $2M $10.13 -$223K -18,969 -8.7%
53 VHCPU 0.74% 200,000 $2M $10.02 — +200,000 — NEW
54 SVAQU 0.74% 200,000 $2M $9.94 — +200,000 — NEW
55 PL-WT 0.70% 220,515 $2M $8.61 $2M +120,515 +120.5%
56 SVAC 0.66% 175,000 $2M $10.15 -$244K -25,000 -12.5%
57 NKE 0.64% 27,000 $2M $63.71 — +27,000 — NEW
58 DCBO 0.63% 76,910 $2M $22.20 -$477K -3,000 -3.8%
59 AEXA 0.61% 143,403 $2M $11.39 -$2M -186,832 -56.6%
60 VST 0.60% 10,000 $2M $161.33 — +10,000 — NEW
61 VOXR 0.56% 317,500 $2M $4.74 $140K — —
62 APXTU 0.55% 148,075 $1M $10.05 — +148,075 — NEW
63 HSC 0.55% 82,987 $1M $17.92 — +82,987 — NEW
64 VACI 0.55% 150,000 $1M $9.90 — +150,000 — NEW
65 EVOX 0.55% 150,000 $1M $9.87 — +150,000 — NEW
66 RDDT 0.55% 6,437 $1M $229.87 $219K +956 +17.4%
67 DSACU 0.53% 143,620 $1M $10.04 — +143,620 — NEW
68 PWFL 0.53% 268,846 $1M $5.32 $120K +18,846 +7.5%
69 LWACU 0.53% 139,300 $1M $10.20 -$29K -5,000 -3.5%
70 RTAC 0.51% 129,458 $1M $10.67 -$88K -5,252 -3.9%
71 CORZW 0.50% 158,192 $1M $8.46 -$501K — —
72 FCX 0.49% 25,800 $1M $50.79 — +25,800 — NEW
73 RANG 0.46% 118,150 $1M $10.42 — +118,150 — NEW
74 AQN 0.46% 200,000 $1M $6.15 — +200,000 — NEW
75 CHAC 0.45% 113,825 $1M $10.77 — +113,825 — NEW
76 RDAG 0.45% 120,799 $1M $10.12 -$820K -79,201 -39.6%
77 GENVR 0.45% 281,950 $1M $4.28 -$155K +97,676 +53.0%
78 DNMX 0.44% 120,317 $1M $9.89 — +120,317 — NEW
79 TIC 0.43% 115,289 $1M $10.11 $833K +90,289 +361.2%
80 CCIX 0.43% 108,850 $1M $10.63 -$41K -5,500 -4.8%
81 WIX 0.42% 11,000 $1M $103.89 — +11,000 — NEW
82 DRDB 0.41% 107,090 $1M $10.43 $12K — —
83 CUBE 0.40% 30,100 $1M $36.05 — +30,100 — NEW
84 GTEN 0.39% 102,849 $1M $10.25 $4K — —
85 RAAQU 0.39% 102,434 $1M $10.22 — +102,434 — NEW
86 BLUW 0.38% 100,000 $1M $10.32 $36K — —
87 CEPV 0.38% 100,000 $1M $10.25 — +100,000 — NEW
88 ONCH 0.38% 100,000 $1M $10.20 -$25K — —
89 VEON 0.38% 19,300 $1M $52.57 — +19,300 — NEW
90 KCHV 0.38% 100,000 $1M $10.14 $11K — —
91 FCRS 0.37% 100,000 $1M $10.10 — +100,000 — NEW
92 SAC-UN 0.37% 100,000 $1M $10.09 — +100,000 — NEW
93 SPEG 0.37% 100,000 $1M $10.07 $10K — —
94 PRCH 0.37% 110,000 $1M $9.13 — +110,000 — NEW
95 GPACU 0.37% 100,000 $1M $10.01 — +100,000 — NEW
96 LFACU 0.37% 100,000 $1M $10.01 — +100,000 — NEW
97 BLRKU 0.37% 100,000 $1M $10.00 — +100,000 — NEW
98 MBVI 0.37% 100,000 $1M $10.00 — +100,000 — NEW
99 AEAQU 0.37% 100,000 $999K $9.99 — +100,000 — NEW
100 RNGT 0.37% 100,000 $998K $9.98 — +100,000 — NEW

Options Breakdown

42 Calls $152M 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
SBTX 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 1.92%
BIP $4M 1.61%
NGD $4M 1.56%
ELE $4M 1.53%
ALUB-UN $4M 1.31%
BEP $3M 1.29%
SOLS $3M 1.26%
ABVX $3M 1.13%
TLNC $3M 1.12%
CYBR $3M 1.12%
SBXE-UN $2M 0.91%
RGLD $2M 0.88%
CFLT $2M 0.84%
DBRG $2M 0.75%
VHCPU $2M 0.74%

Sold Out Positions

SymbolValue% Port
UBER — —%
OUT — —%
RRX — —%
CPRI — —%
CCJ — —%
PDS — —%
FND — —%
PTA — —%
VFC — —%
CORZ — —%
GCMG — —%
LPLA — —%
LCID — —%
MSFT — —%
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