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K2 PRINCIPAL FUND, L.P.

Q1 2026 · Filed 2026-05-14
Market Value
$243M
+16.6%
Holdings
233
+41
New Purchases
80
Added To
36
Closed
56
Reduced
30
Top 10 Concentration
25.9%
Turnover
58.4%

Top Buys (by % of Portfolio)

SymbolCur %Prior %Chg %Value
PFSI 2.91% 0.19% +2.72% $7M
GLD 2.58% 0.00% +2.58% $6M
GOOG 3.92% 2.01% +1.91% $10M
WLIIU 1.87% 0.00% +1.87% $5M
SPRY 1.85% 0.06% +1.79% $4M
BRR 1.35% 0.00% +1.35% $3M
OR 1.25% 0.00% +1.25% $3M
IEAG 1.23% 0.00% +1.23% $3M
DBCA 1.12% 0.00% +1.12% $3M
ABVX 2.46% 1.46% +1.01% $6M
SBXE 0.99% 0.00% +0.99% $2M
SEMR 0.98% 0.00% +0.98% $2M
PZZA 0.98% 0.00% +0.98% $2M
PUMP 0.96% 0.00% +0.96% $2M
AQN 1.52% 0.59% +0.93% $4M

Top Sells (by % of Portfolio)

SymbolCur %Prior %Chg %Value
BTI 1.43% 4.23% -2.80% $3M
B 0.00% 2.11% -2.11% $0
NGD 0.00% 2.01% -2.01% $0
OPEN 0.00% 1.56% -1.56% $0
BIP 0.57% 2.08% -1.51% $1M
PAR 0.00% 1.45% -1.45% $0
CYBR 0.00% 1.44% -1.44% $0
PKST 0.00% 1.44% -1.44% $0
FYBR 0.00% 1.30% -1.30% $0
XPOF 1.49% 2.74% -1.26% $4M
CGCT 0.00% 1.24% -1.24% $0
SBXE-UN 0.00% 1.17% -1.17% $0
NLOP 0.76% 1.91% -1.15% $2M
CFLT 0.00% 1.09% -1.09% $0
DAAQU 0.00% 1.06% -1.06% $0

Sector Allocation Over Time

Market Cap Concentration

TierHoldingsValueWeight
Mega Cap 10 $20M 8.1%
Large Cap 35 $58M 24.0%
Mid Cap 33 $46M 18.9%
Small Cap 74 $80M 33.0%
Micro Cap 81 $39M 16.0%

Portfolio Analytics

Avg Market Cap
$100.8B
Median Market Cap
$501M
Avg P/E
45.4
Median P/E
33.4
Avg Dividend Yield
0.03%
Avg Beta
0.94
# Stocks
215
# ETFs / Funds
18

Top Holdings (233 total)

# Symbol % Port Shares Value Avg Price Q/Q Value Chg Share Chg Chg % Status
1 GOOG 3.92% 33,205 $10M $286.86 $5M +19,851 +148.7%
2 PFSI 2.91% 81,002 $7M $87.40 $7M +78,000 +2598.3%
3 AXL 2.89% 1,184,918 $7M $5.93 $2M +355,726 +42.9%
4 SUNC 2.67% 105,090 $6M $61.65 $1M
5 FSLR 2.64% 32,500 $6M $197.26 $2M +13,750 +73.3%
6 GLD 2.58% 14,603 $6M $430.29 +14,603 NEW
7 ABVX 2.46% 53,741 $6M $111.35 $3M +31,241 +138.8%
8 IBIT 2.12% 133,822 $5M $38.42 $2M +76,500 +133.5%
9 WLIIU 1.87% 450,000 $5M $10.10 +450,000 NEW
10 SPRY 1.85% 559,697 $4M $8.03 $4M +549,497 +5387.2%
11 BEP 1.69% 125,800 $4M $32.64 $638K -4,100 -3.2%
12 NSC 1.66% 14,091 $4M $287.00 $926K +3,291 +30.5%
13 APP 1.65% 10,068 $4M $398.00 $1M +5,836 +137.9%
14 VST 1.60% 25,850 $4M $150.33 $2M +15,850 +158.5%
15 AQN 1.52% 600,000 $4M $6.14 $2M +400,000 +200.0%
16 XPOF 1.49% 600,000 $4M $6.02 -$2M -94,974 -13.7%
17 RYAM 1.46% 320,400 $4M $11.07 -$3K -282,224 -46.8%
18 BTI 1.43% 59,626 $3M $58.47 -$5M -96,109 -61.7%
19 AMZN 1.38% 16,141 $3M $208.27 $428K +3,433 +27.0%
20 BRR 1.35% 1,552,900 $3M $2.11 +1,552,900 NEW
21 CEPT 1.25% 279,994 $3M $10.89 -$860K -67,135 -19.3%
22 OR 1.25% 80,000 $3M $38.02 +80,000 NEW
23 SRG 1.25% 1,081,400 $3M $2.81 -$395K +25,000 +2.4%
24 IEAG 1.23% 300,000 $3M $10.00 +300,000 NEW
25 0YY7.L 1.21% 190,000 $3M $15.42 $919K +58,933 +45.0%
26 DBCA 1.12% 276,220 $3M $9.86 +276,220 NEW
27 RGLD 1.11% 10,625 $3M $254.49 $342K
28 CEPF 1.08% 258,341 $3M $10.19 -$21K +200 +0.1%
29 TLNC 1.05% 250,000 $3M $10.20 -$480K -49,752 -16.6%
30 SBXE 0.99% 243,400 $2M $9.92 +243,400 NEW
31 SEMR 0.98% 200,000 $2M $11.94 +200,000 NEW
32 PZZA 0.98% 73,200 $2M $32.41 +73,200 NEW
33 RDDT 0.98% 17,606 $2M $134.65 $891K +11,169 +173.5%
34 PUMP 0.96% 162,208 $2M $14.41 +162,208 NEW
35 CAEP 0.92% 217,767 $2M $10.31 -$944K -94,900 -30.4%
36 MSFT 0.91% 6,000 $2M $370.17 +6,000 NEW
37 TACO 0.88% 208,300 $2M $10.25 -$1M -146,904 -41.4%
38 FNV 0.88% 8,625 $2M $247.05 -$460K -3,875 -31.0%
39 PTON 0.83% 468,237 $2M $4.29 +468,237 NEW
40 HACQU 0.83% 200,000 $2M $10.03 +200,000 NEW
41 AEXA 0.82% 184,665 $2M $10.83 $367K +41,262 +28.8%
42 ASML 0.82% 1,500 $2M $1,320.83 +1,500 NEW
43 QADRU 0.81% 199,698 $2M $9.91 +199,698 NEW
44 SVAQ 0.81% 200,000 $2M $9.89 +200,000 NEW
45 QURE 0.80% 118,600 $2M $16.35 +118,600 NEW
46 IWM 0.78% 7,635 $2M $248.00 +7,635 NEW
47 SOLS 0.77% 24,650 $2M $76.16 -$2M -45,160 -64.7%
48 NLOP 0.76% 160,285 $2M $11.52 -$2M +5,785 +3.7%
49 PRCH 0.74% 251,564 $2M $7.17 $799K +141,564 +128.7%
50 VACI 0.70% 170,301 $2M $9.93 $206K +20,301 +13.5%
51 ESI 0.68% 48,600 $2M $34.14 +48,600 NEW
52 NVT 0.68% 13,980 $2M $118.28 +13,980 NEW
53 VMET 0.68% 124,800 $2M $13.20 +124,800 NEW
54 GENI 0.68% 371,351 $2M $4.43 -$600K +167,617 +82.3%
55 AMTM 0.64% 60,000 $2M $26.08 +60,000 NEW
56 LULU 0.63% 10,000 $2M $153.10 $1M +8,500 +566.7%
57 VOXCF 0.62% 286,826 $2M $5.24 -$2K -30,674 -9.7%
58 SKYT 0.62% 54,653 $1M $27.41 +54,653 NEW
59 ALUB 0.62% 150,000 $1M $9.98 +150,000 NEW
60 CMCO 0.60% 101,000 $1M $14.53 $774K +60,775 +151.1%
61 STGW 0.59% 229,170 $1M $6.29 +229,170 NEW
62 BIP 0.57% 38,200 $1M $36.12 -$3M -86,700 -69.4%
63 RTACU 0.55% 129,458 $1M $10.28 -$50K
64 PWFL 0.55% 432,029 $1M $3.08 -$100K +163,183 +60.7%
65 CARS 0.55% 163,259 $1M $8.12 $372K +85,083 +108.8%
66 GDEN 0.52% 46,937 $1M $26.69 +46,937 NEW
67 FLEX 0.50% 18,484 $1M $65.46 +18,484 NEW
68 CNR 0.49% 11,375 $1M $104.73 +11,375 NEW
69 QRVO 0.46% 14,480 $1M $77.40 +14,480 NEW
70 DNMX 0.45% 110,866 $1M $9.92 -$90K -9,451 -7.9%
71 TLT 0.44% 12,366 $1M $86.69 $465K +5,400 +77.5%
72 GTEN 0.43% 102,849 $1M $10.24 -$1K
73 BLUW 0.42% 100,000 $1M $10.25 -$7K
74 KCHV 0.42% 100,000 $1M $10.25 $11K
75 RDAGU 0.42% 100,000 $1M $10.23 -$199K -20,799 -17.2%
76 IPCXU 0.42% 100,000 $1M $10.22 -$2M -176,543 -63.8%
77 EA 0.42% 5,000 $1M $203.87 +5,000 NEW
78 WENN 0.42% 100,000 $1M $10.18 -$2M -152,663 -60.4%
79 CEPV 0.42% 100,000 $1M $10.10 -$15K
80 APXTU 0.42% 100,000 $1M $10.09 -$479K -48,075 -32.5%
81 HVMC 0.41% 100,000 $1M $10.05 +100,000 NEW
82 KRAQU 0.41% 100,000 $1M $10.01 +100,000 NEW
83 CAQUU 0.41% 100,000 $996K $9.96 +100,000 NEW
84 SAC 0.41% 100,000 $996K $9.96 +100,000 NEW
85 TRGSU 0.41% 100,000 $995K $9.95 +100,000 NEW
86 CRAN 0.41% 100,000 $991K $9.91 +100,000 NEW
87 DSAC 0.41% 100,000 $991K $9.91 +100,000 NEW
88 VHCP 0.41% 100,000 $990K $9.90 +100,000 NEW
89 ADAC 0.41% 100,000 $990K $9.90 +100,000 NEW
90 SVIV 0.41% 100,000 $987K $9.87 +100,000 NEW
91 SPHR 0.39% 8,108 $952K $117.40 +8,108 NEW
92 MPX 0.36% 120,216 $874K $7.27 +120,216 NEW
93 MBC 0.36% 105,046 $873K $8.31 $724K +91,530 +677.2%
94 BACC 0.33% 79,015 $807K $10.21 +79,015 NEW
95 BTU 0.33% 24,311 $801K $32.95 +24,311 NEW
96 DRVN 0.32% 62,368 $786K $12.61 +62,368 NEW
97 OIM 0.32% 77,232 $769K $9.96 +77,232 NEW
98 CEPS 0.31% 75,000 $758K $10.10 +75,000 NEW
99 PL-WT 0.30% 44,114 $726K $16.45 -$1M -176,401 -80.0%
100 KMB 0.29% 7,412 $715K $96.47 +7,412 NEW

Options Breakdown

51 Calls $223M Call Value 63 Puts $261M Put Value 1.17 P/C Ratio

Top Calls

SymbolSharesValueStatus
GLD 200,600 $86M
SPY 54,700 $36M
SLV 224,400 $15M
RYAM 845,000 $9M
GDXJ 65,000 $8M
SEI 90,000 $5M NEW
ARKK 70,000 $5M NEW
SOLS 60,000 $5M
GME 180,700 $4M
UBER 45,500 $3M NEW

Top Puts

SymbolSharesValueStatus
SPY 75,000 $49M NEW
GLD 73,000 $31M NEW
IWM 85,000 $21M NEW
COPX 194,000 $15M
GDXJ 107,500 $13M
FCX 206,000 $12M
HYG 150,000 $12M NEW
QQQ 16,000 $9M
XLP 100,000 $8M NEW
SHOP 58,000 $7M NEW

New Positions

SymbolValue% Port
GLD $6M 2.58%
WLIIU $5M 1.87%
BRR $3M 1.35%
OR $3M 1.25%
IEAG $3M 1.23%
DBCA $3M 1.12%
SBXE $2M 0.99%
SEMR $2M 0.98%
PZZA $2M 0.98%
PUMP $2M 0.96%
MSFT $2M 0.91%
PTON $2M 0.83%
HACQU $2M 0.83%
ASML $2M 0.82%
QADRU $2M 0.81%

Sold Out Positions

SymbolValue% Port
ACRE —%
CUBE —%
B —%
VPG —%
NVRI —%
NKE —%
KVUE —%
ASGI —%
NWAX-UN —%
ROK —%
CII —%
PAR —%
CLNE —%
P —%
CAMT —%
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