# K2 PRINCIPAL FUND, L.P.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1461790. Source: https://holderbook.com/funds/1461790-k2-principal-fund-l-p/

- Reported value: $1.4B
- Positions: 462
- Weight of the ten largest: 19.0%
- Filed: 2026-08-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $89.4M | 32,180 | 6.6% | 10 |
| AAUC 8 3/4 09/07/28 | - | $26.2M | 15,973 | 1.9% | 1 |
| VANECK ETF TRUST | [GDXJ](https://holderbook.com/stocks/GDXJ/) | $25.1M | 0 | 1.8% | 4 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $20.0M | 0 | 1.5% | 3 |
| PAR TECHNOLOGY CORP | - | $17.1M | 13,900 | 1.2% | 2 |
| AVT 1.750 09/01/30 CVT PUT | - | $16.8M | 12,000 | 1.2% | 1 |
| AST SPACEMOBILE INC | - | $16.7M | 10,500 | 1.2% | 4 |
| CLOUDFLARE INC | - | $16.5M | 13,000 | 1.2% | 1 |
| GLOBAL X FDS | [COPX](https://holderbook.com/stocks/COPX/) | $16.2M | 0 | 1.2% | 3 |
| STRATEGY INC | - | $15.4M | 15,000 | 1.1% | 1 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $14.6M | 24,403 | 1.1% | 3 |
| ON SEMICONDUCTOR CORP | - | $14.5M | 12,000 | 1.1% | 1 |
| WAYFAIR INC | - | $14.3M | 9,349 | 1.0% | 1 |
| GAMESTOP CORP | - | $14.3M | 14,000 | 1.0% | 1 |
| PENNYMAC FINL SVCS INC NEW | [PFSI](https://holderbook.com/stocks/PFSI/) | $13.9M | 159,766 | 1.0% | 4 |
| GLNGX  2.750 12/15/30 CVT | - | $13.7M | 12,000 | 1.0% | 3 |
| ISHARES SILVER TR | [SLV](https://holderbook.com/stocks/SLV/) | $13.6M | 0 | 1.0% | 6 |
| SOLARIS ENERGY INFRAS INC | - | $13.0M | 8,000 | 0.9% | 3 |
| MARA HOLDINGS INC | - | $12.6M | 12,500 | 0.9% | 3 |
| I-80 GOLD CORP | - | $12.2M | 11,000 | 0.9% | 2 |
| RUBRIK INC. | - | $12.2M | 12,000 | 0.9% | 1 |
| DROPBOX INC | - | $12.1M | 12,000 | 0.9% | 3 |
| VIRGIN GALACTIC | - | $12.0M | 12,500 | 0.9% | 1 |
| LUCID GROUP INC | - | $12.0M | 12,500 | 0.9% | 4 |
| CRWV   1.750 12/01/31 CVT | - | $11.9M | 10,000 | 0.9% | 2 |
| SUNRUN INC | - | $11.9M | 10,000 | 0.9% | 5 |
| FRESHPET INC | - | $11.7M | 10,000 | 0.9% | 3 |
| ETSY INC | - | $11.6M | 10,000 | 0.9% | 1 |
| DAUCH CORP | [DCH](https://holderbook.com/stocks/DCH/) | $11.3M | 1,297,209 | 0.8% | 4 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $11.1M | 0 | 0.8% | 21 |
| CERENCE INC | - | $11.1M | 12,000 | 0.8% | 4 |
| PEB 1 5/8 01/15/30 | - | $10.8M | 8,000 | 0.8% | 2 |
| AKAMAI TECHNOLOGIES INC | - | $10.7M | 9,000 | 0.8% | 2 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $10.4M | 0 | 0.8% | 2 |
| SOUTHERN CO | - | $10.1M | 10,000 | 0.7% | 1 |
| SNAP INC | - | $10.0M | 10,000 | 0.7% | 5 |
| WIXX         09/15/30 CVT | - | $9.9M | 13,000 | 0.7% | 2 |
| Live Nation Entertainment Inc | - | $9.9M | 9,000 | 0.7% | 1 |
| UPSTART HLDGS INC | - | $9.9M | 10,000 | 0.7% | 8 |
| COINBASE GLOBAL INC | - | $9.9M | 11,000 | 0.7% | 5 |
| ISHARES TR | [IJR](https://holderbook.com/stocks/IJR/) | $9.8M | 0 | 0.7% | 3 |
| BOX INC | - | $9.8M | 10,000 | 0.7% | 4 |
| BLACKSKY TECHNOLOGY INC | - | $9.7M | 7,507 | 0.7% | 4 |
| UBER TECHNOLOGIES INC | - | $9.6M | 8,000 | 0.7% | 3 |
| BITDEER TECHNO | - | $9.6M | 7,000 | 0.7% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $9.5M | 26,773 | 0.7% | 10 |
| T1 ENERGY INC | - | $9.4M | 5,500 | 0.7% | 1 |
| MUVICO LLC | - | $9.2M | 11,345 | 0.7% | 4 |
| VIRGIN GALACTIC | - | $9.1M | 10,184 | 0.7% | 1 |
| T1 ENERGY INC | - | $9.0M | 5,250 | 0.7% | 3 |
| MARRIOTT VACATIONS WORLDWIDE | - | $8.9M | 9,000 | 0.7% | 3 |
| MARA HOLDINGS INC | - | $8.7M | 9,000 | 0.6% | 3 |
| DENISON MINES CORP | - | $8.5M | 6,000 | 0.6% | 3 |
| DATADOG INC | - | $8.5M | 6,000 | 0.6% | 2 |
| SUNOCOCORP LLC | [SUNC](https://holderbook.com/stocks/SUNC/) | $8.3M | 122,821 | 0.6% | 3 |
| GALAXY DIG HO LP | - | $8.1M | 5,500 | 0.6% | 4 |
| OPENDOOR TECHNOL | - | $8.1M | 8,150 | 0.6% | 4 |
| FLUOR CORP | - | $7.9M | 6,000 | 0.6% | 4 |
| THE REALREAL INC | - | $7.6M | 8,500 | 0.6% | 3 |
|  | - | $7.6M | 7,000 | 0.6% | 1 |
| ARRAY TECHNOLOGIES INC | - | $7.5M | 6,000 | 0.5% | 3 |
| PEBBLEBROOK HOTEL TR | - | $7.4M | 7,473 | 0.5% | 5 |
| VIZSLA SILVER CORP | - | $7.3M | 7,210 | 0.5% | 3 |
| Clear Channel Outdoor Holdings Inc | - | $7.3M | 7,275 | 0.5% | 2 |
| STRATEGY INC | - | $7.2M | 7,000 | 0.5% | 3 |
| STRATEGY INC | - | $7.1M | 8,000 | 0.5% | 2 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $7.1M | 101,430 | 0.5% | 1 |
| T1 ENERGY INC | [TE](https://holderbook.com/stocks/TE/) | $6.6M | 0 | 0.5% | 2 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $6.5M | 69,557 | 0.5% | 1 |
| PELOTON INTERACTIVE INC | - | $6.5M | 4,000 | 0.5% | 2 |
| ISHARES TR | [EFA](https://holderbook.com/stocks/EFA/) | $6.2M | 0 | 0.5% | 1 |
| PAPA JOHNS INTL INC | [PZZA](https://holderbook.com/stocks/PZZA/) | $6.0M | 109,300 | 0.4% | 2 |
| RIOT PLATFORMS INC | - | $6.0M | 3,000 | 0.4% | 3 |
| RAYONIER ADVANCED MATLS INC | [RYAM](https://holderbook.com/stocks/RYAM/) | $5.9M | 615,738 | 0.4% | 4 |
| UNIQURE NV | [QURE](https://holderbook.com/stocks/QURE/) | $5.9M | 78,601 | 0.4% | 2 |
| XPONENTIAL FITNESS INC | [XPOF](https://holderbook.com/stocks/XPOF/) | $5.9M | 537,923 | 0.4% | 6 |
| GUIDEWIRE SOFTWARE INC | - | $5.8M | 6,000 | 0.4% | 2 |
| APPLOVIN CORP | [APP](https://holderbook.com/stocks/APP/) | $5.7M | 11,079 | 0.4% | 5 |
| EVOLV TECHNOLOGIES HLDNGS IN | [EVLV](https://holderbook.com/stocks/EVLV/) | $5.7M | 663,392 | 0.4% | 1 |
| ARCHIMEDES TECH SPAC PARTNER | [ATII](https://holderbook.com/stocks/ATII/) | $5.7M | 526,227 | 0.4% | 5 |
| MARA HOLDINGS INC | - | $5.6M | 6,000 | 0.4% | 12 |
|  | - | $5.6M | 5,051 | 0.4% | 1 |
| ARRAY TECHNOLOGIES INC | - | $5.6M | 6,000 | 0.4% | 3 |
| FIRST SOLAR INC | [FSLR](https://holderbook.com/stocks/FSLR/) | $5.5M | 23,500 | 0.4% | 7 |
| COHEN CIRCLE ACQUISIT CORP I | [CCII](https://holderbook.com/stocks/CCII/) | $5.5M | 530,739 | 0.4% | 4 |
| BRITISH AMERN TOB PLC | [BTI](https://holderbook.com/stocks/BTI/) | $5.4M | 38,000 | 0.4% | 5 |
| REDDIT INC | [RDDT](https://holderbook.com/stocks/RDDT/) | $5.4M | 26,913 | 0.4% | 4 |
| UNITED STS OIL FD LP | [USO](https://holderbook.com/stocks/USO/) | $5.3M | 0 | 0.4% | 1 |
|  | - | $5.3M | 5,000 | 0.4% | 1 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $5.3M | 50,465 | 0.4% | 1 |
| PLUG 6 3/4 12/01/33 | - | $5.2M | 3,875 | 0.4% | 2 |
| INVESCO QQQ TR | [QQQ](https://holderbook.com/stocks/QQQ/) | $5.2M | 0 | 0.4% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $5.1M | 11,638 | 0.4% | 2 |
|  | - | $4.8M | 5,000 | 0.3% | 1 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $4.7M | 14,991 | 0.3% | 4 |
| AMERICAN EXCEPTIONALISM ACQU | [AEXA](https://holderbook.com/stocks/AEXA/) | $4.6M | 237,265 | 0.3% | 4 |
| SKYWATER TECHNOLOGY INC | [SKYT](https://holderbook.com/stocks/SKYT/) | $4.6M | 130,705 | 0.3% | 2 |
| WILLOW LANE ACQUISITION CRP | - | $4.5M | 439,328 | 0.3% | 1 |
| GAMESTOP CORP | [GME](https://holderbook.com/stocks/GME/) | $4.4M | 0 | 0.3% | 3 |
| KENVUE INC | [KVUE](https://holderbook.com/stocks/KVUE/) | $4.4M | 229,093 | 0.3% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q1 2022 | -12.5% | -4.9% | -7.6% | 63% |
| Q3 2020 | +6.7% | +8.6% | -1.9% | 63% |
| Q3 2019 | +0.5% | +1.3% | -0.8% | 64% |
| Q2 2019 | +2.3% | +3.7% | -1.4% | 64% |
| Q1 2019 | +6.4% | +13.0% | -6.6% | 62% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.4B | 462 |
| Q1 2026 | $1.4B | 453 |
| Q4 2025 | $1.2B | 385 |
| Q3 2025 | $1.2B | 322 |
| Q2 2025 | $725.2M | 281 |
| Q1 2025 | $788.2M | 297 |
| Q4 2024 | $900.6M | 287 |
| Q3 2024 | $694.7M | 247 |
| Q2 2024 | $537.7M | 218 |
| Q1 2024 | $579.0M | 218 |
| Q4 2023 | $785.2M | 199 |
| Q3 2023 | $477.3M | 211 |