K2 Principal Fund, L.P.

13F filer · CIK 0001461790

Reported Aug 7, 2026

Net buyer this quarter

13F portfolio value$1.36BU.S. long equity reported on 13F

Positions30498 new · 81 closed

Net flow last quarter+$29.5MBuys minus sells

Top 10 positions weight5.9%Concentration

Holdings

13F · last 4 quarters free

Scroll for earlier quarters

Company	Value	% of portfolio	% of company	POSITION CHANGE qoq %	First reported
Q2 2026Reported Aug 7, 2026304 positions
PFSIPennyMac Financial Services, Inc.	$13.9M	1.02%	0.31%	+97.2%	Q2 2020
GLDSPDR Gold Trust	$11.9M	0.87%	0.01%	+120.4%	Q3 2016
GOOGAlphabet Inc.	$9.46M	0.69%	Not reported	-19.4%	Q3 2016
SUNCSunocoCorp LLC	$8.31M	0.61%	0.24%	+16.9%	Q4 2025
DCHDauch Corp	$7.03M	0.52%	0.55%	+9.5%	Q4 2016
BWABorgwarner Inc	$6.73M	0.49%	0.05%	Not reported	Q3 2016
CIGIColliers International Group Inc.	$6.52M	0.48%	0.17%	New	Q2 2026
APPAppLovin Corp	$5.71M	0.42%	0.00%	+10.0%	Q2 2025
ATIIArchimedes Tech SPAC Partners II Co.	$5.67M	0.42%	7.99%	+498.7%	Q2 2025
FSLRFirst Solar, Inc.	$5.55M	0.41%	0.02%	-27.7%	Q4 2024
CCIICohen Circle Acquisition Corp. II	$5.47M	0.40%	Not reported	+33.0%	Q3 2025
RYAMRayonier Advanced Materials Inc.	$4.84M	0.35%	0.91%	+92.2%	Q3 2025
NSCNorfolk Southern Corp	$4.72M	0.35%	0.01%	+6.4%	Q3 2025
RDDTReddit, Inc.	$4.67M	0.34%	Not reported	+52.9%	Q3 2025
WLIIWillow Lane Acquisition Corp. II	$4.49M	0.33%	Not reported	New	Q2 2026
KVUEKenvue Inc.	$4.38M	0.32%	0.01%	Not reported	Q4 2025
MSFTMicrosoft Corp	$4.34M	0.32%	0.00%	+94.0%	Q2 2015
RMAXRE/MAX Holdings, Inc.	$4.29M	0.31%	Not reported	New	Q2 2026
IBITiShares Bitcoin Trust ETF	$4.08M	0.30%	0.01%	-8.4%	Q1 2024
GFRGreenfire Resources Ltd.	$4.07M	0.30%	0.57%	+9.8%	Q3 2023
CMIIColumbus Circle Capital Corp II	$4.06M	0.30%	Not reported	+18.6%	Q1 2026
PZZAPapa Johns International Inc	$4.02M	0.29%	0.33%	+49.3%	Q4 2017
OACCOaktree Acquisition Corp. III Life Sciences	$3.92M	0.29%	Not reported	+87.4%	Q4 2024
EVLVEvolv Technologies Holdings, Inc.	$3.85M	0.28%	0.37%	New	Q2 2026
LLYVALiberty Live Holdings, Inc.	$3.83M	0.28%	Not reported	New	Q2 2026
XPOFXponential Fitness, Inc.	$3.72M	0.27%	Not reported	-10.4%	Q1 2025
IMAXImax Corp	$3.71M	0.27%	0.17%	New	Q2 2026
MTAMetalla Royalty & Streaming Ltd.	$3.65M	0.27%	0.52%	+486.8%	Q2 2020
QUREuniQure N.V.	$3.62M	0.27%	0.11%	-33.7%	Q1 2026
NKTRNektar Therapeutics	$3.52M	0.26%	0.25%	New	Q2 2026
MTALMetals Acquisition Corp. II	$3.37M	0.25%	Not reported	New	Q2 2026
CEPFCantor Equity Partners IV, Inc.	$3.31M	0.24%	Not reported	+23.2%	Q3 2025
ABVXAbivax S.A.	$3.25M	0.24%	0.03%	-54.6%	Q4 2025
PMTRPerimeter Acquisition Corp. I	$3.1M	0.23%	4.92%	Not reported	Q2 2025
ARCIArchimedes Tech SPAC Partners III Co.	$3.09M	0.23%	4.02%	+2.9%	Q1 2026
OTGAOTG Acquisition Corp. I	$3.05M	0.22%	Not reported	New	Q2 2026
SPRYARS Pharmaceuticals, Inc.	$3M	0.22%	0.38%	-33.0%	Q2 2022
DBRGDigitalBridge Group, Inc.	$3M	0.22%	0.10%	Not reported	Q4 2025
CORZWCore Scientific, Inc./tx	$2.97M	0.22%	Not reported	Not reported	Q3 2024
IEAGInfinite Eagle Acquisition Corp.	$2.92M	0.21%	Not reported	-3.9%	Q1 2026
ASMLAsml Holding NV	$2.91M	0.21%	0.00%	-2.4%	Q1 2026
KEYYKeystone Acquisition Corp.	$2.89M	0.21%	Not reported	New	Q2 2026
SRGSeritage Growth Properties	$2.84M	0.21%	Not reported	Not reported	Q3 2017
JENAJENA ACQUISITION Corp II	$2.83M	0.21%	Not reported	Not reported	Q3 2025
IPFXInflection Point Acquisition Corp. VI	$2.81M	0.21%	Not reported	New	Q2 2026
AEXAAmerican Exceptionalism Acquisition Corp. A	$2.8M	0.21%	Not reported	+28.5%	Q3 2025
TLNCTalon Capital Corp.	$2.68M	0.20%	Not reported	+4.0%	Q4 2025
BEAGBold Eagle Acquisition Corp.	$2.67M	0.20%	Not reported	-18.6%	Q4 2024
CRANCrane Harbor Acquisition Corp. II	$2.65M	0.19%	Not reported	+162.0%	Q1 2026
HCMAHCM III Acquisition Corp.	$2.61M	0.19%	Not reported	+27.0%	Q3 2025

Q1 2026Reported May 14, 2026287 positions
GOOGAlphabet Inc.	$9.53M	0.67%	Not reported	+148.7%	Q3 2016
PFSIPennyMac Financial Services, Inc.	$7.08M	0.49%	0.16%	+2598.3%	Q2 2020
DCHDauch Corp	$7.03M	0.49%	0.50%	+42.9%	Q4 2016
SUNCSunocoCorp LLC	$6.48M	0.45%	0.20%	Not reported	Q4 2025
FSLRFirst Solar, Inc.	$6.41M	0.45%	0.03%	+73.3%	Q4 2024
GLDSPDR Gold Trust	$6.28M	0.44%	0.00%	Not reported	Q3 2016
ABVXAbivax S.A.	$5.98M	0.42%	0.07%	+138.9%	Q4 2025
IBITiShares Bitcoin Trust ETF	$5.14M	0.36%	0.01%	+133.5%	Q1 2024
WLIIUWillow Lane Acquisition Corp. II	$4.55M	0.32%	Not reported	New	Q1 2026
SPRYARS Pharmaceuticals, Inc.	$4.49M	0.31%	0.56%	+5387.2%	Q2 2022
WLACWillow Lane Acquisition Corp.	$4.24M	0.30%	Not reported	Not reported	Q4 2024
GFRGreenfire Resources Ltd.	$4.15M	0.29%	0.52%	-22.3%	Q3 2023
BEPBrookfield Renewable Partners L.P.	$4.11M	0.29%	0.05%	-3.2%	Q4 2025
CCIICohen Circle Acquisition Corp. II	$4.08M	0.28%	Not reported	Not reported	Q3 2025
NSCNorfolk Southern Corp	$4.04M	0.28%	0.01%	+30.5%	Q3 2025
LIONLionsgate Studios Corp.	$4.02M	0.28%	0.14%	+41.7%	Q3 2025
APPAppLovin Corp	$4.01M	0.28%	0.00%	+137.9%	Q2 2025
VSTVistra Corp.	$3.89M	0.27%	0.01%	+158.5%	Q1 2024
GFUZGeneral Fusion Group Ltd.	$3.77M	0.26%	2.79%	+112.0%	Q3 2025
CLBRColombier Acquisition Corp. III	$3.74M	0.26%	Not reported	Not reported	Q1 2023
AQNAlgonquin Power & Utilities Corp.	$3.68M	0.26%	0.08%	+200.0%	Q4 2025
XPOFXponential Fitness, Inc.	$3.61M	0.25%	Not reported	-13.7%	Q1 2025
RYAMRayonier Advanced Materials Inc.	$3.55M	0.25%	0.48%	-46.8%	Q3 2025
BTIBritish American Tobacco p.l.c.	$3.49M	0.24%	0.00%	-61.7%	Q3 2017
AMZNAmazon Com Inc	$3.36M	0.23%	0.00%	+27.0%	Q1 2017
CMIIColumbus Circle Capital Corp II	$3.32M	0.23%	Not reported	New	Q1 2026
BRRProCap Financial, Inc.	$3.28M	0.23%	1.89%	New	Q1 2026
BEAGBold Eagle Acquisition Corp.	$3.24M	0.23%	Not reported	0.0%	Q4 2024
PMTRPerimeter Acquisition Corp. I	$3.05M	0.21%	4.92%	Not reported	Q2 2025
CEPTCantor Equity Partners II, Inc.	$3.05M	0.21%	Not reported	-19.3%	Q2 2025
OROR Royalties Inc.	$3.04M	0.21%	0.04%	New	Q1 2026
SRGSeritage Growth Properties	$3.04M	0.21%	Not reported	+2.4%	Q3 2017
IEAGInfinite Eagle Acquisition Corp.	$3M	0.21%	Not reported	New	Q1 2026
ARCIArchimedes Tech SPAC Partners III Co.	$2.95M	0.21%	3.91%	New	Q1 2026
DBRGDigitalBridge Group, Inc.	$2.93M	0.20%	0.10%	+45.0%	Q4 2025
JENAJENA ACQUISITION Corp II	$2.79M	0.19%	Not reported	Not reported	Q3 2025
ELEElemental Royalty Corp	$2.78M	0.19%	Not reported	-40.1%	Q4 2025
DBCAD. Boral Acquisition I Corp.	$2.72M	0.19%	Not reported	New	Q1 2026
RGLDRoyal Gold Inc	$2.7M	0.19%	0.01%	Not reported	Q4 2023
CEPFCantor Equity Partners IV, Inc.	$2.63M	0.18%	Not reported	+0.1%	Q3 2025
TLNCTalon Capital Corp.	$2.55M	0.18%	Not reported	-16.6%	Q4 2025
TMTSUSpartacus Acquisition Corp. II	$2.51M	0.18%	Not reported	New	Q1 2026
SBXESilverBox Corp V	$2.41M	0.17%	Not reported	New	Q1 2026
SEMRSemrush Holdings, Inc.	$2.39M	0.17%	0.85%	New	Q1 2026
PZZAPapa Johns International Inc	$2.37M	0.17%	0.22%	Not reported	Q4 2017
RDDTReddit, Inc.	$2.37M	0.17%	Not reported	+173.5%	Q3 2025
PUMPProPetro Holding Corp.	$2.34M	0.16%	0.13%	New	Q1 2026
CAEPCantor Equity Partners III, Inc.	$2.25M	0.16%	Not reported	-30.4%	Q2 2025
MSFTMicrosoft Corp	$2.22M	0.16%	0.00%	Not reported	Q2 2015
CRAQCal Redwood Acquisition Corp.	$2.18M	0.15%	Not reported	Not reported	Q2 2025

Q4 2025Reported Feb 13, 2026239 positions
BTIBritish American Tobacco p.l.c.	$8.82M	0.71%	0.01%	+138.3%	Q3 2017
XPOFXponential Fitness, Inc.	$5.72M	0.46%	Not reported	-6.1%	Q1 2025
DCHDauch Corp	$5.32M	0.43%	0.70%	+19.0%	Q4 2016
SUNCSunocoCorp LLC	$5.18M	0.42%	Not reported	New	Q4 2025
FSLRFirst Solar, Inc.	$4.9M	0.39%	0.02%	-32.4%	Q4 2024
BBarrick Mining Corp	$4.4M	0.35%	0.01%	+26.7%	Q3 2025
BIPBrookfield Infrastructure Partners L.P.	$4.34M	0.35%	Not reported	Not reported	Q2 2020
GOOGAlphabet Inc.	$4.19M	0.34%	Not reported	-1.1%	Q3 2016
ELEElemental Royalty Corp	$4.12M	0.33%	Not reported	New	Q4 2025
CCIICohen Circle Acquisition Corp. II	$4.09M	0.33%	Not reported	-0.2%	Q3 2025
GFRGreenfire Resources Ltd.	$4.02M	0.32%	1.21%	+88.9%	Q3 2023
NLOPNet Lease Office Properties	$3.98M	0.32%	1.04%	+6.7%	Q1 2024
CEPTCantor Equity Partners II, Inc.	$3.91M	0.31%	Not reported	+130.0%	Q2 2025
TACOBerto Acquisition Corp.	$3.6M	0.29%	4.73%	+39.2%	Q2 2025
RYAMRayonier Advanced Materials Inc.	$3.55M	0.29%	0.90%	+11.0%	Q3 2025
BEPBrookfield Renewable Partners L.P.	$3.47M	0.28%	0.05%	New	Q4 2025
SRGSeritage Growth Properties	$3.43M	0.28%	Not reported	+5.6%	Q3 2017
SOLSSolstice Advanced Materials Inc.	$3.39M	0.27%	0.04%	New	Q4 2025
OPENOpendoor Technologies Inc.	$3.26M	0.26%	0.06%	-44.6%	Q3 2025
BEAGBold Eagle Acquisition Corp.	$3.25M	0.26%	Not reported	+2.5%	Q4 2024
CAEPCantor Equity Partners III, Inc.	$3.19M	0.26%	Not reported	+90.9%	Q2 2025
NSCNorfolk Southern Corp	$3.12M	0.25%	0.00%	+1100.0%	Q3 2025
PMTRPerimeter Acquisition Corp. I	$3.06M	0.25%	4.92%	+20.2%	Q2 2025
ABVXAbivax S.A.	$3.03M	0.24%	0.03%	New	Q4 2025
PARPar Technology Corp	$3.03M	0.24%	0.21%	+11.2%	Q1 2024
TLNCTalon Capital Corp.	$3.03M	0.24%	Not reported	New	Q4 2025
PKSTPeakstone Realty Trust	$3M	0.24%	0.56%	-11.9%	Q4 2024
AMZNAmazon Com Inc	$2.93M	0.24%	0.00%	+33.7%	Q1 2017
APPAppLovin Corp	$2.85M	0.23%	0.00%	-26.9%	Q2 2025
IBITiShares Bitcoin Trust ETF	$2.85M	0.23%	0.00%	-24.7%	Q1 2024
IPCXInflection Point Acquisition Corp. III	$2.8M	0.23%	Not reported	+11.5%	Q2 2025
JENAJENA ACQUISITION Corp II	$2.78M	0.22%	Not reported	-0.7%	Q3 2025
FYBRFrontier Communications Parent, Inc.	$2.71M	0.22%	Not reported	Not reported	Q4 2024
LIONLionsgate Studios Corp.	$2.7M	0.22%	0.10%	-22.3%	Q3 2025
CEPFCantor Equity Partners IV, Inc.	$2.65M	0.21%	Not reported	+2.2%	Q3 2025
FNVFRANCO NEVADA Corp	$2.59M	0.21%	0.01%	+8.7%	Q4 2014
HYACHaymaker Acquisition Corp. 4	$2.58M	0.21%	Not reported	+13.3%	Q4 2017
FACFactorial Energy Inc.	$2.58M	0.21%	4.96%	New	Q4 2025
WENNWEN Acquisition Corp	$2.55M	0.21%	Not reported	+24.7%	Q3 2025
RGLDRoyal Gold Inc	$2.36M	0.19%	0.01%	Not reported	Q4 2023
HCMAHCM III Acquisition Corp.	$2.36M	0.19%	Not reported	-21.8%	Q3 2025
GROYGold Royalty Corp.	$2.34M	0.19%	0.53%	+3.3%	Q2 2024
CFLTConfluent, Inc.	$2.27M	0.18%	0.07%	New	Q4 2025
GENIGenius Sports Ltd	$2.25M	0.18%	2.04%	-15.4%	Q4 2024
DAAQDigital Asset Acquisition Corp.	$2.22M	0.18%	Not reported	Not reported	Q2 2025
CRAQCal Redwood Acquisition Corp.	$2.18M	0.18%	Not reported	Not reported	Q2 2025
OACCOaktree Acquisition Corp. III Life Sciences	$2.07M	0.17%	Not reported	Not reported	Q4 2024
DBRGDigitalBridge Group, Inc.	$2.01M	0.16%	0.07%	New	Q4 2025
PCAPProCap Acquisition Corp	$2.01M	0.16%	Not reported	-8.7%	Q3 2025
EVACEQV Ventures Acquisition Corp. II	$2.01M	0.16%	Not reported	-58.7%	Q3 2025

Q3 2025Reported Nov 13, 2025184 positions
GLDSPDR Gold Trust	$24.8M	2.01%	0.02%	+614.6%	Q3 2016
CORZCore Scientific, Inc./tx	$12M	0.97%	0.22%	+92.8%	Q1 2024
OPENOpendoor Technologies Inc.	$8.04M	0.65%	0.13%	New	Q3 2025
SPRYARS Pharmaceuticals, Inc.	$6.25M	0.51%	0.63%	+96.1%	Q2 2022
SLViShares Silver Trust	$6.21M	0.50%	0.03%	+655.8%	Q3 2016
FSLRFirst Solar, Inc.	$6.12M	0.50%	0.03%	-42.5%	Q4 2024
XPOFXponential Fitness, Inc.	$5.76M	0.47%	Not reported	+234.8%	Q1 2025
IBITiShares Bitcoin Trust ETF	$4.95M	0.40%	0.01%	-56.3%	Q1 2024
EVACEQV Ventures Acquisition Corp. II	$4.82M	0.39%	Not reported	New	Q3 2025
TLNCUTalon Capital Corp.	$4.52M	0.37%	Not reported	New	Q3 2025
NLOPNet Lease Office Properties	$4.29M	0.35%	0.98%	Not reported	Q1 2024
SRGSeritage Growth Properties	$4.25M	0.35%	Not reported	-1.6%	Q3 2017
DMIIUDrugs Made In America Acquisition II Corp.	$4.24M	0.34%	Not reported	New	Q3 2025
DCHDauch Corp	$4.19M	0.34%	0.59%	Not reported	Q4 2016
APPAppLovin Corp	$4.16M	0.34%	0.00%	-6.2%	Q2 2025
CCIICohen Circle Acquisition Corp. II	$4.06M	0.33%	Not reported	New	Q3 2025
UBERUber Technologies, Inc	$3.96M	0.32%	0.00%	+22.3%	Q3 2024
RYAMRayonier Advanced Materials Inc.	$3.92M	0.32%	0.81%	New	Q3 2025
PTONPeloton Interactive, Inc.	$3.86M	0.31%	Not reported	-4.1%	Q4 2020
AEXAAmerican Exceptionalism Acquisition Corp. A	$3.61M	0.29%	Not reported	New	Q3 2025
HVIIHennessy Capital Investment Corp. VII	$3.59M	0.29%	Not reported	-22.1%	Q1 2025
BTIBritish American Tobacco p.l.c.	$3.47M	0.28%	0.00%	+71.1%	Q3 2017
GOOGAlphabet Inc.	$3.29M	0.27%	Not reported	-10.0%	Q3 2016
COOPCooperative Bankshares Inc	$3.16M	0.26%	Not reported	Not reported	Q4 2020
PKSTPeakstone Realty Trust	$3.11M	0.25%	0.65%	+103.4%	Q4 2024
BEAGBold Eagle Acquisition Corp.	$3.11M	0.25%	Not reported	-1.4%	Q4 2024
HCMAHCM III Acquisition Corp.	$3.03M	0.25%	Not reported	New	Q3 2025
BDCIUBTC Development Corp.	$3.03M	0.25%	Not reported	New	Q3 2025
GENIGenius Sports Ltd	$2.98M	0.24%	1.30%	+4.5%	Q4 2024
PARPar Technology Corp	$2.97M	0.24%	0.19%	Not reported	Q1 2024
PDSPRECISION DRILLING Corp	$2.91M	0.24%	0.37%	+8.7%	Q2 2020
LATAUGalata Acquisition Corp. II	$2.82M	0.23%	Not reported	New	Q3 2025
JENAJENA ACQUISITION Corp II	$2.79M	0.23%	Not reported	New	Q3 2025
FYBRFrontier Communications Parent, Inc.	$2.65M	0.22%	Not reported	Not reported	Q4 2024
TACOBerto Acquisition Corp.	$2.65M	0.22%	3.40%	-16.2%	Q2 2025
LIONLionsgate Studios Corp.	$2.63M	0.21%	0.13%	New	Q3 2025
BBarrick Mining Corp	$2.62M	0.21%	0.00%	New	Q3 2025
CEPFCantor Equity Partners IV, Inc.	$2.57M	0.21%	Not reported	New	Q3 2025
FNVFRANCO NEVADA Corp	$2.56M	0.21%	0.01%	Not reported	Q4 2014
TLNTalen Energy Corp	$2.55M	0.21%	0.01%	-57.5%	Q3 2016
PMTRPerimeter Acquisition Corp. I	$2.51M	0.20%	4.10%	Not reported	Q2 2025
IPCXInflection Point Acquisition Corp. III	$2.5M	0.20%	Not reported	+11.2%	Q2 2025
WLACWillow Lane Acquisition Corp.	$2.28M	0.19%	Not reported	-52.3%	Q4 2024
HYACHaymaker Acquisition Corp. 4	$2.27M	0.18%	Not reported	Not reported	Q4 2017
PCAPProCap Acquisition Corp	$2.23M	0.18%	Not reported	New	Q3 2025
DAAQDigital Asset Acquisition Corp.	$2.23M	0.18%	Not reported	-3.8%	Q2 2025
DCBODocebo Inc.	$2.18M	0.18%	0.26%	+691.2%	Q1 2022
VFCV F Corp	$2.15M	0.17%	0.04%	+49.1%	Q1 2024
CRAQCal Redwood Acquisition Corp.	$2.15M	0.17%	Not reported	Not reported	Q2 2025
SSLSasol Ltd	$2.13M	0.17%	Not reported	Not reported	Q2 2025

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