K2 PRINCIPAL FUND, L.P. — 13F Holdings & Portfolio
CIK 1461790 · latest 13F-HR filed 2026-05-14
K2 PRINCIPAL FUND, L.P. manages $1.43B in 13F-reported U.S. long-equity assets across 487 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are GLD (6.03%), SPY (3.41%), SPY (2.48%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 149 new positions, exited 109, added to 69, and trimmed 124.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$1.43B
Long-equity book
487
Distinct positions
2026-03-31
Filed 2026-05-14
+149 / −109 / ↑69 / ↓124
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- GOLAR LNG LTD$8.5M +145.9%
- PENNYMAC FINL SVCS INC NEW$6.7M +1688.7%
- MARRIOTT VACATIONS WORLDWIDE$5.8M +202.6%
- DENISON MINES CORP$5.4M +139.3%
- ALPHABET INC$5.3M +127.3%
Top Trims
- FIRST MAJESTIC SILVER-$11.0M -68.1%
- PAR TECHNOLOGY CORP-$9.9M -81.0%
- BRITISH AMERN TOB PLC-$5.3M -60.5%
- T1 ENERGY INC-$3.6M -56.9%
- CERENCE INC-$3.0M -20.3%
New Positions
- PAR TECHNOLOGY CORP$15.0M
- VEECO INSTRS INC DEL$13.8M
- CLOUDFLARE INC$13.6M
- KENNEDY-WILSON INC$12.3M
- WIX LTD$12.0M
Exited Positions
- LUMENTUM HLDGS INC$39.8M
- SPHERE ENTERTAINMENT CO$23.4M
- ALLIED GOLD CORP$23.3M
- APPLIED DIGITAL CORP$18.8M
- PELOTON INTERACTIVE INC$15.6M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | SPDR GOLD TR Call | GLD | 78463V107 | $86.3M | 6.03% | 200,600 | SH |
| 2 | STATE STR SPDR SP 500 ETF T Put | SPY | 78462F103 | $48.8M | 3.41% | 75,000 | SH |
| 3 | STATE STR SPDR SP 500 ETF T Call | SPY | 78462F103 | $35.6M | 2.48% | 54,700 | SH |
| 4 | SPDR GOLD TR Put | GLD | 78463V107 | $31.4M | 2.19% | 73,000 | SH |
| 5 | ISHARES TR Put | IWM | 464287655 | $21.1M | 1.47% | 85,000 | SH |
| 6 | AST SPACEMOBILE INC | ASTS | 00217DAC4 | $15.6M | 1.09% | 10,500 | PRN |
| 7 | ISHARES SILVER TR Call | SLV | 46428Q109 | $15.3M | 1.07% | 224,400 | SH |
| 8 | PAR TECHNOLOGY CORP | PAR | 698884AK9 | $15.0M | 1.05% | 14,500 | PRN |
| 9 | SOLARIS ENERGY INFRAS INC | SEI | 83419XAB4 | $15.0M | 1.05% | 12,000 | PRN |
| 10 | GLOBAL X FDS Put | COPX | 37954Y830 | $14.8M | 1.03% | 194,000 | SH |
| 11 | GAMESTOP CORP | GME | 36467WAD1 | $14.4M | 1.01% | 14,000 | PRN |
| 12 | GOLAR LNG LTD | GLNG | 38046YAC5 | $14.3M | 1.00% | 12,000 | PRN |
| 13 | TRIPADVISOR INC | TRIP | 896945AD4 | $14.0M | 0.98% | 14,000 | PRN |
| 14 | VEECO INSTRS INC DEL | VECO | 922417AJ9 | $13.8M | 0.97% | 9,960 | PRN |
| 15 | JETBLUE AIRWAYS CORP | JBLU | 477143AP6 | $13.8M | 0.96% | 13,824 | PRN |
| 16 | CLOUDFLARE INC | NET | 18915MAE7 | $13.6M | 0.95% | 12,000 | PRN |
| 17 | VANECK ETF TRUST Put | GDXJ | 92189F791 | $12.9M | 0.90% | 107,500 | SH |
| 18 | STRATEGY INC | MHIFF | 594972AS0 | $12.6M | 0.88% | 15,000 | PRN |
| 19 | KENNEDY-WILSON INC | KW | 489399AN5 | $12.3M | 0.86% | 12,201 | PRN |
| 20 | FREEPORT MCMORAN INC Put | FCX | 35671D857 | $12.1M | 0.85% | 206,000 | SH |
| 21 | WIX LTD | WIX | 92940WAE9 | $12.0M | 0.84% | 14,500 | PRN |
| 22 | CERENCE INC | CRNC | 156727AD1 | $12.0M | 0.84% | 13,750 | PRN |
| 23 | ISHARES TR Put | HYG | 464288513 | $11.9M | 0.83% | 150,000 | SH |
| 24 | LUCID GROUP INC | LCID | 549498AA1 | $11.8M | 0.82% | 12,500 | PRN |
| 25 | DROPBOX INC | DBX | 26210CAD6 | $11.4M | 0.80% | 12,000 | PRN |
| 26 | I-80 GOLD CORP | IAUX | 44955LAC0 | $11.2M | 0.78% | 10,000 | PRN |
| 27 | MARA HOLDINGS INC | MARA | 565788AF3 | $11.1M | 0.77% | 12,500 | PRN |
| 28 | COINBASE GLOBAL INC | COIN | 19260QAF4 | $10.2M | 0.72% | 11,000 | PRN |
| 29 | XPLR INFRASTRUCTURE LP | ENGY | 65341BAG1 | $9.9M | 0.69% | 10,000 | PRN |
| 30 | SNAP INC | SNAP | 83304AAB2 | $9.9M | 0.69% | 10,000 | PRN |
| 31 | UPSTART HLDGS INC | UPST | 91680MAB3 | $9.8M | 0.68% | 10,000 | PRN |
| 32 | UBER TECHNOLOGIES INC | UBER | 90353TAM2 | $9.7M | 0.67% | 8,000 | PRN |
| 33 | ETSY INC | ETSY | 29786AAP1 | $9.7M | 0.67% | 10,000 | PRN |
| 34 | ADVANCED ENERGY INDS | AEIS | 007973AE0 | $9.6M | 0.67% | 4,000 | PRN |
| 35 | ALPHABET INC | GOOG | 02079K107 | $9.5M | 0.67% | 33,205 | SH |
| 36 | SUNRUN INC | RUN | 86771WAD7 | $9.5M | 0.66% | 8,000 | PRN |
| 37 | RUBRIK INC | RBRK | 781154AC3 | $9.5M | 0.66% | 11,000 | PRN |
| 38 | WISDOMTREE INC | WT | 97717PAH7 | $9.4M | 0.65% | 7,000 | PRN |
| 39 | RAYONIER ADVANCED MATLS INC Call | RYAM | 75508B104 | $9.4M | 0.65% | 845,000 | SH |
| 40 | DENISON MINES CORP | DNN | 248356AA5 | $9.3M | 0.65% | 6,000 | PRN |
| 41 | INVESCO QQQ TR Put | QQQ | 46090E103 | $9.2M | 0.64% | 16,000 | SH |
| 42 | BOX INC | BOX | 10316TAD6 | $9.2M | 0.64% | 10,000 | PRN |
| 43 | BLACKSKY TECHNOLOGY INC | BKSY | 09263BAA6 | $9.2M | 0.64% | 7,507 | PRN |
| 44 | AKAMAI TECHNOLOGIES INC | AKAM | 00971TAN1 | $9.1M | 0.64% | 8,000 | PRN |
| 45 | MARRIOTT VACATIONS WORLDWIDE | VAC | 57164YAF4 | $8.7M | 0.61% | 9,000 | PRN |
| 46 | MARA HOLDINGS INC | MARA | 565788AH9 | $8.2M | 0.58% | 9,000 | PRN |
| 47 | SELECT SECTOR SPDR TR Put | XLP | 81369Y308 | $8.2M | 0.57% | 100,000 | SH |
| 48 | STRATEGY INC | MHIFF | 594972AJ0 | $8.1M | 0.57% | 7,000 | PRN |
| 49 | BLACKBERRY LTD | — | 09228FAM5 | $8.1M | 0.56% | 7,000 | PRN |
| 50 | COREWEAVE INC | CRWV | 21873SAD0 | $8.0M | 0.56% | 8,000 | PRN |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-14 | $1.43B | 487 | 0001461790-26-000030 |
| 2025-12-31 | 2026-02-13 | $1.24B | 410 | 0001461790-26-000016 |
| 2025-09-30 | 2025-11-13 | $1.23B | 338 | 0001461790-25-000054 |