K2 PRINCIPAL FUND, L.P.
13F Reported Value
ⓘ$1.4B
incl. option notional
Equity Holdings
ⓘ$1.1B
Option Notional
ⓘ$277.0M
$109.6M puts / $167.3M calls
Holdings
490
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
K2 PRINCIPAL FUND, L.P. disclosed 490 positions worth $1.4B in its Form 13F-HR for Q2 2026 — $1.1B in common stock plus $277.0M of put/call option positions (reported at underlying notional value, not premium at risk), led by $GLD (SPDR GOLD TRUST) calls, followed by $AAUC and $GLD. During the quarter the fund opened 165 new positions and exited 158 — including a new stake in $AAUC. The portfolio is most concentrated in Other (23.4% of disclosed assets). All figures are sourced directly from K2 PRINCIPAL FUND, L.P.’s Form 13F-HR filing with the SEC under CIK 1461790.
AI Fund Analysis
Stable
Sector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q2 2026
Click any card to unlockTop Holdings
- —
Quality
$54.7M148,600 sh - —
Quality
$26.2M15,973 sh - —
Quality
$22.8M62,000 sh VANECK ETF TRUST - JUNIOR GOLD MINE PUT
—Quality
$19.2M195,000 shPAR TECHNOLOGY CORP - 4.000 03/15/31 CVT
—Quality
$17.1M13,900 shAVNET - 1.750 09/01/30 CVT PUT
—Quality
$16.8M12,000 sh- 30.8
Quality
$16.7M10,500 sh CLOUDFLARE INC - NOTE 6/1
—Quality
$16.5M13,000 sh- 17.9
Quality
$15.4M15,000 sh - 55.0
Quality
$14.5M12,000 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 SPDR GOLD TRUST$GLDCALL | — | $54.7M | 148,600 |
 Allied Gold Corp$AAUC | — | $26.2M | 15,973 |
| SPDR GOLD TRUST$GLDPUT | — | $22.8M | 62,000 |
| VANECK ETF TRUST - JUNIOR GOLD MINE PUT | — | $19.2M | 195,000 |
| PAR TECHNOLOGY CORP - 4.000 03/15/31 CVT | — | $17.1M | 13,900 |
| AVNET - 1.750 09/01/30 CVT PUT | — | $16.8M | 12,000 |
 AST SpaceMobile, Inc.$ASTS | 30.8 | $16.7M | 10,500 |
| CLOUDFLARE INC - NOTE 6/1 | — | $16.5M | 13,000 |
 Strategy Inc$MSTR | 17.9 | $15.4M | 15,000 |
 ON SEMICONDUCTOR CORP$ON | 55.0 | $14.5M | 12,000 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of K2 PRINCIPAL FUND, L.P.'s 490 positions.
Showing top 10 of 490 holdings.
Sector Allocation
Other
$254.5M
Technology
$229.0M
Financials
$218.1M
Industrials
$84.2M
Materials
$64.0M
Consumer Discretionary
$62.9M
Real Estate
$44.1M
Communication Services
$42.5M
Top Holdings — K2 PRINCIPAL FUND, L.P. (Q2 2026)
Top 150 of 490 disclosed positions (by reported value) from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $GLDCALL | SPDR GOLD TRUST | $54.7M | — | -26% | — |
| 2 | $AAUC | Allied Gold Corp | $26.2M | 2.4% | NEW | — |
| 3 | $GLDPUT | SPDR GOLD TRUST | $22.8M | — | -15% | — |
| 4 | — | VANECK ETF TRUST - JUNIOR GOLD MINE | $19.2M | — | +81% | — |
| 5 | — | PAR TECHNOLOGY CORP - 4.000 03/15/31 CVT | $17.1M | 1.6% | -4% | — |
| 6 | — | AVNET - 1.750 09/01/30 CVT PUT | $16.8M | 1.5% | NEW | — |
| 7 | $ASTS | AST SpaceMobile, Inc. | $16.7M | 1.5% | +0% | 30.8 |
| 8 | — | CLOUDFLARE INC - NOTE 6/1 | $16.5M | 1.5% | NEW | — |
| 9 | $MSTR | Strategy Inc | $15.4M | 1.4% | NEW | 17.9 |
| 10 | $ON | ON SEMICONDUCTOR CORP | $14.5M | 1.3% | +140% | 55 |
| 11 |  $W | Wayfair Inc. | $14.3M | 1.3% | NEW | 43.8 |
| 12 |  $GME | GameStop Corp. | $14.3M | 1.3% | +0% | 61.2 |
| 13 |  $PFSI | PennyMac Financial Services, Inc. | $13.9M | 1.3% | +97% | 62.8 |
| 14 | — | GLOBAL X FDS - GLOBAL X COPPER | $13.9M | — | -7% | — |
| 15 |  $GLNG | GOLAR LNG LTD | $13.7M | 1.3% | +0% | — |
| 16 |  $SEI | Solaris Energy Infrastructure, Inc. | $13.0M | 1.2% | -33% | 56.4 |
| 17 |  $MARA | MARA Holdings, Inc. | $12.6M | 1.1% | +0% | 36.5 |
| 18 | — | I-80 GOLD CORP - 3.750 04/15/31 CVT | $12.2M | 1.1% | +10% | — |
| 19 |  $RBRK | Rubrik, Inc. | $12.2M | 1.1% | NEW | 56.6 |
| 20 |  $DBX | DROPBOX, INC. | $12.1M | 1.1% | +0% | 63.4 |
| 21 |  $SPCE | Virgin Galactic Holdings, Inc | $12.0M | 1.1% | NEW | 11.2 |
| 22 |  $LCID | Lucid Group, Inc. | $12.0M | 1.1% | +0% | 35.2 |
| 23 | — | COREWEAVE INC - 1.750 12/01/31 CVT | $11.9M | 1.1% | +25% | — |
| 24 |  $RUN | Sunrun Inc. | $11.9M | 1.1% | +25% | 56.3 |
| 25 |  $SPYPUT | SPDR S&P 500 ETF TRUST | $11.9M | — | -79% | — |
| 26 | $GLD | SPDR GOLD TRUST | $11.9M | 1.1% | +120% | — |
| 27 |  $FRPT | Freshpet, Inc. | $11.7M | 1.1% | +63% | 61.1 |
| 28 |  $ETSY | ETSY INC | $11.6M | 1.1% | +0% | 61.2 |
| 29 |  $SLVCALL | iShares Silver Trust | $11.6M | — | -3% | — |
| 30 |  $ABVXCALL | Abivax S.A. | $11.3M | — | +751% | — |
| 31 |  $FCXPUT | FREEPORT-MCMORAN INC | $11.1M | — | -14% | 62 |
| 32 |  $CRNC | Cerence Inc. | $11.1M | 1.0% | -13% | 40.9 |
| 33 | — | PEBBLEBROOK HOTEL TRUST - 1.625 01/15/30 CVT | $10.8M | 1.0% | +33% | — |
| 34 |  $AKAM | AKAMAI TECHNOLOGIES INC | $10.7M | 1.0% | +13% | 59.5 |
| 35 |  $EAPUT | ELECTRONIC ARTS INC. | $10.4M | — | NEW | 62.9 |
| 36 |  $SO | SOUTHERN CO | $10.1M | 0.9% | NEW | 62 |
| 37 |  $SNAP | Snap Inc | $10.0M | 0.9% | +0% | 56.2 |
| 38 | — | WIX LTD - 09/15/30 CVT | $9.9M | 0.9% | -10% | — |
| 39 |  $LYV | Live Nation Entertainment, Inc. | $9.9M | 0.9% | +80% | 52.9 |
| 40 |  $UPST | Upstart Holdings, Inc. | $9.9M | 0.9% | +0% | 61.7 |
| 41 |  $COIN | Coinbase Global, Inc. | $9.9M | 0.9% | +0% | 44.8 |
| 42 | — | ISHARES TR - CORE SP SCP ETF | $9.8M | — | NEW | — |
| 43 |  $BOX | BOX INC | $9.8M | 0.9% | +0% | 62 |
| 44 |  $BKSY | BlackSky Technology Inc. | $9.7M | 0.9% | +0% | 28.3 |
| 45 |  $UBER | Uber Technologies, Inc | $9.6M | 0.9% | +0% | 73.5 |
| 46 | — | BITDEER TECHNOLOGIES GRP - 5.250 12/01/29 CVT PUT | $9.6M | 0.9% | +0% | — |
| 47 |  $GOOGL | Alphabet Inc. | $9.5M | 0.9% | -19% | 78.2 |
| 48 |  $TE | T1 Energy Inc. | $9.4M | 0.9% | NEW | 38.2 |
| 49 | — | MUVICO LLC - 8.000 04/30/30 CVT | $9.2M | 0.8% | -5% | — |
| 50 | $SPCE | Virgin Galactic Holdings, Inc | $9.1M | 0.8% | NEW | 11.2 |
| 51 | $TE | T1 Energy Inc. | $9.0M | 0.8% | +110% | 38.2 |
| 52 | — | MARRIOTT VACATIONS WORLDWIDE - NOTE 3.25012/1 | $8.9M | 0.8% | +0% | — |
| 53 | $MARA | MARA Holdings, Inc. | $8.7M | 0.8% | +0% | 36.5 |
| 54 |  $DNN | DENISON MINES CORP. | $8.5M | 0.8% | +0% | — |
| 55 |  $DDOG | Datadog, Inc. | $8.5M | 0.8% | +100% | 71.4 |
| 56 |  $SUNC | SunocoCorp LLC | $8.3M | 0.8% | +17% | 67.1 |
| 57 | $SPYCALL | SPDR S&P 500 ETF TRUST | $8.1M | — | -80% | — |
| 58 | — | GALAXY DIGITAL HOLDIN LP - 2.500 12/01/29 CVT | $8.1M | 0.8% | +0% | — |
| 59 |  $OPEN | Opendoor Technologies Inc. | $8.1M | 0.7% | +8% | 22.5 |
| 60 |  $FLR | FLUOR CORP | $7.9M | 0.7% | +0% | 47.6 |
| 61 | — | THE REALREAL INC - NOTE 1.000 3/0 | $7.6M | 0.7% | +0% | — |
| 62 |  $COMP | Compass, Inc. | $7.6M | 0.7% | NEW | 61.2 |
| 63 |  $ARRY | Array Technologies, Inc. | $7.5M | 0.7% | +100% | 40.2 |
| 64 |  $PEB | Pebblebrook Hotel Trust | $7.4M | 0.7% | +0% | 48.3 |
| 65 |  $VZLA | Vizsla Silver Corp. | $7.3M | 0.7% | +0% | — |
| 66 |  $CCO | Clear Channel Outdoor Holdings, Inc. | $7.3M | 0.7% | +0% | 42.7 |
| 67 | $MSTR | Strategy Inc | $7.2M | 0.7% | +0% | 17.9 |
| 68 | — | STRATEGY INC - NOTE 3/0 | $7.1M | 0.7% | +0% | — |
| 69 |  $DCH | Dauch Corp | $7.0M | 0.7% | +9% | 49.5 |
| 70 |  $BWA | BORGWARNER INC | $6.7M | 0.6% | NEW | 56 |
| 71 | $TECALL | T1 Energy Inc. | $6.6M | — | +595% | 38.2 |
| 72 |  $CIGI | Colliers International Group Inc. | $6.5M | 0.6% | NEW | — |
| 73 |  $PTON | PELOTON INTERACTIVE, INC. | $6.5M | 0.6% | +0% | 54.3 |
| 74 | — | ISHARES TR - MSCI EAFE ETF | $6.2M | — | NEW | — |
| 75 |  $RIOT | Riot Platforms, Inc. | $6.0M | 0.6% | +0% | 38.3 |
| 76 | — | VANECK ETF TRUST - JUNIOR GOLD MINE | $6.0M | — | -7% | — |
| 77 |  $GWRE | Guidewire Software, Inc. | $5.8M | 0.5% | +0% | 67.3 |
| 78 |  $APP | AppLovin Corp | $5.7M | 0.5% | +10% | 84.4 |
| 79 |  $ATII | Archimedes Tech SPAC Partners II Co. | $5.7M | 0.5% | +499% | — |
| 80 | $MARA | MARA Holdings, Inc. | $5.6M | 0.5% | +0% | 36.5 |
| 81 |  $WOLF | WOLFSPEED, INC. | $5.6M | 0.5% | NEW | 22.8 |
| 82 | $ARRY | Array Technologies, Inc. | $5.6M | 0.5% | +100% | 40.2 |
| 83 |  $FSLR | FIRST SOLAR, INC. | $5.5M | 0.5% | -28% | 79.2 |
| 84 |  $CCII | Cohen Circle Acquisition Corp. II | $5.5M | 0.5% | +33% | — |
| 85 |  $USOCALL | United States Oil Fund, LP | $5.3M | — | NEW | — |
| 86 |  $IIPR | INNOVATIVE INDUSTRIAL PROPERTIES INC | $5.3M | 0.5% | NEW | 54.2 |
| 87 | — | PLUG POWER INC - 6.750 12/01/33 CVT PUT | $5.2M | 0.5% | +0% | — |
| 88 |  $QQQCALL | INVESCO QQQ TRUST, SERIES 1 | $5.2M | — | +40% | — |
| 89 |  $RYAM | RAYONIER ADVANCED MATERIALS INC. | $4.8M | 0.4% | +92% | 31.5 |
| 90 | — | TRUMP MEDIA AND TECH - 05/29/28 CVT PUT | $4.8M | 0.4% | NEW | — |
| 91 |  $NSC | NORFOLK SOUTHERN CORP | $4.7M | 0.4% | +6% | 63.2 |
| 92 |  $RDDT | Reddit, Inc. | $4.7M | 0.4% | +53% | 79.8 |
| 93 |  $SKYT | SkyWater Technology, LLC | $4.6M | 0.4% | +139% | 59 |
| 94 | — | WILLOW LANE ACQUISITION CRP - USD CL A ORD SHS | $4.5M | 0.4% | NEW | — |
| 95 | $GMEPUT | GameStop Corp. | $4.4M | — | -27% | 61.2 |
| 96 |  $KVUE | Kenvue Inc. | $4.4M | 0.4% | NEW | 60.3 |
| 97 |  $MSFT | MICROSOFT CORP | $4.3M | 0.4% | +94% | 79.8 |
| 98 |  $RMAX | RE/MAX Holdings, Inc. | $4.3M | 0.4% | NEW | 37.9 |
| 99 | $DCHCALL | Dauch Corp | $4.3M | — | +82% | 49.5 |
| 100 |  $NOG | NORTHERN OIL & GAS, INC. | $4.2M | 0.4% | NEW | 48 |
| 101 | — | PAPA JOHN'S INTERNATIONA - 3.875 09/15/29 '26 | $4.1M | 0.4% | +113% | — |
| 102 |  $IBIT | iShares Bitcoin Trust ETF | $4.1M | 0.4% | -8% | — |
| 103 |  $GFR | Greenfire Resources Ltd. | $4.1M | 0.4% | +10% | — |
| 104 | — | COLUMBUS CIRCLE CAP CORP II - USD CL A ORD SHS | $4.1M | 0.4% | +19% | — |
| 105 | — | ARES ACQUISITION CORP III - UNIT 99/99/9999 | $4.0M | 0.4% | NEW | — |
| 106 |  $PZZA | PAPA JOHNS INTERNATIONAL INC | $4.0M | 0.4% | +49% | 42.5 |
| 107 |  $UPWK | UPWORK, INC | $4.0M | 0.4% | +0% | 56.8 |
| 108 |  $CLSK | CLEANSPARK, INC. | $3.9M | 0.4% | +0% | 37.4 |
| 109 |  $OACC | Oaktree Acquisition Corp. III Life Sciences | $3.9M | 0.4% | +87% | — |
| 110 |  $EVLV | Evolv Technologies Holdings, Inc. | $3.8M | 0.3% | NEW | 56.7 |
| 111 |  $LLYVA | Liberty Live Holdings, Inc. | $3.8M | 0.3% | NEW | 27.5 |
| 112 |  $GH | Guardant Health, Inc. | $3.7M | 0.3% | +0% | 39 |
| 113 |  $XPOF | Xponential Fitness, Inc. | $3.7M | 0.3% | -10% | 15.6 |
| 114 |  $IMAX | IMAX CORP | $3.7M | 0.3% | NEW | 59.6 |
| 115 |  $MTA | Metalla Royalty & Streaming Ltd. | $3.7M | 0.3% | +487% | — |
| 116 |  $QURE | uniQure N.V. | $3.6M | 0.3% | -34% | — |
| 117 |  $WT | WisdomTree, Inc. | $3.6M | 0.3% | -58% | 59.9 |
| 118 |  $NKTR | NEKTAR THERAPEUTICS | $3.5M | 0.3% | NEW | 9.7 |
| 119 | — | LCI INDS - NOTE 3.000 3/0 | $3.4M | 0.3% | NEW | — |
| 120 |  $MTAL | Metals Acquisition Corp. II | $3.4M | 0.3% | NEW | — |
| 121 |  $CEPF | Cantor Equity Partners IV, Inc. | $3.3M | 0.3% | +23% | — |
| 122 | $ABVX | Abivax S.A. | $3.3M | 0.3% | -55% | — |
| 123 | — | ENERGY FUELS INC - 0.750 11/01/31 CVT | $3.1M | 0.3% | +0% | — |
| 124 |  $PMTR | Perimeter Acquisition Corp. I | $3.1M | 0.3% | +0% | — |
| 125 |  $BTICALL | British American Tobacco p.l.c. | $3.1M | — | +0% | — |
| 126 | — | ARCHIMEDES TECH SPAC PTNRS I - ORD SHS | $3.1M | 0.3% | +3% | — |
| 127 |  $OTGA | OTG Acquisition Corp. I | $3.0M | 0.3% | NEW | — |
| 128 |  $SPRY | ARS Pharmaceuticals, Inc. | $3.0M | 0.3% | -33% | 20.3 |
| 129 |  $DBRG | DigitalBridge Group, Inc. | $3.0M | 0.3% | +0% | 36.5 |
| 130 |  $CORZ | Core Scientific, Inc./tx | $3.0M | 0.3% | +0% | 14.1 |
| 131 | — | ORGANON - 5.125 04/30/31 '26 | $3.0M | 0.3% | NEW | — |
| 132 | — | INFINITE EAGLE ACQUISITION C - CL A | $2.9M | 0.3% | -4% | — |
| 133 |  $ASML | ASML HOLDING NV | $2.9M | 0.3% | -2% | — |
| 134 |  $KEYY | Keystone Acquisition Corp. | $2.9M | 0.3% | NEW | — |
| 135 |  $SRG | Seritage Growth Properties | $2.8M | 0.3% | +0% | 12.5 |
| 136 |  $JENA | JENA ACQUISITION Corp II | $2.8M | 0.3% | +0% | — |
| 137 | — | INFLECTION PT ACQUISIT CORP - CL A ORD SHS | $2.8M | 0.3% | NEW | — |
| 138 |  $AEXA | American Exceptionalism Acquisition Corp. A | $2.8M | 0.3% | +28% | — |
| 139 |  $BRR | ProCap Financial, Inc. | $2.8M | 0.3% | +50% | — |
| 140 |  $TLNC | Talon Capital Corp. | $2.7M | 0.3% | +4% | — |
| 141 |  $BEAG | Bold Eagle Acquisition Corp. | $2.7M | 0.3% | -19% | — |
| 142 | — | CRANE HBR ACQUISITION CORP I - ORD SHS CL A | $2.7M | 0.2% | +162% | — |
| 143 |  $HCMA | HCM III ACQUISITION CORP. | $2.6M | 0.2% | +27% | — |
| 144 | $BRR | ProCap Financial, Inc. | $2.6M | 0.2% | +8% | — |
| 145 | — | NEWHOLD INVTS CORP IV - UNIT 04/14/2031 | $2.6M | 0.2% | NEW | — |
| 146 | $CORZCALL | Core Scientific, Inc./tx | $2.6M | — | +0% | 14.1 |
| 147 |  $OR | OR Royalties Inc. | $2.5M | 0.2% | +0% | — |
| 148 | — | FORTRESS VALUE ACQU CORP V - ORD SHS CL A | $2.5M | 0.2% | NEW | — |
| 149 |  $CRAQ | Cal Redwood Acquisition Corp. | $2.5M | 0.2% | +13% | — |
| 150 |  $ENTG | ENTEGRIS INC | $2.5M | 0.2% | NEW | 58 |
New Positions (165)
$AAUC Allied Gold Corp$26.2M$W Wayfair Inc.$14.3M$RBRK Rubrik, Inc.$12.2M$SPCE Virgin Galactic Holdings, Inc$12.0M$EAPUT ELECTRONIC ARTS INC.$10.4M$SO SOUTHERN CO$10.1M$SPCE Virgin Galactic Holdings, Inc$9.1M$COMP Compass, Inc.$7.6M$BWA BORGWARNER INC$6.7M$CIGI Colliers International Group Inc.$6.5M$WOLF WOLFSPEED, INC.$5.6MExited Positions (158)
$TRIP TripAdvisor, Inc.
$VECO VEECO INSTRUMENTS INC
$JBLU JETBLUE AIRWAYS CORP
$KW Kennedy-Wilson Holdings, Inc.
$AEIS ADVANCED ENERGY INDUSTRIES INC$QQQPUT INVESCO QQQ TRUST, SERIES 1
$BB BLACKBERRY Ltd
$SHOPPUT SHOPIFY INC.Browse Top Institutional Investors
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