K2 PRINCIPAL FUND, L.P.

CIK

1461790

Location

TORONTO, A6

Portfolio Value

Small $668,552,412

Diversification

Diversified

Filing Date

Global Rank

#3,230 / 8,819 ▼ 598

Top Industry

Shell Companies 33.5%

Period ended 4 months ago

Filed Aug 7, 2026 · 3mo

26 quarters · since Mar 2020

Regulatory profile

From Form ADV, the SEC filer profile, 13D/13G type codes and N-CEN, never from the name.

Holder type

Unknown

Portfolio style

Measured from the filed 13F common-share book for Jun 30, 2026, never from the firm's own description.

Style

Diversified active

Top 10 weight 20.8%, 98.4 effective positions, active share 92.6% against every 13F filer's combined book; it meets none of the index-like, systematic-like or concentrated tests

Turnover

High turnover

146.4% over the last four quarters (100%+)

Horizon

Short horizon

Value-weighted holding period 2.9 quarters (under 4)

Closest benchmark: every 13F filer's combined book, active share 92.6%; sector active share 39.6% against the combined 13F book's sector weights.

Over time 26 measured quarters

How the bands are measured

Style bands measure the filed 13F common-share book each closed quarter, tested in this order. Unknown: under $10,000,000 of valued equity or 5 stocks. Index-like (100+ stocks): active share of 20% or less against the closest benchmark, which is the S&P 500, S&P MidCap 400, S&P SmallCap 600, Russell 1000, Russell 2000, Nasdaq-100 or Dow Jones Industrial Average (weighted by an index-tracking fund's reported holdings or the index's constituents nearest the quarter end, over the names resolved to companies, and only when those are 90%+ of its weight) or every 13F filer's combined book, or index series holding 80%+ of the registered fund assets it advises (N-CEN) and equal to 50%+ of its book. Systematic-like: 500+ stocks, 100%+ annual turnover and a top 10 weight of 25% or less. Concentrated: a top 10 weight of 60%+ or 12 or fewer effective positions. Diversified active: none of these. Turnover is the smaller of buys and sells over average equity value, summed over four quarters: low under 30%, high 100%+. Horizon is the value-weighted number of quarters each position has been held: short under 4, long 12+.

Clone Performance

Build a hypothetical price-return history from this filer's public 13F holdings.

View clone backtest

Portfolio Concentration

348 tracked positions · as of Jun 30, 2026 · Δ vs Mar 31, 2026

Top Position

13.4%

−1.9 pts

Top 5

25.5%

−11.4 pts

Top 10

35.1%

−9.5 pts

HHI

272

Diversified−154

Portfolio Trend

26 quarters · across all stocks

Sector Breakdown

As of Jun 30, 2026

Sector	% Portfolio	Value	Positions
Unclassified	30.8%	$205,907,362	25
Financial Services	27.5%	$184,093,599	208
Technology	7.9%	$52,933,178	40
Consumer Cyclical	6.7%	$44,787,467	15
Communication Services	6.6%	$44,328,741	13
Basic Materials	5.1%	$34,221,806	14
Healthcare	5.0%	$33,640,159	8
Industrials	3.6%	$23,954,891	10
Real Estate	2.4%	$15,732,618	4
Energy	2.0%	$13,142,418	3
Consumer Defensive	1.5%	$10,049,327	3
Utilities	0.9%	$5,760,846	5

Last Quarter's Activity

Export CSV

Jun 30, 2026 vs Mar 31, 2026

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
ATII	Archimedes Tech SPAC Partners II Co.	+438,327	526,227	$5,672,727
MTA	Metalla Royalty & Streaming Ltd.	+398,000	479,760	$3,650,973
RYAM	Rayonier Advanced Materials Inc.	+295,338	615,738	$4,839,700
CMIIW	Inflection Point Acquisition Corp. VII	+242,366	314,345	$414,935
OACC	Oaktree Acquisition Corp. III Life Sciences	+170,608	365,900	$3,915,130
CRAN	Crane Harbor Acquisition Corp. II	+162,019	262,019	$2,654,252
GPACW	General Purpose Acquisition Corp.	+147,150	247,150	$64,259
NOK	Nokia Corp	+135,300	170,300	$2,261,584
CCII	Cohen Circle Acquisition Corp. II	+131,539	530,739	$5,466,611
SVIA	Silvia, Inc.	+122,900	1,675,800	$2,580,732
DCH	Dauch Corp	+112,291	1,297,209	$7,030,872
FCRS	FutureCrest Acquisition Corp.	+100,872	200,872	$2,068,981
IEAGR	Infinite Eagle Acquisition Corp.	+100,000	600,400	$120,080
PFSI	PennyMac Financial Services, Inc.	+78,764	159,766	$13,915,618
XCBEW	X3 Acquisition Corp. Ltd.	+77,000	409,649	$110,605
—		+76,052	130,705	$4,551,148
MEVOW	M Evo Global Acquisition Corp II	+74,800	118,232	$43,746
CRANR	Crane Harbor Acquisition Corp. II	+69,630	169,630	$37,319
GFR	Greenfire Resources Ltd.	+64,300	720,740	$4,072,181
AIRJW	AirJoule Technologies Corp.	+63,070	178,982	$232,677
IPXG	Inflection Point Acquisition Corp. VII	+62,585	400,000	$4,056,000
CEPF	Cantor Equity Partners IV, Inc.	+59,858	318,199	$3,309,269
HCMA	Hcm III Acquisition Corp.	+53,936	253,936	$2,610,462
CRAQR	Cal Redwood Acquisition Corp.	+52,842	454,535	$104,543
AEXA	American Exceptionalism Acquisition Corp. A	+52,600	237,265	$2,804,472
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
PTON	Peloton Interactive, Inc.	−439,000	29,237	$172,790
LION	Lionsgate Studios Corp.	−384,592	35,013	$536,049
BACCR	Blue Acquisition Corp	−232,100	130,168	$101,531
AIOT	Powerfleet, Inc.	−200,307	231,722	$887,495
SPRY	ARS Pharmaceuticals, Inc.	−184,565	375,132	$3,004,807
CLBR	Colombier Acquisition Corp. III	−172,211	200,000	$2,050,000
STGW	Stagwell Inc	−167,551	61,619	$457,829
—		−161,485	183,767	$376,722
—		−159,782	313,384	$141,023
SVAQ	Silicon Valley Acquisition Corp.	−131,135	68,865	$694,847
SBXE	SilverBox Corp V	−123,400	120,000	$1,207,200
CUBWW	Lionheart Holdings	−116,716	104,270	$38,580
XCBE	X3 Acquisition Corp. Ltd.	−105,633	50,000	$499,500
EURKR	Eureka Acquisition Corp	−100,289	226,185	$56,546
QADRU	QDRO Acquisition Corp.	−99,207	100,491	$1,006,919
HVIIR	ONE Nuclear Energy Inc.	−98,150	211,027	$82,301
TDACW	Translational Development Acquisition Corp.	−95,425	101,034	$143,468
SZZLR	Sizzle Acquisition Corp. II	−90,853	333,426	$53,348
SVAQW	Silicon Valley Acquisition Corp.	−90,320	12,980	$9,605
TACOW	Berto Acquisition Corp.	−86,374	193,127	$137,120
KYIVW	Kyivstar Group Ltd.	−82,174	185,753	$1,190,677
LPBBW	Launch Two Acquisition Corp.	−76,629	196,262	$68,692
DBCA	D. Boral Acquisition I Corp.	−76,220	200,000	$1,994,000
GTEN	Gores Holdings X, Inc.	−73,856	28,993	$302,396
DNMXW	Dynamix Corp III	−71,041	25,208	$6,932
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
BWA	Borgwarner Inc	101,430	$6,734,952
CIGI	Colliers International Group Inc.	69,557	$6,523,751
WLII	Willow Lane Acquisition Corp. II	439,328	$4,494,325
KVUE	Kenvue Inc.	229,093	$4,377,967
—		434,766	$4,286,792
EVLV	Evolv Technologies Holdings, Inc.	663,392	$3,847,673
LLYVA	Liberty Live Holdings, Inc.	37,843	$3,831,982
IMAX	Imax Corp	93,100	$3,710,966
NKTR	Nektar Therapeutics	50,465	$3,522,961
MTAL	Metals Acquisition Corp. II	332,197	$3,371,799
OTGA	OTG Acquisition Corp. I	300,000	$3,045,000
KEYY	Keystone Acquisition Corp.	293,023	$2,889,206
IPFX	Inflection Point Acquisition Corp. VI	271,366	$2,805,924
FVAV	Fortress Value Acquisition Corp. V	250,000	$2,527,500
NHIV	NewHold Investment Corp IV	250,000	$2,500,000
ENTG	Entegris Inc	13,739	$2,471,096
CCXI	Churchill Capital Corp XI	140,403	$2,450,032
GFL	GFL Environmental Inc.	65,300	$2,402,387
CAES	Cantor Equity Partners VII, Inc.	226,200	$2,282,358
MTNE	CH4 Natural Solutions Corp	227,188	$2,237,801
GHXI	Gores Holdings XI, Inc.	200,000	$2,030,000
YICCU	Yorkville International Capital Corp.	200,000	$2,008,000
TMTS	Spartacus Acquisition Corp. II	200,000	$2,002,000
KRAQ	KRAKacquisition Corp	200,000	$2,000,000
IACQ	Irenic Acquisition Corp.	200,000	$1,998,000
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
WLIIU	Willow Lane Acquisition Corp. II	450,000	$4,545,000
—		397,897	$4,237,603
GFUZ	General Fusion Group Ltd.	370,960	$3,768,953
AQN	Algonquin Power & Utilities Corp.	600,000	$3,684,000
—		279,994	$3,049,135
TMTSU	Spartacus Acquisition Corp. II	250,000	$2,510,000
—		200,000	$2,388,000
PUMP	ProPetro Holding Corp.	162,208	$2,337,417
—		217,767	$2,245,178
TACO	Berto Acquisition Corp.	208,300	$2,135,075
IPFXU	Inflection Point Acquisition Corp. VI	200,000	$2,024,000
HACQU	HCM IV Acquisition Corp.	200,000	$2,006,000
SUMAU	SUMA Acquisition Corp	200,000	$2,004,000
ELE	Elemental Royalty Corp	106,256	$2,001,863
APTV	Aptiv PLC	27,656	$1,920,432
IWM	iShares Russell 2000 ETF	7,635	$1,893,480
PCAP	ProCap Acquisition Corp	179,990	$1,834,098
PRCH	Porch Group, Inc.	251,564	$1,803,713
NVT	nVent Electric plc	13,980	$1,653,554
GENI	Genius Sports Ltd	371,351	$1,645,084
AMTM	Amentum Holdings, Inc.	60,000	$1,564,800
LULU	lululemon athletica inc.	10,000	$1,531,000
IACOU	Idea Acquisition Corp.	150,000	$1,486,500
CMCO	Columbus Mckinnon Corp	101,000	$1,467,530
CARS	Cars.com Inc.	163,259	$1,325,663
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

348 tracked positions · $668,552,412 total · filing declares 490 positions · $1,364,900,286 · as of Jun 30, 2026

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 348 positions by value · page 1 of 7

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	Held (qtrs)	Est. cost/share	% of Portfolio
GLD	Spdr Gold Trust PUT CALL + SHARES	Reduced	242,780	-45,423	$89,435,296	−27.9%	2	$429.51	13.38%
GDXJ	VanEck Junior Gold Miners ETF PUT CALL	Added	255,600	+83,100	$25,112,700	+21.3%	—	—	3.76%
SPY	Spdr S&P 500 ETF Trust PUT CALL	Reduced	26,800	-102,900	$20,013,436	−76.3%	—	—	2.99%
COPX	Global X Copper Miners ETF PUT CALL	Added	210,000	+6,000	$16,163,700	+3.8%	—	—	2.42%
ABVX	Abivax S.A. CALL + SHARES Healthcare	Added	109,503	+45,762	$14,592,369	+105.6%	3	$114.48	2.18%
PFSI	PennyMac Financial Services, Inc. Financial Services	Added	159,766	+78,764	$13,915,618	+96.6%	4	$97.41	2.08%
SLV	iShares Silver Trust PUT CALL	Reduced	254,500	-29,900	$13,608,115	−29.8%	—	—	2.04%
DCH	Dauch Corp CALL + SHARES Consumer Cyclical	Added	2,087,509	+469,191	$11,314,298	+17.9%	4	$5.94	1.69%
FCX	Freeport-Mcmoran Inc PUT Basic Materials	Reduced	176,400	-29,600	$11,093,796	−8.4%	—	—	1.66%
	PUT	Added	50,500	+45,500	$10,354,520	+915.8%	—	—	1.55%
IJR	iShares Core S&P Small-Cap ETF CALL	Added	66,000	+36,000	$9,788,460	+162.5%	—	—	1.46%
GOOG	Alphabet Inc. Communication Services	Reduced	26,773	-6,432	$9,459,704	−0.7%	5	$254.27	1.41%
SUNC	SunocoCorp LLC Energy	Added	122,821	+17,731	$8,311,297	+28.3%	3	$52.54	1.24%
BWA	Borgwarner Inc CALL + SHARES Consumer Cyclical	NEW	106,430	NEW	$7,066,952	NEW	1	$63.34	1.06%
TE	T1 Energy Inc. CALL Industrials	Added	694,500	+544,500	$6,583,860	+899.8%	—	—	0.98%
CIGI	Colliers International Group Inc. Real Estate	NEW	69,557	NEW	$6,523,751	NEW	1	$100.92	0.98%
EFA	iShares MSCI EAFE ETF PUT	NEW	60,000	NEW	$6,232,800	NEW	—	—	0.93%
PZZA	Papa Johns International Inc CALL + SHARES Consumer Cyclical	Added	164,300	+91,100	$6,041,311	+154.6%	2	$34.65	0.90%
RYAM	Rayonier Advanced Materials Inc. CALL + SHARES Basic Materials	Reduced	755,738	-409,662	$5,940,100	−54.0%	4	$7.10	0.89%
QURE	uniQure N.V. CALL + SHARES Healthcare	Reduced	128,601	-134,999	$5,923,362	+37.4%	2	$20.25	0.89%
XPOF	Xponential Fitness, Inc. PUT CALL + SHARES Consumer Cyclical	Added	847,923	+247,923	$5,867,627	+62.4%	6	$9.56	0.88%
APP	AppLovin Corp Communication Services	Added	11,079	+1,011	$5,708,233	+42.5%	5	$422.49	0.85%
EVLV	Evolv Technologies Holdings, Inc. CALL + SHARES Industrials	NEW	982,292	NEW	$5,697,293	NEW	1	$6.27	0.85%
ATII	Archimedes Tech SPAC Partners II Co. Financial Services	Added	526,227	+438,327	$5,672,727	+519.9%	5	$10.73	0.85%
FSLR	First Solar, Inc. Technology	Reduced	23,500	-9,000	$5,545,060	−13.5%	7	$188.36	0.83%
CCII	Cohen Circle Acquisition Corp. II Financial Services	Added	530,739	+131,539	$5,466,611	+34.0%	4	$10.15	0.82%
BTI	British American Tobacco p.l.c. CALL + SHARES Consumer Defensive	Reduced	88,000	-21,626	$5,434,880	−15.2%	5	$51.99	0.81%
RDDT	Reddit, Inc. CALL + SHARES Communication Services	Added	30,913	+13,307	$5,365,878	+126.3%	4	$175.05	0.80%
USO	United States Oil Fund, LP CALL	NEW	50,000	NEW	$5,322,000	NEW	—	—	0.80%
NKTR	Nektar Therapeutics CALL + SHARES Healthcare	NEW	75,465	NEW	$5,268,211	NEW	1	$73.17	0.79%
QQQ	Invesco Qqq Trust, Series 1 CALL	Reduced	7,000	-14,000	$5,154,800	−57.5%	—	—	0.77%
MSFT	Microsoft Corp CALL + SHARES Technology	Added	13,638	+7,638	$5,087,246	+129.0%	2	$411.74	0.76%
NSC	Norfolk Southern Corp Industrials	Added	14,991	+900	$4,716,018	+16.6%	4	$291.43	0.71%
AEXA	American Exceptionalism Acquisition Corp. A CALL + SHARES Financial Services	Added	391,465	+145,600	$4,627,116	+73.8%	4	unpriced	0.69%
		Added	130,705	+76,052	$4,551,148	+203.8%	2	$32.19	0.68%
WLII	Willow Lane Acquisition Corp. II Financial Services	NEW	439,328	NEW	$4,494,325	NEW	1	$10.09	0.67%
GME	GameStop Corp. PUT Consumer Cyclical	Reduced	200,000	-255,700	$4,416,000	−57.9%	—	—	0.66%
KVUE	Kenvue Inc. Consumer Defensive	NEW	229,093	NEW	$4,377,967	NEW	1	$17.62	0.65%
		NEW	434,766	NEW	$4,286,792	NEW	1	$8.73	0.64%
IBIT	iShares Bitcoin Trust ETF	Reduced	122,542	-11,280	$4,079,423	−20.7%	10	$39.10	0.61%
GFR	Greenfire Resources Ltd. Energy	Added	720,740	+64,300	$4,072,181	−1.8%	6	$4.99	0.61%
IPXG	Inflection Point Acquisition Corp. VII Financial Services	Added	400,000	+62,585	$4,056,000	+22.3%	2	$9.86	0.61%
OACC	Oaktree Acquisition Corp. III Life Sciences Financial Services	Added	365,900	+170,608	$3,915,130	+89.5%	7	unpriced	0.59%
LLYVA	Liberty Live Holdings, Inc. Communication Services	NEW	37,843	NEW	$3,831,982	NEW	1	$94.71	0.57%
IMAX	Imax Corp Communication Services	NEW	93,100	NEW	$3,710,966	NEW	1	$38.33	0.56%
MTA	Metalla Royalty & Streaming Ltd. Basic Materials	Added	479,760	+398,000	$3,650,973	+573.5%	3	$7.11	0.55%
SPRY	ARS Pharmaceuticals, Inc. CALL + SHARES Healthcare	Reduced	423,132	-149,565	$3,389,287	−26.3%	6	$9.65	0.51%
MTAL	Metals Acquisition Corp. II Financial Services	NEW	332,197	NEW	$3,371,799	NEW	1	$10.13	0.50%
CEPF	Cantor Equity Partners IV, Inc. Financial Services	Added	318,199	+59,858	$3,309,269	+25.7%	4	$10.18	0.49%
PMTR	Perimeter Acquisition Corp. I Financial Services	Held	297,237	0	$3,097,209	+1.6%	5	unpriced	0.46%

Showing the top 50 of 348 positions. Create a free account to see every position, past quarters, search, filters and CSV export.

Covers the securities this platform tracks: U.S.-listed common stock and the put/call positions reported on it. A 13F can also report security types outside that coverage — preferred shares, bonds, warrants, untracked share classes — so the filing's own declared total can exceed the figures above. The source filing is linked at the top of this table.