K2 PRINCIPAL FUND, L.P.
Filing Date
Global Rank
#2,265
/ 8,623
▲ 573
· as of Mar 2026
Top Industry
Shell Companies
25.3%
3Y Alpha vs SPY
-3.5%
Period ended 4 months ago
Filed May 14, 2026 · 3mo
25 quarters · since Mar 2020
Clone Performance
Jul 2023–Jul 2026 · vs SPYHypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.
Not a measure of this manager's performance.
Most of K2 PRINCIPAL FUND, L.P.'s reported book is option positions, which a stock-only clone
cannot replicate. The figures below are the return of the
48% that is ordinary stock — as little as
20% in one quarter — so a manager whose options
thesis lost money can still show a large gain here.
Cloned portfolio
+51.2%
SPY
+65.3%
Annualised alpha
-3.5%
Max drawdown
−25.9%
Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 48% of reported value on average across 13 quarters. Past performance does not predict future results.
Portfolio Concentration
212 tracked positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025Top Position
18.9%
+9.4 pts
Top 5
38.6%
+6.8 pts
Top 10
45.9%
+1.5 pts
HHI
576
Diversified+274
Portfolio Trend
25 quarters · across all stocks
Sector Breakdown
As of Mar 31, 2026| Sector | % Portfolio | Value |
|---|---|---|
| Unclassified | 38.2% | $250,201,629 |
| Financial Services | 20.1% | $131,623,753 |
| Technology | 8.4% | $54,984,936 |
| Basic Materials | 8.4% | $54,972,952 |
| Consumer Cyclical | 7.2% | $47,009,409 |
| Energy | 4.5% | $29,748,765 |
| Industrials | 3.5% | $23,089,588 |
| Communication Services | 2.8% | $18,397,961 |
| Healthcare | 2.7% | $17,463,604 |
| Utilities | 2.1% | $13,536,326 |
| Consumer Defensive | 1.4% | $9,339,836 |
| Real Estate | 0.7% | $4,885,217 |
Last Quarter's Activity
Export CSVAdded To
Positions the filer increased
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| GENI | Genius Sports Ltd | +817,617 | 1,021,351 | $4,524,584 | |
| DCH | Dauch Corp | +789,126 | 1,618,318 | $9,596,625 | |
| PTON | Peloton Interactive, Inc. | +486,237 | 497,237 | $2,133,146 | |
| AQN | Algonquin Power & Utilities Corp. | +400,000 | 600,000 | $3,684,000 | |
| SPRY | ARS Pharmaceuticals, Inc. | +381,397 | 572,697 | $4,598,756 | |
| AIOT | Powerfleet, Inc. | +213,183 | 482,029 | $1,484,649 | |
| GFUZ | General Fusion Group Ltd. | +195,960 | 370,960 | $3,768,953 | |
| CMCO | Columbus Mckinnon Corp | +190,775 | 231,000 | $3,356,430 | |
| GLD | Spdr Gold Trust | +181,003 | 288,203 | $124,010,868 | |
| LION | Lionsgate Studios Corp. | +123,536 | 469,605 | $4,503,511 | |
| PRCH | Porch Group, Inc. | +121,564 | 291,564 | $2,090,513 | |
| AEXA | American Exceptionalism Acquisition Corp. A | +102,462 | 245,865 | $2,662,717 | |
| MBC | MasterBrand, Inc. | +91,530 | 105,046 | $872,932 | |
| CARS | Cars.com Inc. | +85,083 | 163,259 | $1,325,663 | |
| PFSI | PennyMac Financial Services, Inc. | +78,000 | 81,002 | $7,079,574 | |
| SPY | Spdr S&P 500 ETF Trust | +71,500 | 129,700 | $84,349,098 | |
| DBRG | DigitalBridge Group, Inc. | +58,933 | 190,000 | $2,929,800 | |
| CLF | Cleveland-Cliffs Inc. | +32,553 | 308,253 | $2,604,737 | |
| ABVX | Abivax S.A. | +31,241 | 63,741 | $7,097,560 | |
| SRG | Seritage Growth Properties | +25,000 | 1,081,400 | $3,038,734 | |
| VACI | Viking Acquisition Corp I | +20,301 | 170,301 | $1,691,088 | |
| VST | Vistra Corp. | +15,850 | 25,850 | $3,886,030 | |
| FSLR | First Solar, Inc. | +13,750 | 32,500 | $6,410,950 | |
| OBDC | Blue Owl Capital Corp | +12,200 | 22,500 | $248,850 | |
| MTA | Metalla Royalty & Streaming Ltd. | +12,000 | 81,760 | $542,068 | |
| No positions match the current search. | |||||
Trimmed
Positions the filer reduced
25 positions
| Ticker | Company | Δ Shares | Shares | Value | Open |
|---|---|---|---|---|---|
| GME | GameStop Corp. | −195,800 | 455,700 | $10,499,328 | |
| GFR | Greenfire Resources Ltd. | −188,845 | 656,440 | $4,148,700 | |
| FCX | Freeport-Mcmoran Inc | −179,800 | 206,000 | $12,108,680 | |
| IPCX | Inflection Point Acquisition Corp. III | −176,543 | 100,000 | $1,021,500 | |
| MARA | MARA Holdings, Inc. | −175,000 | 50,000 | $408,000 | |
| BTI | British American Tobacco p.l.c. | −156,109 | 109,626 | $6,409,832 | |
| PAR | Par Technology Corp | −153,580 | 450,000 | $5,998,500 | |
| WENN | WEN Acquisition Corp | −152,663 | 100,000 | $1,018,000 | |
| TACO | Berto Acquisition Corp. | −146,904 | 208,300 | $2,135,075 | |
| XPOF | Xponential Fitness, Inc. | −94,974 | 600,000 | $3,612,000 | |
| CAEP | Cantor Equity Partners III, Inc. | −94,900 | 217,767 | $2,245,177 | |
| BIPH | Brookfield Infrastructure Partners L.P. | −86,700 | 38,200 | $1,379,784 | |
| SOLS | Solstice Advanced Materials Inc. | −85,160 | 84,650 | $6,446,944 | |
| TMS | Teamshares Inc | −78,100 | 100,000 | $1,040,000 | |
| ELE | Elemental Royalty Corp | −71,100 | 106,256 | $2,001,863 | |
| CEPT | Cantor Equity Partners II, Inc. | −67,135 | 279,994 | $3,049,134 | |
| TLNC | Talon Capital Corp. | −49,752 | 250,000 | $2,550,000 | |
| MCGA | Yorkville Acquisition Corp. | −46,925 | 18,075 | $182,738 | |
| RAAQ | Real Asset Acquisition Corp. | −38,577 | 63,857 | $670,498 | |
| HCMA | Hcm III Acquisition Corp. | −34,602 | 200,000 | $2,016,000 | |
| RYAM | Rayonier Advanced Materials Inc. | −33,624 | 1,165,400 | $12,900,978 | |
| VOXR | Vox Royalty Corp. | −30,674 | 286,826 | $1,502,968 | |
| RDAG | Republic Digital Acquisition Co | −20,799 | 100,000 | $1,023,000 | |
| IBIT | iShares Bitcoin Trust ETF | −18,500 | 133,822 | $5,141,441 | |
| PCAP | ProCap Acquisition Corp | −18,342 | 179,990 | $1,834,098 | |
| No positions match the current search. | |||||
New Positions
Positions the filer opened this quarter
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| UBER | Uber Technologies, Inc | 117,500 | $8,451,775 | |
| SHOP | Shopify Inc. | 58,000 | $6,879,960 | |
| SEI | Solaris Energy Infrastructure, Inc. | 90,000 | $5,085,900 | |
| QURE | uniQure N.V. | 263,600 | $4,309,860 | |
| WLAC | Willow Lane Acquisition Corp. | 397,897 | $4,237,603 | |
| IT | Gartner Inc | 24,000 | $3,800,160 | |
| CLBR | Colombier Acquisition Corp. III | 372,211 | $3,744,442 | |
| PUMP | ProPetro Holding Corp. | 242,208 | $3,490,217 | |
| CMII | Columbus Circle Capital Corp II | 337,415 | $3,316,789 | |
| BRR | ProCap Financial, Inc. | 1,552,900 | $3,276,619 | |
| OR | OR Royalties Inc. | 80,000 | $3,041,600 | |
| AXP | American Express Co | 10,000 | $3,024,800 | |
| IEAG | Infinite Eagle Acquisition Corp. | 300,000 | $3,000,000 | |
| ARCI | Archimedes Tech SPAC Partners III Co. | 299,536 | $2,950,429 | |
| DBCA | D. Boral Acquisition I Corp. | 276,220 | $2,723,529 | |
| BMO | Bank Of Montreal /Can/ | 20,000 | $2,706,800 | |
| GLNG | Golar Lng Ltd | 50,000 | $2,705,500 | |
| STGW | Stagwell Inc | 409,070 | $2,573,050 | |
| ECVT | Ecovyst Inc. | 200,000 | $2,572,000 | |
| SBXE | SilverBox Corp V | 243,400 | $2,414,528 | |
| SEMR | SEMrush Holdings, Inc. | 200,000 | $2,388,000 | |
| PZZA | Papa Johns International Inc | 73,200 | $2,372,412 | |
| MSFT | Microsoft Corp | 6,000 | $2,221,020 | |
| SAAQ | Space Asset Acquisition Corp. | 212,161 | $2,113,123 | |
| AMTM | Amentum Holdings, Inc. | 80,000 | $2,086,400 | |
| No positions match the current search. | ||||
Sold Out
Positions the filer fully exited
25 positions
| Ticker | Company | Shares | Value | Open |
|---|---|---|---|---|
| META | Meta Platforms, Inc. | 10,000 | $6,600,900 | |
| OPEN | Opendoor Technologies Inc. | 1,059,157 | $6,174,885 | |
| PLTR | Palantir Technologies Inc. | 30,000 | $5,332,500 | |
| B | Barrick Mining Corp | 101,145 | $4,404,864 | |
| NGD | New Gold Inc. /FI | 481,563 | $4,194,413 | |
| PKST | Peakstone Realty Trust | 209,114 | $3,000,785 | |
| NKE | NIKE, Inc. | 47,000 | $2,994,370 | |
| HYAC | Haymaker Acquisition Corp. 4 | 226,442 | $2,576,909 | |
| FAC | Factorial Energy Inc. | 250,000 | $2,573,750 | |
| HOOD | Robinhood Markets, Inc. | 20,000 | $2,262,000 | |
| DAAQ | Digital Asset Acquisition Corp. | 218,397 | $2,218,913 | |
| CSIQ | Canadian Solar Inc. | 75,000 | $1,782,750 | |
| DCBO | Docebo Inc. | 76,910 | $1,707,402 | |
| P | Everpure, Inc. | 25,102 | $1,682,085 | |
| SYF | Synchrony Financial | 20,000 | $1,668,600 | |
| EVOX | Evolution Global Acquisition Corp | 150,000 | $1,480,500 | |
| ENHA | Enhanced Group Inc. | 125,000 | $1,256,250 | |
| CCIX | Churchill Capital Corp IX/Cayman | 108,850 | $1,157,075 | |
| DRDB | Roman DBDR Acquisition Corp. II | 107,090 | $1,116,948 | |
| CUBE | CubeSmart | 30,100 | $1,085,105 | |
| FTW | PRESIDIO PRODUCTION Co | 100,000 | $1,049,000 | |
| VEON | VEON Ltd. | 19,300 | $1,014,601 | |
| RNGT | Range Capital Acquisition Corp II | 100,000 | $998,000 | |
| LATA | Galata Acquisition Corp. II | 100,000 | $996,000 | |
| PLUG | Plug Power Inc | 450,000 | $886,500 | |
| No positions match the current search. | ||||
212 tracked positions ·
$655,253,976 total
· filing declares
487 positions · $1,432,158,045
· as of Mar 31, 2026
All sectors
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Showing 1–50
of 212 positions by value
· page 1 of 5
| Ticker | Company | Type | Shares | Value (USD) | % of Portfolio | History |
|---|---|---|---|---|---|---|
| GLD |
Spdr Gold Trust
PUT
CALL
+ SHARES
|
Added | 288,203 | $124,010,868 | 18.93% | |
| SPY |
Spdr S&P 500 ETF Trust
PUT
CALL
|
Added | 129,700 | $84,349,098 | 12.87% | |
| SLV |
iShares Silver Trust
PUT
CALL
|
Added | 284,400 | $19,379,016 | 2.96% | |
| RYAM |
Rayonier Advanced Materials Inc.
CALL
+ SHARES
Basic Materials
|
Reduced | 1,165,400 | $12,900,978 | 1.97% | |
| QQQ |
Invesco Qqq Trust, Series 1
PUT
CALL
|
Added | 21,000 | $12,120,780 | 1.85% | |
| FCX |
Freeport-Mcmoran Inc
PUT
Basic Materials
|
Reduced | 206,000 | $12,108,680 | 1.85% | |
| GME |
GameStop Corp.
PUT
CALL
Consumer Cyclical
|
Reduced | 455,700 | $10,499,328 | 1.60% | |
| DCH |
Dauch Corp
CALL
+ SHARES
Consumer Cyclical
|
Added | 1,618,318 | $9,596,625 | 1.46% | |
| UBER |
Uber Technologies, Inc
PUT
CALL
Technology
|
NEW | 117,500 | $8,451,775 | 1.29% | |
| ABVX |
Abivax S.A.
CALL
+ SHARES
Healthcare
|
Added | 63,741 | $7,097,560 | 1.08% | |
| PFSI |
PennyMac Financial Services, Inc.
Financial Services
|
Added | 81,002 | $7,079,574 | 1.08% | |
| SHOP |
Shopify Inc.
PUT
Technology
|
NEW | 58,000 | $6,879,960 | 1.05% | |
| SUNC |
SunocoCorp LLC
Energy
|
Held | 105,090 | $6,478,798 | 0.99% | |
| SOLS |
Solstice Advanced Materials Inc.
CALL
+ SHARES
Basic Materials
|
Reduced | 84,650 | $6,446,944 | 0.98% | |
| FSLR |
First Solar, Inc.
Technology
|
Added | 32,500 | $6,410,950 | 0.98% | |
| BTI |
British American Tobacco p.l.c.
CALL
+ SHARES
Consumer Defensive
|
Reduced | 109,626 | $6,409,832 | 0.98% | |
| PAR |
Par Technology Corp
PUT
CALL
Technology
|
Reduced | 450,000 | $5,998,500 | 0.92% | |
| SUN |
Sunoco LP
PUT
Energy
|
Held | 90,000 | $5,847,300 | 0.89% | |
| IBIT |
iShares Bitcoin Trust ETF
|
Reduced | 133,822 | $5,141,441 | 0.78% | |
| SEI |
Solaris Energy Infrastructure, Inc.
CALL
Energy
|
NEW | 90,000 | $5,085,900 | 0.78% | |
| SPRY |
ARS Pharmaceuticals, Inc.
CALL
+ SHARES
Healthcare
|
Added | 572,697 | $4,598,756 | 0.70% | |
| GENI |
Genius Sports Ltd
CALL
+ SHARES
Communication Services
|
Added | 1,021,351 | $4,524,584 | 0.69% | |
| LION |
Lionsgate Studios Corp.
CALL
+ SHARES
|
Added | 469,605 | $4,503,511 | 0.69% | |
| QURE |
uniQure N.V.
CALL
+ SHARES
Healthcare
|
NEW | 263,600 | $4,309,860 | 0.66% | |
| WLAC |
Willow Lane Acquisition Corp.
Financial Services
|
Added | 397,897 | $4,237,603 | 0.65% | |
| GFR |
Greenfire Resources Ltd.
Energy
|
Reduced | 656,440 | $4,148,700 | 0.63% | |
| BEP |
Brookfield Renewable Partners L.P.
Utilities
|
Reduced | 125,800 | $4,106,112 | 0.63% | |
| CCII |
Cohen Circle Acquisition Corp. II
Financial Services
|
Held | 399,200 | $4,079,824 | 0.62% | |
| NSC |
Norfolk Southern Corp
Industrials
|
Added | 14,091 | $4,044,117 | 0.62% | |
| APP |
AppLovin Corp
Communication Services
|
Added | 10,068 | $4,007,064 | 0.61% | |
| VST |
Vistra Corp.
Utilities
|
Added | 25,850 | $3,886,030 | 0.59% | |
| IT |
Gartner Inc
PUT
CALL
Technology
|
NEW | 24,000 | $3,800,160 | 0.58% | |
| GFUZ |
General Fusion Group Ltd.
Industrials
|
Added | 370,960 | $3,768,953 | 0.58% | |
| CLBR |
Colombier Acquisition Corp. III
Financial Services
|
NEW | 372,211 | $3,744,442 | 0.57% | |
| AQN |
Algonquin Power & Utilities Corp.
Utilities
|
Added | 600,000 | $3,684,000 | 0.56% | |
| XPOF |
Xponential Fitness, Inc.
Consumer Cyclical
|
Reduced | 600,000 | $3,612,000 | 0.55% | |
| PUMP |
ProPetro Holding Corp.
CALL
+ SHARES
Energy
|
NEW | 242,208 | $3,490,217 | 0.53% | |
| AMZN |
Amazon Com Inc
Consumer Cyclical
|
Added | 16,141 | $3,361,686 | 0.51% | |
| CMCO |
Columbus Mckinnon Corp
PUT
CALL
+ SHARES
Industrials
|
Added | 231,000 | $3,356,430 | 0.51% | |
| CMII |
Columbus Circle Capital Corp II
Financial Services
|
NEW | 337,415 | $3,316,789 | 0.51% | |
| BRR |
ProCap Financial, Inc.
Financial Services
|
NEW | 1,552,900 | $3,276,619 | 0.50% | |
| BEAG |
Bold Eagle Acquisition Corp.
Financial Services
|
Reduced | 306,918 | $3,239,519 | 0.49% | |
| PMTR |
Perimeter Acquisition Corp. I
Financial Services
|
Held | 297,237 | $3,049,651 | 0.47% | |
| CEPT |
Cantor Equity Partners II, Inc.
Financial Services
|
Reduced | 279,994 | $3,049,134 | 0.47% | |
| OR |
OR Royalties Inc.
Basic Materials
|
NEW | 80,000 | $3,041,600 | 0.46% | |
| SRG |
Seritage Growth Properties
Real Estate
|
Added | 1,081,400 | $3,038,734 | 0.46% | |
| AXP |
American Express Co
PUT
Financial Services
|
NEW | 10,000 | $3,024,800 | 0.46% | |
| IEAG |
Infinite Eagle Acquisition Corp.
Financial Services
|
NEW | 300,000 | $3,000,000 | 0.46% | |
| ARCI |
Archimedes Tech SPAC Partners III Co.
Financial Services
|
NEW | 299,536 | $2,950,429 | 0.45% | |
| DBRG |
DigitalBridge Group, Inc.
Financial Services
|
Added | 190,000 | $2,929,800 | 0.45% |
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.