K2 PRINCIPAL FUND, L.P.

CIK

1461790

Location

TORONTO, A6

Portfolio Value

Micro $9,339,836

Diversification

Diversified

Filing Date

Global Rank

#2,279 / 8,586 ▲ 617

Top Industry

Shell Companies 24.5%

3Y Alpha vs SPY

-2.4%

Period ended 3 months ago

Filed May 14, 2026 · 33d

25 quarters · since Mar 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+66.5%

SPY

+78.1%

Annualised alpha

-2.7%

Max drawdown

−25.8%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

206 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

19.2%

+9.4 pts

Top 5

39.2%

+6.6 pts

Top 10

46.6%

+1.1 pts

HHI

595

Diversified+278

Portfolio Trend

25 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Unclassified	38.8%	$250,201,629	8
Financial Services	19.4%	$124,772,673	86
Technology	8.5%	$54,984,936	30
Basic Materials	8.5%	$54,972,952	16
Consumer Cyclical	7.3%	$47,009,409	19
Energy	4.6%	$29,748,765	8
Industrials	3.0%	$19,320,635	13
Communication Services	2.9%	$18,397,961	10
Healthcare	2.7%	$17,463,604	5
Utilities	2.1%	$13,536,326	5
Consumer Defensive	1.4%	$9,339,836	4
Real Estate	0.8%	$4,885,217	2

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
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
SVAC	Spring Valley Acquisition Corp. III	+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
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
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
LOKV	Live Oak Acquisition Corp. V	−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
FFBC	First Financial Bancorp /Oh/	−8,508	18,068	$503,735
TIC	TIC Solutions, Inc.	−8,381	106,908	$703,454
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
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
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
CGCT	Cartesian Growth Corp III	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.

Portfolio Positions

Compact Export CSV View 13F filing

4 positions · $9,339,836 total · Consumer Defensive only · as of Mar 31, 2026

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

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
STKL	SunOpta Inc. Consumer Defensive	NEW	64,304	NEW	$416,689	NEW	4.46%
KMB	Kimberly Clark Corp Consumer Defensive	NEW	7,412	NEW	$715,035	NEW	7.66%
FRPT	Freshpet, Inc. Consumer Defensive	NEW	30,500	NEW	$1,798,280	NEW	19.25%
BTI	British American Tobacco p.l.c. Consumer Defensive	Reduced	109,626	-156,109	$6,409,832	−57.4%	68.63%