K2 PRINCIPAL FUND, L.P.

CIK

1461790

Location

TORONTO, A6

Portfolio Value

Micro $54,984,936

Diversification

Diversified

Filing Date

Global Rank

#1,994 / 8,232 ▲ 737

Top Industry

Shell Companies 24.5%

3Y Alpha vs SPY

-1.6%

Period ended 2 months ago

Filed May 14, 2026 · 31d

24 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

+69.4%

SPY

+76.3%

Annualised alpha

-1.6%

Max drawdown

−25.9%

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 Sep 30, 2025

Top Position

19.2%

−4.5 pts

Top 5

39.2%

−3.3 pts

Top 10

46.6%

−8.1 pts

HHI

595

Diversified−128

Portfolio Trend

24 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 Sep 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
DCH	Dauch Corp	+921,532	1,618,318	$9,596,625
GENI	Genius Sports Ltd	+780,590	1,021,351	$4,524,584
RYAM	Rayonier Advanced Materials Inc.	+594,680	1,165,400	$12,900,978
PAR	Par Technology Corp	+327,868	450,000	$5,998,500
CLF	Cleveland-Cliffs Inc.	+238,253	308,253	$2,604,737
AIOT	Powerfleet, Inc.	+232,029	482,029	$1,484,649
GFR	Greenfire Resources Ltd.	+208,840	656,440	$4,148,700
WLAC	Willow Lane Acquisition Corp.	+201,044	397,897	$4,237,603
SVAC	Spring Valley Acquisition Corp. III	+170,960	370,960	$3,768,953
CEPT	Cantor Equity Partners II, Inc.	+129,056	279,994	$3,049,134
LION	Lionsgate Studios Corp.	+88,820	469,605	$4,503,511
TIC	TIC Solutions, Inc.	+81,908	106,908	$703,454
SRG	Seritage Growth Properties	+81,400	1,081,400	$3,038,734
PFSI	PennyMac Financial Services, Inc.	+78,000	81,002	$7,079,574
UBER	Uber Technologies, Inc	+77,070	117,500	$8,451,775
PTON	Peloton Interactive, Inc.	+67,868	497,237	$2,133,146
IBIT	iShares Bitcoin Trust ETF	+57,722	133,822	$5,141,441
CAEP	Cantor Equity Partners III, Inc.	+53,945	217,767	$2,245,177
NLOP	Net Lease Office Properties	+15,485	160,285	$1,846,483
NSC	Norfolk Southern Corp	+13,191	14,091	$4,044,117
RDDT	Reddit, Inc.	+12,125	17,606	$2,370,647
EIC	Eagle Point Income Co Inc.	+11,011	23,584	$222,632
BEAG	Bold Eagle Acquisition Corp.	+7,503	306,918	$3,239,519
AMZN	Amazon Com Inc	+6,633	16,141	$3,361,686
SEI	Solaris Energy Infrastructure, Inc.	+5,000	90,000	$5,085,900
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
CORZ	Core Scientific, Inc./tx	−668,101	100,000	$1,496,000
SLV	iShares Silver Trust	−462,231	284,400	$19,379,016
HVII	Hennessy Capital Investment Corp. VII	−305,657	46,922	$485,642
EVAC	EQV Ventures Acquisition Corp. II	−283,973	200,000	$2,018,000
BTI	British American Tobacco p.l.c.	−225,730	109,626	$6,409,832
MARA	MARA Holdings, Inc.	−200,000	50,000	$408,000
IPCX	Inflection Point Acquisition Corp. III	−148,066	100,000	$1,021,500
XPOF	Xponential Fitness, Inc.	−140,000	600,000	$3,612,000
SPRY	ARS Pharmaceuticals, Inc.	−112,310	572,697	$4,598,756
W	Wayfair Inc.	−110,500	19,000	$1,428,990
SPHR	Sphere Entertainment Co.	−106,592	8,108	$951,879
HCMA	Hcm III Acquisition Corp.	−100,000	200,000	$2,016,000
RDAG	Republic Digital Acquisition Co	−100,000	100,000	$1,023,000
AEXA	American Exceptionalism Acquisition Corp. A	−84,370	245,865	$2,662,717
SZZL	Sizzle Acquisition Corp. II	−81,521	18,479	$189,964
LOKV	Live Oak Acquisition Corp. V	−78,100	100,000	$1,040,000
MCGA	Yorkville Acquisition Corp.	−46,925	18,075	$182,738
TACO	Berto Acquisition Corp.	−46,904	208,300	$2,135,075
VOXR	Vox Royalty Corp.	−30,674	286,826	$1,502,968
ATII	Archimedes Tech SPAC Partners II Co.	−25,770	87,900	$915,039
QQQ	Invesco Qqq Trust, Series 1	−14,000	21,000	$12,120,780
VBNK	VersaBank	−12,520	29,982	$424,844
GLD	Spdr Gold Trust	−11,443	288,203	$124,010,868
TER	Teradyne, Inc	−10,700	1,300	$385,398
RTAC	Renatus Tactical Acquisition Corp I	−5,252	129,458	$1,330,828
No positions match the current search.

New Positions

Positions the filer opened this quarter

25 positions

Ticker	Company	Shares	Value
SPY	Spdr S&P 500 ETF Trust	129,700	$84,349,098
GME	GameStop Corp.	455,700	$10,499,328
ABVX	Abivax S.A.	63,741	$7,097,560
SHOP	Shopify Inc.	58,000	$6,879,960
SUNC	SunocoCorp LLC	105,090	$6,478,798
SOLS	Solstice Advanced Materials Inc.	84,650	$6,446,944
SUN	Sunoco LP	90,000	$5,847,300
QURE	uniQure N.V.	263,600	$4,309,860
BEP	Brookfield Renewable Partners L.P.	125,800	$4,106,112
VST	Vistra Corp.	25,850	$3,886,030
IT	Gartner Inc	24,000	$3,800,160
CLBR	Colombier Acquisition Corp. III	372,211	$3,744,442
AQN	Algonquin Power & Utilities Corp.	600,000	$3,684,000
PUMP	ProPetro Holding Corp.	242,208	$3,490,217
CMCO	Columbus Mckinnon Corp	231,000	$3,356,430
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
DBRG	DigitalBridge Group, Inc.	190,000	$2,929,800
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
No positions match the current search.

Sold Out

Positions the filer fully exited

25 positions

Ticker	Company	Shares	Value
OPEN	Opendoor Technologies Inc.	1,558,714	$12,422,950
CRWV	CoreWeave, Inc.	89,500	$12,248,075
HHH	Howard Hughes Holdings Inc.	130,000	$10,682,100
RKT	Rocket Companies, Inc.	165,000	$3,197,700
PKST	Peakstone Realty Trust	237,403	$3,114,727
PDS	PRECISION DRILLING Corp	51,600	$2,908,176
OMC	Omnicom Group Inc.	35,000	$2,853,550
B	Barrick Mining Corp	79,845	$2,616,520
TLN	Talen Energy Corp	6,000	$2,552,280
HYAC	Haymaker Acquisition Corp. 4	199,800	$2,265,732
DCBO	Docebo Inc.	79,910	$2,183,940
VFC	V F Corp	149,100	$2,151,513
FND	Floor & Decor Holdings, Inc.	28,500	$2,100,450
LPLA	LPL Financial Holdings Inc.	6,115	$2,034,399
CCJ	Cameco Corp	23,000	$1,928,780
FTW	PRESIDIO PRODUCTION Co	173,140	$1,797,193
INTC	Intel Corp	50,000	$1,677,500
BKR	Baker Hughes Co	33,000	$1,607,760
INVH	Invitation Homes Inc.	50,000	$1,466,500
CPRI	Capri Holdings Ltd	61,357	$1,222,231
CCIX	Churchill Capital Corp IX/Cayman	114,350	$1,198,388
ARES	Ares Management Corp	7,000	$1,119,230
OUT	OUTFRONT Media Inc.	60,435	$1,107,169
DRDB	Roman DBDR Acquisition Corp. II	107,090	$1,105,061
TSEM	Tower Semiconductor Ltd	13,512	$976,917
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

30 positions · $54,984,936 total · Technology 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
UBER	Uber Technologies, Inc Technology	Added	117,500	+77,070	$8,451,775	+113.4%	15.37%
SHOP	Shopify Inc. Technology	NEW	58,000	NEW	$6,879,960	NEW	12.51%
FSLR	First Solar, Inc. Technology	Added	32,500	+4,750	$6,410,950	+4.8%	11.66%
PAR	Par Technology Corp Technology	Added	450,000	+327,868	$5,998,500	+24.1%	10.91%
IT	Gartner Inc Technology	NEW	24,000	NEW	$3,800,160	NEW	6.91%
SEMR	SEMrush Holdings, Inc. Technology	NEW	200,000	NEW	$2,388,000	NEW	4.34%
MSFT	Microsoft Corp Technology	Added	6,000	+4,250	$2,221,020	+145.0%	4.04%
ADP	Automatic Data Processing Inc Technology	NEW	10,000	NEW	$2,031,800	NEW	3.70%
ASML	Asml Holding NV Technology	NEW	1,500	NEW	$1,981,245	NEW	3.60%
SKYT	SkyWater Technology, Inc Technology	NEW	54,653	NEW	$1,498,038	NEW	2.72%
CORZ	Core Scientific, Inc./tx Technology	Reduced	100,000	-668,101	$1,496,000	−89.1%	2.72%
AIOT	Powerfleet, Inc. Technology	Added	482,029	+232,029	$1,484,649	+13.3%	2.70%
FLEX	Flex Ltd. Technology	NEW	18,484	NEW	$1,209,962	NEW	2.20%
INFQ	Infleqtion, Inc. Technology	NEW	120,000	NEW	$1,177,200	NEW	2.14%
QRVO	Qorvo, Inc. Technology	NEW	14,480	NEW	$1,120,752	NEW	2.04%
WIX	Wix.com Ltd. Technology	NEW	10,000	NEW	$900,700	NEW	1.64%
DELL	Dell Technologies Inc. Technology	NEW	5,000	NEW	$820,650	NEW	1.49%
AGYS	Agilysys Inc Technology	NEW	10,000	NEW	$711,400	NEW	1.29%
AVGO	Broadcom Inc. Technology	NEW	2,150	NEW	$665,446	NEW	1.21%
KEYS	Keysight Technologies, Inc. Technology	NEW	1,600	NEW	$451,792	NEW	0.82%
LRCX	Lam Research Corp Technology	NEW	2,000	NEW	$427,320	NEW	0.78%
AMAT	Applied Materials Inc /De Technology	NEW	1,238	NEW	$423,136	NEW	0.77%
RGTI	Rigetti Computing, Inc. Technology	NEW	30,000	NEW	$421,200	NEW	0.77%
TER	Teradyne, Inc Technology	Reduced	1,300	-10,700	$385,398	−76.7%	0.70%
AMKR	Amkor Technology, Inc. Technology	NEW	8,306	NEW	$374,019	NEW	0.68%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	NEW	1,100	NEW	$371,745	NEW	0.68%
CSGS	Csg Systems International Inc Technology	NEW	3,723	NEW	$297,616	NEW	0.54%
NOK	Nokia Corp Technology	NEW	35,000	NEW	$281,400	NEW	0.51%
KLIC	Kulicke & Soffa Industries Inc Technology	NEW	4,100	NEW	$269,452	NEW	0.49%
FRMM	FORUM MARKETS Inc Technology	NEW	11,644	NEW	$33,651	NEW	0.06%