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K2 Principal Fund, L.P. Top Holdings and 13F Report (2026)

About K2 Principal Fund, L.P.

Investment Activity

  • K2 Principal Fund, L.P. has $1.36 billion in total holdings as of June 30, 2026.
  • K2 Principal Fund, L.P. owns shares of 462 different stocks, but just 118 companies or ETFs make up 80% of its holdings.
  • Approximately 38.29% of the portfolio was purchased this quarter.
  • About 47.00% of the portfolio was sold this quarter.
  • This quarter, K2 Principal Fund, L.P. has purchased 453 new stocks and bought additional shares in 76 stocks.
  • K2 Principal Fund, L.P. sold shares of 82 stocks and completely divested from 152 stocks this quarter.

Largest Holdings

SPDR Gold Shares
$89,435,298
ALLIED GOLD
$26,178,150
VanEck Junior Gold Miners ETF
$25,112,700
SPDR S&P 500 ETF Trust
$20,013,436
PAR TECHNOLOGY CORP
$17,059,609

Largest New Holdings this Quarter

01921DAA3 - ALLIED GOLD
$26,178,150 Holding
053807AY9 - AVNET
$16,802,400 Holding
18915MAF4 - CLOUDFLARE INC
$16,490,500 Holding
594972AQ4 - STRATEGY INC
$15,396,000 Holding
682189AU9 - ON SEMICONDUCTOR CORP
$14,488,800 Holding

Largest Purchases this Quarter

ALLIED GOLD
15,973 shares (about $26.18M)
AVNET
12,000 shares (about $16.80M)
CLOUDFLARE INC
13,000 shares (about $16.49M)
STRATEGY INC
15,000 shares (about $15.40M)
ON SEMICONDUCTOR CORP
12,000 shares (about $14.49M)

Largest Sales this Quarter

SPDR S&P 500 ETF Trust
102,900 shares (about $76.84M)
SPDR Gold Shares
45,423 shares (about $16.73M)
Invesco QQQ
14,000 shares (about $10.31M)
PAR Technology
440,000 shares (about $7.66M)
Uber Technologies
103,500 shares (about $7.47M)

Sector Allocation Over Time

Map of 500 Largest Holdings ofK2 Principal Fund, L.P.

 
 
Selling
 
 
Neutral
 
 
Buying
Issuer NameHoldings ValueApproximate Purchase/SaleChange in SharesShares Held% of PortfolioSector
SPDR Gold Shares stock logo
GLD
SPDR Gold Shares
$89,435,298$16,732,925 â–¼-15.8%242,7806.6%ETF
ALLIED GOLD
$26,178,150$26,178,150 â–²New Holding15,9731.9%8.750 09/07/28 '27 CVT
VanEck Junior Gold Miners ETF stock logo
GDXJ
VanEck Junior Gold Miners ETF
$25,112,700$8,164,575 â–²48.2%255,6001.8%ETF
SPDR S&P 500 ETF Trust stock logo
SPY
SPDR S&P 500 ETF Trust
$20,013,436$76,842,633 â–¼-79.3%26,8001.5%ETF
PAR TECHNOLOGY CORP
$17,059,609$736,386 â–¼-4.1%13,9001.2%4.000 03/15/31 CVT
AVNET
$16,802,400$16,802,400 â–²New Holding12,0001.2%1.750 09/01/30 CVT PUT
AST SPACEMOBILE INC
$16,736,0030.0%10,5001.2%2.375 10/15/32 CVT
CLOUDFLARE INC
$16,490,500$16,490,500 â–²New Holding13,0001.2%NOTE 6/1
Global X Copper Miners ETF stock logo
COPX
Global X Copper Miners ETF
$16,163,700$461,820 â–²2.9%210,0001.2%ETF
STRATEGY INC
$15,396,000$15,396,000 â–²New Holding15,0001.1%NOTE 0.625 9/1
ABIVAX SA
$14,592,370$6,098,244 â–²71.8%109,5031.1%SPONSORED ADS
ON SEMICONDUCTOR CORP
$14,488,800$14,488,800 â–²New Holding12,0001.1%NOTE 0.500 3/0
WAYFAIR INC
$14,282,470$14,282,470 â–²New Holding9,3491.0%NOTE 3.250 9/1
GAMESTOP CORP
$14,250,600$14,250,600 â–²New Holding14,0001.0%NOTE 4/0
PennyMac Financial Services, Inc. stock logo
PFSI
PennyMac Financial Services
$13,915,618$6,860,344 â–²97.2%159,7661.0%Finance
GOLAR LNG LTD
$13,744,0800.0%12,0001.0%2.750 12/15/30 CVT
iShares Silver Trust stock logo
SLV
iShares Silver Trust
$13,608,115$1,598,753 â–¼-10.5%254,5001.0%ETF
SOLARIS ENERGY INFRAS INC
$12,952,000$6,476,000 â–¼-33.3%8,0000.9%NOTE 0.25010/0
MARA HOLDINGS INC
$12,558,7500.0%12,5000.9%NOTE 3/0
I-80 GOLD CORP
$12,248,885$1,113,535 â–²10.0%11,0000.9%3.750 04/15/31 CVT
RUBRIK INC.
$12,243,600$12,243,600 â–²New Holding12,0000.9%NOTE 6/1
DROPBOX INC
$12,128,4000.0%12,0000.9%NOTE 3/0
VIRGIN GALATIC HOLDINGS
$11,998,625$11,998,625 â–²New Holding12,5000.9%2.500 02/01/27 CVT
LUCID GROUP INC
$11,996,2500.0%12,5000.9%1.250 12/15/26 CVT
COREWEAVE INC
$11,945,050$2,389,010 â–²25.0%10,0000.9%1.750 12/01/31 CVT
SUNRUN INC
$11,889,000$2,377,800 â–²25.0%10,0000.9%NOTE 4.000 3/0
FRESHPET INC
$11,660,000$4,500,760 â–²62.9%10,0000.9%NOTE 3.000 4/0
ETSY INC
$11,632,000$11,632,000 â–²New Holding10,0000.9%NOTE 1.000 6/1
DAUCH CORP
$11,314,299$2,543,015 â–²29.0%2,087,5090.8%COM
Freeport-McMoRan Inc. stock logo
FCX
Freeport-McMoRan
$11,093,796$1,861,544 â–¼-14.4%176,4000.8%Materials
CERENCE INC
$11,058,000$1,612,625 â–¼-12.7%12,0000.8%NOTE 1.500 7/0
PEBBLEBROOK HOTEL TRUST
$10,771,120$2,692,780 â–²33.3%8,0000.8%1.625 01/15/30 CVT
AKAMAI TECHNOLOGIES INC
$10,742,400$1,193,600 â–²12.5%9,0000.8%NOTE 1.125 2/1
Electronic Arts Inc. stock logo
EA
Electronic Arts
$10,354,520$9,329,320 â–²910.0%50,5000.8%Communication Services
SOUTHERN CO
$10,113,000$10,113,000 â–²New Holding10,0000.7%NOTE 3.250 6/1
SNAP INC
$9,970,0000.0%10,0000.7%NOTE 0.750 8/0
WIX LTD
$9,936,810$1,146,555 â–¼-10.3%13,0000.7%09/15/30 CVT
LIVE NATION ENTERTAINMENT
$9,933,975$9,933,975 â–²New Holding9,0000.7%2.875 10/15/31 CVT
UPSTART HLDGS INC
$9,925,0000.0%10,0000.7%NOTE 0.250 8/1
COINBASE GLOBAL INC
$9,894,5000.0%11,0000.7%NOTE 0.250 4/0
iShares Core S&P Small-Cap ETF stock logo
IJR
iShares Core S&P Small-Cap ETF
$9,788,460$5,339,160 â–²120.0%66,0000.7%ETF
BOX INC
$9,779,0000.0%10,0000.7%NOTE 1.500 9/1
BLACKSKY TECHNOLOGY INC
$9,733,2760.0%7,5070.7%8.250 08/01/33 CVT PUT
UBER TECHNOLOGIES INC
$9,594,4000.0%8,0000.7%NOTE 0.87512/0
BITDEER TECHNOLOGIES GRP
$9,571,6600.0%7,0000.7%5.250 12/01/29 CVT PUT
Alphabet Inc. stock logo
GOOG
Alphabet
$9,459,704$2,272,619 â–¼-19.4%26,7730.7%Communication Services
T1 ENERGY INC
$9,428,650$9,428,650 â–²New Holding5,5000.7%NOTE 4.000 4/1
MUVICO LLC
$9,156,062$455,180 â–¼-4.7%11,3450.7%8.000 04/30/30 CVT
VIRGIN GALATIC HOLDINGS
$9,058,108$9,058,108 â–²New Holding10,1840.7%9.800 12/31/28 '26
T1 ENERGY INC
$8,955,970$4,691,222 â–²110.0%5,2500.7%NOTE 5.25012/0
MARRIOTT VACATIONS WORLDWIDE
$8,873,1000.0%9,0000.7%NOTE 3.25012/1
MARA HOLDINGS INC
$8,697,6000.0%9,0000.6%NOTE 6/0
DENISON MINES CORP
$8,536,5000.0%6,0000.6%4.250 09/15/31 CVT
DATADOG INC
$8,518,200$4,259,100 â–²100.0%6,0000.6%NOTE 12/0
SUNOCOCORP LLC
$8,311,297$1,199,857 â–²16.9%122,8210.6%COM SHS LLC
GALAXY DIGITAL HOLDIN LP
$8,128,6980.0%5,5000.6%2.500 12/01/29 CVT
OPENDOOR TECHNOLOGIES IN
$8,058,516$593,265 â–²7.9%8,1500.6%0.250 08/15/26 CVT
FLUOR CORP
$7,938,6000.0%6,0000.6%NOTE 1.125 8/1
THE REALREAL INC
$7,634,7000.0%8,5000.6%NOTE 1.000 3/0
COMPASS
$7,612,220$7,612,220 â–²New Holding7,0000.6%0.250 04/15/31 CVT
ARRAY TECHNOLOGIES INC
$7,457,910$3,728,955 â–²100.0%6,0000.5%2.875 07/01/31 CVT
PEBBLEBROOK HOTEL TR
$7,407,9800.0%7,4730.5%NOTE 1.75012/1
VIZSLA SILVER CORP
$7,297,7460.0%7,2100.5%5.000 01/15/31 CVT
CLEAR CHANNEL OUTDOOR HO
$7,285,1850.0%7,2750.5%7.500 06/01/29 '26
STRATEGY INC
$7,157,5000.0%7,0000.5%NOTE 0.625 3/1
STRATEGY INC
$7,108,8000.0%8,0000.5%NOTE 3/0
BorgWarner Inc. stock logo
BWA
BorgWarner
$7,066,952$7,066,952 â–²New Holding106,4300.5%Consumer Discretionary
T1 ENERGY INC
$6,583,860$5,161,860 â–²363.0%694,5000.5%COM NEW
Colliers International Group Inc. stock logo
CIGI
Colliers International Group
$6,523,751$6,523,751 â–²New Holding69,5570.5%Real Estate
PELOTON INTERACTIVE INC
$6,466,8000.0%4,0000.5%NOTE 5.50012/0
iShares MSCI EAFE ETF stock logo
EFA
iShares MSCI EAFE ETF
$6,232,800$6,232,800 â–²New Holding60,0000.5%ETF
Papa John's International, Inc. stock logo
PZZA
Papa John's International
$6,041,311$3,349,747 â–²124.5%164,3000.4%Consumer Discretionary
RIOT PLATFORMS INC
$6,031,5000.0%3,0000.4%NOTE 0.750 1/1
Rayonier Advanced Materials Inc. stock logo
RYAM
Rayonier Advanced Materials
$5,940,101$3,219,943 â–¼-35.2%755,7380.4%Materials
uniQure N.V. stock logo
QURE
uniQure
$5,923,362$6,218,054 â–¼-51.2%128,6010.4%Healthcare
Xponential Fitness, Inc. stock logo
XPOF
Xponential Fitness
$5,867,627$1,715,627 â–²41.3%847,9230.4%Consumer Discretionary
GUIDEWIRE SOFTWARE INC
$5,778,6000.0%6,0000.4%NOTE 1.25011/0
APPLOVIN CORP
$5,708,233$520,898 â–²10.0%11,0790.4%COM CL A
Evolv Technologies Holdings, Inc. stock logo
EVLV
Evolv Technologies
$5,697,294$5,697,294 â–²New Holding982,2920.4%Technology
ARCHIMEDES TECH SPAC PARTNER
$5,672,727$4,725,165 â–²498.7%526,2270.4%ORD SHS
MARA HOLDINGS INC
$5,625,6000.0%6,0000.4%NOTE 1.00012/0
WOLFSPEED
$5,608,904$5,608,904 â–²New Holding5,0510.4%13.875 06/23/30 '27
ARRAY TECHNOLOGIES INC
$5,571,600$2,785,800 â–²100.0%6,0000.4%NOTE 1.00012/0
First Solar, Inc. stock logo
FSLR
First Solar
$5,545,060$2,123,640 â–¼-27.7%23,5000.4%Technology
COHEN CIRCLE ACQUISIT CORP I
$5,466,612$1,354,852 â–²33.0%530,7390.4%SHS CL A
British American Tobacco p.l.c. stock logo
BTI
British American Tobacco
$5,434,880$1,335,622 â–¼-19.7%88,0000.4%Consumer Staples
REDDIT INC
$5,365,879$2,309,829 â–²75.6%30,9130.4%CL A
United States Oil Fund LP stock logo
USO
United States Oil Fund
$5,322,000$5,322,000 â–²New Holding50,0000.4%ETF
INNOVATIVE INDUSTRIAL PROPERTIES
$5,321,400$5,321,400 â–²New Holding5,0000.4%6.000 06/15/29 CVT
NEKTAR THERAPEUTICS
$5,268,212$5,268,212 â–²New Holding75,4650.4%COM NEW
PLUG POWER INC
$5,202,4780.0%3,8750.4%6.750 12/01/33 CVT PUT
Invesco QQQ stock logo
QQQ
Invesco QQQ
$5,154,800$10,309,600 â–¼-66.7%7,0000.4%ETF
Microsoft Corporation stock logo
MSFT
Microsoft
$5,087,247$2,849,127 â–²127.3%13,6380.4%Technology
TRUMP MEDIA AND TECH
$4,759,725$4,759,725 â–²New Holding5,0000.3%05/29/28 CVT PUT
Norfolk Southern Corporation stock logo
NSC
Norfolk Southern
$4,716,019$283,131 â–²6.4%14,9910.3%Industrials
AMERICAN EXCEPTIONALISM ACQU
$4,627,116$1,720,992 â–²59.2%391,4650.3%ORD CL A
SkyWater Technology, Inc. stock logo
SKYT
SkyWater Technology
$4,551,148$2,648,131 â–²139.2%130,7050.3%Technology
WILLOW LANE ACQUISITION CRP
$4,494,325$4,494,325 â–²New Holding439,3280.3%USD CL A ORD SHS
GameStop Corp. stock logo
GME
GameStop
$4,416,000$5,645,856 â–¼-56.1%200,0000.3%Consumer Discretionary
Kenvue Inc. stock logo
KVUE
Kenvue
$4,377,967$4,377,967 â–²New Holding229,0930.3%Consumer Staples

Showing largest 100 holdings. View all holdings.
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