Q2 2026 13F · SEC CIK 1461790

K2 Principal Fund, L.P.

Asset managerFiled 2026-08-07 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $402.7M
Reported positions: 335
Top holdings a year, 3 yrs: +11.5%
Average holding period: 3 qtrs

K2 Principal Fund, L.P. is an asset manager that reported 335 positions worth $402.7M in its Q2 2026 13F, filed 2026-08-07. Its largest holdings were Pennymac Finl Svcs Inc New (PFSI, 3.5%), Spdr Gold Tr (GLD, 2.9%), Alphabet Inc (GOOG, 2.3%). A portfolio copying its top holdings returned 11.5% a year over the last 3 years, against 20.4% for the S&P 500.

K2 Principal Fund, L.P. holdings largest 50 of 335 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

K2 Principal Fund, L.P. 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
PFSIPennymac Finl Svcs Inc New	3.5%	2.1%	159,766	+97.2%	$13.9M
GLDSpdr Gold Tr	2.9%	1.8%	32,180	+120.4%	$11.9M
GOOGAlphabet Inc	2.3%	2.8%	26,773	-19.4%	$9.5M
SUNCSunococorp LLC	2.1%	1.9%	122,821	+16.9%	$8.3M
DCHDauch Corp	1.7%	2.1%	1,297,209	+9.5%	$7.0M
BWABorgwarner Inc	1.7%	—	101,430	—	$6.7M
CIGIColliers Intl Group Inc.	1.6%	—	69,557	—	$6.5M
APPApplovin Corp	1.4%	1.2%	11,079	+10.0%	$5.7M
ATIIArchimedes Tech Spac Partner	1.4%	—	526,227	—	$5.7M
FSLRFirst Solar Inc	1.4%	1.9%	23,500	-27.7%	$5.5M
CCIICohen Circle Acquisit Corp I	1.4%	1.2%	530,739	+33.0%	$5.5M
RYAMRayonier Advanced Matls Inc	1.2%	1.0%	615,738	+92.2%	$4.8M
NSCNorfolk Southn Corporation	1.2%	1.2%	14,991	+6.4%	$4.7M
RDDTReddit Inc	1.2%	0.7%	26,913	+52.9%	$4.7M
SKYTSkywater Technology Inc	1.1%	—	130,705	—	$4.6M
WLIIWillow Lane Acquisition Crp	1.1%	—	439,328	—	$4.5M
KVUEKenvue Inc	1.1%	—	229,093	—	$4.4M
MSFTMicrosoft Corp	1.1%	0.7%	11,638	+94.0%	$4.3M
RMAXRe/max Hldgs Inc	1.1%	—	434,766	—	$4.3M
IBITIshares Bitcoin Trust ETF	1.0%	1.5%	122,542	-8.4%	$4.1M
GFRGreenfire Resources Ltd	1.0%	1.2%	720,740	+9.8%	$4.1M
CMIIColumbus Circle Cap Corp II	1.0%	1.0%	400,000	+18.5%	$4.1M
AAC-UNAres Acquisition Corp unit	1.0%	—	400,000	—	$4.0M
PZZAPapa Johns Intl Inc	1.0%	0.7%	109,300	+49.3%	$4.0M
OACCOaktree Acquisition Corp III	1.0%	—	365,900	—	$3.9M
EVLVEvolv Technologies Holdings	1.0%	—	663,392	—	$3.8M
LLYVALiberty Live Group Series A	1.0%	—	37,843	—	$3.8M
XPOFXponential Fitness Inc	0.9%	1.1%	537,923	-10.3%	$3.7M
IMAXImax Corp	0.9%	—	93,100	—	$3.7M
MTAMetalla Rty & Streaming Ltd	0.9%	—	479,760	—	$3.7M
QUREUniqure NV	0.9%	—	78,601	—	$3.6M
NKTRNektar Therapeutics	0.9%	—	50,465	—	$3.5M
MTALMetals Acquisition Corp II	0.8%	—	332,197	—	$3.4M
CEPFCantor Equity Partners IV in	0.8%	0.8%	318,199	+23.2%	$3.3M
ABVXAbivax SA	0.8%	1.8%	24,403	-54.6%	$3.3M
PMTRPerimeter Acquisition Corp I	0.8%	0.9%	297,237	+0.0%	$3.1M
ARCIArchimedes Tech Spac Ptnrs I	0.8%	0.9%	308,333	+2.9%	$3.1M
OTGAOtg Acquisition Corp. I	0.8%	—	300,000	—	$3.0M
SPRYArs Pharmaceuticals Inc	0.7%	1.3%	375,132	-33.0%	$3.0M
DBRGDigitalbridge Group Inc	0.7%	0.9%	190,000	+0.0%	$3.0M
CORZWCore Scientific Inc New	0.7%	—	158,192	—	$3.0M
IEAGInfinite Eagle Acquisition C	0.7%	0.9%	288,400	-3.9%	$2.9M
ASMLAsml Hldg NV	0.7%	—	1,464	—	$2.9M
KEYYKeystone Acquisition Corp	0.7%	—	293,023	—	$2.9M
SRGSeritage Growth Properties	0.7%	0.9%	1,081,400	+0.0%	$2.8M
JENAJena Acquisition Corp II	0.7%	0.8%	273,000	+0.0%	$2.8M
IPFXInflection Pt Acquisit Corp	0.7%	—	271,366	—	$2.8M
AEXAAmerican Exceptionalism Acqu	0.7%	—	237,265	—	$2.8M
TLNCTalon Cap Corp	0.7%	0.7%	260,000	+4.0%	$2.7M
BEAGBold Eagle Acquisition Cor-A	0.7%	0.9%	250,000	-18.5%	$2.7M

What K2 Principal Fund, L.P. bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: -5.0% /yr; S&P 500 +20.1%
3 years: +11.5% /yr; S&P 500 +20.4%
5 years: -2.0% /yr; S&P 500 +11.6%

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$402.7M	335
Q1 2026	$341.1M	315
Q4 2025	$282.2M	270
Q3 2025	$294.2M	217
Q2 2025	$244.7M	210
Q1 2025	$183.4M	176
Q4 2024	$214.7M	164
Q3 2024	$204.5M	169
Q2 2024	$193.4M	166
Q1 2024	$196.2M	169
Q4 2023	$160.3M	143
Q3 2023	$120.1M	149

Questions about K2 Principal Fund, L.P.'s portfolio

What stocks does K2 Principal Fund, L.P. own?

K2 Principal Fund, L.P.'s latest 13F, for Q2 2026 and filed Aug 7, 2026, lists 335 positions worth $402.7M. The largest are Pennymac Finl Svcs Inc New (PFSI) at 3.5%, Spdr Gold Tr (GLD) at 2.9%, Alphabet Inc (GOOG) at 2.3%, Sunococorp LLC (SUNC) at 2.1% and Dauch Corp (DCH) at 1.7%.

What did K2 Principal Fund, L.P. buy last quarter?

In Q2 2026, K2 Principal Fund, L.P. added Spdr Gold Tr (GLD) (+120.4% shares), Pennymac Finl Svcs Inc New (PFSI) (+97.2% shares) and Microsoft Corp (MSFT) (+94.0% shares), compared with its Q1 2026 filing.

What did K2 Principal Fund, L.P. sell last quarter?

In Q2 2026, K2 Principal Fund, L.P. cut from its top 50 Willow Lane Acquisition Crp (WLIIU), cut from its top 50 Willow Lane Acquisition Corp. (WLAC), cut from its top 50 Brookfield Renewable Energy (BEP), cut from its top 50 Lionsgate Studios Corp (LION), cut from its top 50 Vistra Corp (VST), Abivax SA (ABVX) (-54.6% shares), Ars Pharmaceuticals Inc (SPRY) (-33.0% shares) and First Solar Inc (FSLR) (-27.7% shares), compared with its Q1 2026 filing.

How has K2 Principal Fund, L.P.'s portfolio performed?

A portfolio copying K2 Principal Fund, L.P.'s 20 largest 13F holdings each quarter, from the day each filing was public, returned +11.5% a year over the last 3 years, against +20.4% for the S&P 500. Over 1 year: -5.0% against +20.1%. Over 5 years: -2.0% a year against +11.6%.

When is K2 Principal Fund, L.P.'s next 13F filing due?

13F filings are due 45 days after each quarter ends. K2 Principal Fund, L.P.'s filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.