Institutional Manager · CIK 0001461790
K2 PRINCIPAL FUND, L.P.
TORONTO, A6 · File #028-16812
Latest AUM
$1.24B
Positions
410
Top-10 Concentration
37.9%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| NEW | SPDR SP 500 ETF TR | SPY | +58,200 | +$39.7M | $0 |
| ADD | LUMENTUM HLDGS INC | LITE | +11,000 | +$31.3M | +$4.3M |
| REDUCE | VANGUARD INDEX FDS | 922908363 | -48,700 | -$30.5M | +$811,250 |
| EXITED | WESTERN DIGITAL CORP | 958102AT2 | -7,500 | -$24.0M | $0 |
| EXITED | IREN LTD | 46270CAC3 | -6,000 | -$21.5M | $0 |
| NEW | APPLIED DIGITAL CORP | APLD | +7,000 | +$18.8M | $0 |
| EXITED | APPLIED DIGITAL CORP | 038169AA6 | -7,000 | -$17.6M | $0 |
| EXITED | LUMENTUM HLDGS INC | 55024UAH2 | -7,000 | -$16.9M | $0 |
| NEW | FIRST MAJESTIC | AG | +14,500 | +$16.1M | $0 |
| EXITED | FIRST MAJESTIC SILVER CORP | 32076VAD5 | -14,500 | -$15.4M | $0 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 2025410 pos · $1.24B
- 13F HOLDINGS REPORTQ/E Sep 2025338 pos · $1.23B
- 13F HOLDINGS REPORTQ/E Jun 2025296 pos · $725.2M
- 13F HOLDINGS REPORTQ/E Mar 2025317 pos · $788.2M
- 13F HOLDINGS REPORTQ/E Dec 2024304 pos · $900.6M
- 13F HOLDINGS REPORTQ/E Sep 2024263 pos · $694.7M
- 13F HOLDINGS REPORTQ/E Jun 2024228 pos · $537.7M
- 13F HOLDINGS REPORTQ/E Mar 2024237 pos · $579.0M
- 13F HOLDINGS REPORTQ/E Dec 2023226 pos · $477.3M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | SPDR GOLD TR | GLD | 107,200 | $42.5M | 6.24% |
| 2 | LUMENTUM HLDGS INC | LITE | 14,000 | $39.8M | 5.85% |
| 3 | SPDR SP 500 ETF TR | SPY | 58,200 | $39.7M | 5.83% |
| 4 | SPHERE ENTERTAINMENT CO | SPHR | 8,500 | $23.4M | 3.45% |
| 5 | ALLIED GOLD CORP | 01921DAA3 | 15,650 | $23.3M | 3.42% |
| 6 | VANECK ETF TRUST | 92189F106 | 230,000 | $19.7M | 2.90% |
| 7 | APPLIED DIGITAL CORP | APLD | 7,000 | $18.8M | 2.77% |
| 8 | FREEPORT-MCMORAN INC | FCX | 350,000 | $17.8M | 2.61% |
| 9 | ISHARES SILVER TR | SLV | 260,000 | $16.7M | 2.46% |
| 10 | FIRST MAJESTIC | AG | 14,500 | $16.1M | 2.36% |
| 11 | PELOTON INTERACTIVE INC | PTON | 15,679 | $15.6M | 2.29% |
| 12 | PAR TECHNOLOGY CORP | PAR | 420,000 | $15.2M | 2.24% |
| 13 | AST SPACEMOBILE INC | ASTS | 11,500 | $15.2M | 2.23% |
| 14 | CERENCE INC | CRNC | 16,750 | $15.0M | 2.21% |
| 15 | MARRIOTT VACATIONS WORLDWIDE | VAC | 15,000 | $15.0M | 2.20% |
| 16 | TRIPADVISOR INC | TRIP | 14,000 | $13.8M | 2.03% |
| 17 | JETBLUE AIRWAYS CORP | JBLU | 13,824 | $13.6M | 2.00% |
| 18 | VIRGIN GALACTIC | 92766KAA4 | 16,500 | $13.5M | 1.99% |
| 19 | SOLARIS ENERGY INFRAS INC | SEI | 12,000 | $13.0M | 1.91% |
| 20 | STRATEGY INC | STRK | 15,000 | $12.4M | 1.82% |