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Portfolio (Quarterly) Guide ↗

K2 PRINCIPAL FUND, L.P.

· CIK 0001461790
13F Portfolio $1.4B AUM 487 positions Filed May 14, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 212 New 74 Added 83 Reduced 135 Exited
Page 1 of 5  ·  83 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
1 SPY CALL STATE STR SPDR SP 500 ETF T Financial Services 54,700.0 $35.6M 2.48% -4K -6.0% $650.34 +13.7%
2 AST SPACEMOBILE INC 10,500.0 $15.6M 1.09% -1K -8.7% $1482.50
3 SLV CALL ISHARES SILVER TR Financial Services 224,400.0 $15.3M 1.07% -36K -13.7% $68.14 +1.3%
4 FCX PUT FREEPORT MCMORAN INC Basic Materials 206,000.0 $12.1M 0.84% -144K -41.1% $58.78 +12.5%
5 CERENCE INC 13,750.0 $12.0M 0.84% -3K -17.9% $871.30
6 QQQ PUT INVESCO QQQ TR Financial Services 16,000.0 $9.2M 0.65% -4K -20.0% $577.18 +22.8%
7 GDX PUT VANECK ETF TRUST 62,500.0 $5.7M 0.40% -168K -72.8% $91.77 -4.8%
8 FIRST MAJESTIC SILVER 4,000.0 $5.1M 0.36% -10K -72.4% $1282.44
9 CALL GAMESTOP CORP 180,700.0 $4.2M 0.29% -196K -52.0% $23.04
10 GREENFIRE RES LTD NEW 656,440.0 $4.1M 0.29% -189K -22.3% $6.32
11 BEP BROOKFIELD RENEWABLE ENERGY Utilities 125,800.0 $4.1M 0.29% -4K -3.2% $32.64 +5.3%
12 XPOF XPONENTIAL FITNESS INC Consumer Cyclical 600,000.0 $3.6M 0.25% -95K -13.7% $6.02 -15.1%
13 RYAM RAYONIER ADVANCED MATLS INC Basic Materials 320,400.0 $3.5M 0.25% -282K -46.8% $11.07 -14.2%
14 BTI BRITISH AMERN TOB PLC Consumer Defensive 59,626.0 $3.5M 0.24% -96K -61.7% $58.47 +11.3%
15 PAR CALL PAR TECHNOLOGY CORP Technology 240,000.0 $3.2M 0.22% -180K -42.9% $13.33 +9.2%
16 CEPT CANTOR EQUITY PARTNERS II IN Financial Services 279,994.0 $3.0M 0.21% -67K -19.3% $10.89 +12.2%
17 VOO CALL VANGUARD INDEX FDS 5,000.0 $3.0M 0.21% -1K -20.6% $597.55 +13.7%
18 BTI CALL BRITISH AMERN TOB PLC Consumer Defensive 50,000.0 $2.9M 0.20% -60K -54.5% $58.47 +11.3%
19 CLEANSPARK INC 3,000.0 $2.9M 0.20% -2K -40.0% $968.30
20 ELEMENTAL RTY CORP 106,256.0 $2.8M 0.19% -71K -40.1% $26.19
Page 1 of 5  ·  83 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Financial Services 32.5%
Technology 10.0%
Consumer Cyclical 8.5%
Energy 8.3%
Industrials 8.2%
Communication Services 7.9%
Basic Materials 7.8%
Healthcare 6.1%
Utilities 6.1%
Real Estate 2.3%