Funds › K2 Principal Fund, L.P.
K2 Principal Fund, L.P.
13F for Q3 2026, filed Nov 13, 2026. 338 positions worth $1.2B.Managers with more than $100 million in US-listed stocks list their holdings each quarter, within 45 days of quarter end. Long positions only: no short sales or cash.
Latest report
Q3 2026
filed Nov 13, 2026
Reported value
$1.2B
−$160.4M (11.7%) vs Q2 2026
Positions
338
335 in Q2 2026
Top 10 share
6.0%
of reported value
CheckedEach line's price per share is checked against other managers' reports of the same stock. Unit mix-ups are corrected. Reports no fix can rescue are left out.
Clean
prices match other managers' reports
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Holdings, Q3 2026
Largest first. Common shares only; puts and calls are under All positions.
| # | The fund's own figures at the end of the quarter. A report can be up to 45 days old when it is filed. Options and bonds are not counted here. | Filing | ||||
|---|---|---|---|---|---|---|
| 1 | ABVX Abivax SA · ADR | 96,681 | $9.6M | 0.8% | +296% | 13F ↗ |
| 2 | CIGI Colliers International Group Inc. · Sub Vtg Shs | 103,534 | $9.3M | 0.8% | +48.8% | 13F ↗ |
| 3 | DCH Dauch Corporation | 1.51M | $7.9M | 0.7% | +16.8% | 13F ↗ |
| 4 | RYAM Rayonier Advanced Materials Inc. | 893,434 | $7.1M | 0.6% | +45.1% | 13F ↗ |
| 5 | IBIT iShares Bitcoin Trust ETF · Shs Ben Int | 145,342 | $6.9M | 0.6% | +18.6% | 13F ↗ |
| 6 | NKTR Nektar Therapeutics | 106,939 | $6.5M | 0.5% | +112% | 13F ↗ |
| 7 | LION Lionsgate Studios Corp | 574,067 | $6.4M | 0.5% | +1540% | 13F ↗ |
| 8 | MTAL Metals Acquisition Corp. II | 632,197 | $6.4M | 0.5% | +90.3% | 13F ↗ |
| 9 | WLII Willow Lane Acquisition Corp. II | 589,328 | $6.1M | 0.5% | +34.1% | 13F ↗ |
| 10 | MGM MGM Resorts International | 183,306 | $5.7M | 0.5% | +729% | 13F ↗ |
| 11 | CMPS COMPASS Pathways Plc · ADR | 443,106 | $5.5M | 0.5% | +228% | 13F ↗ |
| 12 | CCII Cohen Circle Acquisition Corp. II | 530,739 | $5.5M | 0.5% | Unchanged | 13F ↗ |
| 13 | SVIA Silvia, Inc. | 1.35M | $5.2M | 0.4% | -19.6% | 13F ↗ |
| 14 | ACB Aurora Cannabis Inc. | 1.30M | $5.1M | 0.4% | New | 13F ↗ |
| 15 | Haymaker Acquisition Corp V Units | 500,000 | $5.0M | 0.4% | New | 13F ↗ |
| 16 | GFR Greenfire Resources Ltd. | 845,186 | $4.8M | 0.4% | +17.3% | 13F ↗ |
| 17 | NSC Norfolk Southern Corporation | 14,991 | $4.6M | 0.4% | Unchanged | 13F ↗ |
| 18 | FVAV Fortress Value Acquisition Corp. V | 449,812 | $4.6M | 0.4% | +79.9% | 13F ↗ |
| 19 | MTA Metalla Royalty & Streaming Ltd. | 479,760 | $4.5M | 0.4% | Unchanged | 13F ↗ |
| 20 | AMAC AMR Resources Acquisition Corp | 450,000 | $4.4M | 0.4% | New | 13F ↗ |
| 21 | FSLR First Solar, Inc. | 25,000 | $4.4M | 0.4% | +6.4% | 13F ↗ |
| 22 | AEXA American Exceptionalism Acquisition Corp. A | 378,965 | $4.2M | 0.4% | +59.7% | 13F ↗ |
| 23 | IVAI Ives Ultra AI Opportunities Inc. | 406,947 | $4.2M | 0.3% | New | 13F ↗ |
| 24 | ARCI Archimedes Tech SPAC Partners III Co. | 408,333 | $4.1M | 0.3% | +32.4% | 13F ↗ |
| 25 | CXII Churchill Capital Corp XII | 383,976 | $4.1M | 0.3% | +188% | 13F ↗ |
| 26 | PFSI PennyMac Financial Services, Inc. | 66,065 | $4.1M | 0.3% | -58.6% | 13F ↗ |
| 27 | CRAN Crane Harbor Acquisition Corp. II | 399,619 | $4.0M | 0.3% | +52.5% | 13F ↗ |
| 28 | Archimedes Tech Spac Partner | 362,127 | $3.9M | 0.3% | -31.2% | 13F ↗ |
| 29 | TLNC Talon Capital Corp. | 360,000 | $3.7M | 0.3% | +38.5% | 13F ↗ |
| 30 | NTWO Newbury Street II Acquisition Corp | 340,170 | $3.7M | 0.3% | New | 13F ↗ |
| 31 | HCMA HCM III Acquisition Corp. | 353,936 | $3.6M | 0.3% | +39.4% | 13F ↗ |
| 32 | MSFT Microsoft Corporation | 7,069 | $3.6M | 0.3% | -39.3% | 13F ↗ |
| 33 | OR OR Royalties Inc. | 105,000 | $3.6M | 0.3% | +31.3% | 13F ↗ |
| 34 | AAC Ares Acquisition Corporation III | 350,000 | $3.5M | 0.3% | New | 13F ↗ |
| 35 | QURE uniQure N.V. | 135,751 | $3.3M | 0.3% | +72.7% | 13F ↗ |
| 36 | CEPF Cantor Equity Partners IV, Inc. | 318,199 | $3.3M | 0.3% | Unchanged | 13F ↗ |
| 37 | OHAC Oceanhawk Acquisition Corp. | 325,893 | $3.3M | 0.3% | +62.9% | 13F ↗ |
| 38 | RDDT Reddit, Inc. | 22,019 | $3.1M | 0.3% | -18.2% | 13F ↗ |
| 39 | GCGR General Catalyst Global Resilience Merger Corp. | 298,000 | $3.0M | 0.2% | +50.5% | 13F ↗ |
| 40 | BRTMU B&R Technology Merger Corp. Units · Units | 300,000 | $3.0M | 0.2% | New | 13F ↗ |
| 41 | SUNC SunocoCorp LLC · Com Shs Llc | 40,722 | $3.0M | 0.2% | -66.8% | 13F ↗ |
| 42 | APP AppLovin Corporation | 10,174 | $3.0M | 0.2% | -8.2% | 13F ↗ |
| 43 | IEAG Infinite Eagle Acquisition Corp. | 288,400 | $2.9M | 0.2% | Unchanged | 13F ↗ |
| 44 | PNAQ Pinnacle Acquisition Corporation | 294,609 | $2.9M | 0.2% | New | 13F ↗ |
| 45 | SPRY ARS Pharmaceuticals, Inc. | 662,026 | $2.9M | 0.2% | +76.5% | 13F ↗ |
| 46 | JENA Jena Acquisition Corporation II | 273,000 | $2.8M | 0.2% | Unchanged | 13F ↗ |
| 47 | OIM OneIM Acquisition Corp. | 277,232 | $2.8M | 0.2% | +259% | 13F ↗ |
| 48 | KVUE Kenvue Inc | 158,293 | $2.8M | 0.2% | -30.9% | 13F ↗ |
| 49 | BEP Brookfield Renewable Partners L.P. · Partnership Un | 98,800 | $2.8M | 0.2% | +51.1% | 13F ↗ |
| 50 | NLOP Net Lease Office Properties | 275,934 | $2.7M | 0.2% | +47.8% | 13F ↗ |
Showing the top 50 of 338 positions. Premium lists every position, plus puts and calls.
Changes since Q2 2026
98 new, 67 added to, 70 trimmed, 95 exited, 103 unchanged. By estimated dollars.
New positions (98)
| ACB Aurora Cannabis Inc. | 1.30M | New | $5.1M |
| Haymaker Acquisition Corp V Units | 500,000 | New | $5.0M |
| AMAC AMR Resources Acquisition Corp | 450,000 | New | $4.4M |
| IVAI Ives Ultra AI Opportunities Inc. | 406,947 | New | $4.2M |
| NTWO Newbury Street II Acquisition Corp | 340,170 | New | $3.7M |
| AAC Ares Acquisition Corporation III | 350,000 | New | $3.5M |
| BRTMU B&R Technology Merger Corp. Units · Units | 300,000 | New | $3.0M |
| PNAQ Pinnacle Acquisition Corporation | 294,609 | New | $2.9M |
| NHIV NewHold Investment Corp IV | 250,000 | New | $2.5M |
| LOVIU Live Oak Acquisition Corp. VI Units · Units | 225,000 | New | $2.3M |
Added to (67)
| ABVX Abivax SA · ADR | 96,681 | +296% | $7.2M |
| LION Lionsgate Studios Corp | 574,067 | +1540% | $6.0M |
| MGM MGM Resorts International | 183,306 | +729% | $5.0M |
| CMPS COMPASS Pathways Plc · ADR | 443,106 | +228% | $3.8M |
| NKTR Nektar Therapeutics | 106,939 | +112% | $3.4M |
| CIGI Colliers International Group Inc. · Sub Vtg Shs | 103,534 | +48.8% | $3.1M |
| MTAL Metals Acquisition Corp. II | 632,197 | +90.3% | $3.0M |
| CXII Churchill Capital Corp XII | 383,976 | +188% | $2.7M |
| RYAM Rayonier Advanced Materials Inc. | 893,434 | +45.1% | $2.2M |
| FVAV Fortress Value Acquisition Corp. V | 449,812 | +79.9% | $2.0M |
Trimmed (70)
| GLD SPDR Gold Shares · Gold Shs | 5,900 | -81.7% | -$10.0M |
| GOOG Alphabet Inc. Class C | 7,249 | -72.9% | -$6.7M |
| SUNC SunocoCorp LLC · Com Shs Llc | 40,722 | -66.8% | -$6.0M |
| PFSI PennyMac Financial Services, Inc. | 66,065 | -58.6% | -$5.8M |
| EVLV Evolv Technologies Holdings, Inc. | 73,413 | -88.9% | -$2.7M |
| OACC Oaktree Acquisition Corp. III Life Sciences | 114,779 | -68.6% | -$2.7M |
| MSFT Microsoft Corporation | 7,069 | -39.3% | -$2.3M |
| Qorvo Inc | 6,702 | -73.0% | -$2.1M |
| KEYY Keystone Acquisition Corp. | 100,000 | -65.9% | -$1.9M |
| Archimedes Tech Spac Partner | 362,127 | -31.2% | -$1.8M |
Exited (95)
| BWA BorgWarner Inc. | 101,430 | Exited | -$6.7M |
| Skywater Technology Inc | 130,705 | Exited | -$4.6M |
| Re/Max Holdings Inc | 434,766 | Exited | -$4.3M |
| IPXG Inection Point Acquisition Corp. VII | 400,000 | Exited | -$4.1M |
| Ares Acquisition Corp III Units | 400,000 | Exited | -$4.0M |
| PZZA Papa John's International, Inc. | 109,300 | Exited | -$4.0M |
| LLYVA Liberty Live Holdings, Inc. Series A | 37,843 | Exited | -$3.8M |
| XPOF Xponential Fitness, Inc. | 537,923 | Exited | -$3.7M |
| IMAX Imax Corporation | 93,100 | Exited | -$3.7M |
| PMTR Perimeter Acquisition Corp. I | 297,237 | Exited | -$3.1M |
The 10 largest of each, by estimated dollars: shares changed times the later report's price. Index tracking, splits and mergers move positions too.
All positions
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Reported value by quarter
Value and number of positions at the end of each quarter.
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Largest positions in earlier quarters
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Ten largest positions
By value, Q3 2026.
Filings
| Filing | ||||||
|---|---|---|---|---|---|---|
| Q3 2026 | Nov 13, 2026 | 13F-HR | 468 | $1.2B | Current | SEC ↗ |
| Q2 2026 | Aug 7, 2026 | 13F-HR | 490 | $1.4B | Current | SEC ↗ |
| Q1 2026 | May 14, 2026 | 13F-HR | 487 | $1.4B | Current | SEC ↗ |
| Q4 2025 | Feb 13, 2026 | 13F-HR | 410 | $1.2B | Current | SEC ↗ |
| Q3 2025 | Nov 13, 2025 | 13F-HR | 338 | $1.2B | Current | SEC ↗ |
| Q2 2025 | Aug 14, 2025 | 13F-HR | 296 | $725.2M | Current | SEC ↗ |
| Q1 2025 | May 15, 2025 | 13F-HR | 317 | $788.2M | Current | SEC ↗ |
Most recent first, up to 80. An amendment can replace a report or add holdings to it. All 13F filings
Information, not investment advice. Values are the fund's own figures at quarter end; a report can be up to 45 days old when filed. Disclaimer