Latest K2 PRINCIPAL FUND, L.P. Stock Portfolio

K2 PRINCIPAL FUND, L.P. Performance:

2025 Q4: 1.05%YTD: 8.24%2024: 11.33%

Performance for 2025 Q4 is 1.05%, and YTD is 8.24%, and 2024 is 11.33%.

About K2 PRINCIPAL FUND, L.P. and 13F Hedge Fund Stock Holdings

On 2026-02-13, the fund reported it's updated stock portfolio. In the 13F Holdings report, K2 PRINCIPAL FUND, L.P. reported an equity portfolio of $1.2 Billions as of 31 Dec, 2025.

The top stock holdings of K2 PRINCIPAL FUND, L.P. are BTI, XPOF, AXL. The fund has invested 0.7% of it's portfolio in BRITISH AMERN TOB PLC and 0.5% of portfolio in XPONENTIAL FITNESS INC.

The fund managers got completely rid off CORE SCIENTIFIC INC NEW, UBER TECHNOLOGIES INC (UBER) and TELUS INTL CDA INC (TIXT) stocks. They significantly reduced their stock positions in ARS PHARMACEUTICALS INC (SBTX), ISHARES SILVER TR (SLV) and HENNESSY CAP INVT CORP VII. K2 PRINCIPAL FUND, L.P. opened new stock positions in SUNOCOCORP LLC, BROOKFIELD INFRAST PARTNERS (BIP) and NEW GOLD INC CDA (NGD). The fund showed a lot of confidence in some stocks as they added substantially to NORFOLK SOUTHN CORP (NSC), HAYMAKER ACQUISITION CORP IV and PLUG POWER INC (PLUG).

K2 PRINCIPAL FUND, L.P. Annual Return Estimates Vs S&P 500

Our best estimate is that K2 PRINCIPAL FUND, L.P. made a return of 1.05% in the last quarter. In trailing 12 months, it's portfolio return was 8.24%.

Performance
S&P 500

New Buys

Ticker	$ Bought
applied digital corp	18,841,200
first majestic	16,081,000
solaris energy infras inc	13,005,600
strategy inc	12,352,500
uber technologies inc	10,400,000
mara holdings inc	9,906,250
vizsla silver corp	9,455,590
the realreal inc	8,047,800

New stocks bought by K2 PRINCIPAL FUND, L.P.

Additions

Ticker	% Inc.
norfolk southn corp	1,100
haymaker acquisition corp iv	1,012
lumentum hldgs inc	366
tic solutions inc	361
ast spacemobile inc	283
par technology corp	212
plug power inc	200
cerence inc	179

Additions to existing portfolio by K2 PRINCIPAL FUND, L.P.

Reductions

Ticker	% Reduced
ars pharmaceuticals inc	-98.36
ishares silver tr	-93.04
hennessy cap invt corp vii	-84.84
fastly inc	-83.79
sizzle acquisition corp. ii	-81.52
churchill cap corp x	-80.79
willow lane acquisition corp	-78.32
murano global invts plc	-72.36

K2 PRINCIPAL FUND, L.P. reduced stake in above stock

Sold off

Ticker	$ Sold
telus intl cda inc	-3,611,280
core scientific inc new	-11,985,700
talon cap corp	-4,522,500
drugs made in amer acq ii co	-4,239,480
nabors energy transition cor	-105,163
btc dev corp	-3,030,000
galata acquisition corp ii	-2,815,360
emx rty corp	-1,037,660

K2 PRINCIPAL FUND, L.P. got rid off the above stocks

Sector Distribution

K2 PRINCIPAL FUND, L.P. has about 74% of it's holdings in Others sector.

Sector	%
Others	74
Technology	6.7
Consumer Cyclical	6
Real Estate	3.8
Basic Materials	2.8
Industrials	2.5
Communication Services	2.4

Market Cap. Distribution

K2 PRINCIPAL FUND, L.P. has about 11% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	74
LARGE-CAP	8
SMALL-CAP	6.6
MID-CAP	5.1
MICRO-CAP	3.4
MEGA-CAP	3

Stocks belong to which Index?

About 19.1% of the stocks held by K2 PRINCIPAL FUND, L.P. either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	80.9
RUSSELL 2000	11.6
S&P 500	7.5

Top 5 Winners (%)		%
	crane hbr acquisition corp	153.1 %
	live oak acquisition corp v	127.3 %
IAUX	i-80 gold corp	104.4 %
PL	planet labs pbc	74.0 %
	churchill cap corp x	69.7 %

Top 5 Winners ($)		$
SLV	ishares silver tr	1.7 M
	barrick mng corp	1.0 M
FSLR	first solar inc	0.9 M
GOOG	alphabet inc	0.9 M
PL	planet labs pbc	0.8 M

Top 5 Losers (%)		%
EMLD	fold hldgs inc	-70.0 %
	grabagun digital hldgs inc	-65.7 %
	yorkville acquisition corp.	-58.3 %
	gct semiconductor hldg inc	-57.9 %
SKYH	sky harbour group corporatio	-57.0 %

Top 5 Losers ($)		$
OPEN	opendoor technologies inc	-1.7 M
SRG	seritage growth pptys	-1.0 M
	ishares bitcoin trust etf	-1.0 M
RYAM	rayonier advanced matls inc	-0.8 M
	gen digital inc	-0.7 M

K2 PRINCIPAL FUND, L.P. Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of K2 PRINCIPAL FUND, L.P.

K2 PRINCIPAL FUND, L.P. has 270 stocks in it's portfolio. About 4.1% of the portfolio is in top 10 stocks. OPEN proved to be the most loss making stock for the portfolio. SLV was the most profitable stock for K2 PRINCIPAL FUND, L.P. last quarter.

Last Reported on: 13 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
AAOI	applied optoelectronics inc	0.84	9,000	10,433,700	unchanged	0.00

AAXJ	ishares tr	0.05	7,000	674,100	new

ACRE	ares coml real estate corp	0.03	77,377	369,862	new

AEIS	advanced energy inds	0.53	4,000	6,567,600	unchanged	0.00

AG	first majestic	1.30	14,500	16,081,000	new

AG	first majestic silver corp	0.00	0.00	0.00	sold off	-100

AMKR	amkor technology inc	0.03	9,000	355,320	new

AMZN	amazon com inc	0.24	12,708	2,933,260	added	33.66

APLD	applied digital corp	1.52	7,000	18,841,200	new

APLD	applied digital corp	0.00	0.00	0.00	sold off	-100

APP	applovin corp	0.23	4,232	2,851,610	reduced	-26.88

AQN	algonquin pwr utils corp	0.10	200,000	1,230,000	new

ARRY	array technologies inc	0.35	3,000	4,354,480	new

ARRY	array technologies inc	0.07	1,000	905,400	new

ASTL	algoma stl group inc	0.01	690,879	75,997	unchanged	0.00

ASTS	ast spacemobile inc	1.22	11,500	15,178,200	added	283

ASTS	ast spacemobile	0.00	0.00	0.00	sold off	-100

ATNF	ethzilla corporation	0.00	11,644	57,056	new

AXL	american axle mfg hldgs in	0.43	829,192	5,315,120	added	19.00

BB	blackberry ltd	0.71	7,000	8,847,300	unchanged	0.00