K2 PRINCIPAL FUND, L.P.

Filed: 5/15/2025ACC: 0001461790-25-000039

📋 What this filing means

K2 PRINCIPAL FUND, L.P. filed this quarterly 13F‑HR report disclosing 297 equity positions with a total reported market value of $788.19M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

297

Positions

$788.19M

Total AUM (reported)

37.13M

Total Shares

Allocation by class

COM$92.04M11.7%

GOLD SHS$48.33M6.1%

NOTE 0.500 4/0$17.34M2.2%

SHS CL A$17.05M2.2%

ORD SHS CL A$17.03M2.2%

CL A$16.52M2.1%

NOTE 2/1$14.86M1.9%

Portfolio Concentration

Top 3$77.89M9.9%

4–10$97.07M12.3%

11–25$148.53M18.8%

Rest$464.69M59.0%

Top 3 weight

9.9%

Top 10 weight

22.2%

Voting Authority Distribution

Total shares with voting rights: 37.13M

Sole

Full voting authority

37.13M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole297

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings297

Rows:

SPDR GOLD TR

SOLE

GOLD SHS

Shares167.75K

TypeSH

Market value$48.33M

6.13%

Sole

167.75K

Shared

0.00

None

0.00

PELOTON INTERACTIVE INC

SOLE

NOTE 2/1

Shares15.68K

TypePRN

Market value$14.86M

1.89%

Sole

15.68K

Shared

0.00

None

0.00

NUTANIX INC

SOLE

NOTE 0.25010/0

Shares11K

TypePRN

Market value$14.69M

1.86%

Sole

11K

Shared

0.00

None

0.00

ALPHABET INC

SOLE

CAP STK CL C

Shares92K

TypeSH

Market value$14.37M

1.82%

Sole

92K

Shared

0.00

None

0.00

ISHARES BITCOIN TRUST ETF

SOLE

SHS BEN INT

Shares305K

TypeSH

Market value$14.28M

1.81%

Sole

305K

Shared

0.00

None

0.00

VANGUARD INDEX FDS

SOLE

SP 500 ETF SHS

Shares27.50K

TypeSH

Market value$14.13M

1.79%

Sole

27.50K

Shared

0.00

None

0.00

OPENDOOR TECHNOL

SOLE

0.25 8/15/2026

Shares15.43K

TypePRN

Market value$13.73M

1.74%

Sole

15.43K

Shared

0.00

None

0.00

DROPBOX INC

SOLE

NOTE 3/0

Shares13.86K

TypePRN

Market value$13.68M

1.74%

Sole

13.86K

Shared

0.00

None

0.00

VIRGIN GALACTIC

SOLE

2.50 01/02/2027

Shares33K

TypePRN

Market value$13.55M

1.72%

Sole

33K

Shared

0.00

None

0.00

TRIPADVISOR INC

SOLE

NOTE 0.250 4/0

Shares14K

TypePRN

Market value$13.33M

1.69%

Sole

14K

Shared

0.00

None

0.00

AIR CANADA

SOLE

4.00 7/1/2025

Shares13.23K

TypePRN

Market value$12.67M

1.61%

Sole

13.23K

Shared

0.00

None

0.00

KAR AUCTION

SOLE

5.125 6/1/2025

Shares12.49K

TypePRN

Market value$12.47M

1.58%

Sole

12.49K

Shared

0.00

None

0.00

HENNESSY CAP INVT CORP VII

SOLE

ORD SHS CL A

Shares1.05M

TypeSH

Market value$10.37M

1.32%

Sole

1.05M

Shared

0.00

None

0.00

SPHERE ENTERTAINMENT CO

SOLE

NOTE 3.50012/0

Shares8.50K

TypePRN

Market value$10.27M

1.30%

Sole

8.50K

Shared

0.00

None

0.00

STRATHCONA RESOU

SOLE

6.875 01/08/2026

Shares10K

TypePRN

Market value$9.99M

1.27%

Sole

10K

Shared

0.00

None

0.00

MICROSTRATEGY

SOLE

0 01/12/2029

Shares12K

TypePRN

Market value$9.72M

1.23%

Sole

12K

Shared

0.00

None

0.00

TALEN ENERGY CORP

SOLE

COM

Shares48.21K

TypeSH

Market value$9.63M

1.22%

Sole

48.21K

Shared

0.00

None

0.00

NEXTERA ENGY PTR

SOLE

2.50 15/06/2026

Shares10K

TypePRN

Market value$9.56M

1.21%

Sole

10K

Shared

0.00

None

0.00

JETBLUE AIRWAYS CORP

SOLE

NOTE 0.500 4/0

Shares10K

TypePRN

Market value$9.44M

1.20%

Sole

10K

Shared

0.00

None

0.00

UPSTART HLDGS INC

SOLE

NOTE 0.250 8/1

Shares10K

TypePRN

Market value$9.34M

1.18%

Sole

10K

Shared

0.00

None

0.00

RAPID7 INC

SOLE

NOTE 0.250 3/1

Shares10K

TypePRN

Market value$9.16M

1.16%

Sole

10K

Shared

0.00

None

0.00

NICE LTD

SOLE

NOTE 9/1

Shares9.32K

TypePRN

Market value$9.10M

1.15%

Sole

9.32K

Shared

0.00

None

0.00

MARA HOLDINGS

SOLE

0 01/03/2030

Shares12.50K

TypePRN

Market value$9.02M

1.14%

Sole

12.50K

Shared

0.00

None

0.00

FIRST MAJESTIC SILVER CORP

SOLE

NOTE 0.375 1/1

Shares9.50K

TypePRN

Market value$8.90M

1.13%

Sole

9.50K

Shared

0.00

None

0.00

IIP OP PRTNRSHP

SOLE

5.50 25/05/2026

Shares9.08K

TypePRN

Market value$8.89M

1.13%

Sole

9.08K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR GOLD TRSOLE	GOLD SHS	167.75K	SH	$48.33M 6.13%	167.75K
PELOTON INTERACTIVE INCSOLE	NOTE 2/1	15.68K	PRN	$14.86M 1.89%	15.68K
NUTANIX INCSOLE	NOTE 0.25010/0	11K	PRN	$14.69M 1.86%	11K
ALPHABET INCSOLE	CAP STK CL C	92K	SH	$14.37M 1.82%	92K
ISHARES BITCOIN TRUST ETFSOLE	SHS BEN INT	305K	SH	$14.28M 1.81%	305K
VANGUARD INDEX FDSSOLE	SP 500 ETF SHS	27.50K	SH	$14.13M 1.79%	27.50K
OPENDOOR TECHNOLSOLE	0.25 8/15/2026	15.43K	PRN	$13.73M 1.74%	15.43K
DROPBOX INCSOLE	NOTE 3/0	13.86K	PRN	$13.68M 1.74%	13.86K
VIRGIN GALACTICSOLE	2.50 01/02/2027	33K	PRN	$13.55M 1.72%	33K
TRIPADVISOR INCSOLE	NOTE 0.250 4/0	14K	PRN	$13.33M 1.69%	14K
AIR CANADASOLE	4.00 7/1/2025	13.23K	PRN	$12.67M 1.61%	13.23K
KAR AUCTIONSOLE	5.125 6/1/2025	12.49K	PRN	$12.47M 1.58%	12.49K
HENNESSY CAP INVT CORP VIISOLE	ORD SHS CL A	1.05M	SH	$10.37M 1.32%	1.05M
SPHERE ENTERTAINMENT COSOLE	NOTE 3.50012/0	8.50K	PRN	$10.27M 1.30%	8.50K
STRATHCONA RESOUSOLE	6.875 01/08/2026	10K	PRN	$9.99M 1.27%	10K
MICROSTRATEGYSOLE	0 01/12/2029	12K	PRN	$9.72M 1.23%	12K
TALEN ENERGY CORPSOLE	COM	48.21K	SH	$9.63M 1.22%	48.21K
NEXTERA ENGY PTRSOLE	2.50 15/06/2026	10K	PRN	$9.56M 1.21%	10K
JETBLUE AIRWAYS CORPSOLE	NOTE 0.500 4/0	10K	PRN	$9.44M 1.20%	10K
UPSTART HLDGS INCSOLE	NOTE 0.250 8/1	10K	PRN	$9.34M 1.18%	10K
RAPID7 INCSOLE	NOTE 0.250 3/1	10K	PRN	$9.16M 1.16%	10K
NICE LTDSOLE	NOTE 9/1	9.32K	PRN	$9.10M 1.15%	9.32K
MARA HOLDINGSSOLE	0 01/03/2030	12.50K	PRN	$9.02M 1.14%	12.50K
FIRST MAJESTIC SILVER CORPSOLE	NOTE 0.375 1/1	9.50K	PRN	$8.90M 1.13%	9.50K
IIP OP PRTNRSHPSOLE	5.50 25/05/2026	9.08K	PRN	$8.89M 1.13%	9.08K

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