Filed: 8/14/2025ACC: 0001461790-25-000044
📋 What this filing means
K2 PRINCIPAL FUND, L.P. filed this quarterly 13F‑HR report disclosing 281 equity positions with a total reported market value of $725.23M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
281
Positions
$725.23M
Total AUM (reported)
43.51M
Total Shares
Allocation by class
COM$103.26M14.2%
GOLD SHS$43.82M6.0%
SHS BEN INT$35.04M4.8%
SHS CL A$31.94M4.4%
NOTE 0.250 4/0$22.64M3.1%
CL A$20.97M2.9%
SPONSORED ADR$20.27M2.8%
Portfolio Concentration
Top 3$98.76M13.6%
4–10$102.78M14.2%
11–25$148.61M20.5%
Rest$375.07M51.7%
Top 3 weight
13.6%
Top 10 weight
27.8%
Voting Authority Distribution
Total shares with voting rights: 43.51M
Sole
Full voting authority
43.51M
shares
% of voting shares100.0%
Shared
Joint voting authority
0.00
shares
% of voting shares0.0%
None
No voting authority
0.00
shares
% of voting shares0.0%
Investment Discretion (by position count)
Sole281
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings281
Rows:
SPDR GOLD TR
SOLEShares143.75K
TypeSH
Market value$43.82M
6.04%
Sole
143.75K
Shared
0.00
None
0.00
ISHARES BITCOIN TRUST ETF
SOLEShares566.50K
TypeSH
Market value$34.68M
4.78%
Sole
566.50K
Shared
0.00
None
0.00
BRITISH AMERN TOB PLC
SOLEShares428.20K
TypeSH
Market value$20.27M
2.79%
Sole
428.20K
Shared
0.00
None
0.00
ISHARES TR
SOLEShares225K
TypeSH
Market value$18.15M
2.50%
Sole
225K
Shared
0.00
None
0.00
PELOTON INTERACTIVE INC
SOLEShares15.68K
TypePRN
Market value$15.15M
2.09%
Sole
15.68K
Shared
0.00
None
0.00
AMERICAN AIRLINES GROUP INC
SOLEShares14.14K
TypePRN
Market value$14.14M
1.95%
Sole
14.14K
Shared
0.00
None
0.00
NUTANIX INC
SOLEShares10K
TypePRN
Market value$14.09M
1.94%
Sole
10K
Shared
0.00
None
0.00
FIRST MAJESTIC SILVER CORP
SOLEShares14.50K
TypePRN
Market value$14.06M
1.94%
Sole
14.50K
Shared
0.00
None
0.00
DROPBOX INC
SOLEShares13.86K
TypePRN
Market value$13.72M
1.89%
Sole
13.86K
Shared
0.00
None
0.00
TRIPADVISOR INC
SOLEShares14K
TypePRN
Market value$13.47M
1.86%
Sole
14K
Shared
0.00
None
0.00
CORE SCIENTIFIC INC NEW
SOLEShares721.59K
TypeSH
Market value$12.32M
1.70%
Sole
721.59K
Shared
0.00
None
0.00
SPHERE ENTERTAINMENT CO
SOLEShares8.50K
TypePRN
Market value$12.00M
1.65%
Sole
8.50K
Shared
0.00
None
0.00
ISHARES SILVER TR
SOLEShares347.40K
TypeSH
Market value$11.40M
1.57%
Sole
347.40K
Shared
0.00
None
0.00
LUMENTUM HLDGS INC
SOLEShares7K
TypePRN
Market value$10.77M
1.48%
Sole
7K
Shared
0.00
None
0.00
BLACKBERRY LTD
SOLEShares7K
TypePRN
Market value$10.12M
1.39%
Sole
7K
Shared
0.00
None
0.00
ETSY INC
SOLEShares10K
TypePRN
Market value$9.72M
1.34%
Sole
10K
Shared
0.00
None
0.00
SNAP INC
SOLEShares10K
TypePRN
Market value$9.59M
1.32%
Sole
10K
Shared
0.00
None
0.00
UPSTART HLDGS INC
SOLEShares10K
TypePRN
Market value$9.51M
1.31%
Sole
10K
Shared
0.00
None
0.00
JETBLUE AIRWAYS CORP
SOLEShares10K
TypePRN
Market value$9.47M
1.31%
Sole
10K
Shared
0.00
None
0.00
RAPID7 INC
SOLEShares10K
TypePRN
Market value$9.29M
1.28%
Sole
10K
Shared
0.00
None
0.00
NICE LTD
SOLEShares9.32K
TypePRN
Market value$9.20M
1.27%
Sole
9.32K
Shared
0.00
None
0.00
COINBASE GLOBAL INC
SOLEShares7K
TypePRN
Market value$9.17M
1.26%
Sole
7K
Shared
0.00
None
0.00
FASTLY INC
SOLEShares9.25K
TypePRN
Market value$8.85M
1.22%
Sole
9.25K
Shared
0.00
None
0.00
FIRST SOLAR INC
SOLEShares53.29K
TypeSH
Market value$8.82M
1.22%
Sole
53.29K
Shared
0.00
None
0.00
APPLIED OPTOELECTRONICS INC
SOLEShares9K
TypePRN
Market value$8.40M
1.16%
Sole
9K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
SPDR GOLD TRSOLE | GOLD SHS | 143.75K | SH | $43.82M 6.04% | 143.75K | 0.00 | 0.00 |
ISHARES BITCOIN TRUST ETFSOLE | SHS BEN INT | 566.50K | SH | $34.68M 4.78% | 566.50K | 0.00 | 0.00 |
BRITISH AMERN TOB PLCSOLE | SPONSORED ADR | 428.20K | SH | $20.27M 2.79% | 428.20K | 0.00 | 0.00 |
ISHARES TRSOLE | IBOXX HI YD ETF | 225K | SH | $18.15M 2.50% | 225K | 0.00 | 0.00 |
PELOTON INTERACTIVE INCSOLE | NOTE 2/1 | 15.68K | PRN | $15.15M 2.09% | 15.68K | 0.00 | 0.00 |
AMERICAN AIRLINES GROUP INCSOLE | NOTE 6.500 7/0 | 14.14K | PRN | $14.14M 1.95% | 14.14K | 0.00 | 0.00 |
NUTANIX INCSOLE | NOTE 0.25010/0 | 10K | PRN | $14.09M 1.94% | 10K | 0.00 | 0.00 |
FIRST MAJESTIC SILVER CORPSOLE | NOTE 0.375 1/1 | 14.50K | PRN | $14.06M 1.94% | 14.50K | 0.00 | 0.00 |
DROPBOX INCSOLE | NOTE 3/0 | 13.86K | PRN | $13.72M 1.89% | 13.86K | 0.00 | 0.00 |
TRIPADVISOR INCSOLE | NOTE 0.250 4/0 | 14K | PRN | $13.47M 1.86% | 14K | 0.00 | 0.00 |
CORE SCIENTIFIC INC NEWSOLE | COM | 721.59K | SH | $12.32M 1.70% | 721.59K | 0.00 | 0.00 |
SPHERE ENTERTAINMENT COSOLE | NOTE 3.50012/0 | 8.50K | PRN | $12.00M 1.65% | 8.50K | 0.00 | 0.00 |
ISHARES SILVER TRSOLE | ISHARES | 347.40K | SH | $11.40M 1.57% | 347.40K | 0.00 | 0.00 |
LUMENTUM HLDGS INCSOLE | NOTE 1.50012/1 | 7K | PRN | $10.77M 1.48% | 7K | 0.00 | 0.00 |
BLACKBERRY LTDSOLE | NOTE 3.000 2/1 | 7K | PRN | $10.12M 1.39% | 7K | 0.00 | 0.00 |
ETSY INCSOLE | NOTE 0.12510/0 | 10K | PRN | $9.72M 1.34% | 10K | 0.00 | 0.00 |
SNAP INCSOLE | NOTE 0.750 8/0 | 10K | PRN | $9.59M 1.32% | 10K | 0.00 | 0.00 |
UPSTART HLDGS INCSOLE | NOTE 0.250 8/1 | 10K | PRN | $9.51M 1.31% | 10K | 0.00 | 0.00 |
JETBLUE AIRWAYS CORPSOLE | NOTE 0.500 4/0 | 10K | PRN | $9.47M 1.31% | 10K | 0.00 | 0.00 |
RAPID7 INCSOLE | NOTE 0.250 3/1 | 10K | PRN | $9.29M 1.28% | 10K | 0.00 | 0.00 |
NICE LTDSOLE | NOTE 9/1 | 9.32K | PRN | $9.20M 1.27% | 9.32K | 0.00 | 0.00 |
COINBASE GLOBAL INCSOLE | NOTE 0.250 4/0 | 7K | PRN | $9.17M 1.26% | 7K | 0.00 | 0.00 |
FASTLY INCSOLE | NOTE 3/1 | 9.25K | PRN | $8.85M 1.22% | 9.25K | 0.00 | 0.00 |
FIRST SOLAR INCSOLE | COM | 53.29K | SH | $8.82M 1.22% | 53.29K | 0.00 | 0.00 |
APPLIED OPTOELECTRONICS INCSOLE | NOTE 2.750 1/1 | 9K | PRN | $8.40M 1.16% | 9K | 0.00 | 0.00 |
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