K2 PRINCIPAL FUND, L.P.

Filed: 11/13/2025ACC: 0001461790-25-000054

📋 What this filing means

K2 PRINCIPAL FUND, L.P. filed this quarterly 13F‑HR report disclosing 322 equity positions with a total reported market value of $1.23B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

322

Positions

$1.23B

Total AUM (reported)

47.10M

Total Shares

Allocation by class

COM$123.24M10.0%

GOLD SHS$106.52M8.6%

COM CL A$35.48M2.9%

SP 500 ETF SHS$33.68M2.7%

CL A$33.25M2.7%

ISHARES$31.63M2.6%

NOTE 3.00011/1$24.02M2.0%

Portfolio Concentration

Top 3$171.83M14.0%

4–10$136.87M11.1%

11–25$203.28M16.5%

Rest$719.47M58.4%

Top 3 weight

14.0%

Top 10 weight

25.1%

Voting Authority Distribution

Total shares with voting rights: 47.10M

Sole

Full voting authority

47.10M

% 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)

Sole322

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings322

Rows:

SPDR GOLD TR

SOLE

GOLD SHS

Shares299.65K

TypeSH

Market value$106.52M

8.65%

Sole

299.65K

Shared

0.00

None

0.00

VANGUARD INDEX FDS

SOLE

SP 500 ETF SHS

Shares55K

TypeSH

Market value$33.68M

2.74%

Sole

55K

Shared

0.00

None

0.00

ISHARES SILVER TR

SOLE

ISHARES

Shares746.63K

TypeSH

Market value$31.63M

2.57%

Sole

746.63K

Shared

0.00

None

0.00

WESTERN DIGITAL CORP

SOLE

NOTE 3.00011/1

Shares7.50K

TypePRN

Market value$24.02M

1.95%

Sole

7.50K

Shared

0.00

None

0.00

IREN LTD

SOLE

3.500 12/15/29 CVT

Shares6K

TypePRN

Market value$21.53M

1.75%

Sole

Shared

0.00

None

0.00

INVESCO QQQ TR

SOLE

UNIT SER 1

Shares35K

TypeSH

Market value$21.01M

1.71%

Sole

35K

Shared

0.00

None

0.00

ALLIED GOLD CORP

SOLE

8.750 09/07/28 CVT

Shares15.65K

TypePRN

Market value$17.98M

1.46%

Sole

15.65K

Shared

0.00

None

0.00

BRITISH AMERN TOB PLC

SOLE

APPLIED DIGITAL CORP

SOLE

2.750 06/01/30 CVT

Shares7K

TypePRN

Market value$17.60M

1.43%

Sole

Shared

0.00

None

0.00

LUMENTUM HLDGS INC

SOLE

NOTE 1.50012/1

Shares7K

TypePRN

Market value$16.93M

1.37%

Sole

Shared

0.00

None

0.00

SPHERE ENTERTAINMENT CO

SOLE

NOTE 3.50012/0

Shares8.50K

TypePRN

Market value$16.10M

1.31%

Sole

8.50K

Shared

0.00

None

0.00

FIRST MAJESTIC SILVER CORP

SOLE

NOTE 0.375 1/1

Shares14.50K

TypePRN

Market value$15.39M

1.25%

Sole

14.50K

Shared

0.00

None

0.00

PELOTON INTERACTIVE INC

SOLE

NOTE 2/1

Shares15.68K

TypePRN

Market value$15.38M

1.25%

Sole

15.68K

Shared

0.00

None

0.00

MARRIOTT VACATIONS WORLDWIDE

SOLE

NOTE 1/1

Shares15K

TypePRN

Market value$14.79M

1.20%

Sole

15K

Shared

0.00

None

0.00

NUTANIX INC

SOLE

NOTE 0.25010/0

Shares10K

TypePRN

Market value$13.86M

1.13%

Sole

10K

Shared

0.00

None

0.00

CORE SCIENTIFIC INC NEW

SOLE

COM

Shares768.10K

TypeSH

Market value$13.78M

1.12%

Sole

768.10K

Shared

0.00

None

0.00

DROPBOX INC

SOLE

NOTE 3/0

Shares13.86K

TypePRN

Market value$13.71M

1.11%

Sole

13.86K

Shared

0.00

None

0.00

TRIPADVISOR INC

SOLE

NOTE 0.250 4/0

Shares14K

TypePRN

Market value$13.67M

1.11%

Sole

14K

Shared

0.00

None

0.00

MICROSTRATEGY

SOLE

0 01/12/2029

Shares15K

TypePRN

Market value$13.48M

1.09%

Sole

15K

Shared

0.00

None

0.00

VIRGIN GALACTIC

SOLE

2.50 01/02/2027

Shares31K

TypePRN

Market value$13.31M

1.08%

Sole

31K

Shared

0.00

None

0.00

MARA HOLDINGS

SOLE

0 01/03/2030

Shares12.50K

TypePRN

Market value$12.59M

1.02%

Sole

12.50K

Shared

0.00

None

0.00

OPENDOOR TECHNOLOGIES INC

SOLE

COM

Shares1.56M

TypeSH

Market value$12.42M

1.01%

Sole

1.56M

Shared

0.00

None

0.00

COREWEAVE INC

SOLE

COM CL A

Shares89.50K

TypeSH

Market value$12.25M

0.99%

Sole

89.50K

Shared

0.00

None

0.00

WAYFAIR INC

SOLE

CL A

Shares129.50K

TypeSH

Market value$11.57M

0.94%

Sole

129.50K

Shared

0.00

None

0.00

AMER HOTEL INC PROP REIT

SOLE

6 12/31/2026

Shares11.32K

TypePRN

Market value$10.98M

0.89%

Sole

11.32K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
SPDR GOLD TRSOLE	GOLD SHS	299.65K	SH	$106.52M 8.65%	299.65K
VANGUARD INDEX FDSSOLE	SP 500 ETF SHS	55K	SH	$33.68M 2.74%	55K
ISHARES SILVER TRSOLE	ISHARES	746.63K	SH	$31.63M 2.57%	746.63K
WESTERN DIGITAL CORPSOLE	NOTE 3.00011/1	7.50K	PRN	$24.02M 1.95%	7.50K
IREN LTDSOLE	3.500 12/15/29 CVT	6K	PRN	$21.53M 1.75%	6K
INVESCO QQQ TRSOLE	UNIT SER 1	35K	SH	$21.01M 1.71%	35K
ALLIED GOLD CORPSOLE	8.750 09/07/28 CVT	15.65K	PRN	$17.98M 1.46%	15.65K
BRITISH AMERN TOB PLCSOLE	SPONSORED ADR	335.36K	SH	$17.80M 1.45%	335.36K
APPLIED DIGITAL CORPSOLE	2.750 06/01/30 CVT	7K	PRN	$17.60M 1.43%	7K
LUMENTUM HLDGS INCSOLE	NOTE 1.50012/1	7K	PRN	$16.93M 1.37%	7K
SPHERE ENTERTAINMENT COSOLE	NOTE 3.50012/0	8.50K	PRN	$16.10M 1.31%	8.50K
FIRST MAJESTIC SILVER CORPSOLE	NOTE 0.375 1/1	14.50K	PRN	$15.39M 1.25%	14.50K
PELOTON INTERACTIVE INCSOLE	NOTE 2/1	15.68K	PRN	$15.38M 1.25%	15.68K
MARRIOTT VACATIONS WORLDWIDESOLE	NOTE 1/1	15K	PRN	$14.79M 1.20%	15K
NUTANIX INCSOLE	NOTE 0.25010/0	10K	PRN	$13.86M 1.13%	10K
CORE SCIENTIFIC INC NEWSOLE	COM	768.10K	SH	$13.78M 1.12%	768.10K
DROPBOX INCSOLE	NOTE 3/0	13.86K	PRN	$13.71M 1.11%	13.86K
TRIPADVISOR INCSOLE	NOTE 0.250 4/0	14K	PRN	$13.67M 1.11%	14K
MICROSTRATEGYSOLE	0 01/12/2029	15K	PRN	$13.48M 1.09%	15K
VIRGIN GALACTICSOLE	2.50 01/02/2027	31K	PRN	$13.31M 1.08%	31K
MARA HOLDINGSSOLE	0 01/03/2030	12.50K	PRN	$12.59M 1.02%	12.50K
OPENDOOR TECHNOLOGIES INCSOLE	COM	1.56M	SH	$12.42M 1.01%	1.56M
COREWEAVE INCSOLE	COM CL A	89.50K	SH	$12.25M 0.99%	89.50K
WAYFAIR INCSOLE	CL A	129.50K	SH	$11.57M 0.94%	129.50K
AMER HOTEL INC PROP REITSOLE	6 12/31/2026	11.32K	PRN	$10.98M 0.89%	11.32K

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