Filed: 2/13/2026ACC: 0001461790-26-000016
📋 What this filing means
K2 PRINCIPAL FUND, L.P. filed this quarterly 13F‑HR report disclosing 385 equity positions with a total reported market value of $1.24B. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.
385
Positions
$1.24B
Total AUM (reported)
49.80M
Total Shares
Allocation by class
COM$108.95M8.8%
GOLD SHS$42.48M3.4%
NOTE 0.500 6/1$39.78M3.2%
TR UNIT$39.69M3.2%
CL A$36.08M2.9%
NOTE 3/0$29.85M2.4%
SHS CL A$24.89M2.0%
Portfolio Concentration
Top 3$121.95M9.8%
4–10$144.95M11.7%
11–25$207.93M16.8%
Rest$766.37M61.7%
Top 3 weight
9.8%
Top 10 weight
21.5%
Voting Authority Distribution
Total shares with voting rights: 49.80M
Sole
Full voting authority
49.80M
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)
Sole385
Shared0
Other0
Dominant voting typeSole · 100.0% of voting shares
Institutional Holdings385
Rows:
SPDR GOLD TR
SOLEShares107.20K
TypeSH
Market value$42.48M
3.42%
Sole
107.20K
Shared
0.00
None
0.00
LUMENTUM HLDGS INC
SOLEShares14K
TypePRN
Market value$39.78M
3.20%
Sole
14K
Shared
0.00
None
0.00
SPDR SP 500 ETF TR
SOLEShares58.20K
TypeSH
Market value$39.69M
3.20%
Sole
58.20K
Shared
0.00
None
0.00
SPHERE ENTERTAINMENT CO
SOLEShares8.50K
TypePRN
Market value$23.44M
1.89%
Sole
8.50K
Shared
0.00
None
0.00
ALLIED GOLD CORP
SOLEShares15.65K
TypePRN
Market value$23.29M
1.88%
Sole
15.65K
Shared
0.00
None
0.00
PAR TECHNOLOGY CORP
SOLEShares603.58K
TypeSH
Market value$21.90M
1.76%
Sole
603.58K
Shared
0.00
None
0.00
VANECK ETF TRUST
SOLEShares235K
TypeSH
Market value$20.16M
1.62%
Sole
235K
Shared
0.00
None
0.00
FREEPORT-MCMORAN INC
SOLEShares385.80K
TypeSH
Market value$19.59M
1.58%
Sole
385.80K
Shared
0.00
None
0.00
APPLIED DIGITAL CORP
SOLEShares7K
TypePRN
Market value$18.84M
1.52%
Sole
7K
Shared
0.00
None
0.00
ISHARES SILVER TR
SOLEShares275.20K
TypeSH
Market value$17.73M
1.43%
Sole
275.20K
Shared
0.00
None
0.00
FIRST MAJESTIC
SOLEShares14.50K
TypePRN
Market value$16.08M
1.30%
Sole
14.50K
Shared
0.00
None
0.00
PELOTON INTERACTIVE INC
SOLEShares15.68K
TypePRN
Market value$15.56M
1.25%
Sole
15.68K
Shared
0.00
None
0.00
AST SPACEMOBILE INC
SOLEShares11.50K
TypePRN
Market value$15.18M
1.22%
Sole
11.50K
Shared
0.00
None
0.00
BRITISH AMERN TOB PLC
SOLEShares265.74K
TypeSH
Market value$15.05M
1.21%
Sole
265.74K
Shared
0.00
None
0.00
CERENCE INC
SOLEShares16.75K
TypePRN
Market value$15.02M
1.21%
Sole
16.75K
Shared
0.00
None
0.00
MARRIOTT VACATIONS WORLDWIDE
SOLEShares15K
TypePRN
Market value$14.97M
1.21%
Sole
15K
Shared
0.00
None
0.00
TRIPADVISOR INC
SOLEShares14K
TypePRN
Market value$13.82M
1.11%
Sole
14K
Shared
0.00
None
0.00
JETBLUE AIRWAYS CORP
SOLEShares13.82K
TypePRN
Market value$13.62M
1.10%
Sole
13.82K
Shared
0.00
None
0.00
VIRGIN GALACTIC
SOLEShares16.50K
TypePRN
Market value$13.54M
1.09%
Sole
16.50K
Shared
0.00
None
0.00
GAMESTOP CORP NEW
SOLEShares651.50K
TypeSH
Market value$13.08M
1.05%
Sole
651.50K
Shared
0.00
None
0.00
SOLARIS ENERGY INFRAS INC
SOLEShares12K
TypePRN
Market value$13.01M
1.05%
Sole
12K
Shared
0.00
None
0.00
STRATEGY INC
SOLEShares15K
TypePRN
Market value$12.35M
1.00%
Sole
15K
Shared
0.00
None
0.00
INVESCO QQQ TR
SOLEShares20K
TypeSH
Market value$12.29M
0.99%
Sole
20K
Shared
0.00
None
0.00
PAR TECHNOLOGY CORP
SOLEShares12.50K
TypePRN
Market value$12.24M
0.99%
Sole
12.50K
Shared
0.00
None
0.00
CENTURY ALUM CO
SOLEShares5.75K
TypePRN
Market value$12.13M
0.98%
Sole
5.75K
Shared
0.00
None
0.00
| Issuer | Class | Shares | Type | Value / Portfolio % | Voting — Sole | Shared | None |
|---|---|---|---|---|---|---|---|
SPDR GOLD TRSOLE | GOLD SHS | 107.20K | SH | $42.48M 3.42% | 107.20K | 0.00 | 0.00 |
LUMENTUM HLDGS INCSOLE | NOTE 0.500 6/1 | 14K | PRN | $39.78M 3.20% | 14K | 0.00 | 0.00 |
SPDR SP 500 ETF TRSOLE | TR UNIT | 58.20K | SH | $39.69M 3.20% | 58.20K | 0.00 | 0.00 |
SPHERE ENTERTAINMENT COSOLE | NOTE 3.50012/0 | 8.50K | PRN | $23.44M 1.89% | 8.50K | 0.00 | 0.00 |
ALLIED GOLD CORPSOLE | 8.750 09/07/28 CVT | 15.65K | PRN | $23.29M 1.88% | 15.65K | 0.00 | 0.00 |
PAR TECHNOLOGY CORPSOLE | COM | 603.58K | SH | $21.90M 1.76% | 603.58K | 0.00 | 0.00 |
VANECK ETF TRUSTSOLE | GOLD MINERS ETF | 235K | SH | $20.16M 1.62% | 235K | 0.00 | 0.00 |
FREEPORT-MCMORAN INCSOLE | CL B | 385.80K | SH | $19.59M 1.58% | 385.80K | 0.00 | 0.00 |
APPLIED DIGITAL CORPSOLE | NOTE 2.750 6/0 | 7K | PRN | $18.84M 1.52% | 7K | 0.00 | 0.00 |
ISHARES SILVER TRSOLE | ISHARES | 275.20K | SH | $17.73M 1.43% | 275.20K | 0.00 | 0.00 |
FIRST MAJESTICSOLE | 0.125 01/15/31 CVT | 14.50K | PRN | $16.08M 1.30% | 14.50K | 0.00 | 0.00 |
PELOTON INTERACTIVE INCSOLE | NOTE 2/1 | 15.68K | PRN | $15.56M 1.25% | 15.68K | 0.00 | 0.00 |
AST SPACEMOBILE INCSOLE | 2.375 10/15/32 CVT | 11.50K | PRN | $15.18M 1.22% | 11.50K | 0.00 | 0.00 |
BRITISH AMERN TOB PLCSOLE | SPONSORED ADR | 265.74K | SH | $15.05M 1.21% | 265.74K | 0.00 | 0.00 |
CERENCE INCSOLE | NOTE 1.500 7/0 | 16.75K | PRN | $15.02M 1.21% | 16.75K | 0.00 | 0.00 |
MARRIOTT VACATIONS WORLDWIDESOLE | NOTE 1/1 | 15K | PRN | $14.97M 1.21% | 15K | 0.00 | 0.00 |
TRIPADVISOR INCSOLE | NOTE 0.250 4/0 | 14K | PRN | $13.82M 1.11% | 14K | 0.00 | 0.00 |
JETBLUE AIRWAYS CORPSOLE | NOTE 0.500 4/0 | 13.82K | PRN | $13.62M 1.10% | 13.82K | 0.00 | 0.00 |
VIRGIN GALACTICSOLE | 2.50 01/02/2027 | 16.50K | PRN | $13.54M 1.09% | 16.50K | 0.00 | 0.00 |
GAMESTOP CORP NEWSOLE | CL A | 651.50K | SH | $13.08M 1.05% | 651.50K | 0.00 | 0.00 |
SOLARIS ENERGY INFRAS INCSOLE | NOTE 0.25010/0 | 12K | PRN | $13.01M 1.05% | 12K | 0.00 | 0.00 |
STRATEGY INCSOLE | NOTE 12/0 | 15K | PRN | $12.35M 1.00% | 15K | 0.00 | 0.00 |
INVESCO QQQ TRSOLE | UNIT SER 1 | 20K | SH | $12.29M 0.99% | 20K | 0.00 | 0.00 |
PAR TECHNOLOGY CORPSOLE | NOTE 1.50010/1 | 12.50K | PRN | $12.24M 0.99% | 12.50K | 0.00 | 0.00 |
CENTURY ALUM COSOLE | NOTE 2.750 5/0 | 5.75K | PRN | $12.13M 0.98% | 5.75K | 0.00 | 0.00 |
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