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Portfolio (Quarterly) Guide ↗

K2 PRINCIPAL FUND, L.P.

· CIK 0001461790
13F Portfolio $1.4B AUM 487 positions Filed May 14, 2026 EDGAR ↗ ← All Funds
Q1 2026 Q4 2025 · All 212 New 74 Added 83 Reduced 135 Exited
Page 2 of 5  ·  83 positions
# Ticker Company Sector Shares Value ↓ % Port Chg Shares Chg % Period Price ① Since Period ①
21 T1 ENERGY INC 2,500.0 $2.8M 0.19% -2K -50.0% $1101.10
22 TLNC TALON CAP CORP Financial Services 250,000.0 $2.5M 0.18% -50K -16.6% $10.20 +0.0%
23 PAR TECHNOLOGY CORP 2,500.0 $2.3M 0.16% -10K -80.0% $931.00
24 CAEP CANTOR EQUITY PARTNERS III I Financial Services 217,767.0 $2.2M 0.16% -95K -30.4% $10.31 +45.5%
25 TACO BERTO ACQUISITION CORP Financial Services 208,300.0 $2.1M 0.15% -147K -41.4% $10.25 +1.5%
26 FNV FRANCO NEV CORP Basic Materials 8,625.0 $2.1M 0.15% -4K -31.0% $247.05 -3.7%
27 HCM III ACQUISITION CORP 200,000.0 $2.0M 0.14% -35K -14.8% $10.08
28 CLF PUT CLEVELAND-CLIFFS INC NEW Basic Materials 230,800.0 $2.0M 0.14% -4K -1.5% $8.45 +22.0%
29 SOLS SOLSTICE ADVANCED MATLS INC Basic Materials 24,650.0 $1.9M 0.13% -45K -64.7% $76.16 +14.0%
30 PROCAP ACQUISITION CORP 179,990.0 $1.8M 0.13% -18K -9.2% $10.19
31 PROCAP FINANCIAL INC 2,000.0 $1.6M 0.11% -3K -60.0% $819.90
32 VOX ROYALTY CORP 286,826.0 $1.5M 0.10% -31K -9.7% $5.24
33 BIP BROOKFIELD INFRASTRUCTURE PA Utilities 38,200.0 $1.4M 0.10% -87K -69.4% $36.12 +5.1%
34 DNMX DYNAMIX CORP III Financial Services 110,866.0 $1.1M 0.08% -9K -7.9% $9.92 +0.7%
35 LIVE OAK ACQUISITION CORP V 100,000.0 $1.0M 0.07% -78K -43.9% $10.40
36 RDAG REPUBLIC DIGITAL ACQUISITION Financial Services 100,000.0 $1.0M 0.07% -21K -17.2% $10.23 +0.4%
37 IPCX INFLECTION PT ACQUISITION CO Financial Services 100,000.0 $1.0M 0.07% -177K -63.8% $10.22 +0.8%
38 WENN WEN ACQUISITION CORP Financial Services 100,000.0 $1.0M 0.07% -153K -60.4% $10.18 +0.6%
39 APEX TREAS CORP 100,000.0 $1.0M 0.07% -48K -32.5% $10.09
40 KYIVSTAR GROUP LTD 267,927.0 $978K 0.07% -6K -2.0% $3.65
Page 2 of 5  ·  83 positions

Period Price is the implied market price on the last day of the reporting period, calculated as reported value ÷ shares held. It is not the fund's purchase price or cost basis — the fund may have initiated or added to the position at any point during the quarter at a different price. Since Period shows the price change from that quarter-end snapshot to today's last price — it reflects stock movement after the report date, not the fund's actual return.

Sector Allocation
Financial Services 32.5%
Technology 10.0%
Consumer Cyclical 8.5%
Energy 8.3%
Industrials 8.2%
Communication Services 7.9%
Basic Materials 7.8%
Healthcare 6.1%
Utilities 6.1%
Real Estate 2.3%