K2 PRINCIPAL FUND, L.P.
Long book
$341.1M
Q1 2026
Positions
315
Top-10 weight
18%
concentration
Last quarter
+7.5%
SPY +14.8%
Turnover
52%
of book per quarter
Strategy in plain words
auto-generated from filingsK2 PRINCIPAL FUND, L.P. is a quantitative fund whose holdings reflect models, not opinions, running a $341.1M US long book across 315 positions.
The portfolio is broadly diversified across 315 positions (top 10 only 18%). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: ALPHABET INC-CL C, PENNYMAC FINANCIAL SERVICES, DAUCH CORPORATION, SUNOCOCORP LLC, FIRST SOLAR INC.
Over the last 9 quarters its long book ran on average 0.3pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-7.8%
Q2 2024
+14.3%
Q3 2024
+6.5%
Q4 2024
-6.2%
Q1 2025
+14.6%
Q2 2025
+7.0%
Q3 2025
+2.1%
Q4 2025
-0.2%
Q1 2026
+7.5%
Sector allocation
Financials 42%
Technology 14%
Other 9%
Industrials 7%
Services media 6%
Materials 6%
Energy 5%
Utilities 4%
Long book by quarter
What does K2 PRINCIPAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| GOOG ALPHABET INC-CL C | Technology | 33.2K | $9.5M | 2.8% | +148.7% |
| PFSI PENNYMAC FINANCIAL SERVICES | Financials | 81.0K | $7.1M | 2.1% | +2598.3% |
| DCH DAUCH CORPORATION | Industrials | 1.2M | $7.0M | 2.1% | +42.9% |
| SUNC SUNOCOCORP LLC | Energy | 105.1K | $6.5M | 1.9% | Held |
| FSLR FIRST SOLAR INC | Technology | 32.5K | $6.4M | 1.9% | +73.3% |
| SPRY ARS PHARMACEUTICALS INC | Healthcare | 559.7K | $4.5M | 1.3% | +5387.2% |
| WLAC WILLOW LANE ACQUISITION-CL A | — | 397.9K | $4.2M | 1.2% | New |
| GFR GREENFIRE RESOURCES LTD | Energy | 656.4K | $4.1M | 1.2% | -22.3% |
| CCII COHEN CIRCLE ACQUISIT II - A | Financials | 399.2K | $4.1M | 1.2% | Held |
| NSC NORFOLK SOUTHERN CORP | Industrials | 14.1K | $4.0M | 1.2% | +30.5% |
| LION LIONSGATE STUDIOS CORP | Services media | 419.6K | $4.0M | 1.2% | +41.7% |
| APP APPLOVIN CORP-CLASS A | Technology | 10.1K | $4.0M | 1.2% | +137.9% |
| VST VISTRA CORP | Utilities | 25.9K | $3.9M | 1.1% | +158.5% |
| SVAC SPRING VALLEY ACQUISITION-A | Utilities | 371.0K | $3.8M | 1.1% | +112.0% |
| CLBR COLOMBIER ACQ III-CL A | Financials | 372.2K | $3.7M | 1.1% | New |
| AQN ALGONQUIN POWER & UTILITIES | Utilities | 600.0K | $3.7M | 1.1% | +200.0% |
| XPOF XPONENTIAL FITNESS INC-A | Services media | 600.0K | $3.6M | 1.1% | -13.7% |
| RYAM RAYONIER ADVANCED MATERIALS | Other | 320.4K | $3.5M | 1.0% | -46.8% |
| AMZN AMAZON.COM INC | Consumer discretionary | 16.1K | $3.4M | 1.0% | +27.0% |
| CMII COLUMBUS CIRCLE CAPITAL CO-A | Financials | 337.4K | $3.3M | 1.0% | New |
| BRR PROCAP FINANCIAL INC | Financials | 1.6M | $3.3M | 1.0% | New |
| BEAG BOLD EAGLE ACQUISITION COR-A | Financials | 306.9K | $3.2M | 1.0% | 0.0% |
| PMTR PERIMETER ACQUIS CORP I CL A | Financials | 297.2K | $3.0M | 0.9% | Held |
| OR OR ROYALTIES INC | Materials | 80.0K | $3.0M | 0.9% | New |
| SRG SERITAGE GROWTH PROP- A | Real estate | 1.1M | $3.0M | 0.9% | +2.4% |
| IEAG INFINITE EAGLE CL-A | Financials | 300.0K | $3.0M | 0.9% | New |
| ARCI ARCHIMEDES TECH SPAC PARTNER | Financials | 299.5K | $3.0M | 0.9% | New |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 190.0K | $2.9M | 0.9% | +45.0% |
| JENA JENA ACQUISITION CORP II - A | Financials | 273.0K | $2.8M | 0.8% | Held |
| ELE ELEMENTAL ROYALTY CORP | Materials | 106.3K | $2.8M | 0.8% | -40.1% |
| DBCA D. BORAL ACQUISITION I-CL A | Financials | 276.2K | $2.7M | 0.8% | New |
| RGLD ROYAL GOLD INC | Financials | 10.6K | $2.7M | 0.8% | Held |
| CEPF CANTOR EQUITY PARTNERS-CL A | Financials | 258.3K | $2.6M | 0.8% | +0.1% |
| TLNC TALON CAPITAL CORP-CL A | Financials | 250.0K | $2.5M | 0.7% | -16.6% |
| SBXE SILVERBOX CORP V-CL A | Financials | 243.4K | $2.4M | 0.7% | New |
| 628 SEMRUSH HOLDINGS INC-A | — | 200.0K | $2.4M | 0.7% | New |
| PZZA PAPA JOHN'S INTL INC | Consumer discretionary | 73.2K | $2.4M | 0.7% | New |
| RDDT REDDIT INC-CL A | Technology | 17.6K | $2.4M | 0.7% | +173.5% |
| PUMP PROPETRO HOLDING CORP | Energy | 162.2K | $2.3M | 0.7% | New |
| CAEP CANTOR EQUITY PARTNERS III-A | — | 217.8K | $2.2M | 0.7% | -30.4% |
| MSFT MICROSOFT CORP | Technology | 6.0K | $2.2M | 0.7% | New |
| CRAQ CAL REDWOOD ACQUISIT-CL A | Financials | 215.0K | $2.2M | 0.6% | Held |
| TACO BERTO ACQUISITION CORP | Financials | 208.3K | $2.1M | 0.6% | -41.4% |
| FNV FRANCO-NEVADA CORP | Materials | 8.6K | $2.1M | 0.6% | -31.0% |
| SAAQ SPACE ASSET ACQUISITION-CL A | Financials | 212.2K | $2.1M | 0.6% | New |
| OACC OAKTREE ACQUISITION CORP I-A | Financials | 195.3K | $2.1M | 0.6% | Held |
| BCSS BAIN CAPITAL GSS INV- A | Financials | 200.0K | $2.0M | 0.6% | New |
| EVAC EQV VENTURES ACQUISITION C-A | Financials | 200.0K | $2.0M | 0.6% | Held |
| HCMA HCM III ACQUISITION COR-CL A | Financials | 200.0K | $2.0M | 0.6% | -14.7% |
| PTON PELOTON INTERACTIVE INC-A | Other | 468.2K | $2.0M | 0.6% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 487 | $1.43B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 410 | $1.24B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 338 | $1.23B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 296 | $725.2M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 317 | $788.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 304 | $900.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 15, 2024 | 263 | $694.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 228 | $537.7M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 237 | $579.0M | canonical | SEC ↗ |
Similar funds
DIMENSIONAL FUND ADVISORS LPAQR CAPITAL MANAGEMENT LLCARROWSTREET CAPITAL, LIMITED PARTNERSHIPD. E. Shaw & Co., Inc.TWO SIGMA INVESTMENTS, LPMARSHALL WACE, LLPACADIAN ASSET MANAGEMENT LLCQube Research & Technologies LtdRENAISSANCE TECHNOLOGIES LLCMan Group plcSquarepoint Ops LLCAlyeska Investment Group, L.P.