Fund Holdings — K2 PRINCIPAL FUND, L.P.

Total Portfolio Value
$969.52M
Total Bought
$128.95M
Total Sold
$140.17M
Net Transaction
-$11.23M
Filing Period:
Securities
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SharesValue ($K)
Q3 2025
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Q4 2025
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Change
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Q3 2025
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Q4 2025
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Weight (%)
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Change
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LUMENTUM HLDGS INC(LITE)0004,19139,7784.10%+35,587
APPLIED DIGITAL CORP(APLD)000018,8411.94%+18,841
FIRST MAJESTIC(AG)000016,0811.66%+16,081
SOLARIS ENERGY INFRAS INC(SEI)000013,0061.34%+13,006
STRATEGY INC(MSTR)000012,3531.27%+12,353
AST SPACEMOBILE INC(ASTS)0003,12615,1781.57%+12,052
UBER TECHNOLOGIES INC(UBER)000010,4001.07%+10,400
CERENCE INC(CRNC)0004,98915,0231.55%+10,034
MARA HOLDINGS INC(MARA)00009,9061.02%+9,906
VIZSLA SILVER CORP(VZLA)00009,4560.98%+9,456
PAR TECHNOLOGY CORP(PAR)0003,87812,2361.26%+8,358
THE REALREAL INC(REAL)00008,0480.83%+8,048
SOLAREDGE TECHNOLOGIES INC(SEDG)00007,8580.81%+7,858
MARA HOLDINGS INC(MARA)00007,5290.78%+7,529
SPHERE ENTERTAINMENT CO(SPHR)00016,10423,4452.42%+7,341
DROPBOX INC(DBX)00007,0810.73%+7,081
CORE SCIENTIFIC INC NEW00006,7400.70%+6,740
T1 ENERGY INC(TE)00006,3870.66%+6,387
FRESHPET INC(FRPT)00005,8530.60%+5,853
GOLAR LNG(GLNG)00005,8040.60%+5,804
BRITISH AMERN TOB PLC(BTI)65,356155,735+90,3793,4698,8180.91%+5,349
ALLIED GOLD CORP(AAUC)00017,98223,2872.40%+5,305
CLEANSPARK INC(CLSK)00005,1830.53%+5,183
SUNOCOCORP LLC(SUNC)0105,090+105,09005,1790.53%+5,179
STRATEGY INC(MSTR)00005,0710.52%+5,071
GUESS INC00004,9720.51%+4,972
VIRGIN GALACTIC00004,7940.49%+4,794
ARRAY TECHNOLOGIES INC(ARRY)00004,3540.45%+4,354
ENDEAVOUR SILVER00004,3470.45%+4,347
BROOKFIELD INFRAST PARTNERS
LP INT UNIT
0124,900+124,90004,3390.45%+4,339
PROCAP FINANCIAL INC(BRR)00004,3000.44%+4,300
NEW GOLD INC CDA0481,563+481,56304,1940.43%+4,194
EXACT SCIENCES CORP00004,1520.43%+4,152
ELEMENTAL RTY CORP(ELE)0177,356+177,35604,1200.42%+4,120
GAMESTOP CORP(GME)0007,96411,8911.23%+3,927
DENISON MINES(DNN)00003,8990.40%+3,899
JETBLUE AIRWAYS CORP(JBLU)0009,74213,6151.40%+3,873
ALUSSA ENERGY ACQUISITION CO
UNIT 99/99/9999
0350,000+350,00003,5350.36%+3,535
BROOKFIELD RENEWABLE PARTNER
PARTNERSHIP UNIT
0129,900+129,90003,4680.36%+3,468
RIOT PLATFORMS INC(RIOT)00003,4040.35%+3,404
SOLSTICE ADVANCED MATLS INC(SOLS)069,810+69,81003,3910.35%+3,391
ABIVAX SA(ABVX)022,500+22,50003,0340.31%+3,034
TALON CAP CORP
ORD SHS CL A
0299,752+299,75203,0300.31%+3,030
CYBERARK SOFTWARE LTD06,748+6,74803,0100.31%+3,010
MP MATERIALS CORP00002,9890.31%+2,989
MARRIOTT VACATIONS WORLDWIDE(VAC)00002,8640.30%+2,864
NORFOLK SOUTHN CORP(NSC)90010,800+9,9002703,1180.32%+2,848
CENTURY ALUM CO(CENX)0009,37812,1261.25%+2,748
NABORS INDS INC(NBR)00002,6880.28%+2,688
CARTESIAN GROWTH CORP III
COM CL A
0250,000+250,00002,5750.27%+2,575
SILVERBOX CORP V(SBXE)0243,400+243,40002,4490.25%+2,449
ROYAL GOLD INC(RGLD)010,625+10,62502,3620.24%+2,362
CANTOR EQUITY PARTNERS II IN
CL A ORD SHS
150,938347,129+196,1911,5863,9090.40%+2,322
LUCID GROUP(LCID)0009,33011,6401.20%+2,310
CONFLUENT INC074,997+74,99702,2680.23%+2,268
DIGITALBRIDGE GROUP INC(DBRG)0131,067+131,06702,0110.21%+2,011
VINE HILL CAP INVTS CORP II
UNIT 11/25/2030
0200,000+200,00002,0040.21%+2,004
SILICON VY ACQUISITION CORP
UNIT 12/08/2030
0200,000+200,00001,9880.21%+1,988
GREENFIRE RES LTD NEW(GFR)447,600845,285+397,6852,0684,0240.42%+1,956
BARRICK MNG CORP(B)79,845101,145+21,3002,6174,4050.45%+1,788
NIKE INC(NKE)027,000+27,00001,7200.18%+1,720
MICROSTRATEGY0005,2126,9170.71%+1,704
VISTRA CORP(VST)010,000+10,00001,6130.17%+1,613
PLANET LABS PBC(PL)100,000220,515+120,5153571,8990.20%+1,542
CANTOR EQUITY PARTNERS III I
SHS CL A
163,822312,667+148,8451,6913,1890.33%+1,499
APEX TREAS CORP
UNIT 10/07/2030
0148,075+148,07501,4880.15%+1,488
ENVIRI CORP(NVRI)082,987+82,98701,4870.15%+1,487
VIKING ACQUISITION CORP I(VACI)0150,000+150,00001,4850.15%+1,485
EVOLUTION GLOBAL ACQUISITION(EVOX)0150,000+150,00001,4810.15%+1,481
DAEDALUS SPL ACQUISITION COR
UNIT 11/10/2030
0143,620+143,62001,4420.15%+1,442
APPLIED OPTOELECTRONICS INC(AAOI)0009,01810,4341.08%+1,416
FREEPORT-MCMORAN INC(FCX)025,800+25,80001,3100.14%+1,310
A PARADISE ACQUISITION CORP
COM CL A
0125,000+125,00001,2560.13%+1,256
RANGE CAP ACQUISITION CORP
ORD SHS
0118,150+118,15001,2310.13%+1,231
ALGONQUIN PWR UTILS CORP0200,000+200,00001,2300.13%+1,230
CRANE HBR ACQUISITION CORP0113,825+113,82501,2260.13%+1,226
DYNAMIX CORP III(DNMX)0120,317+120,31701,1900.12%+1,190
WIX COM LTD
SHS
011,000+11,00001,1430.12%+1,143
AMERICAN AXLE MFG HLDGS IN696,786829,192+132,4064,1885,3150.55%+1,127
CUBESMART(CUBE)030,100+30,10001,0850.11%+1,085
REAL ASSET ACQUISITION CORP0102,434+102,43401,0470.11%+1,047
CANTOR EQUITY PARTNERS V INC(CEPV)0100,000+100,00001,0250.11%+1,025
ADVANCED ENERGY INDS(AEIS)0005,5436,5680.68%+1,025
VEON LTD(VEON)019,300+19,30001,0150.10%+1,015
FUTURECREST ACQUISITION CORP(FCRS)0100,000+100,00001,0100.10%+1,010
SAFEGUARD ACQUISITION CORP(SAC)0100,000+100,00001,0090.10%+1,009
PORCH GROUP INC(PRCH)0110,000+110,00001,0040.10%+1,004
GENERAL PURP ACQUISITION COR
UNIT 12/03/2030
0100,000+100,00001,0010.10%+1,001
LEAPFROG ACQUISITION CORP(LFAC)0100,000+100,00001,0010.10%+1,001
BLUEROCK ACQUISITION CORP(BLRK)0100,000+100,00001,0000.10%+1,000
M3-BRIGADE ACQUISITION VI CO(MBVI)0100,000+100,00001,0000.10%+1,000
ACTIVATE ENERGY ACQUISITION
UNIT 11/10/2030
0100,000+100,00009990.10%+999
LAUNCHPAD CADENZA ACQUISITIO
UNIT 12/15/2030
0100,000+100,00009980.10%+998
RANGE CAP ACQUISITION CORP I
CL A ORD SHS
0100,000+100,00009980.10%+998
AMERICAN DRIVE ACQUISITION C
UNIT 12/04/2030
0100,000+100,00009970.10%+997
GALATA ACQUISITION CORP II(LATA)0100,000+100,00009960.10%+996
TWELVE SEAS INVT CO III
UNIT 11/21/2030
0100,000+100,00009950.10%+995
CARS COM INC078,176+78,17609540.10%+954
TREEHOUSE FOODS INC040,300+40,30009510.10%+951
BERTO ACQUISITION CORP(TACO)255,204355,204+100,0002,6543,6020.37%+948
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