Fund HoldingsK2 PRINCIPAL FUND, L.P.

Total Portfolio Value
$1.24B
Total Bought
$296.68M
Total Sold
$315.96M
Net Transaction
-$19.28M
Filing Period:
Securities
SharesValue ($K)
Q3 2025
Q4 2025
Change
Q3 2025
Q4 2025
Weight (%)
Change
SPDR SP 500 ETF TR(SPY)(Call)058,200+58,200039,688+39,688
LUMENTUM HLDGS INC(LITE)000039,7783.20%+39,778
VANECK ETF TRUST(Put)
GOLD MINERS ETF
0230,000+230,000019,727+19,727
APPLIED DIGITAL CORP(APLD)000018,8411.52%+18,841
FIRST MAJESTIC(AG)000016,0811.30%+16,081
PELOTON INTERACTIVE INC(PTON)000015,5611.25%+15,561
MARRIOTT VACATIONS WORLDWIDE(VAC)000014,9701.21%+14,970
PAR TECHNOLOGY CORP(Call)47,000420,000+373,0001,86015,238+13,377
SOLARIS ENERGY INFRAS INC(SEI)000013,0061.05%+13,006
STRATEGY INC(MSTR)000012,3531.00%+12,353
AST SPACEMOBILE INC(ASTS)0003,12615,1781.22%+12,052
UBER TECHNOLOGIES INC(UBER)000010,4000.84%+10,400
FREEPORT-MCMORAN INC(FCX)(Put)196,000350,000+154,0007,68717,777+10,089
CERENCE INC0004,98915,0231.21%+10,034
MARA HOLDINGS INC(MARA)00009,9060.80%+9,906
VIZSLA SILVER CORP(VZLA)00009,4560.76%+9,456
PAR TECHNOLOGY CORP000012,2360.99%+12,236
THE REALREAL INC(REAL)00008,0480.65%+8,048
SOLAREDGE TECHNOLOGIES INC(SEDG)00007,8580.63%+7,858
DROPBOX INC(DBX)00007,8030.63%+7,803
GAMESTOP CORP NEW(GME)(Call)0376,500+376,50007,560+7,560
MARA HOLDINGS INC(MARA)00007,5290.61%+7,529
SPHERE ENTERTAINMENT CO(SPHR)00016,10423,4451.89%+7,341
DROPBOX INC(DBX)00007,0810.57%+7,081
CORE SCIENTIFIC INC NEW00006,7400.54%+6,740
META PLATFORMS INC(META)(Put)010,000+10,00006,601+6,601
T1 ENERGY INC(TE)00006,3870.51%+6,387
ON SEMICONDUCTOR CORP(ON)00005,9780.48%+5,978
BLACKLINE INC(BL)00005,9410.48%+5,941
VANECK ETF TRUST(Put)
JUNIOR GOLD MINE
35,00082,000+47,0003,4669,330+5,864
FRESHPET INC(FRPT)00005,8530.47%+5,853
GOLAR LNG(GLNG)00005,8040.47%+5,804
GAMESTOP CORP NEW(GME)(Put)0275,000+275,00005,522+5,522
BRITISH AMERN TOB PLC(BTI)0155,735+155,73508,8180.71%+8,818
PALANTIR TECHNOLOGIES INC(PLTR)(Put)030,000+30,00005,333+5,333
ALLIED GOLD CORP(AAUC)00017,98223,2871.88%+5,305
CLEANSPARK INC(CLSK)00005,1830.42%+5,183
SUNOCOCORP LLC(SUNC)0105,090+105,09005,1790.42%+5,179
STRATEGY INC(MSTR)00005,0710.41%+5,071
ENPHASE ENERGY INC(ENPH)00005,0560.41%+5,056
GUESS INC00004,9720.40%+4,972
VIRGIN GALACTIC00004,7940.39%+4,794
SUNOCO LP/SUNOCO FIN CORP(SUN)(Put)090,000+90,00004,717+4,717
ARRAY TECHNOLOGIES INC00004,3540.35%+4,354
ENDEAVOUR SILVER00004,3470.35%+4,347
BROOKFIELD INFRAST PARTNERS
LP INT UNIT
0124,900+124,90004,3390.35%+4,339
PROCAP FINANCIAL INC00004,3000.35%+4,300
NEW GOLD INC CDA0481,563+481,56304,1940.34%+4,194
EXACT SCIENCES CORP00004,1520.33%+4,152
ELEMENTAL RTY CORP(ELE)0177,356+177,35604,1200.33%+4,120
PROS HOLDINGS INC00003,9970.32%+3,997
GAMESTOP CORP(GME)0007,96411,8910.96%+3,927
DENISON MINES(DNN)00003,8990.31%+3,899
JETBLUE AIRWAYS CORP(JBLU)000013,6151.10%+13,615
PAR TECHNOLOGY CORP(Put)0100,000+100,00003,628+3,628
ISHARES TR(Put)030,000+30,00003,605+3,605
GLOBAL X FDS(Put)
GLOBAL X COPPER
050,000+50,00003,590+3,590
ALUSSA ENERGY ACQUISITION CO
UNIT 99/99/9999
0350,000+350,00003,5350.28%+3,535
BROOKFIELD RENEWABLE PARTNER
PARTNERSHIP UNIT
0129,900+129,90003,4680.28%+3,468
RIOT PLATFORMS INC(RIOT)00003,4040.27%+3,404
SOLSTICE ADVANCED MATLS INC(SOLS)069,810+69,81003,3910.27%+3,391
RAYONIER ADVANCED MATLS INC(Call)0596,400+596,40003,513+3,513
GUARDANT HEALTH INC(GH)00003,2260.26%+3,226
CLEVELAND-CLIFFS INC NEW(CLF)(Put)0234,400+234,40003,113+3,113
ABIVAX SA(ABVX)022,500+22,50003,0340.24%+3,034
TALON CAP CORP
ORD SHS CL A
0299,752+299,75203,0300.24%+3,030
CYBERARK SOFTWARE LTD06,748+6,74803,0100.24%+3,010
MP MATERIALS CORP00002,9890.24%+2,989
SOLSTICE ADVANCED MATLS INC(SOLS)(Put)060,000+60,00002,915+2,915
MARRIOTT VACATIONS WORLDWIDE(VAC)00002,8640.23%+2,864
NORFOLK SOUTHN CORP(NSC)010,800+10,80003,1180.25%+3,118
CENTURY ALUM CO(CENX)0009,37812,1260.98%+2,748
ISHARES BITCOIN TRUST ETF(IBIT)(Put)055,000+55,00002,731+2,731
NABORS INDS INC(NBR)00002,6880.22%+2,688
CARTESIAN GROWTH CORP III
COM CL A
0250,000+250,00002,5750.21%+2,575
SILVERBOX CORP V0243,400+243,40002,4490.20%+2,449
ROYAL GOLD INC(RGLD)010,625+10,62502,3620.19%+2,362
CANTOR EQUITY PARTNERS II IN
CL A ORD SHS
0347,129+347,12903,9090.31%+3,909
LUCID GROUP(LCID)0009,33011,6400.94%+2,310
CONFLUENT INC074,997+74,99702,2680.18%+2,268
ROBINHOOD MKTS INC(HOOD)(Put)020,000+20,00002,262+2,262
SPDR SERIES TRUST(Put)
ST STR SP METAL
020,000+20,00002,072+2,072
MARA HOLDINGS INC(MARA)(Put)0225,000+225,00002,021+2,021
DIGITALBRIDGE GROUP INC(DBRG)0131,067+131,06702,0110.16%+2,011
VINE HILL CAP INVTS CORP II
UNIT 11/25/2030
0200,000+200,00002,0040.16%+2,004
SILICON VY ACQUISITION CORP
UNIT 12/08/2030
0200,000+200,00001,9880.16%+1,988
ISHARES BITCOIN TRUST ETF(IBIT)(Call)040,000+40,00001,986+1,986
GREENFIRE RES LTD NEW0845,285+845,28504,0240.32%+4,024
SOLSTICE ADVANCED MATLS INC(SOLS)(Call)040,000+40,00001,943+1,943
BARRICK MNG CORP(B)79,845101,145+21,3002,6174,4050.35%+1,788
CANADIAN SOLAR INC(CSIQ)(Put)075,000+75,00001,783+1,783
NIKE INC(NKE)027,000+27,00001,7200.14%+1,720
MICROSTRATEGY0005,2126,9170.56%+1,704
SYNCHRONY FINANCIAL(SYF)(Put)020,000+20,00001,669+1,669
VISTRA CORP(VST)010,000+10,00001,6130.13%+1,613
PLANET LABS PBC(PL)0220,515+220,51501,8990.15%+1,899
CANTOR EQUITY PARTNERS III I
SHS CL A
0312,667+312,66703,1890.26%+3,189
APEX TREAS CORP
UNIT 10/07/2030
0148,075+148,07501,4880.12%+1,488
ENVIRI CORP082,987+82,98701,4870.12%+1,487
FASTLY INC(FSLY)00001,4860.12%+1,486
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