1y return+17.4%S&P 500 +20.9%
3y return+37.5%S&P 500 +68.5%
5y return−6.7%S&P 500 +74.5%
10y return+72.5%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $173 against $357 in the S&P 500.2
K2 Principal Fund, L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| PFSIPennymac Finl Svcs Inc New | $13.9M | 3.5% | +97.2% |
| GLDSpdr Gold Tr | $11.9M | 2.9% | +120.4% |
| GOOGAlphabet Inc | $9.5M | 2.3% | −19.4% |
| SUNCSunococorp LLC | $8.3M | 2.1% | +16.9% |
| DCHDauch Corp | $7.0M | 1.7% | +9.5% |
| BWABorgwarner Inc | $6.7M | 1.7% | New |
| CIGIColliers Intl Group Inc | $6.5M | 1.6% | New |
| APPApplovin Corp | $5.7M | 1.4% | +10.0% |
| Archimedes Tech Spac PartnerCUSIP G04537109 | $5.7M | 1.4% | +498.7% |
| FSLRFirst Solar Inc | $5.5M | 1.4% | −27.7% |
| Cohen Circle Acquisit Corp ICUSIP G2254C121 | $5.5M | 1.4% | +33.0% |
| RYAMRayonier Advanced Matls Inc | $4.8M | 1.2% | +92.2% |
| NSCNorfolk Southn Corp | $4.7M | 1.2% | +6.4% |
| RDDTReddit Inc | $4.7M | 1.2% | +52.9% |
| Skywater Technology IncCUSIP 83089J108 | $4.6M | 1.1% | +139.2% |
| Willow Lane Acquisition CrpCUSIP G9675K103 | $4.5M | 1.1% | New |
| KVUEKenvue Inc | $4.4M | 1.1% | New |
| MSFTMicrosoft Corp | $4.3M | 1.1% | +94.0% |
| Re/max Hldgs IncCUSIP 75524W108 | $4.3M | 1.1% | New |
| IBITIshares Bitcoin Trust Etf | $4.1M | 1.0% | −8.4% |
| GFRGreenfire Res Ltd New | $4.1M | 1.0% | +9.8% |
| Columbus Circle Cap Corp IICUSIP G2296M103 | $4.1M | 1.0% | +18.5% |
| Ares Acquisition Corp IIICUSIP G3303U112 | $4.0M | 1.0% | New |
| PZZAPapa Johns Intl Inc | $4.0M | 1.0% | +49.3% |
| Oaktree Acquisition Corp IIICUSIP G6717R104 | $3.9M | 1.0% | +87.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| Uniqure NvCUSIP N90064101 | March 31, 2026 | +181.7% | $3.6M |
| GOOGAlphabet Inc | June 30, 2025 | +99.2% | $9.5M |
| APPApplovin Corp | June 30, 2025 | +47.2% | $5.7M |
| SUNCSunococorp LLC | December 31, 2025 | +37.3% | $8.3M |
| FSLRFirst Solar Inc | December 31, 2024 | +33.9% | $5.5M |
| Skywater Technology IncCUSIP 83089J108 | March 31, 2026 | +27.0% | $4.6M |
| PZZAPapa Johns Intl Inc | March 31, 2026 | +13.5% | $4.0M |
| RYAMRayonier Advanced Matls Inc | September 30, 2025 | +8.9% | $4.8M |
| Oaktree Acquisition Corp IIICUSIP G6717R104 | December 31, 2024 | +7.4% | $3.9M |
| Archimedes Tech Spac PartnerCUSIP G04537109 | June 30, 2025 | +5.4% | $5.7M |
Sold off last quarter
- Willow Lane Acquisition CrpCUSIP G9675K129 was $4.5M
- Willow Lane Acquisition CorpCUSIP G9675P102 was $4.2M
- Spring Vy Acquisition Corp ICUSIP G8377R101 was $3.8M
- AQNAlgonquin Power Utilities was $3.7M
- Cantor Equity Partners II InCUSIP G1827P106 was $3.0M
- ELEElemental Rty Corp was $2.8M
- Spartacus Acquisition Corp ICUSIP G8303R126 was $2.5M
- Semrush Hldgs IncCUSIP 81686C104 was $2.4M
- PUMPPropetro Hldg Corp was $2.3M
- Cantor Equity Partners III ICUSIP G1828A108 was $2.2M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +8.9% | +14.8% |
| March 31, 2026 | −1.6% | −4.6% |
| December 31, 2025 | +2.3% | +2.4% |
| September 30, 2025 | +7.2% | +7.8% |
| June 30, 2025 | +13.3% | +10.5% |
| March 31, 2025 | −5.3% | −4.6% |
| December 31, 2024 | +2.7% | +2.1% |
| September 30, 2024 | +7.5% | +5.4% |
| June 30, 2024 | −9.2% | +4.0% |
| March 31, 2024 | +13.6% | +10.0% |
| December 31, 2023 | +2.9% | +11.2% |
| September 30, 2023 | −6.8% | −3.6% |
| June 30, 2023 | −0.3% | +8.3% |
| March 31, 2023 | −6.0% | +7.0% |
| December 31, 2022 | +1.6% | +7.1% |
| September 30, 2022 | −3.4% | −5.3% |
| June 30, 2022 | −19.8% | −16.5% |
| March 31, 2022 | −11.7% | −4.9% |
| December 31, 2021 | +1.1% | +10.7% |
| September 30, 2021 | +2.8% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: K2 Principal Fund, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1461790&type=13F-HR&dateb=&owner=include&count=40CIK 1461790
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1461790/000146179026000032/Filed August 7, 2026 · accession 0001461790-26-000032