K2 PRINCIPAL FUND, L.P.
Q3 2025 13F-HR Holdings
Net value change ($000)
+506,218
(69.8%)
New positions
60
Sold out positions
50
Turnover %
70.5%
Sector allocation + QoQ delta (equities-only)
Snapshot: Change Analysis
Compared to Q2 2025
Methodology:
sector metrics are equities-only;
instrument mix chart is ex-options;
options exposure is shown separately.
Why this matters.
Top Adds (Value $000, Stocks/ETFs)
| GLD | 21,786 | 733.3% |
| OPEN | 8,039 | NEW |
| CORZ | 6,070 | 102.6% |
| SLV | 5,576 | 875.4% |
| EVAC | 4,816 | NEW |
| TLNC | 4,523 | NEW |
| DMII | 4,239 | NEW |
| DCH | 4,188 | NEW |
| XPOF | 4,109 | 248.1% |
| COHEN CIRCLE ACQUISIT CORP I | 4,060 | NEW |
Top Reduces (Value $000, Stocks/ETFs)
| MAG SILVER CORP | -6,801 | -100.0% |
| IBIT | -5,704 | -53.6% |
| AHC | -4,542 | -100.0% |
| Cohen Circle Acquisition Corp. I | -4,499 | -100.0% |
| COLOMBIER ACQUISITION CORP. II | -4,390 | -100.0% |
| JNP | -3,993 | -100.0% |
| RAC | -3,543 | -100.0% |
| JENA | -3,343 | -100.0% |
| KDK | -3,196 | -100.0% |
| INFQ | -3,090 | -100.0% |
Instrument mix + QoQ Δ (ex-options)
Derivatives reported exposure ($000):
279,628
(22.7% of total reported value)
How this table is calculated:
SEC
VALUE ($000) is used as reported.
For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received.
Column % is bucket-based:
non-options share is calculated inside non-option total, options share is calculated inside options total.
Details.
Filter:
Instrument:
| Issuer Name | Ticker | Sector | Industry | Class | History | Value ($000) | % | Shares | Shares Δ | Shares Δ% | Value Δ ($000) | Value Δ% | Principal | Option Type |
|---|