K2 PRINCIPAL FUND, L.P.
SEC Form 13F institutional filer · CIK 0001461790
13F-HR · 23 reported holdings · 2026-03-31
Reported long-US-equity value
$0.05B
Top-10 concentration
83.6%
K2 PRINCIPAL FUND, L.P. — $47.4M AUM allocation strategy
K2 PRINCIPAL FUND, L.P. files SEC Form 13F and reports $47.4M of long US equity value across 23 reported holdings for 2026-03-31.
Its largest sector bet is Information Technology 32.1%, followed by Communication Services 28.5% and Consumer Discretionary 14.4%.
The top 10 holdings account for 84% of reported value — a conviction-weighted book concentrated in its best ideas. The sector and industry splits below are of the same reported value. Track quarter-over-quarter adds, trims, new positions and exits below — sourced from SEC 13F filings, public domain.
K2 PRINCIPAL FUND, L.P. — latest SEC 13F insights
Reported long-US-equity value (13F AUM)
$47.4M
total across 23 reported holdings · 2026-03-31 · excludes shorts, cash, non-US
Top-10 concentration
84% of value
higher = narrower conviction; lower = spread / hedging
Biggest adds (shares)
+$GOOGL +19.9K sh · +$5.33M+$VST +15.8K sh · +$2.27M+$FSLR +13.8K sh · +$1.51M
Biggest trims (shares)
−$GEN −126K sh · −$1.13M−$BLK −10.7K sh · −$278K−$BEN −4K sh · −$56.1K
Exited to nil (held last quarter, gone now)
$NKE ($1.72M last qtr)$FCX ($1.31M last qtr)$KVUE ($797K last qtr)$NVDA ($746K last qtr)$IYY ($674K last qtr)
Sector allocation (share of reported value)
each slice is a share of the reported long-US-equity value — smaller sectors and the rest of the book roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Industry allocation (share of reported value)
- Interactive Media & Services20.1%—
- Semiconductors14.9%—
- Rail Transportation8.5%—
- Advertising8.5%—
- Electric Utilities8.2%—
- Broadline Retail7.1%—
- Application Software5.0%—
- Systems Software4.6%—
- Other holdings23.0%—
the finer GICS cut of the same book — same denominator — smaller industries roll into “Other holdings”
Qtr shift = share-point change vs the prior quarter's filing — first period tracked for this filer; the column fills in with the next quarterly refresh.
Top S&P 500 holdings
9 of 9 rows · sorted by Value ↓
| Ticker | Holding | Shares | Value | Δ QoQ | Weight |
|---|---|---|---|---|---|
| $GOOGL | Alphabet Inc | 33.2K | $9.53M | +19.9K | 20.1% |
| $FSLR | First Solar Inc | 32.5K | $6.41M | +13.8K | 13.5% |
| $NSC | Norfolk Southern Corporation | 14.1K | $4.04M | +3.29K | 8.5% |
| $APP | Applovin Corporation | 10.1K | $4.01M | +5.84K | 8.5% |
| $VST | Vistra Corp | 25.9K | $3.89M | +15.8K | 8.2% |
| $AMZN | Amazon.com Inc | 16.1K | $3.36M | +3.43K | 7.1% |
| $CRM | Salesforce Inc | 17.6K | $2.37M | +11.2K | 5.0% |
| $MSFT | Microsoft Corporation | 6K | $2.22M | — | 4.7% |
| $APTV | Aptiv PLC | 27.7K | $1.92M | — | 4.0% |
…and 14 more holdings in the full 13F filing (top positions only shown).
SEC Form 13F data sets · public domain · 45-day filing lag · >$100M AUM managers · as reported
← All 13F filers·← QuantOrb.pro
How to read Δ QoQ — the five insight categories, and the caveats
The categories. Analysts, quants and retail traders look past total portfolio value to isolate actionable signals. Five categories matter.
Conviction & concentration shifts
New positions vs complete exits — a brand-new stock signals high conviction; a full liquidation suggests a broken thesis or tax-loss harvesting. Aggressive sizing — look at share count, not dollars: a 20% share increase during a drawdown is strong dip-buying. Concentration — a narrowing top-5/10 means conviction; spreading capital across more names means hedging.
Sector & macro allocation rotations
Aggregating Δ QoQ moves across sectors shows where smart money is leaning in or sneaking out — rotating out of growth into defensives or energy, for example. The fund's total long equity exposure quarter-over-quarter is a proxy for overall institutional risk appetite.
Crowding & smart-money consensus
When several managers initiate or expand the same stock in the same quarter, that is institutional consensus. Contrarian reads: top pickers buying hard into a beaten-down name the market is selling.
Derivative & option overlays
Reported call/put changes indicate whether managers are adding downside hedges or leveraging upside exposure. Note: a long increase may be half of a market-neutral pair trade.
Who reads this
| Retail "cloners" | High-conviction ideas to replicate ~45 days after quarter-end. |
| Corporate IR | Which funds bought or dumped the stock, before the next call. |
| Quant / algo traders | Cross-sectional factor inputs: flow, momentum, ownership. |
Four caveats before you trade on it
- 45-day lag — holdings are quarter-end; positions may already be closed.
- Long-only — 13Fs miss shorts, pair trades and cash.
- No non-US / fixed income — the picture is US equities plus options.
- Corporate actions — splits and spinoffs distort raw share deltas.
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