K2 PRINCIPAL FUND, L.P.

CIK 0001461790 · Q1 2026

13F Equity AUM

$1.4B

+15.4% QoQ

Positions

453

+68 QoQ

AUM Rank

#2,224

Top 18%

Skill Alpha (FF)

-1.8%/yr^ns

No Clear Edge

Rank #4,955 · Top 60%

vs S&P -5.6%/yr (unadj.)

Quarters Tracked

~11 years

Portfolio Concentration

Top 5: 18.9%Top 10: 24.2%Top 20: 33.4%

GQ98.7%

SPY5.9%

IWM1.6%

GDXJ1.4%

SLV1.4%

COPX1.1%

ASTS 2.375 10/15/321.1%

PAR TECHNOLOGY CORP1.1%

SEI 0.25 10/01/311.1%

GME 0 04/01/301.0%

Others (443)75.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services33.9%

Fixed Income14.5%

Unclassified12.4%

Technology11.3%

Consumer Cyclical6.4%

Energy5.1%

Basic Materials4.5%

Industrials3.9%

Other8.1%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 453Median: 0.07%Avg: 0.22%

0–0.5%

391(39.6%)

0.5–1%

52(36.2%)

1–3%

8(9.7%)

3–5%

0(0.0%)

5%+

2(14.6%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 231Unique: 222vs 20 funds

3.1%Low

453

Fund positions

7,299

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 9 benchmark funds with highest portfolio overlap (Jaccard similarity)

JPMORGAN CHASE & CO

3.7%

MORGAN STANLEY

3.1%

BlackRock, Inc.

3.7%

BANK OF AMERICA CORP /DE/

3.1%

STATE STREET CORP

3.9%

FMR LLC

4.3%

GEODE CAPITAL MANAGEMENT, LLC

3.1%

VANGUARD CAPITAL MANAGEMENT LLC

2.9%

VANGUARD PORTFOLIO MANAGEMENT LLC

3.2%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New189Increased71Decreased80Exited121

New Positions

IWM1.6%

+93K

PAR TECHNOLOGY CORP1.1%

+15K

VECO 2.875 06/01/291.0%

+10K

CLOUDFLARE INC0.9%

+12K

KW 4.75 02/01/300.9%

+12K

WIX 0 09/15/300.8%

+15K

HYG0.8%

+150K

I-80 GOLD CORP0.8%

+10K

ETSY 1 06/15/300.7%

+10K

RUBRIK INC0.7%

+11K

Increased

GENI0.3%

+818K(+401%)

DCH0.7%

+789K(+95%)

PTON0.1%

+486K(+4420%)

NEW PROVIDENCE ACQUI…0.0%

+457K(+1852%)

BEAGU0.0%

+431K(+90%)

AQN0.3%

+400K(+200%)

SPRY0.3%

+381K(+199%)

BLUE ACQUISITION COR…0.0%

+287K(+383%)

NHICW0.0%

+226K(+190%)

AIOT0.1%

+213K(+79%)

Decreased

A PARADISE ACQUISITI…0.0%

-450,600(-69%)

NOEMW0.0%

-221,036(-59%)

LEGT-WT0.0%

-201,294(-49%)

GME0.7%

-195,800(-30%)

GFR0.3%

-188,845(-22%)

D. BORAL ARC ACQ I C…0.0%

-184,212(-71%)

FCX0.8%

-179,800(-47%)

IPCXU0.1%

-176,543(-64%)

PL/WS0.1%

-176,401(-80%)

MARA0.0%

-175,000(-78%)

Exited

-14,000

-8,500

-15,650

-7,000

-15,679

-15,000

-16,500

-5,750

-10,000

-11,779

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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