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K2 Principal Fund, L.P.
K2 Principal Fund, L.P., founded in 2000, is the flagship fund of K2 & Associates, a Toronto-based hedge fund and asset manager. The firm specializes in multi-strategy, event-driven investing with a focus on North American equities and debt, serving institutional and high net-worth investors. K2 & Associates employs approximately 11-50 people and is known for its active management approach and diverse investment strategies.
Investment Strategy
K2 Principal Fund, L.P. follows a multi-strategy, event-driven approach, investing mainly in North American equities and debt markets. The fund actively deploys tactics such as merger arbitrage, long/short equity, private equity investments, restructurings, and activist investing. It employs a range of hedging techniques, particularly through the extensive use of options, in order to manage and mitigate downside risk.
Latest 13F Filing Activity
K2 Principal Fund, L.P. filed their most recent 13F report on Jun 30, 2025 disclosing 125 equity positions and 48 options positions with a total 13F market value of $725M. The fund increased holdings in Mag Silver Corp., Core Scientific Inc. New, Juniper Networks Inc. among other positions. K2 Principal Fund, L.P. reduced exposure to SPDR Gold TR, Solaris Energy Infras Inc., Hennessy Cap Invt Corp. VII among others.
Top Holdings
Equity Positions (125)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
I IBIT | ISHARES BITCOIN TRUST ETF | 1.47% | $10.7M | 174,000 | $40.69 | $61.21 | +$118.3K |
F FSLR | FIRST SOLAR INC | 1.10% | $8.0M | 48,291 | $140.14 | $165.54 | +$2.4M |
M MAG | MAG SILVER CORP | 0.94% | $6.8M | 321,870 | $21.13 | $21.13 | +$6.8M |
C CORZ | CORE SCIENTIFIC INC NEW | 0.82% | $5.9M | 346,591 | $17.07 | $17.07 | +$5.9M |
S SPRY | ARS PHARMACEUTICALS INC | 0.76% | $5.5M | 317,126 | $12.58 | $17.45 | -$571.9K |
Options Positions (48)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
G GLD | SPDR GOLD TR | Bought | Call | $32.0M | 1,050 | $304.83 | $293.70 | +350 | +$11.8M |
B BTI | BRITISH AMERN TOB PLC | New | Call | $18.5M | 3,900 | $47.33 | $47.33 | +3,900 | +$18.5M |
H HYG | ISHARES TR | New | Put | $16.1M | 2,000 | $80.65 | $80.65 | +2,000 | +$16.1M |
I IBIT | ISHARES BITCOIN TRUST ETF | Bought | Put | $15.3M | 2,500 | $61.21 | $60.06 | +2,300 | +$14.4M |
S SLV | ISHARES SILVER TR | Bought | Call | $10.8M | 3,280 | $32.81 | $32.70 | +3,080 | +$10.1M |
Industry Allocation
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