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Livermore
Livermore
ZHEN

K2 Principal Fund, L.P.

SEC CIK
0001461790
Latest filing
Aug 7, 2026

The latest 13F from K2 Principal Fund, L.P. covers Q2 2026 (filed Aug 7, 2026): 416 long positions worth $1.09B. The top 10 holdings make up 15.2% of the portfolio, and the largest is Aauc 8 3/4 09/07/28 at 2.4%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
141
Est. +$372.5M
Added
56
Est. +$50.4M
Reduced
61
Est. −$47.5M
Sold out
121
Est. −$310.5M

Top 5 holdings

Share of this quarter's portfolio value

  1. Aauc 8 3/4 09/07/2801921DAA3
    2.4%$26.2M
  2. Par Technology Corp698884AK9
    1.6%$17.1M
  3. Avt 1.750 09/01/30 CVT Put053807AY9
    1.5%$16.8M
  4. Asts 2 3/8 10/15/3200217DAC4
    1.5%$16.7M
  5. Cloudflare, Inc.18915MAF4
    1.5%$16.5M

Share of portfolio

Top 5 holdings and the other 411 positions, by share of portfolio value

  1. Aauc 8 3/4 09/07/282.4%
  2. Par Technology Corp1.6%
  3. Avt 1.750 09/01/30 CVT Put1.5%
  4. Asts 2 3/8 10/15/321.5%
  5. Cloudflare, Inc.1.5%
  6. Other 411 positions91.4%

Biggest buys

New and added positions, by estimated amount bought

  1. Aauc 8 3/4 09/07/2801921DAA3
    +$26.2MNew
  2. Avt 1.750 09/01/30 CVT Put053807AY9
    +$16.8MNew
  3. Cloudflare, Inc.18915MAF4
    +$16.5MNew
  4. Strategy Inc594972AQ4
    +$15.4MNew
  5. On Semiconductor Corp682189AU9
    +$14.5MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. Aauc 8 3/4 09/07/2801921DAA3
    +2.41 pp0.0% → 2.4%
  2. Avt 1.750 09/01/30 CVT Put053807AY9
    +1.54 pp0.0% → 1.5%
  3. Cloudflare, Inc.18915MAF4
    +1.52 pp0.0% → 1.5%
  4. Strategy Inc594972AQ4
    +1.42 pp0.0% → 1.4%
  5. On Semiconductor Corp682189AU9
    +1.33 pp0.0% → 1.3%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. GameStop Corp.36467WAD1
    −$14.4MSold out
  2. TripAdvisor, Inc.896945AD4
    −$14.0MSold out
  3. Veeco Instrs Inc Del922417AJ9
    −$13.8MSold out
  4. JetBlue Airways Corp477143AP6
    −$13.8MSold out
  5. Cloudflare, Inc.18915MAE7
    −$13.6MSold out

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. GameStop Corp.36467WAD1
    −1.52 pp1.5% → 0.0%
  2. TripAdvisor, Inc.896945AD4
    −1.47 pp1.5% → 0.0%
  3. Veeco Instrs Inc Del922417AJ9
    −1.46 pp1.5% → 0.0%
  4. JetBlue Airways Corp477143AP6
    −1.46 pp1.5% → 0.0%
  5. Cloudflare, Inc.18915MAE7
    −1.44 pp1.4% → 0.0%

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.09B
+$140.5M (+14.8%) vs. prior quarter
Positions
416
+20 vs. prior quarter
Top 10 concentration
15.2%
Top 10 as share of value
Turnover
35.2%
Q2 2026, one quarter
Average holding period
2.7 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.09B (Q2 2026)

Q1 2021: $634.3MQ2 2021: $896.0MQ3 2021: $857.6MQ4 2021: $810.4MQ1 2022: $575.3MQ2 2022: $586.9MQ3 2022: $416.7MQ4 2022: $366.5MQ1 2023: $364.5MQ2 2023: $314.3MQ3 2023: $334.0MQ4 2023: $426.9MQ1 2024: $419.6MQ2 2024: $452.3MQ3 2024: $601.4MQ4 2024: $681.1MQ1 2025: $655.8MQ2 2025: $545.4MQ3 2025: $951.8MQ4 2025: $969.5MQ1 2026: $947.5MQ2 2026: $1.09B
Q1 2021Q2 2026
13F filings of K2 Principal Fund, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 7, 2026416$1.09BAauc 8 3/4 09/07/28Par Technology CorpAvt 1.750 09/01/30 CVT Putvs. Q1 2026SEC
Q1 2026May 14, 2026396$947.5MAsts 2 3/8 10/15/32Par Technology CorpSolaris Energy Infras Incvs. Q4 2025SEC
Q4 2025Feb 13, 2026356$969.5MLumentum Hldgs IncSphere Entertainment Co.Aauc 8 3/4 09/07/28vs. Q3 2025SEC
Q3 2025Nov 13, 2025299$951.8MGLDWestern Digital CorpIren 3 1/2 12/15/29vs. Q2 2025SEC
Q2 2025Aug 14, 2025248$545.4MPeloton Interactive, Inc.American Airls Group IncNutanix, Inc.vs. Q1 2025SEC
Q1 2025May 15, 2025255$655.8MGLDPeloton Interactive, Inc.Nutanix, Inc.vs. Q4 2024SEC
Q4 2024Feb 14, 2025231$681.1MDropbox, Inc.Opendoor Technologies Inc.Atlantica Sustainable Infravs. Q3 2024SEC
Q3 2024Nov 15, 2024222$601.4MOpendoor Technologies Inc.Dropbox, Inc.Atlantica Sustainable Infravs. Q2 2024SEC
Q2 2024Aug 14, 2024199$452.3MSPRYMarathon Digital Holdings INAtlantica Sustainable Infravs. Q1 2024SEC
Q1 2024May 14, 2024197$419.6MSPRYNutanix, Inc.Atlantica Sustainable Infravs. Q4 2023SEC
Q4 2023Feb 14, 2024178$426.9MAtlantica Sustainable InfraCOOPSPRYvs. Q3 2023SEC
Q3 2023Nov 13, 2023178$334.0MAtlantica Sustainable InfraDropbox, Inc.Nutanix, Inc.vs. Q2 2023SEC
Q2 2023Aug 15, 2023166$314.3MAtlantica Sustainable InfraDropbox, Inc.Splunk Incvs. Q1 2023SEC
Q1 2023May 11, 2023188$364.5MAtlantica Sustainable InfraSPRYDropbox, Inc.vs. Q4 2022SEC
Q4 2022Feb 10, 2023176$366.5MSJTSPRYCOOPvs. Q3 2022SEC
Q3 2022Nov 14, 2022206$416.7MCi Finl CorpCOOPRIVNvs. Q2 2022SEC
Q2 2022Aug 12, 2022266$586.9MTSLACi Finl CorpNMRKvs. Q1 2022SEC
Q1 2022May 16, 2022231$575.3MPFSICi Finl CorpSPYvs. Q4 2021SEC
Q4 2021Feb 11, 2022294$810.4MCi Finl CorpPFSISKINvs. Q3 2021SEC
Q3 2021Nov 12, 2021259$857.6MCi Finl CorpPFSIPMTvs. Q2 2021SEC
Q2 2021Aug 13, 2021233$896.0MSKINHHCPalo Alto Networks Incvs. Q1 2021SEC
Q1 2021May 14, 2021220$634.3MPFSIPalo Alto Networks IncSouthwest Airls Co–SEC

13D and 13G filings

Companies where K2 Principal Fund, L.P. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

3 companies, largest stake first.

Companies where K2 Principal Fund, L.P. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
HVIIUONE Nuclear Energy Inc.13G9.71%1.70M sharesNewJan 21, 20251 filingJan 21, 2025SEC
AACPUApogee Acquisition Corp13G5.33%800.0K sharesNewApr 9, 20261 filingApr 9, 2026SEC
QLEPQuantum Leap Acquisition Corp13G5.00%1.00M sharesNewMay 1, 20261 filingMay 1, 2026SEC

Latest filings

122 filings on file made by K2 Principal Fund, L.P. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by K2 Principal Fund, L.P.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
QLEPQuantum Leap Acquisition CorpMay 1, 20265:11 PM ET13G5.00%1.00M sharesNewMay 1, 2026SEC
AACPUApogee Acquisition CorpApr 9, 20267:31 AM ET13G5.33%800.0K sharesNewApr 7, 2026SEC
TVATexas Ventures Acquisition III CorpFeb 5, 202610:36 AM ET13G/A0.00%0 shares−5.11 ppfrom 5.11%Below 5%Dec 31, 2025SEC
Willow Lane Acquisition Corp.Class A Ordinary Shares, par value $0.0001 per shareFeb 5, 20268:57 AM ET13G/A0.64%81.2K shares−6.74 ppfrom 7.38%Below 5%Dec 31, 2025SEC
HVIIONE Nuclear Energy Inc.Feb 5, 20268:21 AM ET13G/A0.20%53.4K shares–Below 5%Dec 31, 2025SEC
DYNCDynamix CorpFeb 4, 20267:14 PM ET13G/A0.00%0 shares−5.24 ppfrom 5.24%Below 5%Dec 31, 2025SEC
TVACUTexas Ventures Acquisition III CorpMay 5, 20255:09 PM ET13G5.11%1.15M sharesNewApr 25, 2025SEC
HHLAHH&L Acquisition Co.Feb 11, 20254:03 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2024SEC
MACIMelar Acquisition Corp. I/CaymanFeb 11, 20253:16 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2024SEC
FORLFour Leaf Acquisition CorpFeb 11, 20253:08 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2024SEC
POLEAndretti Acquisition Corp. IIFeb 11, 20252:09 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2024SEC
NTWONewbury Street II Acquisition CorpFeb 11, 20251:00 PM ET13G/A0.00%0 shares–Below 5%Dec 31, 2024SEC
DYNCDynamix CorpFeb 11, 202512:46 PM ET13G/A5.24%869.9K shares–Dec 31, 2024SEC
Willow Lane Acquisition Corp.Class A ordinary shareFeb 11, 20259:48 AM ET13G/A7.38%933.9K shares–Dec 31, 2024SEC
Mountain Lake Acquisition Corp.UnitsFeb 11, 20259:18 AM ET13G/A3.15%749.0K shares−2.56 ppfrom 5.71%Below 5%Dec 31, 2024SEC
HVIIUONE Nuclear Energy Inc.Jan 21, 20255:16 PM ET13G9.71%1.70M sharesNewJan 17, 2025SEC
Mountain Lake Acquisition Corp.UnitsDec 20, 20243:08 PM ET13G5.71%1.20M sharesNewDec 13, 2024SEC
DYNCDynamix CorpNov 25, 202413GOld format–New–SEC
Willow Lane Acquisition Corp.Nov 13, 202413GOld format–New–SEC
NTWONewbury Street II Acquisition CorpNov 12, 202413GOld format–New–SEC