Pale Fire Capital SE — 13F Holdings & Portfolio
CIK 1922318 · latest 13F-HR filed 2026-05-14
Pale Fire Capital SE manages $1.14B in 13F-reported U.S. long-equity assets across 60 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are BTG (27.76%), DOLE (11.84%), GRPN (10.65%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 21 new positions, exited 16, added to 18, and trimmed 14.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$1.14B
Long-equity book
60
Distinct positions
2026-03-31
Filed 2026-05-14
+21 / −16 / ↑18 / ↓14
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- B2GOLD CORP$138.6M +78.2%
- ZIFF DAVIS INC$74.3M +174.6%
- CARS COM INC$24.1M +298.1%
- MINERALYS THERAPEUTICS INC$9.5M +2536.0%
- TELADOC HEALTH INC$4.9M +36.1%
Top Trims
- GROUPON INC-$58.1M -32.4%
- BAXTER INTL INC-$13.0M -32.9%
- GALIANO GOLD INC-$10.0M -49.9%
- FRACTYL HEALTH INC-$4.4M -61.6%
- REGENXBIO INC-$3.1M -42.5%
New Positions
- PHREESIA INC$72.5M
- COURSERA INC$61.2M
- LIGHTSPEED COMMERCE INC$49.5M
- PELOTON INTERACTIVE INC$26.7M
- WEAVE COMMUNICATIONS INC$6.9M
Exited Positions
- CENTERRA GOLD INC$8.5M
- TSAKOS ENERGY NAVIGATION LTD$6.6M
- TECTONIC THERAPEUTIC INC$5.4M
- DAY ONE BIOPHARMACEUTICALS I$5.1M
- WIX COM LTD$3.2M
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | B2GOLD CORP | BTG | 11777Q209 | $315.9M | 27.76% | 69,740,133 | SH |
| 2 | DOLE PLC | DOLE | G27907107 | $134.7M | 11.84% | 9,427,476 | SH |
| 3 | GROUPON INC | GRPN | 399473206 | $121.2M | 10.65% | 10,181,070 | SH |
| 4 | ZIFF DAVIS INC | ZD | 48123V102 | $116.8M | 10.26% | 2,783,366 | SH |
| 5 | PHREESIA INC | PHR | 71944F106 | $72.5M | 6.37% | 8,649,329 | SH |
| 6 | COURSERA INC | COUR | 22266M104 | $61.2M | 5.38% | 10,511,603 | SH |
| 7 | LIGHTSPEED COMMERCE INC | LSPD | 53229C107 | $49.5M | 4.35% | 5,524,591 | SH |
| 8 | CARS COM INC | CARS | 14575E105 | $32.1M | 2.82% | 3,956,618 | SH |
| 9 | I-80 GOLD CORP | IAUX | 44955L106 | $31.7M | 2.78% | 20,843,056 | SH |
| 10 | ANGI INC | ANGI | 00183L201 | $26.9M | 2.37% | 3,930,416 | SH |
| 11 | PELOTON INTERACTIVE INC | PTON | 70614W100 | $26.7M | 2.35% | 6,234,577 | SH |
| 12 | BAXTER INTL INC | BAX | 071813109 | $26.6M | 2.34% | 1,582,743 | SH |
| 13 | TELADOC HEALTH INC | TDOC | 87918A105 | $18.5M | 1.63% | 3,398,491 | SH |
| 14 | LIQUIDIA CORPORATION | LQDA | 53635D202 | $14.7M | 1.29% | 388,377 | SH |
| 15 | GALIANO GOLD INC | GAU | 36352H100 | $10.0M | 0.88% | 4,000,000 | SH |
| 16 | MINERALYS THERAPEUTICS INC | MLYS | 603170101 | $9.9M | 0.87% | 365,626 | SH |
| 17 | COMMERCE.COM INC | CMRC | 08975P108 | $7.9M | 0.69% | 2,952,094 | SH |
| 18 | GERON CORP | GERN | 374163103 | $7.3M | 0.64% | 4,888,304 | SH |
| 19 | KURA ONCOLOGY INC | KURA | 50127T109 | $7.0M | 0.61% | 857,474 | SH |
| 20 | WEAVE COMMUNICATIONS INC | WEAV | 94724R108 | $6.9M | 0.61% | 1,492,806 | SH |
| 21 | SYNDAX PHARMACEUTICALS INC | SNDX | 87164F105 | $6.6M | 0.58% | 284,460 | SH |
| 22 | UDEMY INC | UDMY | 902685106 | $6.0M | 0.53% | 1,307,141 | SH |
| 23 | REGENXBIO INC | RGNX | 75901B107 | $4.1M | 0.36% | 493,726 | SH |
| 24 | FRACTYL HEALTH INC | GUTS | 35168W103 | $2.7M | 0.24% | 5,921,045 | SH |
| 25 | JOURNEY MED CORP | DERM | 48115J109 | $2.3M | 0.20% | 481,987 | SH |
| 26 | HERON THERAPEUTICS INC | HRTX | 427746102 | $2.2M | 0.19% | 2,716,328 | SH |
| 27 | IAC INC | IAC | 44891N208 | $2.2M | 0.19% | 54,281 | SH |
| 28 | SPROUT SOCIAL INC | SPT | 85209W109 | $2.0M | 0.17% | 343,841 | SH |
| 29 | SAGIMET BIOSCIENCES INC | SGMT | 786700104 | $1.2M | 0.10% | 221,875 | SH |
| 30 | DOUBLEVERIFY HLDGS INC | DV | 25862V105 | $1.0M | 0.09% | 110,500 | SH |
| 31 | CYBIN INC | HELP | 23256X407 | $736.8K | 0.06% | 153,505 | SH |
| 32 | X4 PHARMACEUTICALS INC | XFOR | 98420X202 | $692.1K | 0.06% | 167,590 | SH |
| 33 | PERMA-FIX ENVIRONMENTAL SVCS | PESI | 714157203 | $519.8K | 0.05% | 48,626 | SH |
| 34 | AGIOS PHARMACEUTICALS INC | AGIO | 00847X104 | $461.8K | 0.04% | 13,650 | SH |
| 35 | SM ENERGY COMPANY | SM | 78454L100 | $458.3K | 0.04% | 14,700 | SH |
| 36 | RAPID7 INC | RPD | 753422104 | $436.7K | 0.04% | 79,249 | SH |
| 37 | EXPENSIFY INC | EXFY | 30219Q106 | $418.5K | 0.04% | 481,051 | SH |
| 38 | KOSMOS ENERGY LTD | KOS | 500688106 | $403.1K | 0.04% | 145,000 | SH |
| 39 | TARSUS PHARMACEUTICALS INC | TARS | 87650L103 | $396.5K | 0.03% | 5,652 | SH |
| 40 | ONITY GROUP INC | ONIT | 675746606 | $386.1K | 0.03% | 9,833 | SH |
| 41 | RIGEL PHARMACEUTICALS INC | RIGL | 766559702 | $385.4K | 0.03% | 14,252 | SH |
| 42 | DELCATH SYS INC | DCTH | 24661P807 | $372.0K | 0.03% | 40,085 | SH |
| 43 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 90400D108 | $346.0K | 0.03% | 16,514 | SH |
| 44 | ABEONA THERAPEUTICS INC | ABEO | 00289Y206 | $312.9K | 0.03% | 69,845 | SH |
| 45 | HARROW INC | HROW | 415858109 | $300.2K | 0.03% | 8,515 | SH |
| 46 | SOLENO THERAPEUTICS INC | SLNO | 834203309 | $282.9K | 0.02% | 8,450 | SH |
| 47 | PELTHOS THERAPEUTICS INC | PTHS | 171126204 | $271.4K | 0.02% | 12,919 | SH |
| 48 | KASPI KZ JSC | KSPI | 48581R205 | $266.7K | 0.02% | 3,600 | SH |
| 49 | TOAST INC | TOST | 888787108 | $265.1K | 0.02% | 10,000 | SH |
| 50 | MAREX GROUP PLC | MRX | G5S37H101 | $239.3K | 0.02% | 5,368 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-03-31 | 2026-05-14 | $1.14B | 60 | 0000921895-26-001322 |
| 2025-12-31 | 2026-02-13 | $1.49B | 60 | 0000921895-26-000378 |
| 2025-09-30 | 2025-11-13 | $913.5M | 54 | 0000921895-25-003010 |