Pale Fire Capital SE — 13F Holdings & Portfolio
CIK 1922318 · latest 13F-HR filed 2026-08-13
Pale Fire Capital SE manages $1.41B in 13F-reported U.S. long-equity assets across 72 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are GRPN (17.32%), BTG (17.07%), ZD (9.85%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 24 new positions and exited 13; 33 existing positions rose in reported value and 11 fell.
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.
Long-equity book
Distinct positions
Filed 2026-08-13
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 82.7%Cumulative share of the portfolio held in the largest N positions.
| Name | Title / Status | Ownership | Type |
|---|
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- GROUPON INC$123.8M +102.2%
- COURSERA INC$54.1M +88.4%
- ZIFF DAVIS INC$22.5M +19.3%
- PHREESIA INC$19.3M +26.7%
- PELOTON INTERACTIVE INC$18.9M +70.8%
Top Trims
- B2GOLD CORP-$74.5M -23.6%
- LIQUIDIA CORPORATION-$14.4M -98.1%
- KURA ONCOLOGY INC-$6.4M -91.1%
- I-80 GOLD CORP-$4.6M -14.5%
- SYNDAX PHARMACEUTICALS INC-$3.9M -58.7%
New Positions
- ALIBABA GROUP HLDG LTD$49.8M
- AT&T INC$23.6M
- ORACLE CORP$14.9M
- CARGURUS INC$13.1M
- GODADDY INC$10.8M
Exited Positions
- BAXTER INTL INC$26.6M
- UDEMY INC$6.0M
- IAC INC$2.2M
- X4 PHARMACEUTICALS INC$692.1K
- AGIOS PHARMACEUTICALS INC$461.8K
Pale Fire Capital SE Holdings (2026-06-30)
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 | GROUPON INC | GRPN | 399473206 | $245.0M | 17.32% | 10,181,070 | SH |
| 2 | B2GOLD CORP | BTG | 11777Q209 | $241.5M | 17.07% | 64,560,777 | SH |
| 3 | ZIFF DAVIS INC | ZD | 48123V102 | $139.3M | 9.85% | 2,660,554 | SH |
| 4 | DOLE PLC | DOLE | G27907107 | $129.3M | 9.15% | 9,427,476 | SH |
| 5 | COURSERA INC | COUR | 22266M104 | $115.2M | 8.15% | 20,432,950 | SH |
| 6 | PHREESIA INC | PHR | 71944F106 | $91.8M | 6.49% | 8,924,329 | SH |
| 7 | LIGHTSPEED COMMERCE INC | LSPD | 53229C107 | $60.6M | 4.28% | 5,773,932 | SH |
| 8 | ALIBABA GROUP HLDG LTD | BABA | 01609W102 | $49.8M | 3.52% | 518,964 | SH |
| 9 | PELOTON INTERACTIVE INC | PTON | 70614W100 | $45.7M | 3.23% | 7,728,586 | SH |
| 10 | CARS COM INC | CARS | 14575E105 | $43.8M | 3.10% | 4,008,218 | SH |
| 11 | I-80 GOLD CORP | IAUX | 44955L106 | $27.1M | 1.92% | 18,809,579 | SH |
| 12 | AT&T INC | T | 00206R102 | $23.6M | 1.67% | 1,140,000 | SH |
| 13 | ANGI INC | ANGI | 00183L201 | $23.4M | 1.65% | 3,930,416 | SH |
| 14 | TELADOC HEALTH INC | TDOC | 87918A105 | $16.7M | 1.18% | 1,973,762 | SH |
| 15 | MINERALYS THERAPEUTICS INC | MLYS | 603170101 | $16.6M | 1.17% | 614,284 | SH |
| 16 | ORACLE CORP | ORCL | 68389X105 | $14.9M | 1.06% | 102,000 | SH |
| 17 | CARGURUS INC | CARG | 141788109 | $13.1M | 0.93% | 384,626 | SH |
| 18 | GODADDY INC | GDDY | 380237107 | $10.8M | 0.76% | 127,179 | SH |
| 19 | NU HLDGS LTD | NU | G6683N103 | $9.8M | 0.70% | 735,954 | SH |
| 20 | GALIANO GOLD INC | GAU | 36352H100 | $9.4M | 0.67% | 5,036,654 | SH |
| 21 | TENCENT MUSIC ENTMT GROUP | TME | 88034P109 | $9.1M | 0.65% | 1,094,729 | SH |
| 22 | COMMERCE.COM INC | CMRC | 08975P108 | $9.0M | 0.64% | 3,054,890 | SH |
| 23 | WEAVE COMMUNICATIONS INC | WEAV | 94724R108 | $8.9M | 0.63% | 1,492,806 | SH |
| 24 | STATE STR SPDR S&P 500 ETF T Put | SPY | 78462F103 | $8.3M | 0.59% | 11,100 | SH |
| 25 | GERON CORP | GERN | 374163103 | $6.8M | 0.48% | 5,307,204 | SH |
| 26 | REGENXBIO INC | RGNX | 75901B107 | $5.6M | 0.39% | 466,209 | SH |
| 27 | DOCUSIGN INC | DOCU | 256163106 | $4.8M | 0.34% | 108,000 | SH |
| 28 | FRACTYL HEALTH INC | GUTS | 35168W103 | $4.0M | 0.28% | 5,003,237 | SH |
| 29 | JOURNEY MED CORP | DERM | 48115J109 | $3.7M | 0.26% | 528,584 | SH |
| 30 | SYNDAX PHARMACEUTICALS INC | SNDX | 87164F105 | $2.7M | 0.19% | 125,550 | SH |
| 31 | SPROUT SOCIAL INC | SPT | 85209W109 | $2.6M | 0.18% | 343,841 | SH |
| 32 | INTEGRA RES CORP | ITRG | 45826T509 | $2.4M | 0.17% | 1,054,986 | SH |
| 33 | DOUBLEVERIFY HLDGS INC | DV | 25862V105 | $2.4M | 0.17% | 220,336 | SH |
| 34 | SAGIMET BIOSCIENCES INC | SGMT | 786700104 | $1.7M | 0.12% | 221,875 | SH |
| 35 | HERON THERAPEUTICS INC | HRTX | 427746102 | $1.1M | 0.08% | 2,511,478 | SH |
| 36 | CYBIN INC | HELP | 23256X407 | $1.0M | 0.07% | 153,505 | SH |
| 37 | PERMA-FIX ENVIRONMENTAL SVCS | PESI | 714157203 | $794.9K | 0.06% | 55,627 | SH |
| 38 | RAPID7 INC | RPD | 753422104 | $641.9K | 0.05% | 79,249 | SH |
| 39 | KURA ONCOLOGY INC | KURA | 50127T109 | $620.9K | 0.04% | 56,600 | SH |
| 40 | TARSUS PHARMACEUTICALS INC | TARS | 87650L103 | $616.9K | 0.04% | 9,802 | SH |
| 41 | GEOPARK LTD | GPRK | G38327105 | $576.0K | 0.04% | 63,300 | SH |
| 42 | RIGEL PHARMACEUTICALS INC | RIGL | 766559702 | $557.5K | 0.04% | 14,252 | SH |
| 43 | ULTRAGENYX PHARMACEUTICAL IN | RARE | 90400D108 | $551.4K | 0.04% | 16,514 | SH |
| 44 | PHATHOM PHARMACEUTICALS INC | PHAT | 71722W107 | $539.4K | 0.04% | 49,713 | SH |
| 45 | ABEONA THERAPEUTICS INC | ABEO | 00289Y206 | $506.4K | 0.04% | 81,945 | SH |
| 46 | DELCATH SYS INC | DCTH | 24661P807 | $504.7K | 0.04% | 40,085 | SH |
| 47 | ONITY GROUP INC | ONIT | 675746606 | $470.4K | 0.03% | 11,833 | SH |
| 48 | SLM CORP | SLM | 78442P106 | $448.8K | 0.03% | 17,300 | SH |
| 49 | HARROW INC | HROW | 415858109 | $446.6K | 0.03% | 10,515 | SH |
| 50 | TENET HEALTHCARE CORP | THC | 88033G407 | $374.2K | 0.03% | 2,000 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-13 | $1.41B | 72 | 0000921895-26-002114 |
| 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 |
PRAGUE, 2N 110 00