Pale Fire Capital SE
13F Reported Value
ⓘ$1.1B
Holdings
60
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
Pale Fire Capital SE disclosed 60 positions worth $1.1B in its Form 13F-HR for Q1 2026, led by $BTG (B2GOLD CORP) at 27.8% of the equity portfolio, followed by $DOLE and $GRPN. During the quarter the fund opened 21 new positions and exited 21 — including a new stake in $PHR and a full exit from $COIN. The portfolio is most concentrated in Materials (31.4% of disclosed assets). All figures are sourced directly from Pale Fire Capital SE’s Form 13F-HR filing with the SEC under CIK 1922318.
AI Fund Analysis
DiversifyingSector Allocation
AUM History
Top Equity Holdings by Value
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- —
Quality
$315.9M69,740,133 sh - —
Quality
$134.7M9,427,476 sh - 24.4#2,582
Quality
$121.2M10,181,070 sh - 51.3
Quality
$116.8M2,783,366 sh - 53.2
Quality
$72.5M8,649,329 sh - 47.7
Quality
$61.2M10,511,603 sh - —
Quality
$49.5M5,524,591 sh - 43.4
Quality
$32.1M3,956,618 sh - —
Quality
$31.7M20,843,056 sh - 35.5
Quality
$26.9M3,930,416 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 B2GOLD CORP$BTG | — | $315.9M | 69,740,133 |
 Dole plc$DOLE | — | $134.7M | 9,427,476 |
 Groupon, Inc.$GRPN | 24.4#2,582 | $121.2M | 10,181,070 |
 ZIFF DAVIS, INC.$ZD | 51.3 | $116.8M | 2,783,366 |
 Phreesia, Inc.$PHR | 53.2 | $72.5M | 8,649,329 |
 Coursera, Inc.$COUR | 47.7 | $61.2M | 10,511,603 |
 Lightspeed Commerce Inc.$LSPD | — | $49.5M | 5,524,591 |
 Cars.com Inc.$CARS | 43.4 | $32.1M | 3,956,618 |
 i-80 Gold Corp.$IAUX | — | $31.7M | 20,843,056 |
 Angi Inc.$ANGI | 35.5 | $26.9M | 3,930,416 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Pale Fire Capital SE's 60 positions.
Showing top 10 of 60 holdings.
Sector Allocation
Materials
$357.6M
Communication Services
$237.9M
Technology
$188.6M
Consumer Staples
$134.7M
Healthcare
$109.1M
Industrials
$72.7M
Consumer Discretionary
$32.8M
Other
$2.2M
Full Holdings — Pale Fire Capital SE (Q1 2026)
All 60 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $BTG | B2GOLD CORP | $315.9M | 27.8% | +77% | — |
| 2 | $DOLE | Dole plc | $134.7M | 11.8% | +1% | — |
| 3 | $GRPN | Groupon, Inc. | $121.2M | 10.7% | +0% | 24.4 |
| 4 | $ZD | ZIFF DAVIS, INC. | $116.8M | 10.3% | +130% | 51.3 |
| 5 | $PHR | Phreesia, Inc. | $72.5M | 6.4% | NEW | 53.2 |
| 6 | $COUR | Coursera, Inc. | $61.2M | 5.4% | NEW | 47.7 |
| 7 | $LSPD | Lightspeed Commerce Inc. | $49.5M | 4.3% | NEW | — |
| 8 | $CARS | Cars.com Inc. | $32.1M | 2.8% | +498% | 43.4 |
| 9 | $IAUX | i-80 Gold Corp. | $31.7M | 2.8% | +1% | — |
| 10 | $ANGI | Angi Inc. | $26.9M | 2.4% | +83% | 35.5 |
| 11 |  $PTON | PELOTON INTERACTIVE, INC. | $26.7M | 2.4% | NEW | 41.6 |
| 12 |  $BAX | BAXTER INTERNATIONAL INC | $26.6M | 2.3% | -24% | 45.7 |
| 13 |  $TDOC | Teladoc Health, Inc. | $18.5M | 1.6% | +75% | 38.2 |
| 14 |  $LQDA | Liquidia Corp | $14.7M | 1.3% | +2% | 37.4 |
| 15 |  $GAU | Galiano Gold Inc. | $10.0M | 0.9% | -49% | — |
| 16 |  $MLYS | Mineralys Therapeutics, Inc. | $9.9M | 0.9% | +3431% | — |
| 17 |  $CMRC | Commerce.com, Inc. | $7.9M | 0.7% | +294% | 43.7 |
| 18 |  $GERN | GERON CORP | $7.3M | 0.6% | +2% | — |
| 19 |  $KURA | Kura Oncology, Inc. | $7.0M | 0.6% | +90% | 9.1 |
| 20 |  $WEAV | Weave Communications, Inc. | $6.9M | 0.6% | NEW | 38.3 |
| 21 |  $SNDX | Syndax Pharmaceuticals Inc | $6.6M | 0.6% | +0% | 30 |
| 22 |  $UDMY | Udemy, Inc. | $6.0M | 0.5% | NEW | 46.3 |
| 23 |  $RGNX | REGENXBIO Inc. | $4.1M | 0.4% | -1% | 26.9 |
| 24 |  $GUTS | FRACTYL HEALTH, INC. | $2.7M | 0.2% | +84% | — |
| 25 |  $DERM | Journey Medical Corp | $2.3M | 0.2% | +8% | 26.4 |
| 26 |  $HRTX | HERON THERAPEUTICS, INC. /DE/ | $2.2M | 0.2% | +85% | 30.6 |
| 27 | — | IAC INC | $2.2M | 0.2% | -44% | — |
| 28 |  $SPT | Sprout Social, Inc. | $2.0M | 0.2% | NEW | 44.8 |
| 29 |  $SGMT | Sagimet Biosciences Inc. | $1.2M | 0.1% | +0% | — |
| 30 |  $DV | DoubleVerify Holdings, Inc. | $1.0M | 0.1% | NEW | 53.4 |
| 31 |  $HELP | CYBIN INC. | $736,824 | 0.1% | +0% | — |
| 32 |  $XFOR | X4 Pharmaceuticals, Inc | $692,147 | 0.1% | +0% | 29.3 |
| 33 |  $PESI | PERMA FIX ENVIRONMENTAL SERVICES INC | $519,812 | 0.1% | +13% | — |
| 34 |  $AGIO | AGIOS PHARMACEUTICALS, INC. | $461,780 | 0.0% | +15% | 26.3 |
| 35 |  $SM | SM Energy Co | $458,346 | 0.0% | NEW | 66.6 |
| 36 |  $RPD | Rapid7, Inc. | $436,662 | 0.0% | NEW | 52.4 |
| 37 |  $EXFY | Expensify, Inc. | $418,466 | 0.0% | NEW | 31.4 |
| 38 |  $KOS | Kosmos Energy Ltd. | $403,100 | 0.0% | NEW | — |
| 39 |  $TARS | Tarsus Pharmaceuticals, Inc. | $396,488 | 0.0% | +131% | 40.8 |
| 40 |  $ONIT | ONITY GROUP INC. | $386,142 | 0.0% | +44% | 53.7 |
| 41 |  $RIGL | RIGEL PHARMACEUTICALS INC | $385,374 | 0.0% | NEW | 73.9 |
| 42 |  $DCTH | DELCATH SYSTEMS, INC. | $371,989 | 0.0% | +0% | 54.9 |
| 43 |  $RARE | Ultragenyx Pharmaceutical Inc. | $345,968 | 0.0% | +62% | 31 |
| 44 |  $ABEO | ABEONA THERAPEUTICS INC. | $312,906 | 0.0% | -60% | 44.3 |
| 45 |  $HROW | HARROW, INC. | $300,239 | 0.0% | -28% | 41.6 |
| 46 |  $SLNO | SOLENO THERAPEUTICS INC | $282,906 | 0.0% | NEW | 46.3 |
| 47 |  $PTHS | Pelthos Therapeutics Inc. | $271,428 | 0.0% | +59% | 25.4 |
| 48 |  $KSPI | Joint Stock Co Kaspi.kz | $266,652 | 0.0% | NEW | — |
| 49 |  $TOST | Toast, Inc. | $265,100 | 0.0% | NEW | 69.5 |
| 50 |  $MRX | Marex Group Ltd | $239,305 | 0.0% | NEW | — |
| 51 |  $RLMD | RELMADA THERAPEUTICS, INC. | $220,284 | 0.0% | -29% | — |
| 52 |  $GPRK | GeoPark Ltd | $204,250 | 0.0% | NEW | — |
| 53 |  $CGEM | Cullinan Therapeutics, Inc. | $202,038 | 0.0% | -26% | — |
| 54 |  $CRBP | Corbus Pharmaceuticals Holdings, Inc. | $200,477 | 0.0% | +14% | — |
| 55 |  $FULC | Fulcrum Therapeutics, Inc. | $200,187 | 0.0% | NEW | — |
| 56 |  $PALI | PALISADE BIO, INC. | $194,968 | 0.0% | +58% | — |
| 57 |  $NPB | NORTHPOINTE BANCSHARES INC | $177,053 | 0.0% | NEW | — |
| 58 |  $GRCE | Grace Therapeutics, Inc. | $174,838 | 0.0% | NEW | — |
| 59 |  $ENGN | enGene Therapeutics Inc. | $163,467 | 0.0% | +0% | — |
| 60 |  $IMTX | Immatics N.V. | $160,116 | 0.0% | +0% | — |
New Positions (21)
$PHR Phreesia, Inc.$72.5M$COUR Coursera, Inc.$61.2M$LSPD Lightspeed Commerce Inc.$49.5M$PTON PELOTON INTERACTIVE, INC.$26.7M$WEAV Weave Communications, Inc.$6.9M$UDMY Udemy, Inc.$6.0M$SPT Sprout Social, Inc.$2.0M$DV DoubleVerify Holdings, Inc.$1.0M$SM SM Energy Co$458,346$RPD Rapid7, Inc.$436,662$EXFY Expensify, Inc.$418,466$KOS Kosmos Energy Ltd.$403,100$RIGL RIGEL PHARMACEUTICALS INC$385,374$SLNO SOLENO THERAPEUTICS INC$282,906$KSPI Joint Stock Co Kaspi.kz$266,652Exited Positions (21)
$COINPUT Coinbase Global, Inc.
$TSLAPUT Tesla, Inc.
$HOODPUT Robinhood Markets, Inc.
$CGAU Centerra Gold Inc.
$TEN TSAKOS ENERGY NAVIGATION LTD
$TECX Tectonic Therapeutic, Inc.
$DAWN Day One Biopharmaceuticals, Inc.
$WIX Wix.com Ltd.
$NVDAPUT NVIDIA CORP
$AGRO Adecoagro S.A.
$LFCR LIFECORE BIOMEDICAL, INC. \DE\
$CRTO Criteo S.A.
$LXEO Lexeo Therapeutics, Inc.
$VZLA Vizsla Silver Corp.Browse Top Institutional Investors
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