Pale Fire Capital SE
13F Reported Value
ⓘ$1.4B
incl. option notional
Equity Holdings
ⓘ$1.4B
Option Notional
ⓘ$8.3M
$8.3M puts / $0 calls
Holdings
72
Latest Filing
2026-06-30
Filing Quarter
Q2 2026
Portfolio Overview
Pale Fire Capital SE disclosed 72 positions worth $1.4B in its Form 13F-HR for Q2 2026 — $1.4B in common stock plus $8.3M of put/call option positions (reported at underlying notional value, not premium at risk), led by $GRPN (Groupon, Inc.) at 17.4% of the equity portfolio, followed by $BTG and $ZD. During the quarter the fund opened 25 new positions and exited 13 — including a new stake in $BABA and a full exit from $BAX. The portfolio is most concentrated in Communication Services (29.7% 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
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q2 2026
Click any card to unlockTop Holdings
- 26.1#2,639
Quality
$245.0M10,181,070 sh - —
Quality
$241.5M64,560,777 sh - 64.3#560
Quality
$139.3M2,660,554 sh - —
Quality
$129.3M9,427,476 sh - 36.7
Quality
$115.2M20,432,950 sh - 57.3
Quality
$91.8M8,924,329 sh - —
Quality
$60.6M5,773,932 sh - —
Quality
$49.8M518,964 sh - 54.3
Quality
$45.7M7,728,586 sh - 51.4
Quality
$43.8M4,008,218 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 Groupon, Inc.$GRPN | 26.1#2,639 | $245.0M | 10,181,070 |
 B2GOLD CORP$BTG | — | $241.5M | 64,560,777 |
 ZIFF DAVIS, INC.$ZD | 64.3#560 | $139.3M | 2,660,554 |
 Dole plc$DOLE | — | $129.3M | 9,427,476 |
 Coursera, Inc.$COUR | 36.7 | $115.2M | 20,432,950 |
 Phreesia, Inc.$PHR | 57.3 | $91.8M | 8,924,329 |
 Lightspeed Commerce Inc.$LSPD | — | $60.6M | 5,773,932 |
 Alibaba Group Holding Ltd$BABA | — | $49.8M | 518,964 |
 PELOTON INTERACTIVE, INC.$PTON | 54.3 | $45.7M | 7,728,586 |
 Cars.com Inc.$CARS | 51.4 | $43.8M | 4,008,218 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Pale Fire Capital SE's 72 positions.
Showing top 10 of 72 holdings.
Sector Allocation
Communication Services
$417.0M
Technology
$310.9M
Materials
$280.4M
Industrials
$142.5M
Consumer Staples
$129.3M
Healthcare
$67.4M
Consumer Discretionary
$45.7M
Financials
$11.3M
Full Holdings — Pale Fire Capital SE (Q2 2026)
All 72 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 | $GRPN | Groupon, Inc. | $245.0M | 17.4% | +0% | 26.1 |
| 2 | $BTG | B2GOLD CORP | $241.5M | 17.2% | -7% | — |
| 3 | $ZD | ZIFF DAVIS, INC. | $139.3M | 9.9% | -4% | 64.3 |
| 4 | $DOLE | Dole plc | $129.3M | 9.2% | +0% | — |
| 5 | $COUR | Coursera, Inc. | $115.2M | 8.2% | +94% | 36.7 |
| 6 | $PHR | Phreesia, Inc. | $91.8M | 6.5% | +3% | 57.3 |
| 7 | $LSPD | Lightspeed Commerce Inc. | $60.6M | 4.3% | +5% | — |
| 8 | $BABA | Alibaba Group Holding Ltd | $49.8M | 3.5% | NEW | — |
| 9 | $PTON | PELOTON INTERACTIVE, INC. | $45.7M | 3.3% | +24% | 54.3 |
| 10 | $CARS | Cars.com Inc. | $43.8M | 3.1% | +1% | 51.4 |
| 11 |  $IAUX | i-80 Gold Corp. | $27.1M | 1.9% | -10% | 30.6 |
| 12 |  $T | AT&T INC. | $23.6M | 1.7% | NEW | 65.7 |
| 13 |  $ANGI | Angi Inc. | $23.4M | 1.7% | +0% | 24 |
| 14 |  $TDOC | Teladoc Health, Inc. | $16.7M | 1.2% | -42% | 40.8 |
| 15 |  $MLYS | Mineralys Therapeutics, Inc. | $16.6M | 1.2% | +68% | — |
| 16 |  $ORCL | ORACLE CORP | $14.9M | 1.1% | NEW | 66.2 |
| 17 |  $CARG | CarGurus, Inc. | $13.1M | 0.9% | NEW | 63.2 |
| 18 |  $GDDY | GoDaddy Inc. | $10.8M | 0.8% | NEW | 70.7 |
| 19 |  $NU | Nu Holdings Ltd. | $9.8M | 0.7% | NEW | — |
| 20 |  $GAU | Galiano Gold Inc. | $9.4M | 0.7% | +26% | — |
| 21 |  $TME | Tencent Music Entertainment Group | $9.1M | 0.7% | NEW | — |
| 22 |  $CMRC | Commerce.com, Inc. | $9.0M | 0.6% | +3% | 43.3 |
| 23 |  $WEAV | Weave Communications, Inc. | $8.9M | 0.6% | +0% | 43.2 |
| 24 |  $SPYPUT | SPDR S&P 500 ETF TRUST | $8.3M | — | NEW | — |
| 25 |  $GERN | GERON CORP | $6.8M | 0.5% | +9% | — |
| 26 |  $RGNX | REGENXBIO Inc. | $5.6M | 0.4% | -6% | 26.4 |
| 27 |  $DOCU | DOCUSIGN, INC. | $4.8M | 0.3% | NEW | 65.7 |
| 28 |  $GUTS | FRACTYL HEALTH, INC. | $4.0M | 0.3% | -16% | 10 |
| 29 |  $DERM | Journey Medical Corp | $3.7M | 0.3% | +10% | 16.5 |
| 30 |  $SNDX | Syndax Pharmaceuticals Inc | $2.7M | 0.2% | -56% | 33.8 |
| 31 |  $SPT | Sprout Social, Inc. | $2.6M | 0.2% | +0% | 47.5 |
| 32 |  $ITRG | Integra Resources Corp. | $2.4M | 0.2% | NEW | — |
| 33 |  $DV | DoubleVerify Holdings, Inc. | $2.4M | 0.2% | +99% | 61.6 |
| 34 |  $SGMT | Sagimet Biosciences Inc. | $1.7M | 0.1% | +0% | — |
| 35 |  $HRTX | HERON THERAPEUTICS, INC. /DE/ | $1.1M | 0.1% | -8% | 24.7 |
| 36 |  $HELP | CYBIN INC. | $1.0M | 0.1% | +0% | — |
| 37 |  $PESI | PERMA FIX ENVIRONMENTAL SERVICES INC | $794,910 | 0.1% | +14% | 16.2 |
| 38 |  $RPD | Rapid7, Inc. | $641,917 | 0.1% | +0% | 48.3 |
| 39 |  $KURA | Kura Oncology, Inc. | $620,902 | 0.0% | -93% | 27.6 |
| 40 |  $TARS | Tarsus Pharmaceuticals, Inc. | $616,938 | 0.0% | +73% | 55 |
| 41 |  $GPRK | GeoPark Ltd | $576,030 | 0.0% | +194% | — |
| 42 |  $RIGL | RIGEL PHARMACEUTICALS INC | $557,538 | 0.0% | +0% | 73.9 |
| 43 |  $RARE | Ultragenyx Pharmaceutical Inc. | $551,402 | 0.0% | +0% | 34.2 |
| 44 |  $PHAT | Phathom Pharmaceuticals, Inc. | $539,386 | 0.0% | NEW | 40.9 |
| 45 |  $ABEO | ABEONA THERAPEUTICS INC. | $506,420 | 0.0% | +17% | 23.7 |
| 46 |  $DCTH | DELCATH SYSTEMS, INC. | $504,670 | 0.0% | +0% | 54.7 |
| 47 |  $ONIT | ONITY GROUP INC. | $470,362 | 0.0% | +20% | 58.3 |
| 48 |  $SLM | SLM Corp | $448,762 | 0.0% | NEW | 52.4 |
| 49 |  $HROW | HARROW, INC. | $446,572 | 0.0% | +23% | 40.5 |
| 50 |  $THC | TENET HEALTHCARE CORP | $374,160 | 0.0% | NEW | 66.2 |
| 51 |  $GPN | GLOBAL PAYMENTS INC | $366,428 | 0.0% | NEW | 47 |
| 52 |  $PTHS | Pelthos Therapeutics Inc. | $365,091 | 0.0% | +0% | 17.5 |
| 53 |  $KSPI | Joint Stock Co Kaspi.kz | $311,904 | 0.0% | +0% | — |
| 54 |  $NGNE | Neurogene Inc. | $297,517 | 0.0% | NEW | 27.4 |
| 55 |  $PKBK | PARKE BANCORP, INC. | $285,839 | 0.0% | NEW | 63.5 |
| 56 |  $TOST | Toast, Inc. | $278,200 | 0.0% | +0% | 69.5 |
| 57 |  $LQDA | Liquidia Corp | $277,381 | 0.0% | -99% | 78.3 |
| 58 |  $NPB | NORTHPOINTE BANCSHARES INC | $254,288 | 0.0% | +29% | 62.3 |
| 59 |  $EXFY | Expensify, Inc. | $240,592 | 0.0% | -72% | 26.1 |
| 60 |  $NKTR | NEKTAR THERAPEUTICS | $233,864 | 0.0% | NEW | 9.7 |
| 61 |  $PALI | PALISADE BIO, INC. | $232,847 | 0.0% | +0% | — |
| 62 |  $CRBP | Corbus Pharmaceuticals Holdings, Inc. | $227,943 | 0.0% | +14% | — |
| 63 |  $CGEM | Cullinan Therapeutics, Inc. | $226,132 | 0.0% | -13% | — |
| 64 |  $RLMD | RELMADA THERAPEUTICS, INC. | $219,018 | 0.0% | +0% | — |
| 65 |  $SPRB | SPRUCE BIOSCIENCES, INC. | $206,172 | 0.0% | NEW | — |
| 66 |  $PRTH | Priority Technology Holdings, Inc. | $166,750 | 0.0% | NEW | 60.4 |
| 67 |  $KLRS | Kalaris Therapeutics, Inc. | $161,278 | 0.0% | NEW | — |
| 68 |  $LRMR | Larimar Therapeutics, Inc. | $131,150 | 0.0% | NEW | — |
| 69 |  $ARVN | ARVINAS, INC. | $99,313 | 0.0% | NEW | 36.6 |
| 70 |  $MRLN | Merlin, Inc. | $91,040 | 0.0% | NEW | — |
| 71 |  $CTMX | CytomX Therapeutics, Inc. | $85,875 | 0.0% | NEW | 8.7 |
| 72 |  $CNTX | Context Therapeutics Inc. | $6,534 | 0.0% | NEW | — |
New Positions (25)
$BABA Alibaba Group Holding Ltd$49.8M$T AT&T INC.$23.6M$ORCL ORACLE CORP$14.9M$CARG CarGurus, Inc.$13.1M$GDDY GoDaddy Inc.$10.8M$NU Nu Holdings Ltd.$9.8M$TME Tencent Music Entertainment Group$9.1M$SPYPUT SPDR S&P 500 ETF TRUST$8.3M$DOCU DOCUSIGN, INC.$4.8M$ITRG Integra Resources Corp.$2.4M$PHAT Phathom Pharmaceuticals, Inc.$539,386$SLM SLM Corp$448,762$THC TENET HEALTHCARE CORP$374,160$GPN GLOBAL PAYMENTS INC$366,428$NGNE Neurogene Inc.$297,517Exited Positions (13)
$BAX BAXTER INTERNATIONAL INC
$UDMY Udemy, Inc.
$XFOR X4 Pharmaceuticals, Inc
$AGIO AGIOS PHARMACEUTICALS, INC.
$SM SM Energy Co
$KOS Kosmos Energy Ltd.
$SLNO SOLENO THERAPEUTICS INC
$MRX Marex Group Ltd
$FULC Fulcrum Therapeutics, Inc.
$GRCE Grace Therapeutics, Inc.
$ENGN enGene Therapeutics Inc.
$IMTX Immatics N.V.Browse Top Institutional Investors
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