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Pale Fire Capital SE

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1922318
Institutional-grade research for retail investors

Sector Allocation

  • Communication Services29.7%$417.0M
  • Technology22.1%$310.9M
  • Materials19.9%$280.4M
  • Consumer Staples9.2%$129.3M
  • Consumer Discretionary6.8%$95.5M
  • Industrials6.6%$92.3M
  • Healthcare4.8%$67.4M
  • Financials0.8%$11.7M
  • Utilities0.1%$794,910
  • Energy0.0%$576,030

AUM History

13fpro.ai/research/fund/pale-fire-capital-se-1922318

Conviction and streaks

Diversifying · top 10 = 82.7%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

GRPN$GRPNConviction hold17.4% weight · held 10 quartersBTG$BTGConviction hold17.2% weight · held 9 quartersZD$ZDConviction hold9.9% weight · held 6 quartersDOLE$DOLEConviction hold9.2% weight · held 10 quartersIAUX$IAUXConviction hold1.9% weight · held 9 quartersDERM$DERMAccumulating+1838% shares · 5 quarters runningCMRC$CMRCAccumulating+923% shares · 3 quarters runningGERN$GERNAccumulating+133% shares · 3 quarters runningCOUR$COURAccumulating+204230% shares · 2 quarters runningCARS$CARSAccumulating+506% shares · 2 quarters runningT$TTrimming-89% shares · 2 quarters runningRGNX$RGNXTrimming-7% shares · 2 quarters runningCGEM$CGEMTrimming-36% shares · 2 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/pale-fire-capital-se-1922318

Pale Fire Capital SE 13F holdings — Q2 2026

$1.4B portfolio (+24.3% QoQ) · 72 holdings · Q2 2026 13F · top 10 are 83% of the stock portfolio

Includes $8.3M of put/call options ($8.3M puts, $0 calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $1.4B. Weights use the stock portfolio.

All holdings — Pale Fire Capital SE (Q2 2026)

72 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
IAUX$IAUXi-80 Gold Corp.$27.1M-10%
T$TAT&T INC.$23.6MNew
ANGI$ANGIAngi Inc.$23.4M—
TDOC$TDOCTeladoc Health, Inc.$16.7M-42%
MLYS$MLYSMineralys Therapeutics, Inc.$16.6M+68%
ORCL$ORCLORACLE CORP$14.9MNew
CARG$CARGCarGurus, Inc.$13.1MNew
GDDY$GDDYGoDaddy Inc.$10.8MNew
NU$NUNu Holdings Ltd.$9.8MNew
GAU$GAUGaliano Gold Inc.$9.4M+26%
TME$TMETencent Music Entertainment Groupadr$9.1MNew
CMRC$CMRCCommerce.com, Inc.$9.0M+3%
WEAV$WEAVWeave Communications, Inc.$8.9M—
SPY$SPYPUTSPDR S&P 500 ETF TRUST$8.3MNew
GERN$GERNGERON CORP$6.8M+9%

What changed in Q2 2026

Against the previous quarter's 13F: 25 new, 19 added to, 12 trimmed, 13 sold out. Share-count changes; largest moves by dollar size first.

New positions (25)

  • BABA$BABAAlibaba Group Holding Ltd$49.8M

    first bought this quarter

  • T$TAT&T INC.$23.6M

    first bought this quarter

  • ORCL$ORCLORACLE CORP$14.9M

    first bought this quarter

  • CARG$CARGCarGurus, Inc.$13.1M

    first bought this quarter

  • GDDY$GDDYGoDaddy Inc.$10.8M

    first bought this quarter

  • NU$NUNu Holdings Ltd.$9.8M

    first bought this quarter

+19 more in the Excel export

Added to (19)

  • COUR$COURCoursera, Inc.+94%

    now $115.2M · held 2 qtrs, 2 adds in a row

  • PTON$PTONPELOTON INTERACTIVE, INC.+24%

    now $45.7M · held 2 qtrs, 2 adds in a row

  • MLYS$MLYSMineralys Therapeutics, Inc.+68%

    now $16.6M · held 11 qtrs, 2 adds in a row

  • PHR$PHRPhreesia, Inc.+3%

    now $91.8M · held 2 qtrs, 2 adds in a row

  • LSPD$LSPDLightspeed Commerce Inc.+5%

    now $60.6M · held 2 qtrs, 2 adds in a row

  • GAU$GAUGaliano Gold Inc.+26%

    now $9.4M · held 6 qtrs

+13 more in the Excel export

Trimmed (12)

  • LQDA$LQDALiquidia Corp-99%

    now $277K · held 5 qtrs

  • BTG$BTGB2GOLD CORP-7%

    now $241.5M · held 9 qtrs

  • TDOC$TDOCTeladoc Health, Inc.-42%

    now $16.7M · held 3 qtrs

  • KURA$KURAKura Oncology, Inc.-93%

    now $621K · held 5 qtrs

  • ZD$ZDZIFF DAVIS, INC.-4%

    now $139.3M · held 6 qtrs

  • SNDX$SNDXSyndax Pharmaceuticals Inc-56%

    now $2.7M · held 3 qtrs

+6 more in the Excel export

Sold out (13)

  • BAX$BAXBAXTER INTERNATIONAL INCwas $26.6M

    held 2 qtrs

  • UDMY$UDMYUdemy, Inc.was $6.0M

    held 1 qtr

  • IAC INCwas $2.2M
  • XFOR$XFORX4 Pharmaceuticals, Incwas $692K

    held 4 qtrs

  • AGIO$AGIOAGIOS PHARMACEUTICALS, INC.was $462K

    held 2 qtrs

  • SM$SMSM Energy Cowas $458K

+7 more in the Excel export

Share

Holdings by quarter

Every 13F Pale Fire Capital SE has filed, 14 earlier quarters. Pick one to see what it held then.

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Is it too late to follow Pale Fire Capital SE?

Q2 2026 13F filed with the SEC on Aug 13, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Pale Fire Capital SE's top 20 holdings: 43/100 (our AI quality score, weighted by position size; 13 of the 20 are scored)

Top 10 since filing

-8.7%

Value-weighted move of the 10 largest stock positions

Turnover

10%

Last quarter; 47% over the last 4

Top 10 weight

83%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

61%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q4 2022 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

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.

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AI-Powered Hedge Fund Analysis: Pale Fire Capital SE

13F Pro is an AI hedge fund tracker and stock research platform. For Pale Fire Capital SE (SEC CIK: 1922318), the platform ingests every quarterly Form 13F filing and applies AI-powered analysis on top — 10 specialized AI analysts (value, growth, momentum, macro, activist, and more) debate the fund's top positions and publish AI-generated analysis with cited SEC sources.

Every holding in Pale Fire Capital SE's portfolio is scored on an AI quality ranking built from its SEC filings (ROIC, FCF margin, revenue growth, institutional flow, earnings quality, shareholder dilution, and more). Track accumulation and distribution quarter over quarter, identify conviction positions, and see AI stock analysis for each position — alongside 8,700+ other institutional filers and 2,800+ AI-ranked companies.