PF
Pale Fire Capital SE 13F Portfolio & Top Holdings (Q2 2026)
Pale Fire Capital SECIK: 0001922318
Sector-focusedMomentum followerQuality / disciplined sizing
Total reported value
$1.4B
Reporting period: 2026-06-30 · Number of holdings: 72
Pale Fire Capital SE disclosed 72 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $1.4B and a quarterly turnover rate of 45.9%.
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Personality snowflake
- Concentration
- 37.98
- Portfolio Stability
- 45.9
- Momentum
- 100
- Sector conviction
- 100
- Diversification
- 100
- Sizing Uniformity
- 75.67
Pale Fire Capital SE's disclosed holdings carry a Herfindahl concentration index of 0.095 — mathematically equivalent to about 11 equally-sized positions, well below its 72 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 2.43), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 14% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govTrim BTG
-7.4% -$74.5M
Add GRPN
0.0% $123.8M
New buy BABA
Add COUR
+94.4% $54.1M
Trim DOLE
0.0% -$5.4M
Sold out BAX
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GRPN | Groupon Inc | Stock-Other | 17.32% | +6.67% | — | |
| 2 | BTG | B2gold CORP | Stock-Other | 17.07% | -10.69% | -7.43% | |
| 3 | ZD | Ziff Davis Inc | Stock-Other | 9.85% | -0.41% | -4.41% | |
| 4 | DOLE | Dole plc | Stock-Other | 9.15% | -2.69% | — | |
| 5 | COUR | Coursera Inc | Stock-Other | 8.15% | +2.77% | +94.38% | |
| 6 | PHR | Phreesia Inc | Stock-Other | 6.49% | +0.12% | +3.18% | |
| 7 | LSPD | Lightspeed Commerce Inc | Stock-Other | 4.28% | -0.07% | +4.51% | |
| 8 | BABA | Alibaba Group Holding-sp Adr | Stock-Consumer Disc | 3.52% | +3.52% | NEW | |
| 9 | PTON | Peloton Interactive Inc-a | Stock-Consumer Disc | 3.23% | +0.88% | +23.96% | |
| 10 | CARS | Cars.com Inc | Stock-Other | 3.10% | +0.28% | +1.30% | |
| 11 | IAUX | I-80 Gold CORP | Stock-Other | 1.92% | -0.86% | -9.76% | |
| 12 | T | At&t Inc | Stock-Comm Services | 1.67% | +1.67% | NEW | |
| 13 | ANGI | Angi Inc | Stock-Other | 1.65% | -0.72% | — | |
| 14 | TDOC | Teladoc Health Inc | Stock-Healthcare | 1.18% | -0.45% | -41.92% | |
| 15 | MLYS | Mineralys Therapeutics Inc | Stock-Other | 1.17% | +0.30% | +68.01% | |
| 16 | ORCL | Oracle CORP | Stock-Tech | 1.06% | +1.06% | NEW | |
| 17 | CARG | Cargurus Inc | Stock-Consumer Disc | 0.93% | +0.93% | NEW | |
| 18 | GDDY | Godaddy Inc - Class A | Stock-Tech | 0.76% | +0.76% | NEW | |
| 19 | NU | Nu Holdings Ltd. | Stock-Financials | 0.70% | +0.70% | NEW | |
| 20 | GAU | Galiano Gold Inc | Stock-Other | 0.67% | -0.21% | +25.92% | |
| 21 | TME | Tencent Music Entertainm-adr | Stock-Comm Services | 0.65% | +0.65% | NEW | |
| 22 | CMRC | Commerce.com Inc | Stock-Other | 0.64% | -0.05% | +3.48% | |
| 23 | WEAV | Weave Communications Inc | Stock-Other | 0.63% | +0.02% | — | |
| 24 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 0.59% | +0.59% | NEW | |
| 25 | GERN | Geron CORP | Stock-Other | 0.48% | -0.16% | +8.57% | |
| 26 | RGNX | Regenxbio Inc | Stock-Other | 0.39% | +0.03% | -5.57% | |
| 27 | DOCU | Docusign Inc | Stock-Tech | 0.34% | +0.34% | NEW | |
| 28 | GUTS | Fractyl Health Inc | Stock-Other | 0.28% | +0.04% | -15.50% | |
| 29 | DERM | Journey Medical CORP | Stock-Other | 0.26% | +0.06% | +9.67% | |
| 30 | SNDX | Syndax Pharmaceuticals Inc | Stock-Other | 0.19% | -0.39% | -55.86% | |
| 31 | SPT | Sprout Social Inc - Class A | Stock-Other | 0.18% | +0.01% | — | |
| 32 | ITRG | Integra Resources CORP | Stock-Other | 0.17% | +0.17% | NEW | |
| 33 | DV | Doubleverify Holdings Inc | Stock-Other | 0.17% | +0.08% | +99.40% | |
| 34 | SGMT | Sagimet Biosciences Inc-a | Stock-Other | 0.12% | +0.02% | — | |
| 35 | HRTX | Heron Therapeutics Inc | Stock-Other | 0.08% | -0.11% | -7.54% | |
| 36 | HELP | Cybin Inc | Stock-Other | 0.07% | +0.01% | — | |
| 37 | PESI | Perma-fix Environmental Svcs | Stock-Other | 0.06% | +0.01% | +14.40% | |
| 38 | RPD | Rapid7 Inc | Stock-Other | 0.05% | +0.01% | — | |
| 39 | KURA | Kura Oncology Inc | Stock-Other | 0.04% | -0.57% | -93.40% | |
| 40 | TARS | Tarsus Pharmaceuticals Inc | Stock-Other | 0.04% | +0.01% | +73.43% | |
| 41 | GPRK | GeoPark Limited | Stock-Other | 0.04% | +0.02% | +194.42% | |
| 42 | RIGL | Rigel Pharmaceuticals Inc | Stock-Other | 0.04% | +0.01% | — | |
| 43 | RARE | Ultragenyx Pharmaceutical In | Stock-Other | 0.04% | +0.01% | — | |
| 44 | PHAT | Phathom Pharmaceuticals Inc | Stock-Other | 0.04% | +0.04% | NEW | |
| 45 | ABEO | Abeona Therapeutics Inc | Stock-Other | 0.04% | +0.01% | +17.32% | |
| 46 | DCTH | Delcath Systems Inc | Stock-Other | 0.04% | +0.01% | — | |
| 47 | ONIT | Onity Group Inc | Stock-Other | 0.03% | — | +20.34% | |
| 48 | SLM | Slm CORP | Stock-Financials | 0.03% | +0.03% | NEW | |
| 49 | HROW | Harrow Inc | Stock-Other | 0.03% | — | +23.49% | |
| 50 | THC | Tenet Healthcare CORP | Stock-Healthcare | 0.03% | +0.03% | NEW |
1–50 of 72
Portfolio Performance
Performance for Q3 2026
+10.9%
Performance Last 4 Quarters
+45.2%
- Stdev
- +23%
- Beta
- +0.32
- Alpha
- +33.3%
- Max Drawdown
- -9.3%
- Annualized Perf
- +44.3%
- Batting Avg vs S&P
- +52.8%
- Sortino
- +5.46
- Stutzer
- +0.56
- Treynor
- +1.24
- Sterling
- +2.89
- Calmar
- +4.78
- Information Ratio
- +0.81
- Tracking Error
- +24.3%
- Stdev Down
- +7.3%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +113.3%
- Worst 12 Months
- +5.5%
- Efficiency Ratio
- +1.11
- Sharpe
- +1.72
- Stdev Sectors
- +17.7%
- Skewness
- +1.11
- Kurtosis
- +1.68
- Upside Potential
- +6.88
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
Holding changes this quarter
Pale Fire Capital SE's most significant position changes for 2026-06-30: New buy: Alibaba Group Holding-sp Adr (BABA); Sold out: Baxter International Inc (BAX); New buy: At&t Inc (T); New buy: Oracle CORP (ORCL); New buy: Cargurus Inc (CARG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | GRPN | Groupon Inc | +6.7% | — | Unchanged |
| 2 | BABA | Alibaba Group Holding-sp Adr | +3.5% | NEW | New buy |
| 3 | COUR | Coursera Inc | +2.8% | +94.38% | Add |
| 4 | T | At&t Inc | +1.7% | NEW | New buy |
| 5 | ORCL | Oracle CORP | +1.1% | NEW | New buy |
| 6 | CARG | Cargurus Inc | +0.9% | NEW | New buy |
| 7 | PTON | Peloton Interactive Inc-a | +0.9% | +23.96% | Add |
| 8 | GDDY | Godaddy Inc - Class A | +0.8% | NEW | New buy |
| 9 | NU | Nu Holdings Ltd. | +0.7% | NEW | New buy |
| 10 | TME | Tencent Music Entertainm-adr | +0.7% | NEW | New buy |
| 11 | SPY | Ss Spdr S&p 500 ETF Trust-us | +0.6% | NEW | New buy |
| 12 | DOCU | Docusign Inc | +0.3% | NEW | New buy |
| 13 | MLYS | Mineralys Therapeutics Inc | +0.3% | +68.01% | Add |
| 14 | CARS | Cars.com Inc | +0.3% | +1.30% | Add |
| 15 | ITRG | Integra Resources CORP | +0.2% | NEW | New buy |
| 16 | PHR | Phreesia Inc | +0.1% | +3.18% | Add |
| 17 | DV | Doubleverify Holdings Inc | +0.1% | +99.40% | Add |
| 18 | DERM | Journey Medical CORP | +0.1% | +9.67% | Add |
| 19 | GUTS | Fractyl Health Inc | 0% | -15.50% | Trim |
| 20 | PHAT | Phathom Pharmaceuticals Inc | 0% | NEW | New buy |
| 21 | RGNX | Regenxbio Inc | 0% | -5.57% | Trim |
| 22 | SLM | Slm CORP | 0% | NEW | New buy |
| 23 | THC | Tenet Healthcare CORP | 0% | NEW | New buy |
| 24 | GPN | Global Payments Inc | 0% | NEW | New buy |
| 25 | WEAV | Weave Communications Inc | 0% | — | Unchanged |
| 26 | SGMT | Sagimet Biosciences Inc-a | 0% | — | Unchanged |
| 27 | GPRK | GeoPark Limited | 0% | +194.42% | Add |
| 28 | NGNE | Neurogene Inc | 0% | NEW | New buy |
| 29 | PKBK | Parke Bancorp Inc | 0% | NEW | New buy |
| 30 | NKTR | Nektar Therapeutics | 0% | NEW | New buy |
| 31 | SPT | Sprout Social Inc - Class A | 0% | — | Unchanged |
| 32 | HELP | Cybin Inc | 0% | — | Unchanged |
| 33 | PESI | Perma-fix Environmental Svcs | 0% | +14.40% | Add |
| 34 | TARS | Tarsus Pharmaceuticals Inc | 0% | +73.43% | Add |
| 35 | SPRB | Spruce Biosciences Inc | 0% | NEW | New buy |
| 36 | RARE | Ultragenyx Pharmaceutical In | 0% | — | Unchanged |
| 37 | RPD | Rapid7 Inc | 0% | — | Unchanged |
| 38 | ABEO | Abeona Therapeutics Inc | 0% | +17.32% | Add |
| 39 | RIGL | Rigel Pharmaceuticals Inc | 0% | — | Unchanged |
| 40 | PRTH | Priority Technology Holdings | 0% | NEW | New buy |
| 41 | KLRS | Kalaris Therapeutics Inc | 0% | NEW | New buy |
| 42 | DCTH | Delcath Systems Inc | 0% | — | Unchanged |
| 43 | LRMR | Larimar Therapeutics Inc | 0% | NEW | New buy |
| 44 | ARVN | Arvinas Inc | 0% | NEW | New buy |
| 45 | PTHS | Pelthos Therapeutics Inc | 0% | — | Unchanged |
| 46 | MRLN | Merlin Inc | 0% | NEW | New buy |
| 47 | CTMX | Cytomx Therapeutics Inc | 0% | NEW | New buy |
| 48 | HROW | Harrow Inc | — | +23.49% | Add |
| 49 | ONIT | Onity Group Inc | — | +20.34% | Add |
| 50 | NPB | Northpointe Bancshares Inc | — | +29.25% | Add |
1–50 of 85
Filing History
FAQ
What is Pale Fire Capital SE and what type of investor is it?
Pale Fire Capital SE is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $1.4B, spread across 72 disclosed positions.
What are Pale Fire Capital SE's largest equity positions?
Based on the latest 13F filing, Pale Fire Capital SE's top holdings by market value are:
1. Groupon Inc (GRPN) — $245.0M (17.3%)
2. B2gold CORP (BTG) — $241.5M (17.1%)
3. Ziff Davis Inc (ZD) — $139.3M (9.8%)
4. Dole plc (DOLE) — $129.3M (9.2%)
5. Coursera Inc (COUR) — $115.2M (8.2%)
What changes did Pale Fire Capital SE make in its most recent portfolio filing?
In the latest reported quarter, Pale Fire Capital SE made 69 notable position adjustments: 25 new positions were initiated, 19 existing holdings were added to, 12 positions were partially reduced, and 13 were completely exited. The largest of these moves: New buy: Alibaba Group Holding-sp Adr (BABA); Sold out: Baxter International Inc (BAX); New buy: At&t Inc (T); New buy: Oracle CORP (ORCL); New buy: Cargurus Inc (CARG)
What sectors does Pale Fire Capital SE focus on?
Pale Fire Capital SE is concentrated in the following sectors based on its current disclosed equity portfolio:
• Consumer Discretionary: 54.3%
• Communication Services: 16.4%
• Information Technology: 15.4%
• Health Care: 8.6%
• Financials: 5.1%
• Industrials: 0.2%
Investment Profile
Pale Fire Capital SE returned an annualized 44.3% over the trailing 36 months — outperforming the S&P 500 by 33.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.32 (less volatile than the market) and a 53% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 54.3% of the portfolio concentrated in Consumer Discretionary.
Its turnover score has risen from 0 to 46 over the past 4 quarters — a shift toward more active trading.
It has added to its ZD position over the past two quarters (+$96.8M, now $139.3M), while trimming DOLE over the same stretch (-$11.2M, still holding $129.3M).
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Developer Access
Access Pale Fire Capital SE's institutional profile programmatically:
REST API
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