PF

Pale Fire Capital SE

High-turnover traderSector-focusedMomentum follower

Total reported value

$1.1B

Reporting period: 2026-03-31 · Number of holdings: 60

Pale Fire Capital SE disclosed 60 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $1.1B and a quarterly turnover rate of 101.9%.

Personality snowflake

Concentration
50.34
Portfolio Stability
100
Momentum/Contrarian
100
Sector conviction
100
Diversification
100
Sizing Uniformity
74.19

Recent moves

  • Add BTG

    +77.4%　$138.6M

  • Add ZD

    +130.0%　$74.3M

  • Add DOLE

    +0.6%　-$5.8M

  • Add CARS

    +498.1%　$24.1M

  • Trim GRPN

    0.0%　-$58.1M

  • Add MLYS

    +3431.3%　$9.5M

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#TickerIssuerAsset SubclassWeightWeight ChangeShares Change4Q Trend
1BTGB2gold CORPStock-Other27.76%+15.86%+77.40%
2DOLEDole plcStock-Other11.84%+2.41%+0.58%
3GRPNGroupon INCStock-Other10.65%-1.38%—
4ZDZiff Davis INCStock-Other10.26%+7.41%+130.04%
5PHRPhreesia INCStock-Other6.37%+6.37%NEW
6COURCoursera INCStock-Other5.38%+5.38%NEW
7LSPDLightspeed Commerce INCStock-Other4.35%+4.35%NEW
8CARSCars.com INCStock-Other2.82%+2.28%+498.13%
9IAUXI-80 Gold CORPStock-Other2.78%+0.75%+0.85%
10ANGIAngi INCStock-Other2.37%+0.50%+82.56%
11PTONPeloton Interactive Inc-aStock-Consumer Disc2.35%+2.35%NEW
12BAXBaxter International INCStock-Healthcare2.34%-0.32%-23.69%
13TDOCTeladoc Health INCStock-Healthcare1.63%+0.72%+74.80%
14LQDALiquidia CORPStock-Other1.29%+0.41%+2.37%
15GAUGaliano Gold INCStock-Other0.88%-0.46%-49.46%
16MLYSMineralys Therapeutics INCStock-Other0.87%+0.84%+3431.25%
17CMRCCommerce.com INCStock-Other0.69%+0.48%+294.18%
18GERNGeron CORPStock-Other0.64%+0.22%+2.08%
19KURAKura Oncology INCStock-Other0.61%+0.29%+89.60%
20WEAVWeave Communications INCStock-Other0.61%+0.61%NEW
21SNDXSyndax Pharmaceuticals INCStock-Other0.58%+0.18%—
227WHUdemy INCStock-Other0.53%+0.53%NEW
23RGNXRegenxbio INCStock-Other0.36%-0.12%-1.16%
24GUTSFractyl Health INCStock-Other0.24%-0.23%+84.46%
25DERMJourney Medical CORPStock-Other0.20%-0.03%+8.40%
26HRTXHeron Therapeutics INCStock-Other0.19%—+84.83%
27PPLIPeople INCStock-Comm Services0.19%-0.06%-43.75%
28SPTSprout Social INC - Class AStock-Other0.17%+0.17%NEW
29SGMTSagimet Biosciences Inc-aStock-Other0.10%——
30DVDoubleverify Holdings INCStock-Other0.09%+0.09%NEW
31HELPCybin INCStock-Other0.06%-0.02%—
32XFORX4 Pharmaceuticals INCStock-Other0.06%——
33PESIPerma-fix Environmental SvcsStock-Other0.05%—+12.51%
34AGIOAgios Pharmaceuticals INCStock-Other0.04%—+15.19%
35SMSm Energy CoStock-Energy0.04%+0.04%NEW
36RPDRapid7 INCStock-Other0.04%+0.04%NEW
37EXFYExpensify INC - AStock-Other0.04%+0.04%NEW
38KOSKosmos Energy LTDStock-Other0.04%+0.04%NEW
39TARSTarsus Pharmaceuticals INCStock-Other0.03%—+130.51%
40ONITOnity Group INCStock-Other0.03%—+43.90%
41RIGLRigel Pharmaceuticals INCStock-Other0.03%+0.03%NEW
42DCTHDelcath Systems INCStock-Other0.03%——
43RAREUltragenyx Pharmaceutical InStock-Other0.03%—+61.73%
44ABEOAbeona Therapeutics INCStock-Other0.03%-0.03%-60.02%
45HROWHarrow INCStock-Other0.03%-0.01%-27.75%
46SLNOEURSoleno Therapeutics INCStock-Other0.02%+0.02%NEW
47PTHSPelthos Therapeutics INCStock-Other0.02%—+59.49%
48KSPIJsc Kaspi.kz AdrStock-Other0.02%——
49TOSTToast Inc-class AStock-Tech0.02%——
50MRXMarex Group plcStock-Other0.02%——
1–50 of 60

Holding changes this quarter

Pale Fire Capital SE's most significant position changes for 2026-03-31: Sold out: Coinbase Global INC -class A (COIN); Sold out: Tesla INC (TSLA); Sold out: Robinhood Markets INC - A (HOOD); New buy: Phreesia INC (PHR); New buy: Coursera INC (COUR).

Position changes disclosed by Pale Fire Capital SE for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#TickerIssuerWeight ChangeShares ChangeAction
1BTGB2gold CORP+15.9%+77.40%Add
2ZDZiff Davis INC+7.4%+130.04%Add
3DOLEDole plc+2.4%+0.58%Add
4CARSCars.com INC+2.3%+498.13%Add
5MLYSMineralys Therapeutics INC+0.8%+3431.25%Add
6IAUXI-80 Gold CORP+0.8%+0.85%Add
7TDOCTeladoc Health INC+0.7%+74.80%Add
8ANGIAngi INC+0.5%+82.56%Add
9CMRCCommerce.com INC+0.5%+294.18%Add
10LQDALiquidia CORP+0.4%+2.37%Add
11KURAKura Oncology INC+0.3%+89.60%Add
12GERNGeron CORP+0.2%+2.08%Add
13SNDXSyndax Pharmaceuticals INC+0.2%—Unchanged
14HROWHarrow INC0%-27.75%Trim
15HELPCybin INC0%—Unchanged
16DERMJourney Medical CORP0%+8.40%Add
17ABEOAbeona Therapeutics INC0%-60.02%Trim
18PPLIPeople INC-0.1%-43.75%Trim
19RGNXRegenxbio INC-0.1%-1.16%Trim
20GUTSFractyl Health INC-0.2%+84.46%Add
21BAXBaxter International INC-0.3%-23.69%Trim
22GAUGaliano Gold INC-0.5%-49.46%Trim
23GRPNGroupon INC-1.4%—Unchanged
24COINCoinbase Global INC -class A—EXITSold out
25TSLATesla INC—EXITSold out
26HOODRobinhood Markets INC - A—EXITSold out
27PHRPhreesia INC—NEWNew buy
28COURCoursera INC—NEWNew buy
29LSPDLightspeed Commerce INC—NEWNew buy
30PTONPeloton Interactive Inc-a—NEWNew buy
31CGAUCenterra Gold INC—EXITSold out
32WEAVWeave Communications INC—NEWNew buy
33TENTsakos Energy Navigation Limited—EXITSold out
347WHUdemy INC—NEWNew buy
35TECXTectonic Therapeutic INC—EXITSold out
36DAWNGBXDay One Biopharmaceuticals I—EXITSold out
37OEFIshares S&p 100 ETF—EXITSold out
38WIXWix.com Ltd.—EXITSold out
39NVDANvidia CORP—EXITSold out
40SPTSprout Social INC - Class A—NEWNew buy
41DVDoubleverify Holdings INC—NEWNew buy
42✓ Adecoagro SA—EXITSold out
43LFCRLifecore Biomedical INC—EXITSold out
44SMSm Energy Co—NEWNew buy
45RPDRapid7 INC—NEWNew buy
46EXFYExpensify INC - A—NEWNew buy
47KOSKosmos Energy LTD—NEWNew buy
48RIGLRigel Pharmaceuticals INC—NEWNew buy
49CRTOCriteo Sa-spon Adr—EXITSold out
50SLNOEURSoleno Therapeutics INC—NEWNew buy

FAQ

What is Pale Fire Capital SE and what type of investor is it?
Pale Fire Capital SE is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $1.1B, spread across 60 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. B2gold CORP (BTG) — $315.9M (27.8%) 2. Dole plc (DOLE) — $134.7M (11.8%) 3. Groupon INC (GRPN) — $121.2M (10.7%) 4. Ziff Davis INC (ZD) — $116.8M (10.3%) 5. Phreesia INC (PHR) — $72.5M (6.4%)
What changes did Pale Fire Capital SE make in its most recent portfolio filing?
In the latest reported quarter, Pale Fire Capital SE made 47 notable position adjustments: 14 new positions were initiated, 14 existing holdings were added to, 6 positions were partially reduced, and 13 were completely exited. The largest of these moves: Sold out: Coinbase Global INC -class A (COIN); Sold out: Tesla INC (TSLA); Sold out: Robinhood Markets INC - A (HOOD); New buy: Phreesia INC (PHR); New buy: Coursera INC (COUR)
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: • Health Care: 60.4% • Consumer Discretionary: 35.8% • Communication Services: 2.9% • Energy: 0.6% • Information Technology: 0.3%