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Pale Fire Capital SE

CIK 1922318 · latest 13F filed 13 August 2026 · Read the filing on EDGAR

Pale Fire Capital SE reported 71 US-listed holdings worth $1.41 billion in its 13F for the quarter ended 30 June 2026, filed 13 August 2026. Its largest: Groupon Inc. (17.4%), B2GOLD Corp. (17.2%) and Ziff Davis, Inc. (9.9%). Against the quarter before, it opened 24 positions, added to 19, trimmed 12 and sold out of 13.

Reported holdings$1.41B+23.5% on Q1 2026
Positions71+11 on Q1 2026
The largest ten82.7%of its reported holdings
Latest 13FQ2 2026filed 13 August 2026
Where the money is
OpenedAdded toHeldTrimmed
GRPN17.4%BTG17.2%ZD9.9%DOLE9.2%COUR8.2%PHR6.5%LSPD4.3%BABA3.5%PTON3.2%CARS3.1%IAUX1.9%T1.7%ANGI1.7%57 more10.9%

The 14 largest of its 71 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.

Reported holdings, quarter by quarter
Q3 2024: $637.7 million in 54 positions$638MQ3 24Q4 2024: $426.9 million in 50 positions$427MQ4 24Q1 2025: $830.4 million in 61 positions$830MQ1 25Q2 2025: $958.3 million in 59 positions$958MQ2 25Q3 2025: $912.4 million in 52 positions$912MQ3 25Q4 2025: $775.8 million in 55 positions$776MQ4 25Q1 2026: $1.14 billion in 60 positions$1.14BQ1 26Q2 2026: $1.41 billion in 71 positions$1.41BQ2 26

What the fund reported holding at each quarter's end; hover a bar for the number of positions

What it did on the quarter

Opened 24Added 19Held 16Trimmed 12Sold out 13
Opened: 24Added: 19Held: 16Trimmed: 12Sold out: 13

Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held

Opened 24

  1. Alibaba Group Holding Limited BABA$49.8 million
  2. AT&T Inc. T$23.6 million
  3. Oracle Corp. ORCL$14.9 million
  4. CarGurus, Inc. CARG$13.1 million
  5. GoDaddy Inc. GDDY$10.8 million
  6. Nu Holdings Ltd. NU$9.8 million
  7. Tencent Music Entertainment Group TME$9.1 million
  8. Docusign, Inc. DOCU$4.8 million

and 16 more in the table below

Added to 19

  1. Coursera Inc. COUR+9.9 million shares · +94%
  2. Peloton Interactive, Inc. PTON+1.5 million shares · +24%
  3. Mineralys Therapeutics Inc. MLYS+248,658 shares · +68%
  4. Phreesia Inc. PHR+275,000 shares · +3%
  5. Lightspeed Commerce Inc LSPD+249,341 shares · +5%
  6. Galiano Gold Inc. GAU+1.0 million shares · +26%
  7. DoubleVerify Holdings, Inc. DV+109,836 shares · +99%
  8. Cars Com Inc. CARS+51,600 shares · +1%

and 11 more in the table below

Trimmed 12

  1. Liquidia Corp. LQDA-384,898 shares · -99%
  2. B2GOLD Corp. BTG-5.2 million shares · -7%
  3. Teladoc Health Inc. TDOC-1.4 million shares · -42%
  4. Kura Oncology Inc. KURA-800,874 shares · -93%
  5. Ziff Davis, Inc. ZD-122,812 shares · -4%
  6. Syndax Pharmaceuticals Inc. SNDX-158,910 shares · -56%
  7. I-80 Gold Corp. IAUX-2.0 million shares · -10%
  8. Fractyl Health Inc. GUTS-917,808 shares · -16%

and 4 more in the table below

Sold out of 13

  1. Baxter International Inc. BAX$26.6 million last quarter
  2. Udemy Inc. UDMY$6.0 million last quarter
  3. People Inc. PPLI$2.2 million last quarter
  4. X4 Pharmaceuticals Inc. XFOR$692,147 last quarter
  5. Agios Pharmaceuticals Inc. AGIO$461,780 last quarter
  6. SM Energy Co. SM$458,346 last quarter
  7. Kosmos Energy Ltd KOS$403,100 last quarter
  8. Soleno Therapeutics Inc. SLNO$282,906 last quarter

What it holds

CompanySharesValueOf its bookChange in shares
Groupon Inc. GRPN10,181,070$245.0 million17.42%no change
B2GOLD Corp. BTG64,560,777$241.5 million17.17%-5,179,356
Ziff Davis, Inc. ZD2,660,554$139.3 million9.91%-122,812
Dole PLC DOLE9,427,476$129.3 million9.20%no change
Coursera Inc. COUR20,432,950$115.2 million8.20%+9,921,347
Phreesia Inc. PHR8,924,329$91.8 million6.53%+275,000
Lightspeed Commerce Inc LSPD5,773,932$60.6 million4.31%+249,341
Alibaba Group Holding Limited BABA518,964$49.8 million3.54%new
Peloton Interactive, Inc. PTON7,728,586$45.7 million3.25%+1,494,009
Cars Com Inc. CARS4,008,218$43.8 million3.12%+51,600
I-80 Gold Corp. IAUX18,809,579$27.1 million1.93%-2,033,477
AT&T Inc. T1,140,000$23.6 million1.68%new
Angi Inc. ANGI3,930,416$23.4 million1.66%no change
Teladoc Health Inc. TDOC1,973,762$16.7 million1.19%-1,424,729
Mineralys Therapeutics Inc. MLYS614,284$16.6 million1.18%+248,658
Oracle Corp. ORCL102,000$14.9 million1.06%new
CarGurus, Inc. CARG384,626$13.1 million0.93%new
GoDaddy Inc. GDDY127,179$10.8 million0.77%new
Nu Holdings Ltd. NU735,954$9.8 million0.70%new
Galiano Gold Inc. GAU5,036,654$9.4 million0.67%+1,036,654
Tencent Music Entertainment Group TME1,094,729$9.1 million0.65%new
Bigcommerce Hldgs Inc. CMRC3,054,890$9.0 million0.64%+102,796
Weave Communications Inc. WEAV1,492,806$8.9 million0.64%no change
Geron Corp. GERN5,307,204$6.8 million0.48%+418,900
Regenxbio Inc. RGNX466,209$5.6 million0.40%-27,517
Docusign, Inc. DOCU108,000$4.8 million0.34%new
Fractyl Health Inc. GUTS5,003,237$4.0 million0.28%-917,808
Journey Medical Corp. (derm) DERM528,584$3.7 million0.27%+46,597
Syndax Pharmaceuticals Inc. SNDX125,550$2.7 million0.20%-158,910
Sprout Social Inc. SPT343,841$2.6 million0.18%no change
Integra Res Corp. ITRG1,054,986$2.4 million0.17%new
DoubleVerify Holdings, Inc. DV220,336$2.4 million0.17%+109,836
Sagimet Biosciences Inc. SGMT221,875$1.7 million0.12%no change
Heron Therapeutics Inc. HRTX2,511,478$1.1 million0.08%-204,850
Cybin Inc. HELP153,505$1.0 million0.07%no change
Perma-Fix Environmental Svcs PESI55,627$794,9100.06%+7,001
RAPID7 Inc. RPD79,249$641,9170.05%no change
Kura Oncology Inc. KURA56,600$620,9020.04%-800,874
Tarsus Pharmaceuticals Inc. TARS9,802$616,9380.04%+4,150
Geopark Holdings Limited GPRK63,300$576,0300.04%+41,800
Rigel Pharmaceuticals Inc. RIGL14,252$557,5380.04%no change
Ultragenyx Pharmaceutical in RARE16,514$551,4020.04%no change
Phathom Pharmaceuticals Inc. PHAT49,713$539,3860.04%new
Abeona Therapeutics Inc. ABEO81,945$506,4200.04%+12,100
Delcath Sys Inc. DCTH40,085$504,6700.04%no change
Onity Group Inc. ONIT11,833$470,3620.03%+2,000
SLM Corp. SLM17,300$448,7620.03%new
Harrow Inc. HROW10,515$446,5720.03%+2,000
Tenet Healthcare Corp. THC2,000$374,1600.03%new
Global Payments Inc. GPN5,050$366,4280.03%new
Pelthos Therapeutics Inc. PTHS12,919$365,0910.03%no change
Kaspi KZ JSC KSPI3,600$311,9040.02%no change
Neurogene Inc. NGNE9,460$297,5170.02%new
Parke Bancorp Inc. PKBK8,620$285,8390.02%new
Toast, Inc. TOST10,000$278,2000.02%no change
Liquidia Corp. LQDA3,479$277,3810.02%-384,898
Northpointe Bancshares Inc. NPB13,258$254,2880.02%+3,000
Expensify Inc. EXFY134,409$240,5920.02%-346,642
Nektar Therapeutics NKTR3,350$233,8640.02%new
Palisade Bio Inc. PALI111,410$232,8470.02%no change
Corbus Pharmaceuticals Hldgs CRBP24,301$227,9430.02%+2,951
Cullinan Therapeutics Inc. CGEM12,418$226,1320.02%-1,800
Relmada Therapeutics Inc. RLMD31,650$219,0180.02%no change
Spruce Biosciences Inc. SPRB3,818$206,1720.01%new
Priority Technology Hldgs in PRTH25,000$166,7500.01%new
Kalaris Therapeutics Inc KLRS39,626$161,2780.01%new
Larimar Therapeutics Inc. LRMR43,000$131,1500.01%new
Arvinas Inc. ARVN11,951$99,3130.01%new
Merlin Inc. MRLN16,000$91,0400.01%new
Cytomx Therapeutics Inc. CTMX22,900$85,8750.01%new
Context Therapeutics Inc. CNTX11,796$6,5340.00%new
Every US-listed position in the fund's 13F for the quarter ended 30 June 2026, by the value it reported.
Read moreChange is shares against its 13F for the quarter before; the 13 it sold out of are in the box above.

Options it reported

CompanyOptionShares under the optionsValue of those shares
SPDR S&P 500 SPYPuts11,100$8.3 million

1 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.