Pale Fire Capital SE
Long book
$1.14B
Q1 2026
Positions
60
Top-10 weight
85%
concentration
Last quarter
+21.0%
SPY +14.8%
Turnover
49%
of book per quarter
Strategy in plain words
auto-generated from filingsPale Fire Capital SE is a concentrated fundamental stock-picker, running a $1.14B US long book across 60 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: B2GOLD CORP, DOLE PLC, GROUPON INC, ZIFF DAVIS INC, PHREESIA INC.
Over the last 9 quarters its long book ran on average 4pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+8.2%
Q2 2024
+2.8%
Q3 2024
-3.9%
Q4 2024
+20.8%
Q1 2025
+22.5%
Q2 2025
+15.6%
Q3 2025
-0.7%
Q4 2025
-10.2%
Q1 2026
+21.0%
Sector allocation
Materials 31%
Services media 19%
Technology 14%
Consumer staples 12%
Communications 10%
Healthcare 10%
Other 3%
Energy 0%
Long book by quarter
What does Pale Fire own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| BTG B2GOLD CORP | Materials | 69.7M | $315.9M | 27.8% | +77.4% |
| DOLE DOLE PLC | Consumer staples | 9.4M | $134.7M | 11.8% | +0.6% |
| GRPN GROUPON INC | Services media | 10.2M | $121.2M | 10.6% | Held |
| ZD ZIFF DAVIS INC | Communications | 2.8M | $116.8M | 10.3% | +130.0% |
| PHR PHREESIA INC | Services media | 8.6M | $72.5M | 6.4% | New |
| COUR COURSERA INC | Technology | 10.5M | $61.2M | 5.4% | New |
| LSPD LIGHTSPEED COMMERCE INC | Technology | 5.5M | $49.5M | 4.3% | New |
| CARS CARS.COM INC | Technology | 4.0M | $32.1M | 2.8% | +498.1% |
| IAUX I-80 GOLD CORP | Materials | 20.8M | $31.7M | 2.8% | +0.8% |
| ANGI ANGI INC | Services media | 3.9M | $26.9M | 2.4% | +82.6% |
| PTON PELOTON INTERACTIVE INC-A | Other | 6.2M | $26.7M | 2.4% | New |
| BAX BAXTER INTERNATIONAL INC | Healthcare | 1.6M | $26.6M | 2.3% | -23.7% |
| TDOC TELADOC HEALTH INC | Healthcare | 3.4M | $18.5M | 1.6% | +74.8% |
| LQDA LIQUIDIA CORP | Healthcare | 388.4K | $14.7M | 1.3% | +2.4% |
| GAU GALIANO GOLD INC | Materials | 4.0M | $10.0M | 0.9% | -49.5% |
| MLYS MINERALYS THERAPEUTICS INC | Healthcare | 365.6K | $9.9M | 0.9% | +3431.3% |
| CMRC COMMERCE.COM INC | Technology | 3.0M | $7.9M | 0.7% | +294.2% |
| GERN GERON CORP | Healthcare | 4.9M | $7.3M | 0.6% | +2.1% |
| KURA KURA ONCOLOGY INC | Healthcare | 857.5K | $7.0M | 0.6% | +89.6% |
| WEAV WEAVE COMMUNICATIONS INC | Technology | 1.5M | $6.9M | 0.6% | New |
| SNDX SYNDAX PHARMACEUTICALS INC | Healthcare | 284.5K | $6.6M | 0.6% | Held |
| 7WH UDEMY INC | — | 1.3M | $6.0M | 0.5% | New |
| RGNX REGENXBIO INC | Healthcare | 493.7K | $4.1M | 0.4% | -1.2% |
| GUTS FRACTYL HEALTH INC | Healthcare | 5.9M | $2.7M | 0.2% | +84.5% |
| DERM JOURNEY MEDICAL CORP | Healthcare | 482.0K | $2.3M | 0.2% | +8.4% |
| HRTX HERON THERAPEUTICS INC | Healthcare | 2.7M | $2.2M | 0.2% | +84.8% |
| PPLI PEOPLE INC | Technology | 54.3K | $2.2M | 0.2% | -43.8% |
| SPT SPROUT SOCIAL INC - CLASS A | Technology | 343.8K | $2.0M | 0.2% | New |
| SGMT SAGIMET BIOSCIENCES INC-A | Healthcare | 221.9K | $1.2M | 0.1% | Held |
| DV DOUBLEVERIFY HOLDINGS INC | Technology | 110.5K | $1.0M | 0.1% | New |
| HELP CYBIN INC | Healthcare | 153.5K | $737K | 0.1% | Held |
| XFOR X4 PHARMACEUTICALS INC | Healthcare | 167.6K | $692K | 0.1% | Held |
| PESI PERMA-FIX ENVIRONMENTAL SVCS | Utilities | 48.6K | $520K | 0.0% | +12.5% |
| AGIO AGIOS PHARMACEUTICALS INC | Healthcare | 13.7K | $462K | 0.0% | +15.2% |
| SM SM ENERGY CO | Energy | 14.7K | $458K | 0.0% | New |
| RPD RAPID7 INC | Technology | 79.2K | $437K | 0.0% | New |
| EXFY EXPENSIFY INC - A | Technology | 481.1K | $418K | 0.0% | New |
| KOS KOSMOS ENERGY LTD | Energy | 145.0K | $403K | 0.0% | New |
| TARS TARSUS PHARMACEUTICALS INC | Healthcare | 5.7K | $396K | 0.0% | +130.5% |
| ONIT ONITY GROUP INC | Financials | 9.8K | $386K | 0.0% | +43.9% |
| RIGL RIGEL PHARMACEUTICALS INC | Healthcare | 14.3K | $385K | 0.0% | New |
| DCTH DELCATH SYSTEMS INC | Healthcare | 40.1K | $372K | 0.0% | Held |
| RARE ULTRAGENYX PHARMACEUTICAL IN | Healthcare | 16.5K | $346K | 0.0% | +61.7% |
| ABEO ABEONA THERAPEUTICS INC | Healthcare | 69.8K | $313K | 0.0% | -60.0% |
| HROW HARROW INC | Healthcare | 8.5K | $300K | 0.0% | -27.7% |
| SLNOEUR SOLENO THERAPEUTICS INC | — | 8.4K | $283K | 0.0% | New |
| PTHS PELTHOS THERAPEUTICS INC | Healthcare | 12.9K | $271K | 0.0% | +59.5% |
| TOST TOAST INC-CLASS A | Technology | 10.0K | $265K | 0.0% | New |
| MRX MAREX GROUP PLC | Financials | 5.4K | $239K | 0.0% | New |
| RLMD RELMADA THERAPEUTICS INC | Healthcare | 31.6K | $220K | 0.0% | -29.0% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 60 | $1.14B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 60 | $1.49B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 54 | $913.5M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 13, 2025 | 60 | $974.6M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 14, 2025 | 62 | $841.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 51 | $440.8M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 54 | $637.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 13, 2024 | 47 | $887.2M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 52 | $717.9M | canonical | SEC ↗ |
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