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Pale Fire Capital SE Portfolio holdings
AUM
$1.41B
Turnover
44.71%
1-Year Est. Return
25.22%
This Fund
S&P 500
This Quarter Est. Return
+20.92%
1 Year Est. Return
+25.22%
3 Year Est. Return
+223.5%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.41B
AUM Growth
+$276M
(+24%)
Cap. Flow
+$136M
Cap. Flow % of AUM
Cap. Flow %
9.6%
Top 10 Holdings %
Top 10 Hldgs %
82.17%
Holding
85
New
25
Increased
19
Reduced
12
Closed
13
Avg Time Held
Equity + Options
0.6
years
Top 10 Avg Time Held
Equity + Options
1.1
years
Top 20 Avg Time Held
Equity + Options
0.9
years
Avg Time Held Equity only
0.6
years
Top 10 Avg Time Held Equity only
1.1
years
Top 20 Avg Time Held Equity only
0.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$65M |
| 2 |
Coursera
COUR
|
+$56.4M |
| 3 |
AT&T
T
|
+$28.3M |
| 4 |
Oracle
ORCL
|
+$18.5M |
| 5 |
CarGurus
CARG
|
+$12.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$26.6M |
| 2 |
B2Gold
BTG
|
+$23.8M |
| 3 |
Liquidia Corp
LQDA
|
+$20.6M |
| 4 |
Teladoc Health
TDOC
|
+$9.48M |
| 5 |
Kura Oncology
KURA
|
+$7.56M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 35.34% |
| 2 | Materials | 19.82% |
| 3 | Consumer Staples | 17.3% |
| 4 | Healthcare | 11.89% |
| 5 | Technology | 7.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Groupon
GRPN
$656M
| $245M | 17.32% |
10,181,070
| – | – |
2022 Q4
14 quarters
|
|
|
2
B2Gold
BTG
$6.31B
| $241M | 17.07% |
64,560,777
-5,179,356
| -7% | -$23.8M |
2024 Q2
8 quarters
|
|
3
Ziff Davis
ZD
$1.98B
| $139M | 9.85% |
2,660,554
-122,812
| -4% | -$5.56M |
2025 Q1
5 quarters
|
|
4
Dole
DOLE
$1.27B
| $129M | 9.15% |
9,427,476
| – | – |
2022 Q4
14 quarters
|
|
|
5
Coursera
COUR
$1.34B
| $115M | 8.15% |
20,432,950
+9,921,347
| +94% | +$56.4M |
2026 Q1
1 quarter
|
|
6
Phreesia
PHR
$788M
| $91.8M | 6.49% |
8,924,329
+275,000
| +3% | +$2.55M |
2026 Q1
1 quarter
|
|
7
Lightspeed Commerce
LSPD
$1.44B
| $60.6M | 4.28% |
5,773,932
+249,341
| +5% | +$2.32M |
2026 Q1
1 quarter
|
|
|
8
Alibaba
BABA
$248B
| $49.8M | 3.52% |
+518,964
| New | +$65M |
2026 Q2
0 quarters
|
|
9
Peloton Interactive
PTON
$2.36B
| $45.7M | 3.23% |
7,728,586
+1,494,009
| +24% | +$8.06M |
2026 Q1
1 quarter
|
|
10
Cars.com
CARS
$586M
| $43.8M | 3.1% |
4,008,218
+51,600
| +1% | +$524K |
2025 Q4
2 quarters
|
|
11
i-80 Gold Corp
IAUX
$1.26B
| $27.1M | 1.92% |
18,809,579
-2,033,477
| -10% | -$3.14M |
2024 Q2
8 quarters
|
|
|
12
AT&T
T
$141B
| $23.6M | 1.67% |
+1,140,000
| New | +$28.3M |
2026 Q2
0 quarters
|
|
13
Angi Inc
ANGI
$268M
| $23.4M | 1.65% |
3,930,416
| – | – |
2023 Q1
13 quarters
|
|
|
14
Teladoc Health
TDOC
$1.15B
| $16.7M | 1.18% |
1,973,762
-1,424,729
| -42% | -$9.48M |
2025 Q4
2 quarters
|
|
15
Mineralys Therapeutics
MLYS
$1.82B
| $16.6M | 1.17% |
614,284
+248,658
| +68% | +$6.82M |
2023 Q4
10 quarters
|
|
|
16
Oracle
ORCL
$382B
| $14.9M | 1.06% |
+102,000
| New | +$18.5M |
2026 Q2
0 quarters
|
|
|
17
CarGurus
CARG
$2.81B
| $13.1M | 0.93% |
+384,626
| New | +$12.5M |
2026 Q2
0 quarters
|
|
18
GoDaddy
GDDY
$14.3B
| $10.8M | 0.76% |
+127,179
| New | +$10.7M |
2026 Q2
0 quarters
|
|
19
Nu Holdings
NU
$73.2B
| $9.8M | 0.7% |
+735,954
| New | +$9.9M |
2026 Q2
0 quarters
|
|
20
Galiano Gold
GAU
$523M
| $9.42M | 0.67% |
5,036,654
+1,036,654
| +26% | +$2.4M |
2025 Q1
5 quarters
|
|
21
Tencent Music
TME
$13.9B
| $9.14M | 0.65% |
+1,094,729
| New | +$10M |
2026 Q2
0 quarters
|
|
22
Commerce.com Inc Series 1
CMRC
$295M
| $9.04M | 0.64% |
3,054,890
+102,796
| +3% | +$295K |
2025 Q3
3 quarters
|
|
23
Weave Communications
WEAV
$595M
| $8.94M | 0.63% |
1,492,806
| – | – |
2026 Q1
1 quarter
|
|
24
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$810B
| $8.29M | 0.59% |
+11,100
| New | +$8.05M |
2026 Q2
0 quarters
|
|
25
Geron
GERN
$720M
| $6.79M | 0.48% |
5,307,204
+418,900
| +9% | +$590K |
2025 Q3
3 quarters
|
|
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Pale Fire Capital SE's Q2 2026 Portfolio in Review
As of Q2 2026, Pale Fire Capital SE held 85 positions worth $1.41B, up 24% from $1.14B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Pale Fire Capital SE deployed $136M of net new capital in Q2 2026, opening 25 new positions and adding to 19 existing holdings. Its largest new stake was Alibaba: 518,964 shares worth $49.8M.
By sector, the portfolio is most concentrated in Communication Services at 35% of assets, up from 26% a quarter earlier, followed by Materials and Consumer Staples.
On the sell side, the largest reduction was B2Gold, an estimated $23.8M trimmed.
- Pale Fire Capital SE's largest Q2 2026 buy was Alibaba: 518,964 shares worth $49.8M.
- Pale Fire Capital SE added most to Coursera in Q2 2026, an estimated $56.4M increase.
- Pale Fire Capital SE's biggest Q2 2026 reduction was B2Gold, cutting an estimated $23.8M.
- Pale Fire Capital SE fully exited Baxter International in Q2 2026, selling an estimated $26.6M.
- Pale Fire Capital SE's ten largest holdings make up 82% of its $1.41B portfolio in Q2 2026.
- Pale Fire Capital SE opened 25 new positions and closed 13 in Q2 2026.
- Pale Fire Capital SE's portfolio value rose 24% quarter-over-quarter to $1.41B.
Based on Pale Fire Capital SE's 13F filing for Q2 2026, filed 13 Aug 2026.