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PFCS

Pale Fire Capital SE Portfolio holdings

AUM $1.14B
1-Year Est. Return 42.87%
This Fund
S&P 500
This Quarter Est. Return
-11.94%
1 Year Est. Return
+42.87%
3 Year Est. Return
+176.09%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.14B
AUM Growth
-$352M
Cap. Flow
-$182M
Cap. Flow %
-16.03%
Top 10 Hldgs %
84.57%
Holding
81
New
21
Increased
23
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
BTG icon
B2Gold
BTG
+$153M
2
PHR icon
Phreesia
PHR
+$114M
3
COUR icon
Coursera
COUR
+$65.6M
4
ZD icon
Ziff Davis
ZD
+$57.9M
5
LSPD icon
Lightspeed Commerce
LSPD
+$55.2M

Top Sells

Rank Stock Value
1
GAU
Galiano Gold
GAU
+$11.1M
2
BAX icon
Baxter International
BAX
+$9.51M
3
CGAU
Centerra Gold
CGAU
+$8.5M
4
TEN
Tsakos Energy Navigation Ltd
TEN
+$6.63M
5
TECX
Tectonic Therapeutic
TECX
+$5.45M

Sector Composition

Rank Sector Weight
1 Materials 31.42%
2 Communication Services 26.38%
3 Consumer Staples 17.74%
4 Healthcare 16.56%
5 Technology 5.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BTG icon
1
B2Gold
BTG
$5.16B
$316M 27.76%
69,740,133
+30,428,530
+77% +$153M
DOLE icon
2
Dole
DOLE
$1.35B
$135M 11.84%
9,427,476
+54,700
+0.6% +$829K
GRPN icon
3
Groupon
GRPN
$980M
$121M 10.65%
10,181,070
– –
ZD icon
4
Ziff Davis
ZD
$1.9B
$117M 10.26%
2,783,366
+1,573,414
+130% +$57.9M
PHR icon
5
Phreesia
PHR
$632M
$72.5M 6.37%
+8,649,329
New +$114M
COUR icon
6
Coursera
COUR
$1.54B
$61.2M 5.38%
+10,511,603
New +$65.6M
LSPD icon
7
Lightspeed Commerce
LSPD
$1.3B
$49.5M 4.35%
+5,524,591
New +$55.2M
CARS icon
8
Cars.com
CARS
$641M
$32.1M 2.82%
3,956,618
+3,295,117
+498% +$33.7M
IAUX
9
i-80 Gold Corp
IAUX
$1.17B
$31.7M 2.78%
20,843,056
+174,741
+0.8% +$299K
ANGI icon
10
Angi Inc
ANGI
$224M
$26.9M 2.37%
3,930,416
+1,777,497
+83% +$17.8M
PTON icon
11
Peloton Interactive
PTON
$2.63B
$26.7M 2.35%
+6,234,577
New +$30.4M
BAX icon
12
Baxter International
BAX
$11.6B
$26.6M 2.34%
1,582,743
-491,273
-24% -$9.51M
TDOC icon
13
Teladoc Health
TDOC
$1.58B
$18.5M 1.63%
3,398,491
+1,454,288
+75% +$8.16M
LQDA icon
14
Liquidia Corp
LQDA
$7.67B
$14.7M 1.29%
388,377
+8,985
+2% +$333K
GAU
15
Galiano Gold
GAU
$486M
$10M 0.88%
4,000,000
-3,914,409
-49% -$11.1M
MLYS icon
16
Mineralys Therapeutics
MLYS
$2.35B
$9.9M 0.87%
365,626
+355,272
+3,431% +$10.4M
CMRC
17
Commerce.com Inc Series 1
CMRC
$224M
$7.88M 0.69%
2,952,094
+2,203,169
+294% +$6.85M
GERN icon
18
Geron
GERN
$911M
$7.28M 0.64%
4,888,304
+99,710
+2% +$152K
KURA icon
19
Kura Oncology
KURA
$922M
$6.97M 0.61%
857,474
+405,229
+90% +$3.48M
WEAV icon
20
Weave Communications
WEAV
$491M
$6.9M 0.61%
+1,492,806
New +$8.69M
SNDX icon
21
Syndax Pharmaceuticals
SNDX
$1.84B
$6.64M 0.58%
284,460
– –
UDMY
22
DELISTED
Udemy
UDMY
$6.04M 0.53%
+1,307,141
New +$6.45M
RGNX icon
23
Regenxbio
RGNX
$623M
$4.14M 0.36%
493,726
-5,800
-1% -$60.9K
GUTS icon
24
Fractyl Health
GUTS
$123M
$2.71M 0.24%
5,921,045
+2,711,103
+84% +$2.5M
DERM icon
25
Journey Medical
DERM
$170M
$2.26M 0.2%
481,987
+37,345
+8% +$290K
1
2 3 4

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Pale Fire Capital SE's Q1 2026 Portfolio in Review

As of Q1 2026, Pale Fire Capital SE held 81 positions worth $1.14B, down 24% from $1.49B the previous quarter. Its ten largest holdings account for 85% of the portfolio.

Pale Fire Capital SE withdrew a net $182M in Q1 2026, closing 21 positions and reducing 8 holdings. Its most notable exit was Centerra Gold, an estimated $8.5M position sold in full.

By sector, the portfolio is most concentrated in Materials at 31% of assets, up from 16% a quarter earlier, followed by Communication Services and Consumer Staples.

Against the trend, Pale Fire Capital SE opened a new position in Phreesia worth $72.5M.

  • Pale Fire Capital SE's largest Q1 2026 buy was Phreesia: 8,649,329 shares worth $72.5M.
  • Pale Fire Capital SE added most to B2Gold in Q1 2026, an estimated $153M increase.
  • Pale Fire Capital SE's biggest Q1 2026 reduction was Galiano Gold, cutting an estimated $11.1M.
  • Pale Fire Capital SE fully exited Centerra Gold in Q1 2026, selling an estimated $8.5M.
  • Pale Fire Capital SE's ten largest holdings make up 85% of its $1.14B portfolio in Q1 2026.
  • Pale Fire Capital SE opened 21 new positions and closed 21 in Q1 2026.
  • Pale Fire Capital SE's portfolio value fell 24% quarter-over-quarter to $1.14B.

Based on Pale Fire Capital SE's 13F filing for Q1 2026, filed 14 May 2026.