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PFCS

Pale Fire Capital SE Portfolio holdings

AUM $1.41B
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
Cap. Flow
+$136M
Cap. Flow %
9.6%
Top 10 Hldgs %
82.17%
Holding
85
New
25
Increased
19
Reduced
12
Closed
13

Top Buys

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$65M
2
COUR icon
Coursera
COUR
+$56.4M
3
T icon
AT&T
T
+$28.3M
4
ORCL icon
Oracle
ORCL
+$18.5M
5
CARG icon
CarGurus
CARG
+$12.5M

Top Sells

Rank Stock Value
1
BAX icon
Baxter International
BAX
+$26.6M
2
BTG icon
B2Gold
BTG
+$23.8M
3
LQDA icon
Liquidia Corp
LQDA
+$20.6M
4
TDOC icon
Teladoc Health
TDOC
+$9.48M
5
KURA icon
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
GRPN icon
1
Groupon
GRPN
$735M
$245M 17.32%
10,181,070
– –
BTG icon
2
B2Gold
BTG
$7.36B
$241M 17.07%
64,560,777
-5,179,356
-7% -$23.8M
ZD icon
3
Ziff Davis
ZD
$1.88B
$139M 9.85%
2,660,554
-122,812
-4% -$5.56M
DOLE icon
4
Dole
DOLE
$1.31B
$129M 9.15%
9,427,476
– –
COUR icon
5
Coursera
COUR
$1.41B
$115M 8.15%
20,432,950
+9,921,347
+94% +$56.4M
PHR icon
6
Phreesia
PHR
$643M
$91.8M 6.49%
8,924,329
+275,000
+3% +$2.55M
LSPD icon
7
Lightspeed Commerce
LSPD
$1.28B
$60.6M 4.28%
5,773,932
+249,341
+5% +$2.32M
BABA icon
8
Alibaba
BABA
$273B
$49.8M 3.52%
+518,964
New +$65M
PTON icon
9
Peloton Interactive
PTON
$2.23B
$45.7M 3.23%
7,728,586
+1,494,009
+24% +$8.06M
CARS icon
10
Cars.com
CARS
$592M
$43.8M 3.1%
4,008,218
+51,600
+1% +$524K
IAUX
11
i-80 Gold Corp
IAUX
$1.54B
$27.1M 1.92%
18,809,579
-2,033,477
-10% -$3.14M
T icon
12
AT&T
T
$172B
$23.6M 1.67%
+1,140,000
New +$28.3M
ANGI icon
13
Angi Inc
ANGI
$185M
$23.4M 1.65%
3,930,416
– –
TDOC icon
14
Teladoc Health
TDOC
$1.1B
$16.7M 1.18%
1,973,762
-1,424,729
-42% -$9.48M
MLYS icon
15
Mineralys Therapeutics
MLYS
$2.76B
$16.6M 1.17%
614,284
+248,658
+68% +$6.82M
ORCL icon
16
Oracle
ORCL
$465B
$14.9M 1.06%
+102,000
New +$18.5M
CARG icon
17
CarGurus
CARG
$2.93B
$13.1M 0.93%
+384,626
New +$12.5M
GDDY icon
18
GoDaddy
GDDY
$11.8B
$10.8M 0.76%
+127,179
New +$10.7M
NU icon
19
Nu Holdings
NU
$73.1B
$9.83M 0.7%
+735,954
New +$9.92M
GAU
20
Galiano Gold
GAU
$589M
$9.42M 0.67%
5,036,654
+1,036,654
+26% +$2.4M
TME icon
21
Tencent Music
TME
$12.9B
$9.14M 0.65%
+1,094,729
New +$10M
CMRC
22
Commerce.com Inc Series 1
CMRC
$205M
$9.04M 0.64%
3,054,890
+102,796
+3% +$295K
WEAV icon
23
Weave Communications
WEAV
$586M
$8.94M 0.63%
1,492,806
– –
SPY icon
24
PUT
State Street SPDR S&P 500 ETF Trust
SPY
$806B
$8.29M 0.59%
+11,100
New +$8.05M
GERN icon
25
Geron
GERN
$925M
$6.79M 0.48%
5,307,204
+418,900
+9% +$590K
1
2 3 4

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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.