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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
HRTX icon
26
Heron Therapeutics
HRTX
$86.3M
$2.17M 0.19%
2,716,328
+1,246,673
+85% +$1.44M
PPLI
27
People Inc
PPLI
$3.1B
$2.17M 0.19%
54,281
-42,226
-44% -$1.6M
SPT icon
28
Sprout Social
SPT
$455M
$1.96M 0.17%
+343,841
New +$2.65M
SGMT icon
29
Sagimet Biosciences
SGMT
$437M
$1.16M 0.1%
221,875
– –
DV icon
30
DoubleVerify
DV
$1.62B
$1.05M 0.09%
+110,500
New +$1.13M
HELP
31
Cybin Inc
HELP
$472M
$737K 0.06%
153,505
– –
XFOR icon
32
X4 Pharmaceuticals
XFOR
$363M
$692K 0.06%
167,590
– –
PESI icon
33
Perma-Fix Environmental Services
PESI
$339M
$520K 0.05%
48,626
+5,406
+13% +$74.3K
AGIO icon
34
Agios Pharmaceuticals
AGIO
$2.16B
$462K 0.04%
13,650
+1,800
+15% +$51K
SM icon
35
SM Energy
SM
$7.96B
$458K 0.04%
+14,700
New +$335K
RPD icon
36
Rapid7
RPD
$634M
$437K 0.04%
+79,249
New +$728K
EXFY icon
37
Expensify
EXFY
$166M
$418K 0.04%
+481,051
New +$571K
KOS icon
38
Kosmos Energy
KOS
$1.56B
$403K 0.04%
+145,000
New +$273K
TARS icon
39
Tarsus Pharmaceuticals
TARS
$2.56B
$396K 0.03%
5,652
+3,200
+131% +$224K
ONIT
40
Onity Group
ONIT
$333M
$386K 0.03%
9,833
+3,000
+44% +$131K
RIGL icon
41
Rigel Pharmaceuticals
RIGL
$680M
$385K 0.03%
+14,252
New +$479K
DCTH icon
42
Delcath Systems
DCTH
$422M
$372K 0.03%
40,085
– –
RARE icon
43
Ultragenyx Pharmaceutical
RARE
$2.65B
$346K 0.03%
16,514
+6,303
+62% +$142K
ABEO icon
44
Abeona Therapeutics
ABEO
$345M
$313K 0.03%
69,845
-104,860
-60% -$524K
HROW icon
45
Harrow
HROW
$1.43B
$300K 0.03%
8,515
-3,270
-28% -$144K
SLNO
46
DELISTED
Soleno Therapeutics
SLNO
$283K 0.02%
+8,450
New +$331K
PTHS
47
Pelthos Therapeutics
PTHS
$90.1M
$271K 0.02%
12,919
+4,819
+59% +$114K
KSPI icon
48
Kaspi.kz JSC
KSPI
$16.3B
$267K 0.02%
+3,600
New +$272K
TOST icon
49
Toast
TOST
$16.8B
$265K 0.02%
+10,000
New +$298K
MRX
50
Marex Group Limited Ordinary Shares
MRX
$4.72B
$239K 0.02%
+5,368
New +$212K
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.