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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
RGNX icon
26
Regenxbio
RGNX
$582M
$5.59M 0.39%
466,209
-27,517
-6% -$228K
DOCU
27
DocuSign
DOCU
$12B
$4.8M 0.34%
+108,000
New +$5.06M
GUTS icon
28
Fractyl Health
GUTS
$110M
$3.97M 0.28%
5,003,237
-917,808
-16% -$654K
DERM icon
29
Journey Medical
DERM
$216M
$3.74M 0.26%
528,584
+46,597
+10% +$266K
SNDX icon
30
Syndax Pharmaceuticals
SNDX
$1.78B
$2.74M 0.19%
125,550
-158,910
-56% -$3.3M
SPT icon
31
Sprout Social
SPT
$623M
$2.6M 0.18%
343,841
– –
ITRG
32
Integra Resources
ITRG
$582M
$2.39M 0.17%
+1,054,986
New +$2.85M
DV icon
33
DoubleVerify
DV
$2.07B
$2.39M 0.17%
220,336
+109,836
+99% +$1.13M
SGMT icon
34
Sagimet Biosciences
SGMT
$669M
$1.72M 0.12%
221,875
– –
HRTX icon
35
Heron Therapeutics
HRTX
$63.4M
$1.07M 0.08%
2,511,478
-204,850
-8% -$164K
HELP
36
Cybin Inc
HELP
$978M
$1.01M 0.07%
153,505
– –
PESI icon
37
Perma-Fix Environmental Services
PESI
$395M
$795K 0.06%
55,627
+7,001
+14% +$78K
RPD icon
38
Rapid7
RPD
$727M
$642K 0.05%
79,249
– –
KURA icon
39
Kura Oncology
KURA
$1.08B
$621K 0.04%
56,600
-800,874
-93% -$7.56M
TARS icon
40
Tarsus Pharmaceuticals
TARS
$3.69B
$617K 0.04%
9,802
+4,150
+73% +$265K
GPRK icon
41
GeoPark
GPRK
$770M
$576K 0.04%
63,300
+41,800
+194% +$407K
RIGL icon
42
Rigel Pharmaceuticals
RIGL
$886M
$558K 0.04%
14,252
– –
RARE icon
43
Ultragenyx Pharmaceutical
RARE
$1.45B
$551K 0.04%
16,514
– –
PHAT icon
44
Phathom Pharmaceuticals
PHAT
$707M
$539K 0.04%
+49,713
New +$567K
ABEO icon
45
Abeona Therapeutics
ABEO
$333M
$506K 0.04%
81,945
+12,100
+17% +$66.4K
DCTH icon
46
Delcath Systems
DCTH
$560M
$505K 0.04%
40,085
– –
ONIT
47
Onity Group
ONIT
$291M
$470K 0.03%
11,833
+2,000
+20% +$78.9K
SLM icon
48
SLM Corp
SLM
$4.9B
$449K 0.03%
+17,300
New +$390K
HROW icon
49
Harrow
HROW
$1.41B
$447K 0.03%
10,515
+2,000
+23% +$74.4K
THC icon
50
Tenet Healthcare
THC
$21.4B
$374K 0.03%
+2,000
New +$368K
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.