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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
+20.48%
1 Year Est. Return
+42.87%
3 Year Est. Return
+176.09%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$914M
AUM Growth
-$61.1M
Cap. Flow
-$120M
Cap. Flow %
-13.17%
Top 10 Hldgs %
89.68%
Holding
70
New
10
Increased
24
Reduced
14
Closed
16

Top Buys

Rank Stock Value
1
DOLE icon
Dole
DOLE
+$33.9M
2
IAG icon
IAMGOLD
IAG
+$22.9M
3
TEVA icon
Teva Pharmaceuticals
TEVA
+$11.2M
4
TECX
Tectonic Therapeutic
TECX
+$5.36M
5
KURA icon
Kura Oncology
KURA
+$4.19M

Top Sells

Rank Stock Value
1
BTG icon
B2Gold
BTG
+$61.9M
2
HL icon
Hecla Mining
HL
+$44.6M
3
PAAS icon
Pan American Silver
PAAS
+$18.4M
4
SPPP
Sprott Physical Platinum and Palladium Trust
SPPP
+$13.8M
5
MTCH icon
Match Group
MTCH
+$12.9M

Sector Composition

Rank Sector Weight
1 Materials 44.29%
2 Communication Services 30.49%
3 Consumer Staples 12.71%
4 Healthcare 10.93%
5 Energy 1.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DERM icon
26
Journey Medical
DERM
$175M
$1.63M 0.18%
228,567
+196,109
+604% +$1.42M
CMRC
27
Commerce.com Inc Series 1
CMRC
$258M
$1.49M 0.16%
+298,631
New +$1.44M
HELP
28
Cybin Inc
HELP
$485M
$904K 0.1%
153,505
+40,700
+36% +$288K
AGRO icon
29
Adecoagro
AGRO
$1.44B
$664K 0.07%
84,637
– –
SPEU icon
30
PUT
State Street SPDR Portfolio Europe ETF
SPEU
$729M
$621K 0.07%
+10,000
New +$489K
XFOR icon
31
X4 Pharmaceuticals
XFOR
$375M
$619K 0.07%
180,851
+120,800
+201% +$312K
HRTX icon
32
Heron Therapeutics
HRTX
$93.9M
$594K 0.07%
+471,190
New +$747K
NVDA icon
33
PUT
NVIDIA
NVDA
$4.86T
$560K 0.06%
3,000
-100,000
-97% -$17.4M
QDEL icon
34
QuidelOrtho
QDEL
$1.14B
$536K 0.06%
+18,209
New +$498K
AQST icon
35
Aquestive Therapeutics
AQST
$463M
$521K 0.06%
93,132
-1,583,319
-94% -$6.85M
LFCR icon
36
Lifecore Biomedical
LFCR
$166M
$476K 0.05%
64,620
+33,934
+111% +$257K
PESI icon
37
Perma-Fix Environmental Services
PESI
$352M
$457K 0.05%
45,270
+19,581
+76% +$216K
TARS icon
38
Tarsus Pharmaceuticals
TARS
$2.58B
$420K 0.05%
+7,075
New +$348K
ETNB
39
DELISTED
89bio
ETNB
$395K 0.04%
26,903
+325
+1% +$3.31K
RZLT icon
40
Rezolute
RZLT
$454M
$394K 0.04%
41,922
-7,200
-15% -$47.9K
HROW icon
41
Harrow
HROW
$1.45B
$390K 0.04%
8,093
-590
-7% -$22.2K
ARWR icon
42
Arrowhead Research
ARWR
$11.9B
$349K 0.04%
10,123
-3,448
-25% -$75.8K
IMTX icon
43
Immatics
IMTX
$1.18B
$292K 0.03%
34,270
– –
LXEO icon
44
Lexeo Therapeutics
LXEO
$324M
$223K 0.02%
33,650
+6,000
+22% +$29K
MITT
45
TPG Mortgage Investment Trust
MITT
$222M
$222K 0.02%
30,728
-20,474
-40% -$155K
MUX icon
46
McEwen Inc
MUX
$1.03B
$217K 0.02%
12,695
+345
+3% +$4.13K
BHVN icon
47
Biohaven
BHVN
$2.03B
$155K 0.02%
+10,344
New +$151K
LRMR icon
48
Larimar Therapeutics
LRMR
$397M
$146K 0.02%
45,218
+7,700
+21% +$28.9K
AKBA icon
49
Akebia Therapeutics
AKBA
$354M
$137K 0.02%
+50,210
New +$167K
VZLA
50
Vizsla Silver
VZLA
$1.1B
$133K 0.01%
30,728
-8,072
-21% -$28K
1
2
3

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Pale Fire Capital SE's Q3 2025 Portfolio in Review

As of Q3 2025, Pale Fire Capital SE held 70 positions worth $914M, down 6.3% from $975M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Pale Fire Capital SE withdrew a net $120M in Q3 2025, closing 16 positions and reducing 14 holdings. Its most notable exit was Hecla Mining, an estimated $44.6M position sold in full.

By sector, the portfolio is most concentrated in Materials at 44% of assets, up from 40% a quarter earlier, followed by Communication Services and Consumer Staples.

Against the trend, Pale Fire Capital SE opened a new position in Tectonic Therapeutic worth $4.08M.

  • Pale Fire Capital SE's largest Q3 2025 buy was Tectonic Therapeutic: 259,726 shares worth $4.08M.
  • Pale Fire Capital SE added most to Dole in Q3 2025, an estimated $33.9M increase.
  • Pale Fire Capital SE's biggest Q3 2025 reduction was B2Gold, cutting an estimated $61.9M.
  • Pale Fire Capital SE fully exited Hecla Mining in Q3 2025, selling an estimated $44.6M.
  • Pale Fire Capital SE's ten largest holdings make up 90% of its $914M portfolio in Q3 2025.
  • Pale Fire Capital SE opened 10 new positions and closed 16 in Q3 2025.
  • Pale Fire Capital SE's portfolio value fell 6.3% quarter-over-quarter to $914M.

Based on Pale Fire Capital SE's 13F filing for Q3 2025, filed 13 Nov 2025.