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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
-2.38%
1 Year Est. Return
+42.87%
3 Year Est. Return
+176.09%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$1.49B
AUM Growth
+$576M
Cap. Flow
+$738M
Cap. Flow %
49.56%
Top 10 Hldgs %
90.34%
Holding
78
New
24
Increased
19
Reduced
13
Closed
18

Top Buys

Rank Stock Value
1
BAX icon
Baxter International
BAX
+$41.5M
2
ZD icon
Ziff Davis
ZD
+$28.2M
3
TDOC icon
Teladoc Health
TDOC
+$15.2M
4
DOLE icon
Dole
DOLE
+$10.9M
5
ANGI icon
Angi Inc
ANGI
+$10.1M

Top Sells

Rank Stock Value
1
IAG icon
IAMGOLD
IAG
+$50.8M
2
BTG icon
B2Gold
BTG
+$49.9M
3
NGD
New Gold Inc
NGD
+$44.6M
4
TEVA icon
Teva Pharmaceuticals
TEVA
+$34.1M
5
CGAU
Centerra Gold
CGAU
+$21.8M

Sector Composition

Rank Sector Weight
1 Communication Services 17.58%
2 Materials 15.86%
3 Consumer Staples 9.48%
4 Healthcare 8.23%
5 Energy 0.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OEF icon
26
PUT
iShares S&P 100 ETF
OEF
$20.1B
$3.31M 0.22%
+19,600
New +$6.66M
WIX icon
27
WIX.com
WIX
$2.3B
$3.22M 0.22%
+31,000
New +$3.75M
CMRC
28
Commerce.com Inc Series 1
CMRC
$258M
$3.09M 0.21%
748,925
+450,294
+151% +$2.08M
NVDA icon
29
PUT
NVIDIA
NVDA
$4.86T
$2.05M 0.14%
11,000
+8,000
+267% +$1.49M
HRTX icon
30
Heron Therapeutics
HRTX
$93.9M
$1.91M 0.13%
1,469,655
+998,465
+212% +$1.23M
SGMT icon
31
Sagimet Biosciences
SGMT
$439M
$1.31M 0.09%
+221,875
New +$1.59M
HELP
32
Cybin Inc
HELP
$485M
$1.26M 0.08%
153,505
– –
ABEO icon
33
Abeona Therapeutics
ABEO
$366M
$921K 0.06%
+174,705
New +$879K
AGRO icon
34
Adecoagro
AGRO
$1.44B
$671K 0.05%
84,637
– –
XFOR icon
35
X4 Pharmaceuticals
XFOR
$375M
$670K 0.05%
167,590
-13,261
-7% -$48.2K
LFCR icon
36
Lifecore Biomedical
LFCR
$166M
$581K 0.04%
71,040
+6,420
+10% +$47.5K
HROW icon
37
Harrow
HROW
$1.45B
$577K 0.04%
11,785
+3,692
+46% +$155K
PESI icon
38
Perma-Fix Environmental Services
PESI
$352M
$544K 0.04%
43,220
-2,050
-5% -$26.1K
DCTH icon
39
Delcath Systems
DCTH
$422M
$405K 0.03%
+40,085
New +$399K
MLYS icon
40
Mineralys Therapeutics
MLYS
$2.25B
$376K 0.03%
10,354
-522,053
-98% -$20.9M
CRTO icon
41
Criteo S.A. Ordinary Shares
CRTO
$1.1B
$373K 0.03%
+18,097
New +$374K
AGIO icon
42
Agios Pharmaceuticals
AGIO
$1.79B
$323K 0.02%
+11,850
New +$416K
ONIT
43
Onity Group
ONIT
$309M
$313K 0.02%
+6,833
New +$281K
PTHS
44
Pelthos Therapeutics
PTHS
$99.6M
$251K 0.02%
+8,100
New +$234K
RARE icon
45
Ultragenyx Pharmaceutical
RARE
$2.45B
$235K 0.02%
+10,211
New +$336K
LXEO icon
46
Lexeo Therapeutics
LXEO
$324M
$221K 0.01%
22,302
-11,348
-34% -$104K
ENGN icon
47
enGene Therapeutics
ENGN
$120M
$217K 0.01%
24,004
+6,750
+39% +$54.1K
RLMD icon
48
Relmada Therapeutics
RLMD
$557M
$215K 0.01%
+44,550
New +$149K
VZLA
49
Vizsla Silver
VZLA
$1.1B
$209K 0.01%
38,201
+7,473
+24% +$35.1K
TARS icon
50
Tarsus Pharmaceuticals
TARS
$2.58B
$201K 0.01%
2,452
-4,623
-65% -$345K
1
2
3 4

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Pale Fire Capital SE's Q4 2025 Portfolio in Review

As of Q4 2025, Pale Fire Capital SE held 78 positions worth $1.49B, up 63% from $914M the previous quarter. Its ten largest holdings account for 90% of the portfolio.

Pale Fire Capital SE deployed $738M of net new capital in Q4 2025, opening 24 new positions and adding to 19 existing holdings. Its largest new stake was Baxter International: 2,074,016 shares worth $39.6M.

By sector, the portfolio is most concentrated in Communication Services at 18% of assets, down from 30% a quarter earlier, followed by Materials and Consumer Staples.

On the sell side, the largest reduction was B2Gold, an estimated $49.9M trimmed.

  • Pale Fire Capital SE's largest Q4 2025 buy was Baxter International: 2,074,016 shares worth $39.6M.
  • Pale Fire Capital SE added most to Ziff Davis in Q4 2025, an estimated $28.2M increase.
  • Pale Fire Capital SE's biggest Q4 2025 reduction was B2Gold, cutting an estimated $49.9M.
  • Pale Fire Capital SE fully exited IAMGOLD in Q4 2025, selling an estimated $50.8M.
  • Pale Fire Capital SE's ten largest holdings make up 90% of its $1.49B portfolio in Q4 2025.
  • Pale Fire Capital SE opened 24 new positions and closed 18 in Q4 2025.
  • Pale Fire Capital SE's portfolio value rose 63% quarter-over-quarter to $1.49B.

Based on Pale Fire Capital SE's 13F filing for Q4 2025, filed 13 Feb 2026.