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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
(-24%)
Cap. Flow
-$182M
Cap. Flow
% of AUM
-16.03%
Top 10 Holdings %
Top 10 Hldgs %
84.57%
Holding
81
New
21
Increased
23
Reduced
8
Closed
21
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
B2Gold
BTG
|
+$153M |
| 2 |
Phreesia
PHR
|
+$114M |
| 3 |
Coursera
COUR
|
+$65.6M |
| 4 |
Ziff Davis
ZD
|
+$57.9M |
| 5 |
Lightspeed Commerce
LSPD
|
+$55.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GAU
Galiano Gold
GAU
|
+$11.1M |
| 2 |
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 | |
|---|---|---|---|---|---|---|
51
Relmada Therapeutics
RLMD
$544M
| $220K | 0.02% |
31,650
-12,900
| -29% | -$61K |
|
52
GeoPark
GPRK
$649M
| $204K | 0.02% |
+21,500
| New | +$181K |
|
53
Cullinan Oncology
CGEM
$1.05B
| $202K | 0.02% |
14,218
-5,100
| -26% | -$65.5K |
|
54
Corbus Pharmaceuticals
CRBP
$170M
| $200K | 0.02% |
21,350
+2,700
| +14% | +$22.7K |
|
55
Fulcrum Therapeutics
FULC
$248M
| $200K | 0.02% |
+26,100
| New | +$242K |
|
56
Palisade Bio
PALI
$339M
| $195K | 0.02% |
111,410
+40,700
| +58% | +$74K |
|
|
NPB
57
Northpointe Bancshares
NPB
$594M
| $177K | 0.02% |
+10,258
| New | +$181K |
|
|
GRCE
58
Grace Therapeutics
GRCE
$37.9M
| $175K | 0.02% |
+37,762
| New | +$148K |
|
59
enGene Therapeutics
ENGN
$122M
| $163K | 0.01% |
24,004
| – | – |
|
60
Immatics
IMTX
$1.24B
| $160K | 0.01% |
16,272
| – | – |
|
61
Adecoagro
AGRO
$1.53B
| – | – |
-84,637
| Closed | -$671K |
|
62
Annexon
ANNX
$855M
| – | – |
-38,600
| Closed | -$194K |
|
63
AtaiBeckley Inc
ATAI
$2.66B
| – | – |
-45,811
| Closed | -$187K |
|
|
CGAU
64
Centerra Gold
CGAU
$3.22B
| – | – |
-591,222
| Closed | -$8.5M |
|
65
PUT
Coinbase
COIN
$41.7B
| – | – |
-1,271,800
| Closed | -$288M |
|
66
Criteo
CRTO
$1.03B
| – | – |
-18,097
| Closed | -$373K |
|
|
DAWN
67
DELISTED
Day One Biopharmaceuticals
DAWN
| – | – |
-544,063
| Closed | -$5.07M |
|
68
PUT
Robinhood
HOOD
$85.2B
| – | – |
-1,656,000
| Closed | -$187M |
|
69
Lifecore Biomedical
LFCR
$162M
| – | – |
-71,040
| Closed | -$581K |
|
70
Larimar Therapeutics
LRMR
$416M
| – | – |
-45,218
| Closed | -$172K |
|
71
Lexeo Therapeutics
LXEO
$366M
| – | – |
-22,302
| Closed | -$221K |
|
|
NEWP
72
New Pacific Metals
NEWP
$833M
| – | – |
-28,477
| Closed | -$100K |
|
73
NovoCure
NVCR
$2.04B
| – | – |
-10,723
| Closed | -$139K |
|
74
PUT
NVIDIA
NVDA
$5.01T
| – | – |
-11,000
| Closed | -$2.05M |
|
75
PUT
iShares S&P 100 ETF
OEF
$19.8B
| – | – |
-19,600
| Closed | -$3.31M |
|
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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.