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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
(+24%)
Cap. Flow
+$136M
Cap. Flow
% of AUM
9.6%
Top 10 Holdings %
Top 10 Hldgs %
82.17%
Holding
85
New
25
Increased
19
Reduced
12
Closed
13
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$65M |
| 2 |
Coursera
COUR
|
+$56.4M |
| 3 |
AT&T
T
|
+$28.3M |
| 4 |
Oracle
ORCL
|
+$18.5M |
| 5 |
CarGurus
CARG
|
+$12.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$26.6M |
| 2 |
B2Gold
BTG
|
+$23.8M |
| 3 |
Liquidia Corp
LQDA
|
+$20.6M |
| 4 |
Teladoc Health
TDOC
|
+$9.48M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
51
Global Payments
GPN
$23.3B
| $366K | 0.03% |
+5,050
| New | +$348K |
|
|
PTHS
52
Pelthos Therapeutics
PTHS
$91.1M
| $365K | 0.03% |
12,919
| – | – |
|
53
Kaspi.kz JSC
KSPI
$19.4B
| $312K | 0.02% |
3,600
| – | – |
|
54
Neurogene
NGNE
$770M
| $298K | 0.02% |
+9,460
| New | +$260K |
|
55
Parke Bancorp
PKBK
$398M
| $286K | 0.02% |
+8,620
| New | +$265K |
|
56
Toast
TOST
$18.9B
| $278K | 0.02% |
10,000
| – | – |
|
|
57
Liquidia Corp
LQDA
$6.18B
| $277K | 0.02% |
3,479
-384,898
| -99% | -$20.6M |
|
|
NPB
58
Northpointe Bancshares
NPB
$589M
| $254K | 0.02% |
13,258
+3,000
| +29% | +$53.5K |
|
59
Expensify
EXFY
$212M
| $241K | 0.02% |
134,409
-346,642
| -72% | -$389K |
|
60
Nektar Therapeutics
NKTR
$2.51B
| $234K | 0.02% |
+3,350
| New | +$245K |
|
61
Palisade Bio
PALI
$371M
| $233K | 0.02% |
111,410
| – | – |
|
62
Corbus Pharmaceuticals
CRBP
$181M
| $228K | 0.02% |
24,301
+2,951
| +14% | +$27.9K |
|
63
Cullinan Oncology
CGEM
$1.38B
| $226K | 0.02% |
12,418
-1,800
| -13% | -$26.7K |
|
64
Relmada Therapeutics
RLMD
$452M
| $219K | 0.02% |
31,650
| – | – |
|
|
SPRB
65
Spruce Biosciences
SPRB
$165M
| $206K | 0.01% |
+3,818
| New | +$213K |
|
66
Priority Technology Holdings
PRTH
$452M
| $167K | 0.01% |
+25,000
| New | +$145K |
|
|
KLRS
67
Kalaris Therapeutics
KLRS
$83.6M
| $161K | 0.01% |
+39,626
| New | +$206K |
|
68
Larimar Therapeutics
LRMR
$405M
| $131K | 0.01% |
+43,000
| New | +$171K |
|
69
Arvinas
ARVN
$579M
| $99.3K | 0.01% |
+11,951
| New | +$111K |
|
|
MRLN
70
Merlin Inc
MRLN
$315M
| $91K | 0.01% |
+16,000
| New | +$135K |
|
71
CytomX Therapeutics
CTMX
$767M
| $85.9K | 0.01% |
+22,900
| New | +$87.4K |
|
72
Context Therapeutics
CNTX
$34.3M
| $6.53K | ﹤0.01% |
+11,796
| New | +$23.9K |
|
73
Agios Pharmaceuticals
AGIO
$2.08B
| – | – |
-13,650
| Closed | -$462K |
|
|
74
Baxter International
BAX
$12.7B
| – | – |
-1,582,743
| Closed | -$26.6M |
|
75
enGene Therapeutics
ENGN
$127M
| – | – |
-24,004
| Closed | -$163K |
|
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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.