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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
+20.48%
1 Year Est. Return
+25.22%
3 Year Est. Return
+223.5%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$914M
AUM Growth
-$61.1M
(-6.3%)
Cap. Flow
-$103M
Cap. Flow
% of AUM
-11.31%
Top 10 Holdings %
Top 10 Hldgs %
89.68%
Holding
70
New
10
Increased
24
Reduced
14
Closed
16
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dole
DOLE
|
+$33.9M |
| 2 |
IAMGOLD
IAG
|
+$22.9M |
| 3 |
Teva Pharmaceutical Industries Limited
TEVA
|
+$11.2M |
| 4 |
TECX
Tectonic Therapeutic
TECX
|
+$5.36M |
| 5 |
Kura Oncology
KURA
|
+$4.19M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
B2Gold
BTG
|
+$61.9M |
| 2 |
Hecla Mining
HL
|
+$44.6M |
| 3 |
Pan American Silver
PAAS
|
+$18.4M |
| 4 |
SPPP
Sprott Physical Platinum and Palladium Trust
SPPP
|
+$13.8M |
| 5 |
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 | |
|---|---|---|---|---|---|---|
51
enGene Therapeutics
ENGN
$128M
| $118K | 0.01% |
17,254
| – | – |
|
52
Cullinan Oncology
CGEM
$1.37B
| $86.7K | 0.01% |
+14,615
| New | +$107K |
|
|
OGG
53
Osisko Gold Group
OGG
$838M
| $71.6K | 0.01% |
21,133
-27,932
| -57% | -$74.1K |
|
|
NEWP
54
New Pacific Metals
NEWP
$1.09B
| $70.4K | 0.01% |
25,978
-41,652
| -62% | -$77.4K |
|
55
ASP Isotopes
ASPI
$498M
| – | – |
-10,300
| Closed | -$75.8K |
|
56
Burford Capital
BUR
$876M
| – | – |
-128,054
| Closed | -$1.83M |
|
57
Coeur Mining
CDE
$20.5B
| – | – |
-1,146,022
| Closed | -$10.2M |
|
58
Celcuity
CELC
$4.15B
| – | – |
-15,940
| Closed | -$213K |
|
|
CIM
59
Chimera Investment
CIM
$921M
| – | – |
-107,708
| Closed | -$1.49M |
|
|
60
Hecla Mining
HL
$12.7B
| – | – |
-7,438,818
| Closed | -$44.6M |
|
|
61
Match Group
MTCH
$10B
| – | – |
-416,533
| Closed | -$12.9M |
|
62
Noble Corp
NE
$7.05B
| – | – |
-8,000
| Closed | -$212K |
|
63
Ocular Therapeutix
OCUL
$2.23B
| – | – |
-530,135
| Closed | -$4.92M |
|
|
64
Pan American Silver
PAAS
$20.6B
| – | – |
-649,493
| Closed | -$18.4M |
|
|
QIPT
65
DELISTED
Quipt Home Medical
QIPT
| – | – |
-460,303
| Closed | -$824K |
|
66
uniQure
QURE
$3.06B
| – | – |
-529,798
| Closed | -$7.39M |
|
67
Ultragenyx Pharmaceutical
RARE
$1.43B
| – | – |
-5,600
| Closed | -$204K |
|
|
SCPH
68
DELISTED
scPharmaceuticals
SCPH
| – | – |
-57,128
| Closed | -$218K |
|
|
SPPP
69
Sprott Physical Platinum and Palladium Trust
SPPP
$582M
| – | – |
-1,172,523
| Closed | -$13.8M |
|
70
Talos Energy
TALO
$2.86B
| – | – |
-87,994
| Closed | -$746K |
|
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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 $103M 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.