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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
(+63%)
Cap. Flow
+$738M
Cap. Flow
% of AUM
49.56%
Top 10 Holdings %
Top 10 Hldgs %
90.34%
Holding
78
New
24
Increased
19
Reduced
13
Closed
18
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baxter International
BAX
|
+$41.5M |
| 2 |
Ziff Davis
ZD
|
+$28.2M |
| 3 |
Teladoc Health
TDOC
|
+$15.2M |
| 4 |
Dole
DOLE
|
+$10.9M |
| 5 |
Angi Inc
ANGI
|
+$10.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
IAMGOLD
IAG
|
+$50.8M |
| 2 |
B2Gold
BTG
|
+$49.9M |
| 3 |
NGD
New Gold Inc
NGD
|
+$44.6M |
| 4 |
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 | |
|---|---|---|---|---|---|---|
51
Cullinan Oncology
CGEM
$1B
| $200K | 0.01% |
19,318
+4,703
| +32% | +$42.4K |
|
52
Annexon
ANNX
$854M
| $194K | 0.01% |
+38,600
| New | +$148K |
|
53
AtaiBeckley Inc
ATAI
$2.65B
| $187K | 0.01% |
45,811
-1,034,957
| -96% | -$4.88M |
|
54
Larimar Therapeutics
LRMR
$405M
| $172K | 0.01% |
45,218
| – | – |
|
55
Immatics
IMTX
$1.22B
| $171K | 0.01% |
16,272
-17,998
| -53% | -$182K |
|
56
Palisade Bio
PALI
$337M
| $166K | 0.01% |
+70,710
| New | +$136K |
|
57
Corbus Pharmaceuticals
CRBP
$165M
| $152K | 0.01% |
+18,650
| New | +$230K |
|
58
NovoCure
NVCR
$1.76B
| $139K | 0.01% |
+10,723
| New | +$138K |
|
|
NEWP
59
New Pacific Metals
NEWP
$875M
| $100K | 0.01% |
28,477
+2,499
| +10% | +$6.84K |
|
60
Rezolute
RZLT
$457M
| $79.1K | 0.01% |
33,519
-8,403
| -20% | -$65.9K |
|
|
ADVM
61
DELISTED
Adverum Biotechnologies
ADVM
| – | – |
-363,282
| Closed | -$1.65M |
|
62
Akebia Therapeutics
AKBA
$354M
| – | – |
-50,210
| Closed | -$137K |
|
63
Aquestive Therapeutics
AQST
$473M
| – | – |
-93,132
| Closed | -$521K |
|
64
Arrowhead Research
ARWR
$11.9B
| – | – |
-10,123
| Closed | -$349K |
|
65
Biohaven
BHVN
$2.03B
| – | – |
-10,344
| Closed | -$155K |
|
66
Caribou Biosciences
CRBU
$147M
| – | – |
-775,055
| Closed | -$1.81M |
|
|
ETNB
67
DELISTED
89bio
ETNB
| – | – |
-26,903
| Closed | -$395K |
|
|
68
IAMGOLD
IAG
$8.36B
| – | – |
-3,930,998
| Closed | -$50.8M |
|
69
International Seaways
INSW
$4.73B
| – | – |
-76,059
| Closed | -$3.5M |
|
|
MITT
70
TPG Mortgage Investment Trust
MITT
$229M
| – | – |
-30,728
| Closed | -$222K |
|
71
McEwen Inc
MUX
$1.05B
| – | – |
-12,695
| Closed | -$217K |
|
|
NGD
72
DELISTED
New Gold Inc
NGD
| – | – |
-6,211,037
| Closed | -$44.6M |
|
73
Nuvation Bio
NUVB
$2.17B
| – | – |
-1,444,647
| Closed | -$5.35M |
|
|
ODV
74
DELISTED
Osisko Development Corp
ODV
| – | – |
-21,133
| Closed | -$71.6K |
|
75
QuidelOrtho
QDEL
$1.2B
| – | – |
-18,209
| Closed | -$536K |
|
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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.