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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
Cap. Flow
+$136M
Cap. Flow %
9.6%
Top 10 Hldgs %
82.17%
Holding
85
New
25
Increased
19
Reduced
12
Closed
13

Top Buys

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$65M
2
COUR icon
Coursera
COUR
+$56.4M
3
T icon
AT&T
T
+$28.3M
4
ORCL icon
Oracle
ORCL
+$18.5M
5
CARG icon
CarGurus
CARG
+$12.5M

Top Sells

Rank Stock Value
1
BAX icon
Baxter International
BAX
+$26.6M
2
BTG icon
B2Gold
BTG
+$23.8M
3
LQDA icon
Liquidia Corp
LQDA
+$20.6M
4
TDOC icon
Teladoc Health
TDOC
+$9.48M
5
KURA icon
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
FULC icon
76
Fulcrum Therapeutics
FULC
$291M
– –
-26,100
Closed -$200K
PPLI
77
People Inc
PPLI
$2.82B
– –
-54,281
Closed -$2.17M
IMTX icon
78
Immatics
IMTX
$1.42B
– –
-16,272
Closed -$160K
KOS icon
79
Kosmos Energy
KOS
$1.7B
– –
-145,000
Closed -$403K
SLNO
80
DELISTED
Soleno Therapeutics
SLNO
– –
-8,450
Closed -$283K
SM icon
81
SM Energy
SM
$9.09B
– –
-14,700
Closed -$458K
UDMY
82
DELISTED
Udemy
UDMY
– –
-1,307,141
Closed -$6.04M
XFOR icon
83
X4 Pharmaceuticals
XFOR
$353M
– –
-167,590
Closed -$692K
MRX
84
Marex Group Limited Ordinary Shares
MRX
$5.53B
– –
-5,368
Closed -$239K
GRCE
85
Grace Therapeutics
GRCE
$44.8M
– –
-37,762
Closed -$175K
1 2 3
4

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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.