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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
Cap. Flow
-$182M
Cap. Flow %
-16.03%
Top 10 Hldgs %
84.57%
Holding
81
New
21
Increased
23
Reduced
8
Closed
21

Top Buys

Rank Stock Value
1
BTG icon
B2Gold
BTG
+$153M
2
PHR icon
Phreesia
PHR
+$114M
3
COUR icon
Coursera
COUR
+$65.6M
4
ZD icon
Ziff Davis
ZD
+$57.9M
5
LSPD icon
Lightspeed Commerce
LSPD
+$55.2M

Top Sells

Rank Stock Value
1
GAU
Galiano Gold
GAU
+$11.1M
2
BAX icon
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
RZLT icon
76
Rezolute
RZLT
$480M
– –
-33,519
Closed -$79.1K
TSLA icon
77
PUT
Tesla
TSLA
$1.24T
– –
-520,000
Closed -$234M
VZLA
78
Vizsla Silver
VZLA
$1.16B
– –
-38,201
Closed -$209K
WIX icon
79
WIX.com
WIX
$2.15B
– –
-31,000
Closed -$3.22M
TEN
80
Tsakos Energy Navigation Ltd
TEN
$1.19B
– –
-295,909
Closed -$6.63M
TECX
81
Tectonic Therapeutic
TECX
$573M
– –
-261,026
Closed -$5.45M
1 2 3
4

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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.