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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
Cap. Flow
+$738M
Cap. Flow %
49.56%
Top 10 Hldgs %
90.34%
Holding
78
New
24
Increased
19
Reduced
13
Closed
18

Top Buys

Rank Stock Value
1
BAX icon
Baxter International
BAX
+$41.5M
2
ZD icon
Ziff Davis
ZD
+$28.2M
3
TDOC icon
Teladoc Health
TDOC
+$15.2M
4
DOLE icon
Dole
DOLE
+$10.9M
5
ANGI icon
Angi Inc
ANGI
+$10.1M

Top Sells

Rank Stock Value
1
IAG icon
IAMGOLD
IAG
+$50.8M
2
BTG icon
B2Gold
BTG
+$49.9M
3
NGD
New Gold Inc
NGD
+$44.6M
4
TEVA icon
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
SPEU icon
76
PUT
State Street SPDR Portfolio Europe ETF
SPEU
$732M
– –
-10,000
Closed -$621K
SSTK icon
77
Shutterstock
SSTK
$198M
– –
-154,278
Closed -$3.22M
TEVA icon
78
Teva Pharmaceuticals
TEVA
$40.8B
– –
-1,689,811
Closed -$34.1M
1 2 3
4

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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.