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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
+20.48%
1 Year Est. Return
+42.87%
3 Year Est. Return
+176.09%
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$914M
AUM Growth
-$61.1M
Cap. Flow
-$120M
Cap. Flow %
-13.17%
Top 10 Hldgs %
89.68%
Holding
70
New
10
Increased
24
Reduced
14
Closed
16

Top Buys

Rank Stock Value
1
DOLE icon
Dole
DOLE
+$33.9M
2
IAG icon
IAMGOLD
IAG
+$22.9M
3
TEVA icon
Teva Pharmaceuticals
TEVA
+$11.2M
4
TECX
Tectonic Therapeutic
TECX
+$5.36M
5
KURA icon
Kura Oncology
KURA
+$4.19M

Top Sells

Rank Stock Value
1
BTG icon
B2Gold
BTG
+$61.9M
2
HL icon
Hecla Mining
HL
+$44.6M
3
PAAS icon
Pan American Silver
PAAS
+$18.4M
4
SPPP
Sprott Physical Platinum and Palladium Trust
SPPP
+$13.8M
5
MTCH icon
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
BTG icon
1
B2Gold
BTG
$5.16B
$248M 27.1%
50,015,909
-15,745,000
-24% -$61.9M
GRPN icon
2
Groupon
GRPN
$980M
$238M 26.02%
10,181,070
– –
DOLE icon
3
Dole
DOLE
$1.35B
$115M 12.63%
8,588,077
+2,413,537
+39% +$33.9M
IAG icon
4
IAMGOLD
IAG
$8.47B
$50.8M 5.56%
3,930,998
+2,609,930
+198% +$22.9M
NGD
5
DELISTED
New Gold Inc
NGD
$44.6M 4.88%
6,211,037
+580,559
+10% +$3.14M
TEVA icon
6
Teva Pharmaceuticals
TEVA
$35.9B
$34.1M 3.74%
1,689,811
+639,162
+61% +$11.2M
CGAU
7
Centerra Gold
CGAU
$3.22B
$25.1M 2.74%
2,335,878
-1,131,420
-33% -$9.02M
ANGI icon
8
Angi Inc
ANGI
$224M
$22.3M 2.44%
1,368,478
+75,961
+6% +$1.3M
IAUX
9
i-80 Gold Corp
IAUX
$1.17B
$21.5M 2.36%
22,518,159
+1,254,503
+6% +$913K
MLYS icon
10
Mineralys Therapeutics
MLYS
$2.35B
$20.2M 2.21%
532,407
+85,781
+19% +$1.86M
ZD icon
11
Ziff Davis
ZD
$1.9B
$15.3M 1.68%
401,825
+58,940
+17% +$2.06M
GAU
12
Galiano Gold
GAU
$486M
$14.6M 1.6%
6,655,735
+644,108
+11% +$1.2M
TEN
13
Tsakos Energy Navigation Ltd
TEN
$1.19B
$7.57M 0.83%
340,619
-19,814
-5% -$416K
ATAI icon
14
AtaiBeckley Inc
ATAI
$2.66B
$5.72M 0.63%
1,080,768
-1,559,616
-59% -$6.33M
LQDA icon
15
Liquidia Corp
LQDA
$7.67B
$5.47M 0.6%
240,721
+155,021
+181% +$3.36M
KURA icon
16
Kura Oncology
KURA
$922M
$5.38M 0.59%
607,790
+587,690
+2,924% +$4.19M
NUVB icon
17
Nuvation Bio
NUVB
$2.24B
$5.35M 0.59%
1,444,647
+1,349,005
+1,410% +$3.68M
TECX
18
Tectonic Therapeutic
TECX
$573M
$4.08M 0.45%
+259,726
New +$5.36M
INSW icon
19
International Seaways
INSW
$4.57B
$3.5M 0.38%
76,059
-193,074
-72% -$8.34M
SSTK icon
20
Shutterstock
SSTK
$205M
$3.22M 0.35%
154,278
– –
GERN icon
21
Geron
GERN
$911M
$3.13M 0.34%
+2,281,754
New +$3.04M
RGNX icon
22
Regenxbio
RGNX
$623M
$2.47M 0.27%
255,601
+227,755
+818% +$2.01M
DAWN
23
DELISTED
Day One Biopharmaceuticals
DAWN
$2.13M 0.23%
302,467
+267,624
+768% +$1.84M
CRBU icon
24
Caribou Biosciences
CRBU
$156M
$1.81M 0.2%
775,055
– –
ADVM
25
DELISTED
Adverum Biotechnologies
ADVM
$1.65M 0.18%
363,282
+4,558
+1% +$13.4K
1
2 3

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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 $120M 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.