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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
COIN icon
1
PUT
Coinbase
COIN
$41.7B
$288M 19.3%
+1,271,800
New +$379M
TSLA icon
2
PUT
Tesla
TSLA
$1.24T
$234M 15.7%
+520,000
New +$231M
HOOD icon
3
PUT
Robinhood
HOOD
$85.2B
$187M 12.57%
+1,656,000
New +$215M
GRPN icon
4
Groupon
GRPN
$980M
$179M 12.03%
10,181,070
– –
BTG icon
5
B2Gold
BTG
$5.16B
$177M 11.9%
39,311,603
-10,704,306
-21% -$49.9M
DOLE icon
6
Dole
DOLE
$1.35B
$140M 9.43%
9,372,776
+784,699
+9% +$10.9M
ZD icon
7
Ziff Davis
ZD
$1.9B
$42.5M 2.85%
1,209,952
+808,127
+201% +$28.2M
BAX icon
8
Baxter International
BAX
$11.6B
$39.6M 2.66%
+2,074,016
New +$41.5M
IAUX
9
i-80 Gold Corp
IAUX
$1.17B
$30.2M 2.03%
20,668,315
-1,849,844
-8% -$2.1M
ANGI icon
10
Angi Inc
ANGI
$224M
$27.8M 1.87%
2,152,919
+784,441
+57% +$10.1M
GAU
11
Galiano Gold
GAU
$486M
$20M 1.34%
7,914,409
+1,258,674
+19% +$3.11M
TDOC icon
12
Teladoc Health
TDOC
$1.58B
$13.6M 0.91%
+1,944,203
New +$15.2M
LQDA icon
13
Liquidia Corp
LQDA
$7.67B
$13.1M 0.88%
379,392
+138,671
+58% +$3.95M
CGAU
14
Centerra Gold
CGAU
$3.22B
$8.5M 0.57%
591,222
-1,744,656
-75% -$21.8M
CARS icon
15
Cars.com
CARS
$641M
$8.07M 0.54%
+661,501
New +$7.69M
RGNX icon
16
Regenxbio
RGNX
$623M
$7.19M 0.48%
499,526
+243,925
+95% +$3.04M
GUTS icon
17
Fractyl Health
GUTS
$123M
$7.06M 0.47%
+3,209,942
New +$5.17M
TEN
18
Tsakos Energy Navigation Ltd
TEN
$1.19B
$6.63M 0.45%
295,909
-44,710
-13% -$1.05M
GERN icon
19
Geron
GERN
$911M
$6.32M 0.42%
4,788,594
+2,506,840
+110% +$3.15M
SNDX icon
20
Syndax Pharmaceuticals
SNDX
$1.84B
$5.98M 0.4%
+284,460
New +$4.96M
TECX
21
Tectonic Therapeutic
TECX
$573M
$5.45M 0.37%
261,026
+1,300
+0.5% +$24.2K
DAWN
22
DELISTED
Day One Biopharmaceuticals
DAWN
$5.07M 0.34%
544,063
+241,596
+80% +$2.02M
KURA icon
23
Kura Oncology
KURA
$922M
$4.7M 0.32%
452,245
-155,545
-26% -$1.63M
PPLI
24
People Inc
PPLI
$3.1B
$3.77M 0.25%
+96,507
New +$3.38M
DERM icon
25
Journey Medical
DERM
$170M
$3.43M 0.23%
444,642
+216,075
+95% +$1.69M
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.