Pale Fire Capital SE
CIK 1922318 · View on SEC EDGAR ↗
- Portfolio value
- $1.4B
- Positions
- 72
- As of
- June 30, 2026
#1,933 of 9,443 by 13F value · top 20.5%
Portfolio value QoQ: +24.3% 13F does not disclose cash
- Top 10 holdings weight
- 82.17%
- Top 25 holdings weight
- 96.86%
- Positions above 1%
- 16
- Effective number of positions
- 10.5
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 9.69% Est. buys $233,082,072 · sells $123,597,269
Median holding: 2.0 quarters Tracked Q4 2024–Q2 2026 · 44.7% still held
- New positions
- 25
- Increased
- 19
- Decreased
- 12
- Closed
- 13
Put-notional exposure: 0.6% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
- Related The person behind this filer, where we can match one.
Sector breakdown
Retail
20.8%
Communication Services
16.3%
Healthcare
11.2%
Consumer Staples
9.1%
Diversified Consumer Services
8.1%
Technology
8.0%
Consumer Discretionary
3.2%
Telecommunication
1.7%
Financials
0.7%
Industrials
0.1%
Financial Services
0.1%
Energy
0.0%
Other/Unmapped
20.5%
Full portfolio 72 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| GRPN Groupon, Inc. - Common Stock | $244,956,544 | 17.32% | 10,181,070 | $123,801,811 | |||
| BTG | $241,457,306 | 17.07% | 64,560,777 | $-74,465,497 | Down ×1 | ||
| ZD Ziff Davis, Inc. - Common Stock | $139,333,213 | 9.85% | 2,660,554 | $22,543,176 | Down ×1 | ||
| DOLE Dole plc Ordinary Shares | $129,344,971 | 9.15% | 9,427,476 | $-5,373,661 | |||
| COUR Coursera, Inc. Common Stock | $115,241,838 | 8.15% | 20,432,950 | $54,064,309 | Up ×1 | ||
| PHR Phreesia, Inc. Common Stock | $91,831,345 | 6.49% | 8,924,329 | $19,349,968 | Up ×1 | ||
| LSPD Lightspeed Commerce Inc. Subordinate Voting Shares | $60,568,547 | 4.28% | 5,773,932 | $11,068,212 | Up ×1 | ||
| BABA Alibaba Group Holding Limited American Depositary Shares each representing eight Ordinary share | $49,810,165 | 3.52% | 518,964 | Up ×1 | |||
| PTON Peloton Interactive, Inc. - Common Stock | $45,675,943 | 3.23% | 7,728,586 | $18,929,608 | Up ×1 | ||
| CARS Cars.com Inc. Common Stock | $43,849,905 | 3.10% | 4,008,218 | $11,722,167 | Up ×2 | ||
| IAUX | $27,085,794 | 1.92% | 18,809,579 | $-4,595,651 | Down ×1 | ||
| T AT&T Inc. | $23,598,000 | 1.67% | 1,140,000 | Up ×1 | |||
| ANGI Angi Inc. - Class A Common Stock | $23,385,975 | 1.65% | 3,930,416 | $-3,537,375 | |||
| TDOC Teladoc Health, Inc. Common Stock | $16,737,502 | 1.18% | 1,973,762 | $-1,784,274 | Down ×1 | ||
| MLYS Mineralys Therapeutics, Inc. - Common Stock | $16,573,382 | 1.17% | 614,284 | $6,668,574 | Up ×2 | ||
| ORCL Oracle Corporation Common Stock | $14,948,100 | 1.06% | 102,000 | Up ×1 | |||
| CARG CarGurus, Inc. - Class A Common Stock | $13,111,900 | 0.93% | 384,626 | Up ×1 | |||
| GDDY GoDaddy Inc. Class A Common Stock | $10,794,954 | 0.76% | 127,179 | Up ×1 | |||
| NU Nu Holdings Ltd. Class A Ordinary Shares | $9,832,345 | 0.70% | 735,954 | Up ×1 | |||
| GAU | $9,418,543 | 0.67% | 5,036,654 | $-621,457 | Up ×1 | ||
| TME Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares | $9,140,987 | 0.65% | 1,094,729 | Up ×1 | |||
| CMRC Commerce.com, Inc. - Series 1 Common Stock | $9,042,474 | 0.64% | 3,054,890 | $1,160,383 | Up ×3 | ||
| WEAV Weave Communications, Inc. Common Stock | $8,941,908 | 0.63% | 1,492,806 | $2,045,144 | |||
| SPY SPY | $8,289,147 | 0.59% | 11,100 | Put option | Up ×1 | ||
| GERN Geron Corporation - Common Stock | $6,793,221 | 0.48% | 5,307,204 | $-490,352 | Up ×3 | ||
| RGNX REGENXBIO Inc. - Common Stock | $5,585,184 | 0.39% | 466,209 | $1,447,760 | Down ×2 | ||
| DOCU DocuSign, Inc. - Common Stock | $4,797,360 | 0.34% | 108,000 | Up ×1 | |||
| GUTS Fractyl Health, Inc. - Common Stock | $3,974,571 | 0.28% | 5,003,237 | $1,263,917 | Down ×1 | ||
| DERM Journey Medical Corporation - Common Stock | $3,742,375 | 0.26% | 528,584 | $1,481,856 | Up ×5 | ||
| SNDX Syndax Pharmaceuticals, Inc. - Common Stock | $2,744,523 | 0.19% | 125,550 | $-3,900,463 | Down ×1 | ||
| SPT Sprout Social, Inc - Class A Common Stock | $2,596,000 | 0.18% | 343,841 | $636,106 | |||
| ITRG | $2,394,818 | 0.17% | 1,054,986 | Up ×1 | |||
| DV DoubleVerify Holdings, Inc. Common Stock | $2,388,442 | 0.17% | 220,336 | $1,338,692 | Up ×1 | ||
| SGMT Sagimet Biosciences Inc. - Series A Common Stock | $1,715,094 | 0.12% | 221,875 | $555,797 | |||
| HRTX Heron Therapeutics, Inc. - Common Stock | $1,071,899 | 0.08% | 2,511,478 | $-1,101,435 | Down ×1 | ||
| HELP Cybin Inc. - Common Stock | $1,014,668 | 0.07% | 153,505 | $277,844 | |||
| PESI Perma-Fix Environmental Services, Inc. - Common Stock | $794,910 | 0.06% | 55,627 | $275,098 | Up ×2 | ||
| RPD Rapid7, Inc. - Common Stock | $641,917 | 0.05% | 79,249 | $205,255 | |||
| KURA Kura Oncology, Inc. - Common Stock | $620,902 | 0.04% | 56,600 | $-6,350,362 | Down ×1 | ||
| TARS Tarsus Pharmaceuticals, Inc. - Common Stock | $616,938 | 0.04% | 9,802 | $220,450 | Up ×2 | ||
| GPRK Geopark Ltd Common Shares | $576,030 | 0.04% | 63,300 | $371,780 | Up ×1 | ||
| RIGL Rigel Pharmaceuticals, Inc. - Common Stock | $557,538 | 0.04% | 14,252 | $172,164 | |||
| RARE Ultragenyx Pharmaceutical Inc. - Common Stock | $551,402 | 0.04% | 16,514 | $205,434 | |||
| PHAT Phathom Pharmaceuticals, Inc. - Common Stock | $539,386 | 0.04% | 49,713 | Up ×1 | |||
| ABEO Abeona Therapeutics Inc. - Common Stock | $506,420 | 0.04% | 81,945 | $193,514 | Up ×1 | ||
| DCTH Delcath Systems, Inc. - Common Stock | $504,670 | 0.04% | 40,085 | $132,681 | |||
| ONIT Onity Group Inc. Common Stock | $470,362 | 0.03% | 11,833 | $84,220 | Up ×2 | ||
| SLM SLM Corporation - Common Stock | $448,762 | 0.03% | 17,300 | Up ×1 | |||
| HROW Harrow, Inc. - Common Stock | $446,572 | 0.03% | 10,515 | $146,333 | Up ×1 | ||
| THC Tenet Healthcare Corporation Common Stock | $374,160 | 0.03% | 2,000 | Up ×1 | |||
| GPN Global Payments Inc. Common Stock | $366,428 | 0.03% | 5,050 | Up ×1 | |||
| PTHS | $365,091 | 0.03% | 12,919 | $93,663 | |||
| KSPI Joint Stock Company Kaspi.kz - American Depository Shares | $311,904 | 0.02% | 3,600 | $45,252 | |||
| NGNE Neurogene Inc. - Common Stock | $297,517 | 0.02% | 9,460 | Up ×1 | |||
| PKBK Parke Bancorp, Inc. - Common Stock | $285,839 | 0.02% | 8,620 | Up ×1 | |||
| TOST Toast, Inc. Class A Common Stock | $278,200 | 0.02% | 10,000 | $13,100 | |||
| LQDA Liquidia Corporation - Common Stock | $277,381 | 0.02% | 3,479 | $-14,379,967 | Down ×1 | ||
| NPB Northpointe Bancshares, Inc. Common Stock | $254,288 | 0.02% | 13,258 | $77,235 | Up ×1 | ||
| EXFY Expensify, Inc. - Class A Common Stock | $240,592 | 0.02% | 134,409 | $-177,874 | Down ×1 | ||
| NKTR Nektar Therapeutics - Common Stock | $233,864 | 0.02% | 3,350 | Up ×1 | |||
| PALI Palisade Bio, Inc. - Common Stock | $232,847 | 0.02% | 111,410 | $37,879 | |||
| CRBP Corbus Pharmaceuticals Holdings, Inc. - Common Stock | $227,943 | 0.02% | 24,301 | $27,466 | Up ×2 | ||
| CGEM Cullinan Therapeutics, Inc. - Common Stock | $226,132 | 0.02% | 12,418 | $24,094 | Down ×2 | ||
| RLMD Relmada Therapeutics, Inc. - Common Stock | $219,018 | 0.02% | 31,650 | $-1,266 | |||
| SPRB Spruce Biosciences, Inc. - Common Stock | $206,172 | 0.01% | 3,818 | Up ×1 | |||
| PRTH Priority Technology Holdings, Inc. - Common Stock | $166,750 | 0.01% | 25,000 | Up ×1 | |||
| KLRS Kalaris Therapeutics, Inc. - Common Stock | $161,278 | 0.01% | 39,626 | Up ×1 | |||
| LRMR Larimar Therapeutics, Inc. - Common Stock | $131,150 | 0.01% | 43,000 | ||||
| ARVN Arvinas, Inc. - Common Stock | $99,313 | 0.01% | 11,951 | Up ×1 | |||
| Unknown issuer (CUSIP: 590106100) | $91,040 | 0.01% | 16,000 | Up ×1 | |||
| CTMX CytomX Therapeutics, Inc. - Common Stock | $85,875 | 0.01% | 22,900 | Up ×1 | |||
| CNTX Context Therapeutics Inc. - Common Stock | $6,534 | 0.00% | 11,796 | Up ×1 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| BABA | $49,810,165 | 518,964 | 3.52% |
| T | $23,598,000 | 1,140,000 | 1.67% |
| ORCL | $14,948,100 | 102,000 | 1.06% |
| CARG | $13,111,900 | 384,626 | 0.93% |
| GDDY | $10,794,954 | 127,179 | 0.76% |
| NU | $9,832,345 | 735,954 | 0.70% |
| TME | $9,140,987 | 1,094,729 | 0.65% |
| SPY | $8,289,147 | 11,100 | 0.59% |
| DOCU | $4,797,360 | 108,000 | 0.34% |
| ITRG | $2,394,818 | 1,054,986 | 0.17% |
| PHAT | $539,386 | 49,713 | 0.04% |
| SLM | $448,762 | 17,300 | 0.03% |
| THC | $374,160 | 2,000 | 0.03% |
| GPN | $366,428 | 5,050 | 0.03% |
| NGNE | $297,517 | 9,460 | 0.02% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| GRPN | Price move only | +0 | +$123.8M |
| BTG | Trimmed | -5.2M | -$74.5M |
| COUR | Bought more | +9.9M | +$54.1M |
| ZD | Trimmed | -123K | +$22.5M |
| PHR | Bought more | +275K | +$19.3M |
| PTON | Bought more | +1.5M | +$18.9M |
| CARS | Bought more | +52K | +$11.7M |
| LSPD | Bought more | +249K | +$11.1M |
| MLYS | Bought more | +249K | +$6.7M |
| DOLE | Price move only | +0 | -$5.4M |
2 positions hidden (data completeness check)
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| COIN | March 31, 2026 | 1,271,800 | $287,604,852 | -2.4% |
| TSLA | March 31, 2026 | 520,000 | $233,854,400 | -7.1% |
| HOOD | March 31, 2026 | 1,656,000 | $187,293,600 | 41.6% |
| GOLD | June 30, 2025 | 7,498,976 | $145,780,093 | 102.5% |
| IAG | Dec. 31, 2025 | 3,930,998 | $50,827,804 | 21.5% |
| NGD | Dec. 31, 2025 | 6,211,037 | $44,595,246 | No longer tracked |
| HL | Sept. 30, 2025 | 7,438,818 | $44,558,520 | 69.5% |
| TEVA | Dec. 31, 2025 | 1,689,811 | $34,134,182 | 18.6% |
| BAX | June 30, 2026 | 1,582,743 | $26,590,082 | 24.9% |
| PAAS | Sept. 30, 2025 | 649,493 | $18,445,601 | 31.3% |
| NVDA | March 31, 2025 | 103,000 | $13,831,870 | 102.2% |
| SPPP | Sept. 30, 2025 | 1,172,523 | $13,753,695 | No longer tracked |
| MTCH | Sept. 30, 2025 | 416,533 | $12,866,704 | 12.4% |
| CDE | Sept. 30, 2025 | 1,146,022 | $10,153,755 | 12.2% |
| CGAU | March 31, 2026 | 591,222 | $8,495,860 | 27.6% |
| QURE | Sept. 30, 2025 | 529,798 | $7,385,384 | -17.9% |
| TEN | March 31, 2026 | 295,909 | $6,634,280 | 6.8% |
| UDMY | June 30, 2026 | 1,307,141 | $6,038,991 | No longer tracked |
| TECX | March 31, 2026 | 261,026 | $5,445,002 | 17.0% |
| NUVB | Dec. 31, 2025 | 1,444,647 | $5,345,194 | -21.5% |
| DAWN | March 31, 2026 | 544,063 | $5,070,667 | No longer tracked |
| OCUL | Sept. 30, 2025 | 530,135 | $4,919,653 | -2.1% |
| INSW | Dec. 31, 2025 | 76,059 | $3,504,799 | 103.3% |
| OEF | March 31, 2026 | 19,600 | $3,307,892 | No longer tracked |
| WIX | March 31, 2026 | 31,000 | $3,220,590 | -13.7% |
| SSTK | Dec. 31, 2025 | 154,278 | $3,216,696 | -71.5% |
| UBER | June 30, 2025 | 30,000 | $2,185,800 | -14.6% |
| IAC | June 30, 2026 | 54,281 | $2,172,868 | No longer tracked |
| NVDA | March 31, 2026 | 11,000 | $2,051,500 | 25.7% |
| BUR | Sept. 30, 2025 | 128,054 | $1,826,050 | -63.9% |
| CRBU | Dec. 31, 2025 | 775,055 | $1,805,878 | 3.5% |
| ADVM | Dec. 31, 2025 | 363,282 | $1,645,667 | No longer tracked |
| CIM | Sept. 30, 2025 | 107,708 | $1,493,910 | -11.6% |
| NMM | June 30, 2025 | 34,011 | $1,333,911 | 128.9% |
| TDOC | March 31, 2025 | 111,452 | $1,013,099 | -16.0% |
| QIPT | Sept. 30, 2025 | 460,303 | $823,942 | No longer tracked |
| STNG | March 31, 2025 | 15,232 | $756,878 | 109.3% |
| TALO | Sept. 30, 2025 | 87,994 | $746,189 | 91.9% |
| XFOR | June 30, 2026 | 167,590 | $692,147 | -13.0% |
| AGRO | March 31, 2026 | 84,637 | $671,171 | -25.7% |
| LFCR | March 31, 2026 | 71,040 | $581,107 | 18.5% |
| QDEL | Dec. 31, 2025 | 18,209 | $536,255 | -50.9% |
| AQST | Dec. 31, 2025 | 93,132 | $520,608 | -29.6% |
| XFORXXXX | June 30, 2025 | 2,035,362 | $481,160 | No longer tracked |
| AGIO | June 30, 2026 | 13,650 | $461,780 | -8.1% |
| SM | June 30, 2026 | 14,700 | $458,346 | 45.2% |
| KOS | June 30, 2026 | 145,000 | $403,100 | 37.7% |
| INZY | June 30, 2025 | 440,807 | $401,134 | No longer tracked |
| ETNB | Dec. 31, 2025 | 26,903 | $395,474 | No longer tracked |
| CRTO | March 31, 2026 | 18,097 | $372,979 | -1.0% |
| CMRX | March 31, 2025 | 106,531 | $370,728 | No longer tracked |
| ARWR | Dec. 31, 2025 | 10,123 | $349,142 | 31.5% |
| SLNO | June 30, 2026 | 8,450 | $282,906 | No longer tracked |
| TFPM | June 30, 2025 | 14,520 | $278,058 | 38.5% |
| PRAX | March 31, 2025 | 3,369 | $259,278 | 900.8% |
| MRX | June 30, 2026 | 5,368 | $239,305 | 15.0% |
| URGN | June 30, 2025 | 20,893 | $231,077 | 258.4% |
| MITT | Dec. 31, 2025 | 30,728 | $222,471 | -21.7% |
| LXEO | March 31, 2026 | 22,302 | $221,459 | -9.2% |
| SCPH | Sept. 30, 2025 | 57,128 | $217,658 | No longer tracked |
| MUX | Dec. 31, 2025 | 12,695 | $217,085 | 9.9% |
| CELC | Sept. 30, 2025 | 15,940 | $212,799 | 86.2% |
| NE | Sept. 30, 2025 | 8,000 | $212,400 | 66.0% |
| VZLA | March 31, 2026 | 38,201 | $208,959 | No longer tracked |
| BHVN | March 31, 2025 | 5,496 | $205,276 | -42.2% |
| RARE | Sept. 30, 2025 | 5,600 | $203,616 | -11.7% |
| FULC | June 30, 2026 | 26,100 | $200,187 | 5.7% |
| ANNX | March 31, 2026 | 38,600 | $193,772 | -3.9% |
| ATAI | March 31, 2026 | 45,811 | $187,367 | 109.3% |
| ADAM | June 30, 2025 | 27,301 | $177,183 | 51.4% |
| GRCE | June 30, 2026 | 37,762 | $174,838 | -2.2% |
| LRMR | March 31, 2026 | 45,218 | $172,281 | -8.5% |
| ENGN | June 30, 2026 | 24,004 | $163,467 | 4.3% |
| IMTX | June 30, 2026 | 16,272 | $160,116 | -13.3% |
| VERV | June 30, 2025 | 34,500 | $157,665 | No longer tracked |
| BHVN | Dec. 31, 2025 | 10,344 | $155,263 | 23.2% |
| ACHV | March 31, 2025 | 41,420 | $145,798 | 211.2% |
| IOVA | June 30, 2025 | 42,897 | $142,847 | 380.8% |
| NVCR | March 31, 2026 | 10,723 | $138,648 | 66.8% |
| AKBA | Dec. 31, 2025 | 50,210 | $137,073 | -43.3% |
| INDV | March 31, 2025 | 10,001 | $124,312 | 304.4% |
| NEWP | March 31, 2026 | 28,477 | $99,954 | No longer tracked |
| ACRV | March 31, 2025 | 15,235 | $91,715 | 9.4% |
| CLF | June 30, 2025 | 10,000 | $82,200 | 40.1% |
| RZLT | March 31, 2026 | 33,519 | $79,105 | 52.8% |
| ASPI | Sept. 30, 2025 | 10,300 | $75,808 | -58.5% |
| ODV | Dec. 31, 2025 | 21,133 | $71,641 | No longer tracked |
| COUR | June 30, 2025 | 10,000 | $66,600 | -33.0% |
| TCRX | June 30, 2025 | 47,734 | $65,873 | -48.2% |
| BMBL | June 30, 2025 | 10,000 | $43,400 | -57.4% |
| SGMT | June 30, 2025 | 10,989 | $35,824 | 38.0% |
| CMCT | June 30, 2025 | 39,680 | $9,948 | -39.7% |