# Pale Fire Capital SE

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1922318. Source: https://holderbook.com/funds/1922318-pale-fire-capital-se/

- Reported value: $1.4B
- Positions: 72
- Weight of the ten largest: 82.2%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| GROUPON INC | [GRPN](https://holderbook.com/stocks/GRPN/) | $245.0M | 10,181,070 | 17.3% | 15 |
| B2GOLD CORP | [BTG](https://holderbook.com/stocks/BTG/) | $241.5M | 64,560,777 | 17.1% | 9 |
| ZIFF DAVIS INC | [ZD](https://holderbook.com/stocks/ZD/) | $139.3M | 2,660,554 | 9.9% | 6 |
| DOLE PLC | [DOLE](https://holderbook.com/stocks/DOLE/) | $129.3M | 9,427,476 | 9.1% | 15 |
| COURSERA INC | [COUR](https://holderbook.com/stocks/COUR/) | $115.2M | 20,432,950 | 8.1% | 2 |
| PHREESIA INC | [PHR](https://holderbook.com/stocks/PHR/) | $91.8M | 8,924,329 | 6.5% | 2 |
| LIGHTSPEED COMMERCE INC | [LSPD](https://holderbook.com/stocks/LSPD/) | $60.6M | 5,773,932 | 4.3% | 2 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $49.8M | 518,964 | 3.5% | 1 |
| PELOTON INTERACTIVE INC | [PTON](https://holderbook.com/stocks/PTON/) | $45.7M | 7,728,586 | 3.2% | 2 |
| CARS COM INC | [CARS](https://holderbook.com/stocks/CARS/) | $43.8M | 4,008,218 | 3.1% | 3 |
| I-80 GOLD CORP | [IAUX](https://holderbook.com/stocks/IAUX/) | $27.1M | 18,809,579 | 1.9% | 9 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $23.6M | 1,140,000 | 1.7% | 1 |
| ANGI INC | [ANGI](https://holderbook.com/stocks/ANGI/) | $23.4M | 3,930,416 | 1.7% | 6 |
| TELADOC HEALTH INC | [TDOC](https://holderbook.com/stocks/TDOC/) | $16.7M | 1,973,762 | 1.2% | 3 |
| MINERALYS THERAPEUTICS INC | [MLYS](https://holderbook.com/stocks/MLYS/) | $16.6M | 614,284 | 1.2% | 11 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $14.9M | 102,000 | 1.1% | 1 |
| CARGURUS INC | [CARG](https://holderbook.com/stocks/CARG/) | $13.1M | 384,626 | 0.9% | 1 |
| GODADDY INC | [GDDY](https://holderbook.com/stocks/GDDY/) | $10.8M | 127,179 | 0.8% | 1 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $9.8M | 735,954 | 0.7% | 1 |
| GALIANO GOLD INC | [GAU](https://holderbook.com/stocks/GAU/) | $9.4M | 5,036,654 | 0.7% | 6 |
| TENCENT MUSIC ENTMT GROUP | [TME](https://holderbook.com/stocks/TME/) | $9.1M | 1,094,729 | 0.6% | 1 |
| COMMERCE.COM INC | [CMRC](https://holderbook.com/stocks/CMRC/) | $9.0M | 3,054,890 | 0.6% | 4 |
| WEAVE COMMUNICATIONS INC | [WEAV](https://holderbook.com/stocks/WEAV/) | $8.9M | 1,492,806 | 0.6% | 2 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $8.3M | 0 | 0.6% | 1 |
| GERON CORP | [GERN](https://holderbook.com/stocks/GERN/) | $6.8M | 5,307,204 | 0.5% | 4 |
| REGENXBIO INC | [RGNX](https://holderbook.com/stocks/RGNX/) | $5.6M | 466,209 | 0.4% | 7 |
| DOCUSIGN INC | [DOCU](https://holderbook.com/stocks/DOCU/) | $4.8M | 108,000 | 0.3% | 1 |
| FRACTYL HEALTH INC | [GUTS](https://holderbook.com/stocks/GUTS/) | $4.0M | 5,003,237 | 0.3% | 3 |
| JOURNEY MED CORP | [DERM](https://holderbook.com/stocks/DERM/) | $3.7M | 528,584 | 0.3% | 6 |
| SYNDAX PHARMACEUTICALS INC | [SNDX](https://holderbook.com/stocks/SNDX/) | $2.7M | 125,550 | 0.2% | 3 |
| SPROUT SOCIAL INC | [SPT](https://holderbook.com/stocks/SPT/) | $2.6M | 343,841 | 0.2% | 2 |
| INTEGRA RES CORP | [ITRG](https://holderbook.com/stocks/ITRG/) | $2.4M | 1,054,986 | 0.2% | 1 |
| DOUBLEVERIFY HLDGS INC | [DV](https://holderbook.com/stocks/DV/) | $2.4M | 220,336 | 0.2% | 2 |
| SAGIMET BIOSCIENCES INC | [SGMT](https://holderbook.com/stocks/SGMT/) | $1.7M | 221,875 | 0.1% | 3 |
| HERON THERAPEUTICS INC | [HRTX](https://holderbook.com/stocks/HRTX/) | $1.1M | 2,511,478 | 0.1% | 4 |
| CYBIN INC | [HELP](https://holderbook.com/stocks/HELP/) | $1.0M | 153,505 | 0.1% | 7 |
| PERMA-FIX ENVIRONMENTAL SVCS | [PESI](https://holderbook.com/stocks/PESI/) | $794.9K | 55,627 | 0.1% | 6 |
| RAPID7 INC | [RPD](https://holderbook.com/stocks/RPD/) | $641.9K | 79,249 | 0.0% | 2 |
| KURA ONCOLOGY INC | [KURA](https://holderbook.com/stocks/KURA/) | $620.9K | 56,600 | 0.0% | 5 |
| TARSUS PHARMACEUTICALS INC | [TARS](https://holderbook.com/stocks/TARS/) | $616.9K | 9,802 | 0.0% | 4 |
| GEOPARK LTD | [GPRK](https://holderbook.com/stocks/GPRK/) | $576.0K | 63,300 | 0.0% | 2 |
| RIGEL PHARMACEUTICALS INC | [RIGL](https://holderbook.com/stocks/RIGL/) | $557.5K | 14,252 | 0.0% | 2 |
| ULTRAGENYX PHARMACEUTICAL IN | [RARE](https://holderbook.com/stocks/RARE/) | $551.4K | 16,514 | 0.0% | 3 |
| PHATHOM PHARMACEUTICALS INC | [PHAT](https://holderbook.com/stocks/PHAT/) | $539.4K | 49,713 | 0.0% | 1 |
| ABEONA THERAPEUTICS INC | [ABEO](https://holderbook.com/stocks/ABEO/) | $506.4K | 81,945 | 0.0% | 3 |
| DELCATH SYS INC | [DCTH](https://holderbook.com/stocks/DCTH/) | $504.7K | 40,085 | 0.0% | 3 |
| ONITY GROUP INC | [ONIT](https://holderbook.com/stocks/ONIT/) | $470.4K | 11,833 | 0.0% | 3 |
| SLM CORP | [SLM](https://holderbook.com/stocks/SLM/) | $448.8K | 17,300 | 0.0% | 1 |
| HARROW INC | [HROW](https://holderbook.com/stocks/HROW/) | $446.6K | 10,515 | 0.0% | 6 |
| TENET HEALTHCARE CORP | [THC](https://holderbook.com/stocks/THC/) | $374.2K | 2,000 | 0.0% | 1 |
| GLOBAL PMTS INC | [GPN](https://holderbook.com/stocks/GPN/) | $366.4K | 5,050 | 0.0% | 1 |
| PELTHOS THERAPEUTICS INC | [PTHS](https://holderbook.com/stocks/PTHS/) | $365.1K | 12,919 | 0.0% | 3 |
| KASPI KZ JSC | [KSPI](https://holderbook.com/stocks/KSPI/) | $311.9K | 3,600 | 0.0% | 2 |
| NEUROGENE INC | [NGNE](https://holderbook.com/stocks/NGNE/) | $297.5K | 9,460 | 0.0% | 1 |
| PARKE BANCORP INC | [PKBK](https://holderbook.com/stocks/PKBK/) | $285.8K | 8,620 | 0.0% | 1 |
| TOAST INC | [TOST](https://holderbook.com/stocks/TOST/) | $278.2K | 10,000 | 0.0% | 2 |
| LIQUIDIA CORPORATION | [LQDA](https://holderbook.com/stocks/LQDA/) | $277.4K | 3,479 | 0.0% | 5 |
| NORTHPOINTE BANCSHARES INC. | [NPB](https://holderbook.com/stocks/NPB/) | $254.3K | 13,258 | 0.0% | 2 |
| EXPENSIFY INC | [EXFY](https://holderbook.com/stocks/EXFY/) | $240.6K | 134,409 | 0.0% | 2 |
| NEKTAR THERAPEUTICS | [NKTR](https://holderbook.com/stocks/NKTR/) | $233.9K | 3,350 | 0.0% | 1 |
| PALISADE BIO INC | [PALI](https://holderbook.com/stocks/PALI/) | $232.8K | 111,410 | 0.0% | 3 |
| CORBUS PHARMACEUTICALS HLDGS | [CRBP](https://holderbook.com/stocks/CRBP/) | $227.9K | 24,301 | 0.0% | 3 |
| CULLINAN THERAPEUTICS INC | [CGEM](https://holderbook.com/stocks/CGEM/) | $226.1K | 12,418 | 0.0% | 4 |
| RELMADA THERAPEUTICS INC | [RLMD](https://holderbook.com/stocks/RLMD/) | $219.0K | 31,650 | 0.0% | 3 |
| SPRUCE BIOSCIENCES INC | [SPRB](https://holderbook.com/stocks/SPRB/) | $206.2K | 3,818 | 0.0% | 1 |
| PRIORITY TECHNOLOGY HLDGS IN | [PRTH](https://holderbook.com/stocks/PRTH/) | $166.8K | 25,000 | 0.0% | 1 |
| KALARIS THERAPEUTICS INC | [KLRS](https://holderbook.com/stocks/KLRS/) | $161.3K | 39,626 | 0.0% | 1 |
| LARIMAR THERAPEUTICS INC | [LRMR](https://holderbook.com/stocks/LRMR/) | $131.2K | 43,000 | 0.0% | 1 |
| ARVINAS INC | [ARVN](https://holderbook.com/stocks/ARVN/) | $99.3K | 11,951 | 0.0% | 1 |
| MERLIN INC | [MRLN](https://holderbook.com/stocks/MRLN/) | $91.0K | 16,000 | 0.0% | 1 |
| CYTOMX THERAPEUTICS INC | [CTMX](https://holderbook.com/stocks/CTMX/) | $85.9K | 22,900 | 0.0% | 1 |
| CONTEXT THERAPEUTICS INC | [CNTX](https://holderbook.com/stocks/CNTX/) | $6.5K | 11,796 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +15.4% | +14.8% | +0.5% | 99% |
| Q1 2026 | -9.5% | -4.6% | -4.8% | 100% |
| Q4 2025 | +0.5% | +2.4% | -1.9% | 100% |
| Q3 2025 | +16.5% | +7.8% | +8.7% | 100% |
| Q2 2025 | +29.3% | +10.5% | +18.9% | 100% |
| Q1 2025 | +20.6% | -4.6% | +25.1% | 98% |
| Q4 2024 | -4.8% | +2.1% | -7.0% | 100% |
| Q3 2024 | +1.7% | +5.4% | -3.8% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $1.4B | 72 |
| Q1 2026 | $1.1B | 60 |
| Q4 2025 | $1.5B | 60 |
| Q3 2025 | $913.5M | 54 |
| Q2 2025 | $974.6M | 60 |
| Q1 2025 | $841.5M | 62 |
| Q4 2024 | $440.8M | 51 |
| Q3 2024 | $637.7M | 54 |
| Q2 2024 | $887.2M | 47 |
| Q1 2024 | $717.9M | 52 |
| Q4 2023 | $640.1M | 74 |
| Q3 2023 | $994.7M | 74 |