Pale Fire Capital SE
Reported holdings as of Q2 2026, from 15 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| GROUPON INC | GRPN | $245.0M | 10,181,070 | +6.68pp | 15q | HELD | |
| B2GOLD CORP | BTG | $241.5M | 64,560,777 | -10.68pp | 9q | -7.4%-$19.4M | |
| ZIFF DAVIS INC | ZD | $139.3M | 2,660,554 | -0.41pp | 6q | -4.4%-$6.4M | |
| DOLE PLC | DOLE | $129.3M | 9,427,476 | -2.69pp | 15q | HELD | |
| COURSERA INC | COUR | $115.2M | 20,432,950 | +2.77pp | 2q | +94.4%+$56.0M | |
| PHREESIA INC | PHR | $91.8M | 8,924,329 | +0.13pp | 2q | +3.2%+$2.8M | |
| LIGHTSPEED COMMERCE INC | LSPD | $60.6M | 5,773,932 | -0.07pp | 2q | +4.5%+$2.6M | |
| ALIBABA GROUP HLDG LTD | BABA | $49.8M | 518,964 | - | new | NEW | |
| PELOTON INTERACTIVE INC | PTON | $45.7M | 7,728,586 | +0.88pp | 2q | +24.0%+$8.8M | |
| CARS COM INC | CARS | $43.8M | 4,008,218 | +0.28pp | 3q | +1.3%+$564.5K | |
| I-80 GOLD CORP | IAUX | $27.1M | 18,809,579 | -0.87pp | 9q | -9.8%-$2.9M | |
| AT&T INC | T | $23.6M | 1,140,000 | - | new | NEW | |
| ANGI INC | ANGI | $23.4M | 3,930,416 | -0.71pp | 6q | HELD | |
| TELADOC HEALTH INC | TDOC | $16.7M | 1,973,762 | -0.44pp | 3q | -41.9%-$12.1M | |
| MINERALYS THERAPEUTICS INC | MLYS | $16.6M | 614,284 | +0.30pp | 11q | +68.0%+$6.7M | |
| ORACLE CORP | ORCL | $14.9M | 102,000 | - | new | NEW | |
| CARGURUS INC | CARG | $13.1M | 384,626 | - | new | NEW | |
| GODADDY INC | GDDY | $10.8M | 127,179 | - | new | NEW | |
| NU HLDGS LTD | NU | $9.8M | 735,954 | - | new | NEW | |
| GALIANO GOLD INC | GAU | $9.4M | 5,036,654 | -0.22pp | 6q | +25.9%+$1.9M | |
| TENCENT MUSIC ENTMT GROUP | TME | $9.1M | 1,094,729 | - | new | NEW | |
| COMMERCE.COM INC | CMRC | $9.0M | 3,054,890 | -0.05pp | 4q | +3.5%+$304.3K | |
| WEAVE COMMUNICATIONS INC | WEAV | $8.9M | 1,492,806 | +0.03pp | 2q | HELD | |
| STATE STR SPDR S&P 500 ETF T OPT | SPY | $8.3M | options only | - | new | OPTIONS | |
| GERON CORP | GERN | $6.8M | 5,307,204 | -0.16pp | 4q | +8.6%+$536.2K | |
| REGENXBIO INC | RGNX | $5.6M | 466,209 | +0.03pp | 7q | -5.6%-$329.7K | |
| DOCUSIGN INC | DOCU | $4.8M | 108,000 | - | new | NEW | |
| FRACTYL HEALTH INC | GUTS | $4.0M | 5,003,237 | +0.04pp | 3q | -15.5%-$729.1K | |
| JOURNEY MED CORP | DERM | $3.7M | 528,584 | +0.07pp | 6q | +9.7%+$329.9K | |
| SYNDAX PHARMACEUTICALS INC | SNDX | $2.7M | 125,550 | -0.39pp | 3q | -55.9%-$3.5M | |
| SPROUT SOCIAL INC | SPT | $2.6M | 343,841 | +0.01pp | 2q | HELD | |
| INTEGRA RES CORP | ITRG | $2.4M | 1,054,986 | - | new | NEW | |
| DOUBLEVERIFY HLDGS INC | DV | $2.4M | 220,336 | +0.08pp | 2q | +99.4%+$1.2M | |
| SAGIMET BIOSCIENCES INC | SGMT | $1.7M | 221,875 | +0.02pp | 3q | HELD | |
| HERON THERAPEUTICS INC | HRTX | $1.1M | 2,511,478 | -0.12pp | 4q | -7.5%-$87.4K | |
| CYBIN INC | HELP | $1.0M | 153,505 | +0.01pp | 7q | HELD | |
| PERMA-FIX ENVIRONMENTAL SVCS | PESI | $794.9K | 55,627 | +0.01pp | 6q | +14.4%+$100.0K | |
| RAPID7 INC | RPD | $641.9K | 79,249 | +0.01pp | 2q | HELD | |
| KURA ONCOLOGY INC | KURA | $620.9K | 56,600 | -0.57pp | 5q | -93.4%-$8.8M | |
| TARSUS PHARMACEUTICALS INC | TARS | $616.9K | 9,802 | +0.01pp | 4q | +73.4%+$261.2K | |
| GEOPARK LTD | GPRK | $576.0K | 63,300 | +0.02pp | 2q | +194.4%+$380.4K | |
| RIGEL PHARMACEUTICALS INC | RIGL | $557.5K | 14,252 | +0.01pp | 2q | HELD | |
| ULTRAGENYX PHARMACEUTICAL IN | RARE | $551.4K | 16,514 | +0.01pp | 3q | HELD | |
| PHATHOM PHARMACEUTICALS INC | PHAT | $539.4K | 49,713 | - | new | NEW | |
| ABEONA THERAPEUTICS INC | ABEO | $506.4K | 81,945 | +0.01pp | 3q | +17.3%+$74.8K | |
| DELCATH SYS INC | DCTH | $504.7K | 40,085 | flat | 3q | HELD | |
| ONITY GROUP INC | ONIT | $470.4K | 11,833 | flat | 3q | +20.3%+$79.5K | |
| SLM CORP | SLM | $448.8K | 17,300 | - | new | NEW | |
| HARROW INC | HROW | $446.6K | 10,515 | +0.01pp | 6q | +23.5%+$84.9K | |
| TENET HEALTHCARE CORP | THC | $374.2K | 2,000 | - | new | NEW | |
| GLOBAL PMTS INC | GPN | $366.4K | 5,050 | - | new | NEW | |
| PELTHOS THERAPEUTICS INC | PTHS | $365.1K | 12,919 | flat | 3q | HELD | |
| KASPI KZ JSC | KSPI | $311.9K | 3,600 | flat | 2q | HELD | |
| NEUROGENE INC | NGNE | $297.5K | 9,460 | - | new | NEW | |
| PARKE BANCORP INC | PKBK | $285.8K | 8,620 | - | new | NEW | |
| TOAST INC | TOST | $278.2K | 10,000 | flat | 2q | HELD | |
| LIQUIDIA CORPORATION | LQDA | $277.4K | 3,479 | -1.27pp | 5q | -99.1%-$30.7M | |
| NORTHPOINTE BANCSHARES INC. | NPB | $254.3K | 13,258 | flat | 2q | +29.2%+$57.5K | |
| EXPENSIFY INC | EXFY | $240.6K | 134,409 | -0.02pp | 2q | -72.1%-$620.5K | |
| NEKTAR THERAPEUTICS | NKTR | $233.9K | 3,350 | - | new | NEW | |
| PALISADE BIO INC | PALI | $232.8K | 111,410 | flat | 3q | HELD | |
| CORBUS PHARMACEUTICALS HLDGS | CRBP | $227.9K | 24,301 | flat | 3q | +13.8%+$27.7K | |
| CULLINAN THERAPEUTICS INC | CGEM | $226.1K | 12,418 | flat | 4q | -12.7%-$32.8K | |
| RELMADA THERAPEUTICS INC | RLMD | $219.0K | 31,650 | flat | 3q | HELD | |
| SPRUCE BIOSCIENCES INC | SPRB | $206.2K | 3,818 | - | new | NEW | |
| PRIORITY TECHNOLOGY HLDGS IN | PRTH | $166.8K | 25,000 | - | new | NEW | |
| KALARIS THERAPEUTICS INC | KLRS | $161.3K | 39,626 | - | new | NEW | |
| LARIMAR THERAPEUTICS INC | LRMR | $131.2K | 43,000 | - | new | NEW | |
| ARVINAS INC | ARVN | $99.3K | 11,951 | - | new | NEW | |
| MERLIN INC | MRLN | $91.0K | 16,000 | - | new | NEW | |
| CYTOMX THERAPEUTICS INC | CTMX | $85.9K | 22,900 | - | new | NEW | |
| CONTEXT THERAPEUTICS INC | CNTX | $6.5K | 11,796 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Business Services | $410.8M | 29.1% |
| Software & IT Services | $287.5M | 20.3% |
| Mining & Metals | $280.4M | 19.8% |
| Telecom & Media | $172.1M | 12.2% |
| Agriculture | $129.3M | 9.1% |
| Biotech & Pharma | $45.8M | 3.2% |
| Industrials | $45.7M | 3.2% |
| Other sectors | $42.5M | 3.0% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $1.4B | 72 | 25 | 19 | 12 | 13 | 82.2% | 44 |
| Q1 2026 | $1.1B | 60 | 21 | 23 | 8 | 21 | 84.6% | 44 |
| Q4 2025 | $1.5B | 60 | 25 | 18 | 13 | 19 | 90.3% | 44 |
| Q3 2025 | $913.5M | 54 | 10 | 24 | 13 | 16 | 89.7% | 44 |
| Q2 2025 | $974.6M | 60 | 14 | 24 | 12 | 16 | 85.6% | 44 |
| Q1 2025 | $841.5M | 62 | 22 | 27 | 10 | 11 | 89.9% | 44 |
| Q4 2024 | $440.8M | 51 | 13 | 16 | 15 | 16 | 93.5% | 44 |
| Q3 2024 | $637.7M | 54 | 21 | 18 | 13 | 14 | 91.3% | 43 |
| Q2 2024 | $887.2M | 47 | 13 | 11 | 11 | 18 | 92.8% | 44 |
| Q1 2024 | $717.9M | 52 | 10 | 8 | 18 | 32 | 87.1% | 44 |
| Q4 2023 | $640.1M | 74 | 19 | 27 | 15 | 19 | 81.7% | 44 |
| Q3 2023 | $994.7M | 74 | 29 | 5 | 11 | 4 | 87.9% | 44 |
| Q2 2023 | $1.4B | 49 | 33 | 9 | 2 | 1 | 89.3% | 42 |
| Q1 2023 | $173.4M | 17 | 9 | 2 | 0 | 1 | 95.9% | 45 |
| Q4 2022 | $158.9M | 9 | 0 | 0 | 0 | 0 | 100.0% | 39 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.