Q2 2026 13F · SEC CIK 1922318

Pale Fire Capital SE

Asset managerFiled 2026-08-13 for Q2 2026. Open the filing ↗ · All SEC filings ↗

Reported 13F value: $1.4B
Reported positions: 71
Top holdings a year, 3 yrs: +31.2%
Average holding period: 2.0 yrs

Pale Fire Capital SE is an asset manager that reported 71 positions worth $1.4B in its Q2 2026 13F, filed 2026-08-13. Its largest holdings were Groupon Inc (GRPN, 17.4%), B2gold Corp (BTG, 17.2%), Ziff Davis Inc (JCOM, 9.9%). A portfolio copying its top holdings returned 31.2% a year over the last 3 years, against 22.3% for the S&P 500.

Pale Fire Capital SE holdings largest 50 of 71 positions.

Weights are shares of the filer's total reported 13F value, compared with Q1 2026. Share changes may reflect splits; weight changes also reflect price moves. A 13F shows long US-listed positions only, up to 135 days after the fact.

Pale Fire Capital SE 13F holdings
Stock	% of 13F value	Q1 2026	Shares	Share change	Reported value
GRPNGroupon Inc	17.4%	10.6%	10,181,070	+0.0%	$245.0M
BTGB2gold Corp	17.2%	27.8%	64,560,777	-7.4%	$241.5M
JCOMZiff Davis Inc	9.9%	10.3%	2,660,554	-4.4%	$139.3M
DOLEDole PLC Ord Shs	9.2%	11.8%	9,427,476	+0.0%	$129.3M
COURCoursera Inc	8.2%	5.4%	20,432,950	+94.4%	$115.2M
PHRPhreesia Inc	6.5%	6.4%	8,924,329	+3.2%	$91.8M
LSPDLightspeed Commerce Inc	4.3%	4.3%	5,773,932	+4.5%	$60.6M
BABAAlibaba Group Hldg Ltd	3.5%	—	518,964	—	$49.8M
PTONPeloton Interactive Inc	3.2%	2.4%	7,728,586	+24.0%	$45.7M
CARSCars.com Inc	3.1%	2.8%	4,008,218	+1.3%	$43.8M
IAUXI-80 Gold Corp	1.9%	2.8%	18,809,579	-9.8%	$27.1M
TAt&t Inc	1.7%	—	1,140,000	—	$23.6M
ANGIAngi Inc	1.7%	2.4%	3,930,416	+0.0%	$23.4M
TDOCTeladoc Health Inc	1.2%	1.6%	1,973,762	-41.9%	$16.7M
MLYSMineralys Therapeutics Inc	1.2%	0.9%	614,284	+68.0%	$16.6M
ORCLOracle Corp	1.1%	—	102,000	—	$14.9M
CARGCargurus Inc	0.9%	—	384,626	—	$13.1M
GDDYGodaddy Inc	0.8%	—	127,179	—	$10.8M
NUNu Hldgs Ltd	0.7%	—	735,954	—	$9.8M
GAUGaliano Gold Inc	0.7%	0.9%	5,036,654	+25.9%	$9.4M
TMETencent Music Entmt Group	0.7%	—	1,094,729	—	$9.1M
CMRCCommerce.com Inc	0.6%	0.7%	3,054,890	+3.5%	$9.0M
WEAVWeave Communications Inc	0.6%	0.6%	1,492,806	+0.0%	$8.9M
GERNGeron Corp	0.5%	0.6%	5,307,204	+8.6%	$6.8M
RGNXRegenxbio Inc	0.4%	0.4%	466,209	-5.6%	$5.6M
DOCUDocusign Inc	0.3%	—	108,000	—	$4.8M
GUTSFractyl Health Inc	0.3%	0.2%	5,003,237	-15.5%	$4.0M
DERMJourney Med Corp	0.3%	0.2%	528,584	+9.7%	$3.7M
SNDXSyndax Pharmaceuticals Inc	0.2%	0.6%	125,550	-55.9%	$2.7M
SPTSprout Social Inc	0.2%	0.2%	343,841	+0.0%	$2.6M
ITRGIntegra Res Corp	0.2%	—	1,054,986	—	$2.4M
DVDoubleverify Hldgs Inc	0.2%	0.1%	220,336	+99.4%	$2.4M
SGMTSagimet Biosciences Inc	0.1%	0.1%	221,875	+0.0%	$1.7M
HRTXHeron Therapeutics Inc	0.1%	0.2%	2,511,478	-7.5%	$1.1M
23256X407Cybin Inc	0.1%	0.1%	153,505	+0.0%	$1.0M
PESIPerma-Fix Environmental Svcs	0.1%	0.0%	55,627	+14.4%	$795K
RPDRapid7 Inc	0.0%	0.0%	79,249	+0.0%	$642K
KURAKura Oncology Inc	0.0%	0.6%	56,600	-93.4%	$621K
TARSTarsus Pharmaceuticals Inc	0.0%	0.0%	9,802	+73.4%	$617K
GPRKGeopark Ltd	0.0%	—	63,300	—	$576K
RIGLRigel Pharmaceuticals Inc	0.0%	0.0%	14,252	+0.0%	$558K
RAREUltragenyx Pharmaceutical in	0.0%	0.0%	16,514	+0.0%	$551K
PHATPhathom Pharmaceuticals Inc Com	0.0%	—	49,713	—	$539K
ABEOAbeona Therapeutics	0.0%	0.0%	81,945	+17.3%	$506K
DCTHDelcath Sys Inc	0.0%	0.0%	40,085	+0.0%	$505K
ONITOnity Group Inc	0.0%	0.0%	11,833	+20.3%	$470K
SLMSlm Corp	0.0%	—	17,300	—	$449K
HROWHarrow Inc	0.0%	0.0%	10,515	+23.5%	$447K
THCTenet Healthcare Corp	0.0%	—	2,000	—	$374K
GPNGlobal Pmts Inc	0.0%	—	5,050	—	$366K

What Pale Fire Capital SE bought and sold in Q2 2026, against Q1 2026.

New positions

Q1 2026's filing was too long to tell new positions apart.

Added to

DV Doubleverify Hldgs Inc+99.4% shares
COUR Coursera Inc+94.4% shares
TARS Tarsus Pharmaceuticals Inc+73.4% shares
MLYS Mineralys Therapeutics Inc+68.0% shares
GAU Galiano Gold Inc+25.9% shares
PTON Peloton Interactive Inc+24.0% shares
HROW Harrow Inc+23.5% shares
ONIT Onity Group Inc+20.3% shares

Reduced

KURA Kura Oncology Inc-93.4% shares
SNDX Syndax Pharmaceuticals Inc-55.9% shares
TDOC Teladoc Health Inc-41.9% shares
GUTS Fractyl Health Inc-15.5% shares
IAUX I-80 Gold Corp-9.8% shares
HRTX Heron Therapeutics Inc-7.5% shares
BTG B2gold Corp-7.4% shares
RGNX Regenxbio Inc-5.6% shares

Left the top 50

Share counts compared with the Q1 2026 13F; a split also changes share counts. The latest filing lists more than 50 positions, so a position that left the top 50 may still be held.

How the holdings did against the S&P 500.

1 year: +9.5% /yr; S&P 500 +11.7%
3 years: +31.2% /yr; S&P 500 +22.3%
5 years: —

A portfolio of the filer's 20 largest 13F positions, weighted by value, bought the trading day after each 13F was filed and held until the next one was: what copying this filer could have earned. 13Fs show long US-listed positions only, so this is an estimate of the stock picks, not the fund's reported returns.

Reported 13F value by quarter.

13F value by quarter
Quarter	13F value	Positions
Q2 2026	$1.4B	71
Q1 2026	$1.1B	60
Q4 2025	$775.8M	55
Q3 2025	$912.4M	52
Q2 2025	$958.3M	59
Q1 2025	$830.4M	61
Q4 2024	$426.9M	50
Q3 2024	$637.7M	54
Q2 2024	$886.8M	43
Q1 2024	$717.3M	46
Q4 2023	$639.4M	68
Q3 2023	$994.6M	73

Questions about Pale Fire Capital SE's portfolio

What stocks does Pale Fire Capital SE own?

Pale Fire Capital SE's latest 13F, for Q2 2026 and filed Aug 13, 2026, lists 71 positions worth $1.4B. The largest are Groupon Inc (GRPN) at 17.4%, B2gold Corp (BTG) at 17.2%, Ziff Davis Inc (JCOM) at 9.9%, Dole PLC Ord Shs (DOLE) at 9.2% and Coursera Inc (COUR) at 8.2%.

What did Pale Fire Capital SE buy last quarter?

In Q2 2026, Pale Fire Capital SE added Doubleverify Hldgs Inc (DV) (+99.4% shares), Coursera Inc (COUR) (+94.4% shares) and Tarsus Pharmaceuticals Inc (TARS) (+73.4% shares), compared with its Q1 2026 filing.

What did Pale Fire Capital SE sell last quarter?

In Q2 2026, Pale Fire Capital SE cut from its top 50 Baxter Intl Inc (BAX), cut from its top 50 Liquidia Corporation (LQDA), cut from its top 50 Udemy Inc (UDMY), cut from its top 50 People Inc (PPLI), cut from its top 50 X4 Pharmaceuticals Inc (XFOR), Kura Oncology Inc (KURA) (-93.4% shares), Syndax Pharmaceuticals Inc (SNDX) (-55.9% shares) and Teladoc Health Inc (TDOC) (-41.9% shares), compared with its Q1 2026 filing.

How has Pale Fire Capital SE's portfolio performed?

A portfolio copying Pale Fire Capital SE's 20 largest 13F holdings each quarter, from the day each filing was public, returned +31.2% a year over the last 3 years, against +22.3% for the S&P 500. Over 1 year: +9.5% against +11.7%.

When is Pale Fire Capital SE's next 13F filing due?

13F filings are due 45 days after each quarter ends. Pale Fire Capital SE's filing for the quarter ending Sep 30, 2026 is due by Nov 14, 2026; this page updates the day after it is published.