Pale Fire Capital SE
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Pale Fire Capital SE reported 71 stock positions worth $1.4 billion. Its top holding was Groupon (GRPN) at 17.4% of the portfolio, followed by B2GOLD (BTG, 17.2%) and Ziff Davis (ZD, 9.9%). Compared with Q1 2026, it opened 24 new positions, sold out of 13, added to 19 and reduced 12. The biggest buy was a new position in Alibaba Group Holding-SP ADR (BABA) and the biggest sale B2GOLD (BTG, shares −7%).
- Most Recent 13F
- Q2 2026
- Location
- Prague, 2N
- CIK
- 0001922318
- Portfolio Value
- $1.4B (Q2 2026)
- SEC Filing
- 0000921895-26-002114 ↗ filed Aug 13, 2026
Holdings Value
Holdings 71 stocks · $1.4B
| GRPN Groupon Inc. | 17.42% | 10,181,070 | $245.0M | No change |
| BTG B2GOLD Corp. | 17.17% | 64,560,777 | $241.5M | Reduce -7.4% |
| ZD Ziff Davis Inc. | 9.91% | 2,660,554 | $139.3M | Reduce -4.4% |
| DOLE Dole PLC | 9.20% | 9,427,476 | $129.3M | No change |
| COUR Coursera Inc. | 8.20% | 20,432,950 | $115.2M | Add +94.4% |
| PHR Phreesia Inc. | 6.53% | 8,924,329 | $91.8M | Add +3.2% |
| LSPD Lightspeed Commerce Inc. | 4.31% | 5,773,932 | $60.6M | Add +4.5% |
| BABA Alibaba Group Holding-SP ADR | 3.54% | 518,964 | $49.8M | New |
| PTON Peloton Interactive Inc. Class A | 3.25% | 7,728,586 | $45.7M | Add +24.0% |
| CARS Cars.com Inc. | 3.12% | 4,008,218 | $43.8M | Add +1.3% |
| IAUX I-80 Gold Corp. | 1.93% | 18,809,579 | $27.1M | Reduce -9.8% |
| T AT&T Inc. | 1.68% | 1,140,000 | $23.6M | New |
| ANGI Angi Inc. | 1.66% | 3,930,416 | $23.4M | No change |
| TDOC Teladoc Health Inc. | 1.19% | 1,973,762 | $16.7M | Reduce -41.9% |
| MLYS Mineralys Therapeutics Inc. | 1.18% | 614,284 | $16.6M | Add +68.0% |
| ORCL Oracle Corp. | 1.06% | 102,000 | $14.9M | New |
| CARG Cargurus Inc. | 0.93% | 384,626 | $13.1M | New |
| GDDY GoDaddy Inc. Class A | 0.77% | 127,179 | $10.8M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.70% | 735,954 | $9.8M | New |
| GAU Galiano Gold Inc. | 0.67% | 5,036,654 | $9.4M | Add +25.9% |
| TME Tencent Music Entertainm-ADR | 0.65% | 1,094,729 | $9.1M | New |
| CMRC Commerce.com Inc. | 0.64% | 3,054,890 | $9.0M | Add +3.5% |
| WEAV Weave Communications Inc. | 0.64% | 1,492,806 | $8.9M | No change |
| GERN Geron Corp. | 0.48% | 5,307,204 | $6.8M | Add +8.6% |
| RGNX Regenxbio Inc. | 0.40% | 466,209 | $5.6M | Reduce -5.6% |
| DOCU Docusign Inc. | 0.34% | 108,000 | $4.8M | New |
| GUTS Fractyl Health Inc. | 0.28% | 5,003,237 | $4.0M | Reduce -15.5% |
| DERM Journey Medical Corp. | 0.27% | 528,584 | $3.7M | Add +9.7% |
| SNDX Syndax Pharmaceuticals Inc. | 0.20% | 125,550 | $2.7M | Reduce -55.9% |
| SPT Sprout Social Inc. Class A | 0.18% | 343,841 | $2.6M | No change |
| ITRG Integra Resources Corp. | 0.17% | 1,054,986 | $2.4M | New |
| DV Doubleverify Holdings Inc. | 0.17% | 220,336 | $2.4M | Add +99.4% |
| SGMT Sagimet Biosciences Inc. Class A | 0.12% | 221,875 | $1.7M | No change |
| HRTX Heron Therapeutics Inc. | 0.08% | 2,511,478 | $1.1M | Reduce -7.5% |
| HELP Cybin Inc. | 0.07% | 153,505 | $1.0M | No change |
| PESI Perma-Fix Environmental SVCS | 0.06% | 55,627 | $795K | Add +14.4% |
| RPD RAPID7 Inc. | 0.05% | 79,249 | $642K | No change |
| KURA Kura Oncology Inc. | 0.04% | 56,600 | $621K | Reduce -93.4% |
| TARS Tarsus Pharmaceuticals Inc. | 0.04% | 9,802 | $617K | Add +73.4% |
| GPRK Geopark Ltd. | 0.04% | 63,300 | $576K | Add +194.4% |
| RIGL Rigel Pharmaceuticals Inc. | 0.04% | 14,252 | $558K | No change |
| RARE Ultragenyx Pharmaceutical Inc. | 0.04% | 16,514 | $551K | No change |
| PHAT Phathom Pharmaceuticals Inc. | 0.04% | 49,713 | $539K | New |
| ABEO Abeona Therapeutics Inc. | 0.04% | 81,945 | $506K | Add +17.3% |
| DCTH Delcath Systems Inc. | 0.04% | 40,085 | $505K | No change |
| ONIT Onity Group Inc. | 0.03% | 11,833 | $470K | Add +20.3% |
| SLM SLM Corp. | 0.03% | 17,300 | $449K | New |
| HROW Harrow Inc. | 0.03% | 10,515 | $447K | Add +23.5% |
| THC Tenet Healthcare Corp. | 0.03% | 2,000 | $374K | New |
| GPN Global Payments Inc. | 0.03% | 5,050 | $366K | New |
| PTHS Pelthos Therapeutics Inc. | 0.03% | 12,919 | $365K | No change |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.02% | 3,600 | $312K | No change |
| NGNE Neurogene Inc. | 0.02% | 9,460 | $298K | New |
| PKBK Parke Bancorp Inc. | 0.02% | 8,620 | $286K | New |
| TOST Toast Inc. Class A | 0.02% | 10,000 | $278K | No change |
| LQDA Liquidia Corp. | 0.02% | 3,479 | $277K | Reduce -99.1% |
| NPB Northpointe Bancshares Inc. | 0.02% | 13,258 | $254K | Add +29.3% |
| EXFY Expensify Inc. Class A | 0.02% | 134,409 | $241K | Reduce -72.1% |
| NKTR Nektar Therapeutics | 0.02% | 3,350 | $234K | New |
| PALI Palisade Bio Inc. | 0.02% | 111,410 | $233K | No change |
| CRBP Corbus Pharmaceuticals Holdi | 0.02% | 24,301 | $228K | Add +13.8% |
| CGEM Cullinan Therapeutics Inc. | 0.02% | 12,418 | $226K | Reduce -12.7% |
| RLMD Relmada Therapeutics Inc. | 0.02% | 31,650 | $219K | No change |
| SPRB Spruce Biosciences Inc. | 0.01% | 3,818 | $206K | New |
| PRTH Priority Technology Holdings | 0.01% | 25,000 | $167K | New |
| KLRS Kalaris Therapeutics Inc. | 0.01% | 39,626 | $161K | New |
| LRMR Larimar Therapeutics Inc. | 0.01% | 43,000 | $131K | New |
| ARVN Arvinas Inc. | 0.01% | 11,951 | $99K | New |
| MRLN Merlin Inc. | 0.01% | 16,000 | $91K | New |
| CTMX Cytomx Therapeutics Inc. | 0.01% | 22,900 | $86K | New |
| CNTX Context Therapeutics Inc. | 0.00% | 11,796 | $7K | New |
Options reported separately and not counted above: SPY puts ($8.3M).
Portfolio Sells Q1 2026 → Q2 2026
| BTG B2GOLD Corp. | Reduce -7.4% | 17.17% | −10.58 |
| BAX Baxter International Inc. | Sold out | 0.00% | −2.34 |
| LQDA Liquidia Corp. | Reduce -99.1% | 0.02% | −1.27 |
| IAUX I-80 Gold Corp. | Reduce -9.8% | 1.93% | −0.86 |
| KURA Kura Oncology Inc. | Reduce -93.4% | 0.04% | −0.57 |
| UDMY Udemy Inc. | Sold out | 0.00% | −0.53 |
| TDOC Teladoc Health Inc. | Reduce -41.9% | 1.19% | −0.44 |
| SNDX Syndax Pharmaceuticals Inc. | Reduce -55.9% | 0.20% | −0.39 |
| ZD Ziff Davis Inc. | Reduce -4.4% | 9.91% | −0.35 |
| PPLI People Inc. | Sold out | 0.00% | −0.19 |
| HRTX Heron Therapeutics Inc. | Reduce -7.5% | 0.08% | −0.11 |
| XFOR X4 Pharmaceuticals Inc. | Sold out | 0.00% | −0.06 |
| AGIO Agios Pharmaceuticals Inc. | Sold out | 0.00% | −0.04 |
| SM SM Energy Co. | Sold out | 0.00% | −0.04 |
| KOS Kosmos Energy Ltd. | Sold out | 0.00% | −0.04 |
| SLNO Soleno Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.02 |
| EXFY Expensify Inc. Class A | Reduce -72.1% | 0.02% | −0.02 |
| FULC Fulcrum Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| GRCE Grace Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| ENGN Engene Holdings Inc. | Sold out | 0.00% | −0.01 |
| IMTX Immatics NV | Sold out | 0.00% | −0.01 |
| CGEM Cullinan Therapeutics Inc. | Reduce -12.7% | 0.02% | −0.00 |
| RGNX Regenxbio Inc. | Reduce -5.6% | 0.40% | +0.03 |
| GUTS Fractyl Health Inc. | Reduce -15.5% | 0.28% | +0.04 |
Portfolio Buys Q1 2026 → Q2 2026
| BABA Alibaba Group Holding-SP ADR | New | 3.54% | +3.54 |
| COUR Coursera Inc. | Add +94.4% | 8.20% | +2.82 |
| T AT&T Inc. | New | 1.68% | +1.68 |
| ORCL Oracle Corp. | New | 1.06% | +1.06 |
| CARG Cargurus Inc. | New | 0.93% | +0.93 |
| PTON Peloton Interactive Inc. Class A | Add +24.0% | 3.25% | +0.90 |
| GDDY GoDaddy Inc. Class A | New | 0.77% | +0.77 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 0.70% | +0.70 |
| TME Tencent Music Entertainm-ADR | New | 0.65% | +0.65 |
| DOCU Docusign Inc. | New | 0.34% | +0.34 |
| MLYS Mineralys Therapeutics Inc. | Add +68.0% | 1.18% | +0.31 |
| CARS Cars.com Inc. | Add +1.3% | 3.12% | +0.30 |
| ITRG Integra Resources Corp. | New | 0.17% | +0.17 |
| PHR Phreesia Inc. | Add +3.2% | 6.53% | +0.16 |
| DV Doubleverify Holdings Inc. | Add +99.4% | 0.17% | +0.08 |
| DERM Journey Medical Corp. | Add +9.7% | 0.27% | +0.07 |
| PHAT Phathom Pharmaceuticals Inc. | New | 0.04% | +0.04 |
| SLM SLM Corp. | New | 0.03% | +0.03 |
| THC Tenet Healthcare Corp. | New | 0.03% | +0.03 |
| GPN Global Payments Inc. | New | 0.03% | +0.03 |
| GPRK Geopark Ltd. | Add +194.4% | 0.04% | +0.02 |
| NGNE Neurogene Inc. | New | 0.02% | +0.02 |
| PKBK Parke Bancorp Inc. | New | 0.02% | +0.02 |
| NKTR Nektar Therapeutics | New | 0.02% | +0.02 |
| SPRB Spruce Biosciences Inc. | New | 0.01% | +0.01 |
| PRTH Priority Technology Holdings | New | 0.01% | +0.01 |
| KLRS Kalaris Therapeutics Inc. | New | 0.01% | +0.01 |
| PESI Perma-Fix Environmental SVCS | Add +14.4% | 0.06% | +0.01 |
| LRMR Larimar Therapeutics Inc. | New | 0.01% | +0.01 |
| TARS Tarsus Pharmaceuticals Inc. | Add +73.4% | 0.04% | +0.01 |
| ABEO Abeona Therapeutics Inc. | Add +17.3% | 0.04% | +0.01 |
| ARVN Arvinas Inc. | New | 0.01% | +0.01 |
| MRLN Merlin Inc. | New | 0.01% | +0.01 |
| CTMX Cytomx Therapeutics Inc. | New | 0.01% | +0.01 |
| HROW Harrow Inc. | Add +23.5% | 0.03% | +0.01 |
| NPB Northpointe Bancshares Inc. | Add +29.3% | 0.02% | +0.00 |
| CNTX Context Therapeutics Inc. | New | 0.00% | +0.00 |
| ONIT Onity Group Inc. | Add +20.3% | 0.03% | −0.00 |
| CRBP Corbus Pharmaceuticals Holdi | Add +13.8% | 0.02% | −0.00 |
| LSPD Lightspeed Commerce Inc. | Add +4.5% | 4.31% | −0.04 |
| CMRC Commerce.com Inc. | Add +3.5% | 0.64% | −0.05 |
| GERN Geron Corp. | Add +8.6% | 0.48% | −0.16 |
| GAU Galiano Gold Inc. | Add +25.9% | 0.67% | −0.21 |
Options Activity Q1 2026 → Q2 2026
| SPY SS SPDR S&P 500 ETF Trust-US | put | New | 11,100 | $8.3M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 71 | $1.4B | GRPN, BTG, ZD, DOLE, COUR |
| Q1 2026 | 60 | $1.1B | BTG, DOLE, GRPN, ZD, PHR |
| Q4 2025 | 55 | $775.8M | GRPN, BTG, DOLE, ZD, BAX |
| Q3 2025 | 52 | $912.4M | BTG, GRPN, DOLE, IAG, NGD |
| Q2 2025 | 59 | $958.3M | GRPN, BTG, DOLE, HL, NGD |
| Q1 2025 | 61 | $830.4M | GRPN, BTG, B, DOLE, HL |
| Q4 2024 | 50 | $426.9M | BTG, GRPN, DOLE, INSW, CGAU |
| Q3 2024 | 54 | $637.7M | T, DOLE, GRPN, BTG, INSW |
| Q2 2024 | 43 | $886.8M | T, SHEL, GRPN, DOLE, INSW |
| Q1 2024 | 46 | $717.3M | SHEL, GRPN, DOLE, INSW, STNG |