In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 14, 2024), Pale Fire Capital SE reported 46 stock positions worth $717.3 million . Its top holding was Shell PLC-ADR (SHEL) at 24.7% of the portfolio, followed by Groupon (GRPN, 18.9% ) and Dole (DOLE, 12.8% ). Compared with Q4 2023, it opened 6 new positions, sold out of 28, added to 10 and reduced 18. The biggest buy was Groupon (GRPN, shares +45% ) and the biggest sale an exit from BP PLC-Spons ADR (BP).
Location Prague, 2N
CIK 0001922318
Portfolio Value $717.3M (Q1 2024) Holdings 46 stocks · $717.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 SHEL Shell PLC-ADR 2,641,092 $177.1M Add +14.0% GRPN Groupon Inc. 10,181,070 $135.8M Add +44.6% DOLE Dole PLC 7,667,360 $91.5M No change INSW International Seaways Inc. 1,282,759 $68.2M Add +0.0% STNG Scorpio Tankers Inc. 604,673 $43.3M Reduce -2.9% BABA Alibaba Group Holding-SP ADR 450,000 $32.6M Add +21.6% NMM Navios Maritime Partners LP 701,463 $29.9M No change CGAU Centerra Gold Inc. 2,972,347 $17.6M Add +64.4% ANGI Angi Inc. 5,985,631 $15.7M Reduce -4.8% TEN Tsakos Energy Navigation Ltd. 528,760 $13.4M Add +16.4% TDOC Teladoc Health Inc. 767,030 $11.6M Add +84.5% VOD Vodafone Group PLC-SP ADR 1,282,246 $11.4M Add +0.1% TNK Teekay Tankers Ltd. Class A 180,951 $10.6M No change VAL Valaris Ltd. 130,384 $9.8M Add +1.0% NE Noble Corp. PLC 186,204 $9.0M Reduce -31.3% NOMD Nomad Foods Ltd. 417,175 $8.2M Reduce -36.3% DAR Darling Ingredients Inc. 135,076 $6.3M Add +52.3% KGC Kinross Gold Corp. 700,000 $4.3M New DO Diamond Offshore Drilling Inc. 254,795 $3.5M No change PPLI People Inc. filed as IAC INC 56,482 $3.0M Reduce -58.8% ORANY Orange-Spon ADR 251,125 $3.0M No change CDLR Cadeler A/S-ADR 111,634 $2.0M Reduce -26.7% CVE Cenovus Energy Inc. 100,000 $2.0M New CREATIVE MEDIA & CMNTY TR 435,472 $1.9M No change DHC Diversified Healthcare Trust 518,652 $1.3M No change MOMO Hello Group Inc. -SPN ADR 108,772 $675K New FSM Fortuna Silver Mines Inc. 140,000 $522K No change RNW Renew Energy Global PLC-A 70,451 $423K Reduce -12.2% MLYS Mineralys Therapeutics Inc. 28,915 $373K Reduce -16.8% QURE Uniqure NV 65,600 $341K No change CMPX Compass Therapeutics Inc. 125,968 $249K Reduce -30.4% ERAS Erasca Inc. 111,906 $231K Reduce -39.9% CELC Celcuity Inc. 10,269 $222K Reduce -28.7% PASG Passage Bio Inc. 141,435 $191K Reduce -75.7% ATYR Atyr Pharma Inc. 91,232 $178K Reduce -68.9% TCRX Tscan Therapeutics Inc. 21,573 $171K No change BDTX Black Diamond Therapeutics I 33,697 $171K Reduce -34.1% IOVA Iovance Biotherapeutics Inc. 11,000 $163K Reduce -35.4% PRLD Prelude Therapeutics Inc. 31,481 $149K Reduce -50.5% IGMS Igm Biosciences Inc. 11,601 $112K No change CRBU Caribou Biosciences Inc. 21,700 $112K Reduce -23.1% CMRX Chimerix Inc. 104,796 $111K Reduce -50.4% CIDARA THERAPEUTICS INC COM NEW 66,549 $61K No change XFOR X4 Pharmaceuticals Inc. 38,066 $53K New FLG New York Community Bancorp 11,206 $36K New LCID Lucid Group Inc. 10,400 $30K New
Options reported separately and not counted above: MNKD calls ($168K), AVXL calls ($117K), RVNC calls ($98K), REVIVA PHARMACEUTCLS HLDGS I calls ($95K), HUMA calls ($69K), PBYI calls ($53K).
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ BP BP PLC-Spons ADR Sold out 0.00% −1.98 NE Noble Corp. PLC Reduce -31.3% 1.26% −0.78 PPLI People Inc. Reduce -58.8% 0.42% −0.70 NOMD Nomad Foods Ltd. Reduce -36.3% 1.14% −0.60 TRIP Tripadvisor Inc. Sold out 0.00% −0.54 CAPITAL PRODUCT PARTNERS L P Sold out 0.00% −0.47 ARLO Arlo Technologies Inc. Sold out 0.00% −0.37 CARG Cargurus Inc. Sold out 0.00% −0.28 ANGI Angi Inc. Reduce -4.8% 2.19% −0.26 LBTYA Liberty Global Ltd. Class A Sold out 0.00% −0.17 EWTX Edgewise Therapeutics Inc. Sold out 0.00% −0.17 CDLR Cadeler A/S-ADR Reduce -26.7% 0.28% −0.16 INVA Innoviva Inc. Sold out 0.00% −0.10 KNTE Kinnate Biopharma Inc. Sold out 0.00% −0.08 KURA Kura Oncology Inc. Sold out 0.00% −0.07 CRTO Criteo SA-Spon Sold out 0.00% −0.07 PASG Passage Bio Inc. Reduce -75.7% 0.03% −0.07 IRON Disc Medicine Inc. Sold out 0.00% −0.06 RVMD Revolution Medicines Inc. Sold out 0.00% −0.05 TERN Terns Pharmaceuticals Inc. Sold out 0.00% −0.05 ATYR Atyr Pharma Inc. Reduce -68.9% 0.02% −0.04 VERA Vera Therapeutics Inc. Sold out 0.00% −0.04 RNW Renew Energy Global PLC-A Reduce -12.2% 0.06% −0.04 AR Antero Resources Corp. Sold out 0.00% −0.04 ERAS Erasca Inc. Reduce -39.9% 0.03% −0.03 FLWS 1-800-Flowers.com Inc. Class A Sold out 0.00% −0.03 CYTT Cyteir Therapeutics Inc. Sold out 0.00% −0.03 TSVT 2SEVENTY Bio Inc. Sold out 0.00% −0.03 PRLD Prelude Therapeutics Inc. Reduce -50.5% 0.02% −0.02 BCAB Bioatla Inc. Sold out 0.00% −0.02 CWK Cushman & Wakefield UK Holdc Sold out 0.00% −0.02 CMRX Chimerix Inc. Reduce -50.4% 0.02% −0.02 TNYA Tenaya Therapeutics Inc. Sold out 0.00% −0.01 KEZAR LIFE SCIENCES INC Sold out 0.00% −0.01 CRBU Caribou Biosciences Inc. Reduce -23.1% 0.02% −0.01 CMPX Compass Therapeutics Inc. Reduce -30.4% 0.03% −0.01 MERSANA THERAPEUTICS INC Sold out 0.00% −0.01 LRMR Larimar Therapeutics Inc. Sold out 0.00% −0.01 RENEO PHARMACEUTICALS INC Sold out 0.00% −0.01 DSGN Design Therapeutics Inc. Sold out 0.00% −0.00 NGM NGM Biopharmaceuticals Inc. Sold out 0.00% −0.00 CELC Celcuity Inc. Reduce -28.7% 0.03% −0.00 IOVA Iovance Biotherapeutics Inc. Reduce -35.4% 0.02% +0.00 BDTX Black Diamond Therapeutics I Reduce -34.1% 0.02% +0.00 MLYS Mineralys Therapeutics Inc. Reduce -16.8% 0.05% +0.01 STNG Scorpio Tankers Inc. Reduce -2.9% 6.03% +0.11
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ GRPN Groupon Inc. Add +44.6% 18.93% +4.80 SHEL Shell PLC-ADR Add +14.0% 24.68% +0.84 CGAU Centerra Gold Inc. Add +64.4% 2.45% +0.76 KGC Kinross Gold Corp. New 0.60% +0.60 INSW International Seaways Inc. Add +0.0% 9.51% +0.39 TEN Tsakos Energy Navigation Ltd. Add +16.4% 1.87% +0.29 CVE Cenovus Energy Inc. New 0.28% +0.28 TDOC Teladoc Health Inc. Add +84.5% 1.61% +0.21 DAR Darling Ingredients Inc. Add +52.3% 0.88% +0.18 MOMO Hello Group Inc. -SPN ADR New 0.09% +0.09 BABA Alibaba Group Holding-SP ADR Add +21.6% 4.54% +0.05 XFOR X4 Pharmaceuticals Inc. New 0.01% +0.01 FLG New York Community Bancorp New 0.01% +0.01 LCID Lucid Group Inc. New 0.00% +0.00 VAL Valaris Ltd. Add +1.0% 1.37% −0.02 VOD Vodafone Group PLC-SP ADR Add +0.1% 1.59% −0.15
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ LQDA Liquidia Corp. call Sold out 18,800 $226Kbefore exit MNKD Mannkind Corp. call Add +48.4% 37,100 $168K CMPS Compass Pathways PLC call Sold out 16,000 $140Kbefore exit AVXL Anavex Life Sciences Corp. call New 23,000 $117K RVNC Revance Therapeutics Inc. call New 20,000 $98K REVIVA PHARMACEUTCLS HLDGS I call New 25,000 $95K VNDA Vanda Pharmaceuticals Inc. call Sold out 22,100 $93Kbefore exit CDMO Avid Bioservices Inc. call Sold out 11,000 $72Kbefore exit HUMA Humacyte Inc. call Reduce -30.8% 22,200 $69K PBYI Puma Biotechnology Inc. call New 10,000 $53K
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