In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 13, 2024), Pale Fire Capital SE reported 43 stock positions worth $886.8 million . Its top holding was AT&T (T) at 22.6% of the portfolio, followed by Shell PLC-ADR (SHEL, 18.0% ) and Groupon (GRPN, 17.6% ). Compared with Q1 2024, it opened 13 new positions, sold out of 16, added to 11 and reduced 11. The biggest buy was a new position in AT&T (T) and the biggest sale Shell PLC-ADR (SHEL, shares −16% ).
Location Prague, 2N
CIK 0001922318
Portfolio Value $886.8M (Q2 2024) Holdings 43 stocks · $886.8M 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 Q1 2024 T AT&T Inc. 10,482,716 $200.3M New SHEL Shell PLC-ADR 2,212,003 $159.7M Reduce -16.3% GRPN Groupon Inc. 10,181,070 $155.8M No change DOLE Dole PLC 8,197,100 $100.3M Add +6.9% INSW International Seaways Inc. 957,411 $56.6M Reduce -25.4% BTG B2GOLD Corp. 19,327,718 $52.2M New NMM Navios Maritime Partners LP 689,566 $35.2M Reduce -1.7% STNG Scorpio Tankers Inc. 358,532 $29.1M Reduce -40.7% CGAU Centerra Gold Inc. 2,850,314 $19.2M Reduce -4.1% TEN Tsakos Energy Navigation Ltd. 507,198 $14.9M Reduce -4.1% ANGI Angi Inc. 6,412,167 $12.3M Add +7.1% TDOC Teladoc Health Inc. 1,067,030 $10.4M Add +39.1% NE Noble Corp. PLC 186,204 $8.3M No change DAR Darling Ingredients Inc. 135,076 $5.0M No change NOMD Nomad Foods Ltd. 256,811 $4.2M Reduce -38.4% DO Diamond Offshore Drilling Inc. 254,795 $3.9M No change WBD Warner Bros Discovery Inc. 439,302 $3.3M New CAH Cardinal Health Inc. 26,038 $2.6M New LUMN Lumen Technologies Inc. 2,326,925 $2.6M New ORANY Orange-Spon ADR 251,125 $2.5M No change DHC Diversified Healthcare Trust 642,326 $2.0M Add +23.9% TNK Teekay Tankers Ltd. Class A 26,034 $1.8M Reduce -85.6% CREATIVE MEDIA & CMNTY TR 435,472 $1.2M No change CDLR Cadeler A/S-ADR 27,278 $683K Reduce -75.6% IAUX I-80 Gold Corp. 399,050 $431K New MLYS Mineralys Therapeutics Inc. 34,888 $408K Add +20.7% QURE Uniqure NV 65,600 $294K No change CELC Celcuity Inc. 11,653 $191K Add +13.5% BDTX Black Diamond Therapeutics I 39,000 $182K Add +15.7% INZY Inozyme Pharma Inc. 38,901 $173K New CMRX Chimerix Inc. 166,207 $146K Add +58.6% IMTX Immatics NV 11,524 $134K New TCRX Tscan Therapeutics Inc. 21,573 $126K No change IOVA Iovance Biotherapeutics Inc. 14,700 $118K Add +33.6% RNW Renew Energy Global PLC-A 17,621 $110K Reduce -75.0% LRMR Larimar Therapeutics Inc. 14,292 $104K New XFOR X4 Pharmaceuticals Inc. 177,032 $103K Add +365.1% CMPX Compass Therapeutics Inc. 82,777 $83K Reduce -34.3% OSISKO DEVELOPMENT CORP 35,060 $65K New CRBU Caribou Biosciences Inc. 39,107 $64K Add +80.2% RAPT THERAPEUTICS INC 16,070 $49K New LYG Lloyds Banking Group PLC-ADR 13,510 $37K New ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV 24,784 $33K New
Options reported separately and not counted above: MNKD calls ($194K), AVXL calls ($97K), RVNC calls ($51K), REVIVA PHARMACEUTCLS HLDGS I calls ($32K).
Portfolio Sells Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▲ SHEL Shell PLC-ADR Reduce -16.3% 18.00% −6.68 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −4.54 INSW International Seaways Inc. Reduce -25.4% 6.38% −3.13 STNG Scorpio Tankers Inc. Reduce -40.7% 3.29% −2.75 VOD Vodafone Group PLC-SP ADR Sold out 0.00% −1.59 VAL Valaris Ltd. Sold out 0.00% −1.37 TNK Teekay Tankers Ltd. Class A Reduce -85.6% 0.20% −1.27 NOMD Nomad Foods Ltd. Reduce -38.4% 0.48% −0.66 KGC Kinross Gold Corp. Sold out 0.00% −0.60 PPLI People Inc. Sold out 0.00% −0.42 CGAU Centerra Gold Inc. Reduce -4.1% 2.16% −0.29 CVE Cenovus Energy Inc. Sold out 0.00% −0.28 CDLR Cadeler A/S-ADR Reduce -75.6% 0.08% −0.21 NMM Navios Maritime Partners LP Reduce -1.7% 3.97% −0.20 TEN Tsakos Energy Navigation Ltd. Reduce -4.1% 1.67% −0.20 MOMO Hello Group Inc. -SPN ADR Sold out 0.00% −0.09 FSM Fortuna Silver Mines Inc. Sold out 0.00% −0.07 RNW Renew Energy Global PLC-A Reduce -75.0% 0.01% −0.05 ERAS Erasca Inc. Sold out 0.00% −0.03 PASG Passage Bio Inc. Sold out 0.00% −0.03 CMPX Compass Therapeutics Inc. Reduce -34.3% 0.01% −0.03 ATYR Atyr Pharma Inc. Sold out 0.00% −0.02 PRLD Prelude Therapeutics Inc. Sold out 0.00% −0.02 IGMS Igm Biosciences Inc. Sold out 0.00% −0.02 CIDARA THERAPEUTICS INC COM NEW Sold out 0.00% −0.01 FLG New York Community Bancorp Sold out 0.00% −0.01 LCID Lucid Group Inc. Sold out 0.00% −0.00
Portfolio Buys Q1 2024 → Q2 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 Q1 2024 % Of Portfolio Change To Portfolio ▼ T AT&T Inc. New 22.59% +22.59 BTG B2GOLD Corp. New 5.88% +5.88 WBD Warner Bros Discovery Inc. New 0.37% +0.37 CAH Cardinal Health Inc. New 0.29% +0.29 LUMN Lumen Technologies Inc. New 0.29% +0.29 IAUX I-80 Gold Corp. New 0.05% +0.05 DHC Diversified Healthcare Trust Add +23.9% 0.22% +0.04 INZY Inozyme Pharma Inc. New 0.02% +0.02 IMTX Immatics NV New 0.02% +0.02 LRMR Larimar Therapeutics Inc. New 0.01% +0.01 OSISKO DEVELOPMENT CORP New 0.01% +0.01 RAPT THERAPEUTICS INC New 0.01% +0.01 LYG Lloyds Banking Group PLC-ADR New 0.00% +0.00 XFOR X4 Pharmaceuticals Inc. Add +365.1% 0.01% +0.00 ATAIBECKLEY INC New 0.00% +0.00 CMRX Chimerix Inc. Add +58.6% 0.02% +0.00 BDTX Black Diamond Therapeutics I Add +15.7% 0.02% −0.00 MLYS Mineralys Therapeutics Inc. Add +20.7% 0.05% −0.01 CRBU Caribou Biosciences Inc. Add +80.2% 0.01% −0.01 CELC Celcuity Inc. Add +13.5% 0.02% −0.01 IOVA Iovance Biotherapeutics Inc. Add +33.6% 0.01% −0.01 TDOC Teladoc Health Inc. Add +39.1% 1.18% −0.44 ANGI Angi Inc. Add +7.1% 1.39% −0.80 DOLE Dole PLC Add +6.9% 11.31% −1.44
Options Activity Q1 2024 → Q2 2024 Security Type Change vs Q1 2024 Underlying Shares Value ▼ HUMA Humacyte Inc. call Sold out 22,200 $69Kbefore exit PBYI Puma Biotechnology Inc. call Sold out 10,000 $53Kbefore exit
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