Pale Fire Capital SE
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Pale Fire Capital SE reported 50 stock positions worth $426.9 million. Its top holding was B2GOLD (BTG) at 30.0% of the portfolio, followed by Groupon (GRPN, 29.0%) and Dole (DOLE, 19.7%). Compared with Q3 2024, it opened 12 new positions, sold out of 16, added to 16 and reduced 16. The biggest buy was B2GOLD (BTG, shares +205%) and the biggest sale an exit from AT&T (T).
- Most Recent 13F
- Q2 2026
- Location
- Prague, 2N
- CIK
- 0001922318
- Portfolio Value
- $426.9M (Q4 2024)
- SEC Filing
- 0000921895-25-000399 ↗ filed Feb 13, 2025
Holdings Value
Holdings 50 stocks · $426.9M
| BTG B2GOLD Corp. | 29.96% | 52,419,026 | $127.9M | Add +205.0% |
| GRPN Groupon Inc. | 28.98% | 10,181,070 | $123.7M | No change |
| DOLE Dole PLC | 19.66% | 6,198,640 | $83.9M | Reduce -5.3% |
| INSW International Seaways Inc. | 4.35% | 517,264 | $18.6M | Reduce -31.4% |
| CGAU Centerra Gold Inc. | 3.03% | 2,272,798 | $12.9M | Add +2.5% |
| QURE Uniqure NV | 2.40% | 580,708 | $10.3M | Add +72.6% |
| TEN Tsakos Energy Navigation Ltd. | 1.95% | 479,288 | $8.3M | Reduce -5.0% |
| ANGI Angi Inc. | 1.80% | 4,642,024 | $7.7M | Reduce -14.0% |
| IAUX I-80 Gold Corp. | 1.16% | 10,179,770 | $4.9M | Add +2.9% |
| SSTK Shutterstock Inc. | 0.90% | 127,151 | $3.9M | Add +32.7% |
| OCUL Ocular Therapeutix Inc. | 0.89% | 444,813 | $3.8M | Add +1.5% |
| NMM Navios Maritime Partners LP | 0.86% | 84,351 | $3.7M | Reduce -50.5% |
| CIM Chimera Investment Corp. | 0.49% | 149,191 | $2.1M | Reduce -56.0% |
| AQST Aquestive Therapeutics Inc. | 0.44% | 525,756 | $1.9M | Add +2090.7% |
| MLYS Mineralys Therapeutics Inc. | 0.39% | 136,897 | $1.7M | No change |
| ADVM Adverum Biotechnologies Inc. | 0.34% | 315,154 | $1.5M | Add +2.2% |
| CRBU Caribou Biosciences Inc. | 0.27% | 734,204 | $1.2M | Reduce -0.1% |
| XFOR X4 Pharmaceuticals Inc. | 0.24% | 1,401,964 | $1.0M | Reduce -12.5% |
| TDOC Teladoc Health Inc. | 0.24% | 111,452 | $1.0M | Reduce -94.6% |
| STNG Scorpio Tankers Inc. | 0.18% | 15,232 | $757K | Reduce -66.4% |
| ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV | 0.15% | 497,402 | $662K | Add +1230.5% |
| INZY Inozyme Pharma Inc. | 0.14% | 218,537 | $605K | Add +15.9% |
| HELP Cybin Inc. | 0.13% | 60,912 | $537K | New |
| CMRX Chimerix Inc. | 0.09% | 106,531 | $371K | Reduce -58.2% |
| MITT TPG Mortgage Investment Trus | 0.08% | 51,202 | $340K | Reduce -61.6% |
| IOVA Iovance Biotherapeutics Inc. | 0.07% | 38,875 | $288K | Add +4.0% |
| PRAX Praxis Precision Medicines I | 0.06% | 3,369 | $259K | Reduce -95.0% |
| VERV Verve Therapeutics Inc. | 0.06% | 44,800 | $253K | Reduce -1.8% |
| ETNB 89BIO Inc. | 0.06% | 30,439 | $238K | New |
| CELC Celcuity Inc. | 0.05% | 17,458 | $229K | No change |
| IMTX Immatics NV | 0.05% | 31,462 | $224K | Add +28.6% |
| RZLT Rezolute Inc. | 0.05% | 43,187 | $212K | Add +77.8% |
| BHVN Biohaven Ltd. | 0.05% | 5,496 | $205K | No change |
| DAWN Day One Biopharmaceuticals I | 0.05% | 16,006 | $203K | New |
| ADAM Adamas Trust Inc. | 0.04% | 27,301 | $165K | Reduce -86.9% |
| ACHV Achieve Life Sciences Inc. | 0.03% | 41,420 | $146K | Add +25.1% |
| URGN Urogen Pharma Ltd. | 0.03% | 12,500 | $133K | New |
| TCRX Tscan Therapeutics Inc. | 0.03% | 43,723 | $133K | No change |
| LRMR Larimar Therapeutics Inc. | 0.03% | 32,309 | $125K | No change |
| INDV Indivior Ltd. | 0.03% | 10,001 | $124K | New |
| LXEO Lexeo Therapeutics Inc. | 0.02% | 16,100 | $106K | New |
| NUVB Nuvation Bio Inc. | 0.02% | 39,000 | $104K | New |
| ENGN Engene Holdings Inc. | 0.02% | 14,710 | $98K | New |
| ACRV Acrivon Therapeutics Inc. | 0.02% | 15,235 | $92K | New |
| RGNX Regenxbio Inc. | 0.02% | 11,721 | $91K | New |
| CREATIVE MEDIA & CMNTY TR | 0.02% | 396,801 | $89K | Reduce -18.4% |
| SGMT Sagimet Biosciences Inc. Class A | 0.02% | 18,310 | $82K | New |
| ASPI Asp Isotopes Inc. | 0.01% | 11,700 | $53K | New |
| NEWP New Pacific Metals Corp. | 0.01% | 42,130 | $50K | Add +25.6% |
| OSISKO DEVELOPMENT CORP | 0.01% | 28,491 | $46K | Add +17.3% |
Options reported separately and not counted above: NVDA puts ($13.8M).
Portfolio Sells Q3 2024 → Q4 2024
| T AT&T Inc. | Sold out | 0.00% | −33.13 |
| TDOC Teladoc Health Inc. | Reduce -94.6% | 0.24% | −2.71 |
| INSW International Seaways Inc. | Reduce -31.4% | 4.35% | −1.75 |
| NMM Navios Maritime Partners LP | Reduce -50.5% | 0.86% | −0.82 |
| PRAX Praxis Precision Medicines I | Reduce -95.0% | 0.06% | −0.55 |
| ORANY Orange-Spon ADR | Sold out | 0.00% | −0.45 |
| SHEL Shell PLC-ADR | Sold out | 0.00% | −0.42 |
| ANGI Angi Inc. | Reduce -14.0% | 1.80% | −0.38 |
| CIM Chimera Investment Corp. | Reduce -56.0% | 0.49% | −0.35 |
| STNG Scorpio Tankers Inc. | Reduce -66.4% | 0.18% | −0.33 |
| DHC Diversified Healthcare Trust | Sold out | 0.00% | −0.29 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −0.19 |
| ADAM Adamas Trust Inc. | Reduce -86.9% | 0.04% | −0.17 |
| RAPT THERAPEUTICS INC | Sold out | 0.00% | −0.16 |
| MITT TPG Mortgage Investment Trus | Reduce -61.6% | 0.08% | −0.08 |
| RNW Renew Energy Global PLC-A | Sold out | 0.00% | −0.06 |
| IRON Disc Medicine Inc. | Sold out | 0.00% | −0.05 |
| TEN Tsakos Energy Navigation Ltd. | Reduce -5.0% | 1.95% | −0.04 |
| BDTX Black Diamond Therapeutics I | Sold out | 0.00% | −0.04 |
| EWTX Edgewise Therapeutics Inc. | Sold out | 0.00% | −0.03 |
| CREATIVE MEDIA & CMNTY TR | Reduce -18.4% | 0.02% | −0.02 |
| SYRS Syros Pharmaceuticals Inc. | Sold out | 0.00% | −0.02 |
| CMPX Compass Therapeutics Inc. | Sold out | 0.00% | −0.01 |
| CLRB Cellectar Biosciences Inc. | Sold out | 0.00% | −0.01 |
| BWEN Broadwind Inc. | Sold out | 0.00% | −0.01 |
| PPSI Pioneer Power Solutions Inc. | Sold out | 0.00% | −0.01 |
| VXRT Vaxart Inc. | Sold out | 0.00% | −0.01 |
| VERV Verve Therapeutics Inc. | Reduce -1.8% | 0.06% | +0.02 |
| CRBU Caribou Biosciences Inc. | Reduce -0.1% | 0.27% | +0.05 |
| CMRX Chimerix Inc. | Reduce -58.2% | 0.09% | +0.05 |
| XFOR X4 Pharmaceuticals Inc. | Reduce -12.5% | 0.24% | +0.07 |
| DOLE Dole PLC | Reduce -5.3% | 19.66% | +2.93 |
Portfolio Buys Q3 2024 → Q4 2024
| BTG B2GOLD Corp. | Add +205.0% | 29.96% | +21.66 |
| QURE Uniqure NV | Add +72.6% | 2.40% | +2.14 |
| CGAU Centerra Gold Inc. | Add +2.5% | 3.03% | +0.54 |
| AQST Aquestive Therapeutics Inc. | Add +2090.7% | 0.44% | +0.42 |
| SSTK Shutterstock Inc. | Add +32.7% | 0.90% | +0.37 |
| OCUL Ocular Therapeutix Inc. | Add +1.5% | 0.89% | +0.29 |
| ATAIBECKLEY INC | Add +1230.5% | 0.15% | +0.15 |
| HELP Cybin Inc. | New | 0.13% | +0.13 |
| ETNB 89BIO Inc. | New | 0.06% | +0.06 |
| DAWN Day One Biopharmaceuticals I | New | 0.05% | +0.05 |
| URGN Urogen Pharma Ltd. | New | 0.03% | +0.03 |
| RZLT Rezolute Inc. | Add +77.8% | 0.05% | +0.03 |
| INDV Indivior Ltd. | New | 0.03% | +0.03 |
| LXEO Lexeo Therapeutics Inc. | New | 0.02% | +0.02 |
| NUVB Nuvation Bio Inc. | New | 0.02% | +0.02 |
| ENGN Engene Holdings Inc. | New | 0.02% | +0.02 |
| ACRV Acrivon Therapeutics Inc. | New | 0.02% | +0.02 |
| RGNX Regenxbio Inc. | New | 0.02% | +0.02 |
| SGMT Sagimet Biosciences Inc. Class A | New | 0.02% | +0.02 |
| ASPI Asp Isotopes Inc. | New | 0.01% | +0.01 |
| IOVA Iovance Biotherapeutics Inc. | Add +4.0% | 0.07% | +0.01 |
| ACHV Achieve Life Sciences Inc. | Add +25.1% | 0.03% | +0.01 |
| IMTX Immatics NV | Add +28.6% | 0.05% | +0.01 |
| ADVM Adverum Biotechnologies Inc. | Add +2.2% | 0.34% | +0.01 |
| NEWP New Pacific Metals Corp. | Add +25.6% | 0.01% | +0.00 |
| OSISKO DEVELOPMENT CORP | Add +17.3% | 0.01% | +0.00 |
| INZY Inozyme Pharma Inc. | Add +15.9% | 0.14% | −0.01 |
| IAUX I-80 Gold Corp. | Add +2.9% | 1.16% | −0.64 |
Options Activity Q3 2024 → Q4 2024
| NVDA Nvidia Corp. | put | New | 103,000 | $13.8M |
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 |