Pale Fire Capital SE
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Pale Fire Capital SE reported 61 stock positions worth $830.4 million. Its top holding was Groupon (GRPN) at 23.0% of the portfolio, followed by B2GOLD (BTG, 22.3%) and Barrick Gold (B, 17.6%). Compared with Q4 2024, it opened 19 new positions, sold out of 8, added to 27 and reduced 11. The biggest buy was a new position in Barrick Gold (B) and the biggest sale International Seaways (INSW, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- Prague, 2N
- CIK
- 0001922318
- Portfolio Value
- $830.4M (Q1 2025)
- SEC Filing
- 0000921895-25-001465 ↗ filed May 14, 2025
Holdings Value
Holdings 61 stocks · $830.4M
| GRPN Groupon Inc. | 23.01% | 10,181,070 | $191.1M | No change |
| BTG B2GOLD Corp. | 22.25% | 64,838,409 | $184.8M | Add +23.7% |
| B Barrick Gold Corp. | 17.56% | 7,498,976 | $145.8M | New |
| DOLE Dole PLC | 10.91% | 6,269,939 | $90.6M | Add +1.1% |
| HL Hecla Mining Co. | 4.98% | 7,438,818 | $41.4M | New |
| CDE Coeur Mining Inc. | 3.51% | 4,922,866 | $29.1M | New |
| NGD New Gold Inc. | 2.88% | 6,447,352 | $23.9M | New |
| CGAU Centerra Gold Inc. | 2.65% | 3,467,298 | $22.0M | Add +52.6% |
| PAAS Pan American Silver Corp. | 2.02% | 649,493 | $16.8M | New |
| IAUX I-80 Gold Corp. | 1.19% | 16,981,095 | $9.9M | Add +66.8% |
| ZD Ziff Davis Inc. | 1.13% | 249,325 | $9.4M | New |
| INSW International Seaways Inc. | 1.11% | 276,626 | $9.2M | Reduce -46.5% |
| ANGI Angi Inc. | 0.84% | 452,381 | $7.0M | Reduce -2.5% |
| MLYS Mineralys Therapeutics Inc. | 0.76% | 399,498 | $6.3M | Add +191.8% |
| TEN Tsakos Energy Navigation Ltd. | 0.73% | 353,057 | $6.0M | Reduce -26.3% |
| QURE Uniqure NV | 0.59% | 462,359 | $4.9M | Reduce -20.4% |
| GAU Galiano Gold Inc. | 0.54% | 3,596,097 | $4.5M | New |
| AQST Aquestive Therapeutics Inc. | 0.47% | 1,335,684 | $3.9M | Add +154.1% |
| ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV | 0.42% | 2,592,584 | $3.5M | Add +421.2% |
| OCUL Ocular Therapeutix Inc. | 0.39% | 439,387 | $3.2M | Reduce -1.2% |
| CIM Chimera Investment Corp. | 0.32% | 207,620 | $2.7M | Add +39.2% |
| UBER Uber Technologies Inc. | 0.26% | 30,000 | $2.2M | New |
| ADVM Adverum Biotechnologies Inc. | 0.19% | 368,267 | $1.6M | Add +16.9% |
| SSTK Shutterstock Inc. | 0.18% | 80,218 | $1.5M | Reduce -36.9% |
| NMM Navios Maritime Partners LP | 0.16% | 34,011 | $1.3M | Reduce -59.7% |
| TALO Talos Energy Inc. | 0.12% | 103,236 | $1.0M | New |
| CRBU Caribou Biosciences Inc. | 0.09% | 786,722 | $718K | Add +7.2% |
| HELP Cybin Inc. | 0.09% | 112,805 | $715K | Add +85.2% |
| QIPT Quipt Home Medical Corp. | 0.07% | 246,496 | $574K | New |
| XFOR X4 Pharmaceuticals Inc. | 0.06% | 2,035,362 | $481K | Add +45.2% |
| INZY Inozyme Pharma Inc. | 0.05% | 440,807 | $401K | Add +101.7% |
| MITT TPG Mortgage Investment Trus | 0.04% | 51,202 | $374K | No change |
| TFPM Triple Flag Precious Met | 0.03% | 14,520 | $278K | New |
| DAWN Day One Biopharmaceuticals I | 0.03% | 31,693 | $251K | Add +98.0% |
| URGN Urogen Pharma Ltd. | 0.03% | 20,893 | $231K | Add +67.1% |
| HROW Harrow Inc. | 0.03% | 8,133 | $216K | New |
| RGNX Regenxbio Inc. | 0.02% | 25,846 | $185K | Add +120.5% |
| ETNB 89BIO Inc. | 0.02% | 24,778 | $180K | Reduce -18.6% |
| CELC Celcuity Inc. | 0.02% | 17,640 | $178K | Add +1.0% |
| ADAM Adamas Trust Inc. | 0.02% | 27,301 | $177K | No change |
| DERM Journey Medical Corp. | 0.02% | 27,274 | $161K | New |
| VERV Verve Therapeutics Inc. | 0.02% | 34,500 | $158K | Reduce -23.0% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.02% | 12,221 | $156K | New |
| IMTX Immatics NV | 0.02% | 34,270 | $155K | Add +8.9% |
| IOVA Iovance Biotherapeutics Inc. | 0.02% | 42,897 | $143K | Add +10.3% |
| RZLT Rezolute Inc. | 0.02% | 47,122 | $137K | Add +9.1% |
| OSISKO DEVELOPMENT CORP | 0.01% | 65,265 | $97K | Add +129.1% |
| CLF Cleveland-Cliffs Inc. | 0.01% | 10,000 | $82K | New |
| NEWP New Pacific Metals Corp. | 0.01% | 73,430 | $81K | Add +74.3% |
| LRMR Larimar Therapeutics Inc. | 0.01% | 37,518 | $81K | Add +16.1% |
| NUVB Nuvation Bio Inc. | 0.01% | 45,642 | $80K | Add +17.0% |
| ENGN Engene Holdings Inc. | 0.01% | 17,254 | $77K | Add +17.3% |
| PESI Perma-Fix Environmental SVCS | 0.01% | 10,080 | $73K | New |
| VZLA Vizsla Silver Corp. | 0.01% | 30,900 | $70K | New |
| COUR Coursera Inc. | 0.01% | 10,000 | $67K | New |
| TCRX Tscan Therapeutics Inc. | 0.01% | 47,734 | $66K | Add +9.2% |
| LXEO Lexeo Therapeutics Inc. | 0.01% | 18,900 | $66K | Add +17.4% |
| ASPI Asp Isotopes Inc. | 0.01% | 10,700 | $50K | Reduce -8.6% |
| BMBL Bumble Inc. Class A | 0.01% | 10,000 | $43K | New |
| SGMT Sagimet Biosciences Inc. Class A | 0.00% | 10,989 | $36K | Reduce -40.0% |
| CREATIVE MEDIA & CMNTY TR | 0.00% | 39,680 | $10K | No change |
Options reported separately and not counted above: NVIDIA CORPORATION puts ($11.2M).
Portfolio Sells Q4 2024 → Q1 2025
| INSW International Seaways Inc. | Reduce -46.5% | 1.11% | −3.25 |
| QURE Uniqure NV | Reduce -20.4% | 0.59% | −1.81 |
| TEN Tsakos Energy Navigation Ltd. | Reduce -26.3% | 0.73% | −1.22 |
| ANGI Angi Inc. | Reduce -2.5% | 0.84% | −0.97 |
| SSTK Shutterstock Inc. | Reduce -36.9% | 0.18% | −0.72 |
| NMM Navios Maritime Partners LP | Reduce -59.7% | 0.16% | −0.69 |
| OCUL Ocular Therapeutix Inc. | Reduce -1.2% | 0.39% | −0.50 |
| TDOC Teladoc Health Inc. | Sold out | 0.00% | −0.24 |
| STNG Scorpio Tankers Inc. | Sold out | 0.00% | −0.18 |
| CMRX Chimerix Inc. | Sold out | 0.00% | −0.09 |
| PRAX Praxis Precision Medicines I | Sold out | 0.00% | −0.06 |
| BHVN Biohaven Ltd. | Sold out | 0.00% | −0.05 |
| VERV Verve Therapeutics Inc. | Reduce -23.0% | 0.02% | −0.04 |
| ACHV Achieve Life Sciences Inc. | Sold out | 0.00% | −0.03 |
| ETNB 89BIO Inc. | Reduce -18.6% | 0.02% | −0.03 |
| INDV Indivior Ltd. | Sold out | 0.00% | −0.03 |
| ACRV Acrivon Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| SGMT Sagimet Biosciences Inc. Class A | Reduce -40.0% | 0.00% | −0.01 |
| ASPI Asp Isotopes Inc. | Reduce -8.6% | 0.01% | −0.01 |
Portfolio Buys Q4 2024 → Q1 2025
| B Barrick Gold Corp. | New | 17.56% | +17.56 |
| HL Hecla Mining Co. | New | 4.98% | +4.98 |
| CDE Coeur Mining Inc. | New | 3.51% | +3.51 |
| NGD New Gold Inc. | New | 2.88% | +2.88 |
| PAAS Pan American Silver Corp. | New | 2.02% | +2.02 |
| ZD Ziff Davis Inc. | New | 1.13% | +1.13 |
| GAU Galiano Gold Inc. | New | 0.54% | +0.54 |
| MLYS Mineralys Therapeutics Inc. | Add +191.8% | 0.76% | +0.37 |
| ATAIBECKLEY INC | Add +421.2% | 0.42% | +0.27 |
| UBER Uber Technologies Inc. | New | 0.26% | +0.26 |
| TALO Talos Energy Inc. | New | 0.12% | +0.12 |
| QIPT Quipt Home Medical Corp. | New | 0.07% | +0.07 |
| TFPM Triple Flag Precious Met | New | 0.03% | +0.03 |
| IAUX I-80 Gold Corp. | Add +66.8% | 1.19% | +0.03 |
| AQST Aquestive Therapeutics Inc. | Add +154.1% | 0.47% | +0.03 |
| HROW Harrow Inc. | New | 0.03% | +0.03 |
| DERM Journey Medical Corp. | New | 0.02% | +0.02 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.02% | +0.02 |
| CLF Cleveland-Cliffs Inc. | New | 0.01% | +0.01 |
| PESI Perma-Fix Environmental SVCS | New | 0.01% | +0.01 |
| VZLA Vizsla Silver Corp. | New | 0.01% | +0.01 |
| COUR Coursera Inc. | New | 0.01% | +0.01 |
| BMBL Bumble Inc. Class A | New | 0.01% | +0.01 |
| RGNX Regenxbio Inc. | Add +120.5% | 0.02% | +0.00 |
| OSISKO DEVELOPMENT CORP | Add +129.1% | 0.01% | +0.00 |
| NEWP New Pacific Metals Corp. | Add +74.3% | 0.01% | −0.00 |
| URGN Urogen Pharma Ltd. | Add +67.1% | 0.03% | −0.00 |
| ENGN Engene Holdings Inc. | Add +17.3% | 0.01% | −0.01 |
| NUVB Nuvation Bio Inc. | Add +17.0% | 0.01% | −0.01 |
| LXEO Lexeo Therapeutics Inc. | Add +17.4% | 0.01% | −0.02 |
| DAWN Day One Biopharmaceuticals I | Add +98.0% | 0.03% | −0.02 |
| LRMR Larimar Therapeutics Inc. | Add +16.1% | 0.01% | −0.02 |
| TCRX Tscan Therapeutics Inc. | Add +9.2% | 0.01% | −0.02 |
| CELC Celcuity Inc. | Add +1.0% | 0.02% | −0.03 |
| RZLT Rezolute Inc. | Add +9.1% | 0.02% | −0.03 |
| IMTX Immatics NV | Add +8.9% | 0.02% | −0.03 |
| HELP Cybin Inc. | Add +85.2% | 0.09% | −0.04 |
| IOVA Iovance Biotherapeutics Inc. | Add +10.3% | 0.02% | −0.05 |
| INZY Inozyme Pharma Inc. | Add +101.7% | 0.05% | −0.09 |
| ADVM Adverum Biotechnologies Inc. | Add +16.9% | 0.19% | −0.15 |
| CIM Chimera Investment Corp. | Add +39.2% | 0.32% | −0.17 |
| XFOR X4 Pharmaceuticals Inc. | Add +45.2% | 0.06% | −0.18 |
| CRBU Caribou Biosciences Inc. | Add +7.2% | 0.09% | −0.19 |
| CGAU Centerra Gold Inc. | Add +52.6% | 2.65% | −0.38 |
| BTG B2GOLD Corp. | Add +23.7% | 22.25% | −7.71 |
| DOLE Dole PLC | Add +1.1% | 10.91% | −8.75 |
Options Activity Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | put | Sold out | 103,000 | $13.8Mbefore exit |
| NVIDIA CORPORATION | put | New | 103,000 | $11.2M |
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 |