Pale Fire Capital SE

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Pale Fire Capital SE reported 52 stock positions worth $912.4 million. Its top holding was B2GOLD (BTG) at 27.1% of the portfolio, followed by Groupon (GRPN, 26.1%) and Dole (DOLE, 12.7%). Compared with Q2 2025, it opened 9 new positions, sold out of 16, added to 24 and reduced 13. The biggest buy was Iamgold (IAG, shares +198%) and the biggest sale an exit from Hecla Mining (HL).

Most Recent 13F
Q2 2026
Location
Prague, 2N
CIK
0001922318
Portfolio Value
$912.4M (Q3 2025)
SEC Filing
0000921895-25-003010 ↗ filed Nov 13, 2025

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $717.3M Q1 2024 Q2 2024: $886.8M Q2 2024 Q3 2024: $637.7M Q3 2024 Q4 2024: $426.9M Q4 2024 Q1 2025: $830.4M Q1 2025 Q2 2025: $958.3M Q2 2025 Q3 2025: $912.4M $912.4M Q3 2025 Q4 2025: $775.8M Q4 2025 Q1 2026: $1.1B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 52 stocks · $912.4M
BTG B2GOLD Corp. 27.14% 50,015,909 $247.6M Reduce -23.9%
GRPN Groupon Inc. 26.06% 10,181,070 $237.7M No change
DOLE Dole PLC 12.65% 8,588,077 $115.4M Add +39.1%
IAG Iamgold Corp. 5.57% 3,930,998 $50.8M Add +197.6%
NGD New Gold Inc. 4.89% 6,211,037 $44.6M Add +10.3%
TEVA Teva Pharmaceutical-SP ADR 3.74% 1,689,811 $34.1M Add +60.8%
CGAU Centerra Gold Inc. 2.75% 2,335,878 $25.1M Reduce -32.6%
ANGI Angi Inc. 2.44% 1,368,478 $22.3M Add +5.9%
IAUX I-80 Gold Corp. 2.36% 22,518,159 $21.5M Add +5.9%
MLYS Mineralys Therapeutics Inc. 2.21% 532,407 $20.2M Add +19.2%
ZD Ziff Davis Inc. 1.68% 401,825 $15.3M Add +17.2%
GAU Galiano Gold Inc. 1.60% 6,655,735 $14.6M Add +10.7%
TEN Tsakos Energy Navigation Ltd. 0.83% 340,619 $7.6M Reduce -5.5%
ATAIBECKLEY INC filed as ATAI LIFE SCIENCES NV 0.63% 1,080,768 $5.7M Reduce -59.1%
LQDA Liquidia Corp. 0.60% 240,721 $5.5M Add +180.9%
KURA Kura Oncology Inc. 0.59% 607,790 $5.4M Add +2923.8%
NUVB Nuvation Bio Inc. 0.59% 1,444,647 $5.3M Add +1410.5%
TECX Tectonic Therapeutic Inc. 0.45% 259,726 $4.1M New
INSW International Seaways Inc. 0.38% 76,059 $3.5M Reduce -71.7%
SSTK Shutterstock Inc. 0.35% 154,278 $3.2M No change
GERN Geron Corp. 0.34% 2,281,754 $3.1M New
RGNX Regenxbio Inc. 0.27% 255,601 $2.5M Add +817.9%
DAWN Day One Biopharmaceuticals I 0.23% 302,467 $2.1M Add +768.1%
CRBU Caribou Biosciences Inc. 0.20% 775,055 $1.8M No change
ADVM Adverum Biotechnologies Inc. 0.18% 363,282 $1.6M Add +1.3%
DERM Journey Medical Corp. 0.18% 228,567 $1.6M Add +604.2%
CMRC Commerce.com Inc. 0.16% 298,631 $1.5M New
HELP Cybin Inc. 0.10% 153,505 $904K Add +36.1%
AGRO Adecoagro SA 0.07% 84,637 $664K No change
XFOR X4 Pharmaceuticals Inc. 0.07% 180,851 $619K Add +201.2%
HRTX Heron Therapeutics Inc. 0.07% 471,190 $594K New
QDEL Quidelortho Corp. 0.06% 18,209 $536K New
AQST Aquestive Therapeutics Inc. 0.06% 93,132 $521K Reduce -94.4%
LFCR Lifecore Biomedical Inc. 0.05% 64,620 $476K Add +110.6%
PESI Perma-Fix Environmental SVCS 0.05% 45,270 $457K Add +76.2%
TARS Tarsus Pharmaceuticals Inc. 0.05% 7,075 $420K New
ETNB 89BIO Inc. 0.04% 26,903 $395K Add +1.2%
RZLT Rezolute Inc. 0.04% 41,922 $394K Reduce -14.7%
HROW Harrow Inc. 0.04% 8,093 $390K Reduce -6.8%
ARWR Arrowhead Pharmaceuticals Inc. 0.04% 10,123 $349K Reduce -25.4%
IMTX Immatics NV 0.03% 34,270 $292K No change
LXEO Lexeo Therapeutics Inc. 0.02% 33,650 $223K Add +21.7%
MITT TPG Mortgage Investment Trus 0.02% 30,728 $222K Reduce -40.0%
MUX McEwen Inc. 0.02% 12,695 $217K Add +2.8%
BHVN Biohaven Ltd. 0.02% 10,344 $155K New
LRMR Larimar Therapeutics Inc. 0.02% 45,218 $146K Add +20.5%
AKBA Akebia Therapeutics Inc. 0.01% 50,210 $137K New
VZLA Vizsla Silver Corp. 0.01% 30,728 $133K Reduce -20.8%
ENGN Engene Holdings Inc. 0.01% 17,254 $118K No change
CGEM Cullinan Therapeutics Inc. 0.01% 14,615 $87K New
OSISKO DEVELOPMENT CORP 0.01% 21,133 $72K Reduce -56.9%
NEWP New Pacific Metals Corp. 0.01% 25,978 $70K Reduce -61.6%

Options reported separately and not counted above: SPDR INDEX SHS FDS puts ($621K), NVIDIA CORPORATION puts ($560K).

Portfolio Sells Q2 2025 → Q3 2025
HL Hecla Mining Co. Sold out 0.00% −4.65
PAAS Pan American Silver Corp. Sold out 0.00% −1.92
SPPP Sprott Physical Platinum And Sold out 0.00% −1.44
MTCH Match Group Inc. Sold out 0.00% −1.34
CDE Coeur Mining Inc. Sold out 0.00% −1.06
QURE Uniqure NV Sold out 0.00% −0.77
INSW International Seaways Inc. Reduce -71.7% 0.38% −0.64
AQST Aquestive Therapeutics Inc. Reduce -94.4% 0.06% −0.52
OCUL Ocular Therapeutix Inc. Sold out 0.00% −0.51
BUR Burford Capital Ltd. Sold out 0.00% −0.19
CIM Chimera Investment Corp. Sold out 0.00% −0.16
QIPT Quipt Home Medical Corp. Sold out 0.00% −0.09
TALO Talos Energy Inc. Sold out 0.00% −0.08
SCPH Scpharmaceuticals Inc. Sold out 0.00% −0.02
CELC Celcuity Inc. Sold out 0.00% −0.02
NE Noble Corp. PLC Sold out 0.00% −0.02
RARE Ultragenyx Pharmaceutical Inc. Sold out 0.00% −0.02
MITT TPG Mortgage Investment Trus Reduce -40.0% 0.02% −0.02
ASPI Asp Isotopes Inc. Sold out 0.00% −0.01
OSISKO DEVELOPMENT CORP Reduce -56.9% 0.01% −0.00
NEWP New Pacific Metals Corp. Reduce -61.6% 0.01% −0.00
VZLA Vizsla Silver Corp. Reduce -20.8% 0.01% +0.00
HROW Harrow Inc. Reduce -6.8% 0.04% +0.02
ARWR Arrowhead Pharmaceuticals Inc. Reduce -25.4% 0.04% +0.02
RZLT Rezolute Inc. Reduce -14.7% 0.04% +0.02
ATAIBECKLEY INC Reduce -59.1% 0.63% +0.02
TEN Tsakos Energy Navigation Ltd. Reduce -5.5% 0.83% +0.11
CGAU Centerra Gold Inc. Reduce -32.6% 2.75% +0.14
BTG B2GOLD Corp. Reduce -23.9% 27.14% +2.36

Portfolio Buys Q2 2025 → Q3 2025
IAG Iamgold Corp. Add +197.6% 5.57% +4.56
DOLE Dole PLC Add +39.1% 12.65% +3.64
NGD New Gold Inc. Add +10.3% 4.89% +1.98
TEVA Teva Pharmaceutical-SP ADR Add +60.8% 3.74% +1.90
MLYS Mineralys Therapeutics Inc. Add +19.2% 2.21% +1.58
IAUX I-80 Gold Corp. Add +5.9% 2.36% +1.03
GAU Galiano Gold Inc. Add +10.7% 1.60% +0.80
ZD Ziff Davis Inc. Add +17.2% 1.68% +0.59
KURA Kura Oncology Inc. Add +2923.8% 0.59% +0.58
NUVB Nuvation Bio Inc. Add +1410.5% 0.59% +0.57
LQDA Liquidia Corp. Add +180.9% 0.60% +0.49
TECX Tectonic Therapeutic Inc. New 0.45% +0.45
ANGI Angi Inc. Add +5.9% 2.44% +0.38
GERN Geron Corp. New 0.34% +0.34
RGNX Regenxbio Inc. Add +817.9% 0.27% +0.25
DAWN Day One Biopharmaceuticals I Add +768.1% 0.23% +0.21
CMRC Commerce.com Inc. New 0.16% +0.16
DERM Journey Medical Corp. Add +604.2% 0.18% +0.15
ADVM Adverum Biotechnologies Inc. Add +1.3% 0.18% +0.10
HRTX Heron Therapeutics Inc. New 0.07% +0.07
QDEL Quidelortho Corp. New 0.06% +0.06
XFOR X4 Pharmaceuticals Inc. Add +201.2% 0.07% +0.06
TARS Tarsus Pharmaceuticals Inc. New 0.05% +0.05
LFCR Lifecore Biomedical Inc. Add +110.6% 0.05% +0.03
PESI Perma-Fix Environmental SVCS Add +76.2% 0.05% +0.02
BHVN Biohaven Ltd. New 0.02% +0.02
ETNB 89BIO Inc. Add +1.2% 0.04% +0.02
AKBA Akebia Therapeutics Inc. New 0.01% +0.01
LXEO Lexeo Therapeutics Inc. Add +21.7% 0.02% +0.01
MUX McEwen Inc. Add +2.8% 0.02% +0.01
CGEM Cullinan Therapeutics Inc. New 0.01% +0.01
LRMR Larimar Therapeutics Inc. Add +20.5% 0.02% +0.00
HELP Cybin Inc. Add +36.1% 0.10% +0.00

Options Activity Q2 2025 → Q3 2025
SPDR INDEX SHS FDS put New 10,000 $621K
NVIDIA CORPORATION put Reduce -97.1% 3,000 $560K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 71$1.4BGRPN, BTG, ZD, DOLE, COUR
Q1 2026 60$1.1BBTG, DOLE, GRPN, ZD, PHR
Q4 2025 55$775.8MGRPN, BTG, DOLE, ZD, BAX
Q3 2025 52$912.4MBTG, GRPN, DOLE, IAG, NGD
Q2 2025 59$958.3MGRPN, BTG, DOLE, HL, NGD
Q1 2025 61$830.4MGRPN, BTG, B, DOLE, HL
Q4 2024 50$426.9MBTG, GRPN, DOLE, INSW, CGAU
Q3 2024 54$637.7MT, DOLE, GRPN, BTG, INSW
Q2 2024 43$886.8MT, SHEL, GRPN, DOLE, INSW
Q1 2024 46$717.3MSHEL, GRPN, DOLE, INSW, STNG