Pale Fire Capital SE

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Pale Fire Capital SE reported 60 stock positions worth $1.1 billion. Its top holding was B2GOLD (BTG) at 27.8% of the portfolio, followed by Dole (DOLE, 11.8%) and Groupon (GRPN, 10.6%). Compared with Q4 2025, it opened 21 new positions, sold out of 16, added to 23 and reduced 8. The biggest buy was a new position in Phreesia (PHR) and the biggest sale Baxter International (BAX, shares −24%).

Most Recent 13F
Q2 2026
Location
Prague, 2N
CIK
0001922318
Portfolio Value
$1.1B (Q1 2026)
SEC Filing
0000921895-26-001322 ↗ filed May 14, 2026

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 Q3 2025 Q4 2025: $775.8M Q4 2025 Q1 2026: $1.1B $1.1B Q1 2026 Q2 2026: $1.4B Q2 2026

Holdings 60 stocks · $1.1B
BTG B2GOLD Corp. 27.76% 69,740,133 $315.9M Add +77.4%
DOLE Dole PLC 11.84% 9,427,476 $134.7M Add +0.6%
GRPN Groupon Inc. 10.65% 10,181,070 $121.2M No change
ZD Ziff Davis Inc. 10.26% 2,783,366 $116.8M Add +130.0%
PHR Phreesia Inc. 6.37% 8,649,329 $72.5M New
COUR Coursera Inc. 5.38% 10,511,603 $61.2M New
LSPD Lightspeed Commerce Inc. 4.35% 5,524,591 $49.5M New
CARS Cars.com Inc. 2.82% 3,956,618 $32.1M Add +498.1%
IAUX I-80 Gold Corp. 2.78% 20,843,056 $31.7M Add +0.8%
ANGI Angi Inc. 2.37% 3,930,416 $26.9M Add +82.6%
PTON Peloton Interactive Inc. Class A 2.35% 6,234,577 $26.7M New
BAX Baxter International Inc. 2.34% 1,582,743 $26.6M Reduce -23.7%
TDOC Teladoc Health Inc. 1.63% 3,398,491 $18.5M Add +74.8%
LQDA Liquidia Corp. 1.29% 388,377 $14.7M Add +2.4%
GAU Galiano Gold Inc. 0.88% 4,000,000 $10.0M Reduce -49.5%
MLYS Mineralys Therapeutics Inc. 0.87% 365,626 $9.9M Add +3431.3%
CMRC Commerce.com Inc. 0.69% 2,952,094 $7.9M Add +294.2%
GERN Geron Corp. 0.64% 4,888,304 $7.3M Add +2.1%
KURA Kura Oncology Inc. 0.61% 857,474 $7.0M Add +89.6%
WEAV Weave Communications Inc. 0.61% 1,492,806 $6.9M New
SNDX Syndax Pharmaceuticals Inc. 0.58% 284,460 $6.6M No change
UDMY Udemy Inc. 0.53% 1,307,141 $6.0M New
RGNX Regenxbio Inc. 0.36% 493,726 $4.1M Reduce -1.2%
GUTS Fractyl Health Inc. 0.24% 5,921,045 $2.7M Add +84.5%
DERM Journey Medical Corp. 0.20% 481,987 $2.3M Add +8.4%
HRTX Heron Therapeutics Inc. 0.19% 2,716,328 $2.2M Add +84.8%
PPLI People Inc. filed as IAC INC 0.19% 54,281 $2.2M Reduce -43.8%
SPT Sprout Social Inc. Class A 0.17% 343,841 $2.0M New
SGMT Sagimet Biosciences Inc. Class A 0.10% 221,875 $1.2M No change
DV Doubleverify Holdings Inc. 0.09% 110,500 $1.0M New
HELP Cybin Inc. 0.06% 153,505 $737K No change
XFOR X4 Pharmaceuticals Inc. 0.06% 167,590 $692K No change
PESI Perma-Fix Environmental SVCS 0.05% 48,626 $520K Add +12.5%
AGIO Agios Pharmaceuticals Inc. 0.04% 13,650 $462K Add +15.2%
SM SM Energy Co. 0.04% 14,700 $458K New
RPD RAPID7 Inc. 0.04% 79,249 $437K New
EXFY Expensify Inc. Class A 0.04% 481,051 $418K New
KOS Kosmos Energy Ltd. 0.04% 145,000 $403K New
TARS Tarsus Pharmaceuticals Inc. 0.03% 5,652 $396K Add +130.5%
ONIT Onity Group Inc. 0.03% 9,833 $386K Add +43.9%
RIGL Rigel Pharmaceuticals Inc. 0.03% 14,252 $385K New
DCTH Delcath Systems Inc. 0.03% 40,085 $372K No change
RARE Ultragenyx Pharmaceutical Inc. 0.03% 16,514 $346K Add +61.7%
ABEO Abeona Therapeutics Inc. 0.03% 69,845 $313K Reduce -60.0%
HROW Harrow Inc. 0.03% 8,515 $300K Reduce -27.8%
SLNO Soleno Therapeutics Inc. 0.02% 8,450 $283K New
PTHS Pelthos Therapeutics Inc. 0.02% 12,919 $271K Add +59.5%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.02% 3,600 $267K New
TOST Toast Inc. Class A 0.02% 10,000 $265K New
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.02% 5,368 $239K New
RLMD Relmada Therapeutics Inc. 0.02% 31,650 $220K Reduce -29.0%
GPRK Geopark Ltd. 0.02% 21,500 $204K New
CGEM Cullinan Therapeutics Inc. 0.02% 14,218 $202K Reduce -26.4%
CRBP Corbus Pharmaceuticals Holdi 0.02% 21,350 $200K Add +14.5%
FULC Fulcrum Therapeutics Inc. 0.02% 26,100 $200K New
PALI Palisade Bio Inc. 0.02% 111,410 $195K Add +57.6%
NPB Northpointe Bancshares Inc. 0.02% 10,258 $177K New
GRCE Grace Therapeutics Inc. 0.02% 37,762 $175K New
ENGN Engene Holdings Inc. 0.01% 24,004 $163K No change
IMTX Immatics NV 0.01% 16,272 $160K No change

Portfolio Sells Q4 2025 → Q1 2026
BAX Baxter International Inc. Reduce -23.7% 2.34% −2.77
GAU Galiano Gold Inc. Reduce -49.5% 0.88% −1.70
CGAU Centerra Gold Inc. Sold out 0.00% −1.10
TEN Tsakos Energy Navigation Ltd. Sold out 0.00% −0.86
TECX Tectonic Therapeutic Inc. Sold out 0.00% −0.70
DAWN Day One Biopharmaceuticals I Sold out 0.00% −0.65
RGNX Regenxbio Inc. Reduce -1.2% 0.36% −0.56
WIX Wix.com Ltd. Sold out 0.00% −0.42
PPLI People Inc. Reduce -43.8% 0.19% −0.30
ABEO Abeona Therapeutics Inc. Reduce -60.0% 0.03% −0.09
AGRO Adecoagro SA Sold out 0.00% −0.09
LFCR Lifecore Biomedical Inc. Sold out 0.00% −0.07
CRTO Criteo SA-Spon Sold out 0.00% −0.05
HROW Harrow Inc. Reduce -27.8% 0.03% −0.05
LXEO Lexeo Therapeutics Inc. Sold out 0.00% −0.03
VZLA Vizsla Silver Corp. Sold out 0.00% −0.03
ANNX Annexon Inc. Sold out 0.00% −0.03
ATAIBECKLEY INC Sold out 0.00% −0.02
LRMR Larimar Therapeutics Inc. Sold out 0.00% −0.02
NVCR Novocure Ltd. Sold out 0.00% −0.02
NEWP New Pacific Metals Corp. Sold out 0.00% −0.01
RZLT Rezolute Inc. Sold out 0.00% −0.01
RLMD Relmada Therapeutics Inc. Reduce -29.0% 0.02% −0.01
CGEM Cullinan Therapeutics Inc. Reduce -26.4% 0.02% −0.01

Portfolio Buys Q4 2025 → Q1 2026
PHR Phreesia Inc. New 6.37% +6.37
COUR Coursera Inc. New 5.38% +5.38
BTG B2GOLD Corp. Add +77.4% 27.76% +4.90
ZD Ziff Davis Inc. Add +130.0% 10.26% +4.78
LSPD Lightspeed Commerce Inc. New 4.35% +4.35
PTON Peloton Interactive Inc. Class A New 2.35% +2.35
CARS Cars.com Inc. Add +498.1% 2.82% +1.78
MLYS Mineralys Therapeutics Inc. Add +3431.3% 0.87% +0.82
WEAV Weave Communications Inc. New 0.61% +0.61
UDMY Udemy Inc. New 0.53% +0.53
CMRC Commerce.com Inc. Add +294.2% 0.69% +0.29
SPT Sprout Social Inc. Class A New 0.17% +0.17
DV Doubleverify Holdings Inc. New 0.09% +0.09
SM SM Energy Co. New 0.04% +0.04
RPD RAPID7 Inc. New 0.04% +0.04
EXFY Expensify Inc. Class A New 0.04% +0.04
KOS Kosmos Energy Ltd. New 0.04% +0.04
RIGL Rigel Pharmaceuticals Inc. New 0.03% +0.03
SLNO Soleno Therapeutics Inc. New 0.02% +0.02
KSPI JSC Kaspi.kz ADR New 0.02% +0.02
TOST Toast Inc. Class A New 0.02% +0.02
MRX Marex UK Holdings Ltd. New 0.02% +0.02
GPRK Geopark Ltd. New 0.02% +0.02
FULC Fulcrum Therapeutics Inc. New 0.02% +0.02
NPB Northpointe Bancshares Inc. New 0.02% +0.02
GRCE Grace Therapeutics Inc. New 0.02% +0.02
TARS Tarsus Pharmaceuticals Inc. Add +130.5% 0.03% +0.01
KURA Kura Oncology Inc. Add +89.6% 0.61% +0.01
RARE Ultragenyx Pharmaceutical Inc. Add +61.7% 0.03% +0.00
AGIO Agios Pharmaceuticals Inc. Add +15.2% 0.04% −0.00
CRBP Corbus Pharmaceuticals Holdi Add +14.5% 0.02% −0.00
PALI Palisade Bio Inc. Add +57.6% 0.02% −0.00
ONIT Onity Group Inc. Add +43.9% 0.03% −0.01
PTHS Pelthos Therapeutics Inc. Add +59.5% 0.02% −0.01
PESI Perma-Fix Environmental SVCS Add +12.5% 0.05% −0.02
HRTX Heron Therapeutics Inc. Add +84.8% 0.19% −0.06
TDOC Teladoc Health Inc. Add +74.8% 1.63% −0.13
GERN Geron Corp. Add +2.1% 0.64% −0.17
DERM Journey Medical Corp. Add +8.4% 0.20% −0.24
LQDA Liquidia Corp. Add +2.4% 1.29% −0.40
GUTS Fractyl Health Inc. Add +84.5% 0.24% −0.67
IAUX I-80 Gold Corp. Add +0.8% 2.78% −1.11
ANGI Angi Inc. Add +82.6% 2.37% −1.22
DOLE Dole PLC Add +0.6% 11.84% −6.27

Options Activity Q4 2025 → Q1 2026
COIN Coinbase Global Inc. Class A put Sold out 1,271,800 $287.6Mbefore exit
TSLA Tesla Inc. put Sold out 520,000 $233.9Mbefore exit
HOOD Robinhood Markets Inc. Class A put Sold out 1,656,000 $187.3Mbefore exit
OEF iShares S&P 100 ETF put Sold out 19,600 $3.3Mbefore exit
NVDA Nvidia Corp. put Sold out 11,000 $2.1Mbefore exit

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