Latest Pale Fire Capital SE Stock Portfolio

$1.14Billion– No. of Holdings #60

Pale Fire Capital SE Performance:

2026 Q1: -8.14%YTD: -8.14%2025: 46.4%

Performance for 2026 Q1 is -8.14%, and YTD is -8.14%, and 2025 is 46.4%.

About Pale Fire Capital SE and 13F Hedge Fund Stock Holdings

On 2026-05-14, the fund reported it's updated stock portfolio. In the 13F Holdings report, Pale Fire Capital SE reported an equity portfolio of $1.1 Billions as of 31 Mar, 2026.

The top stock holdings of Pale Fire Capital SE are BTG, DOLE, GRPN. The fund has invested 27.8% of it's portfolio in B2GOLD CORP and 11.8% of portfolio in DOLE PLC.

The fund managers got completely rid off CENTERRA GOLD INC (CGAU), TSAKOS ENERGY NAVIGATION LTD (TNP) and TECTONIC THERAPEUTIC INC stocks. They significantly reduced their stock positions in ABEONA THERAPEUTICS INC (ABEO), GALIANO GOLD INC (GAU) and IAC INC (IAC). Pale Fire Capital SE opened new stock positions in PHREESIA INC (PHR), COURSERA INC (COUR) and LIGHTSPEED COMMERCE INC (LSPD). The fund showed a lot of confidence in some stocks as they added substantially to MINERALYS THERAPEUTICS INC, CARS COM INC (CARS) and COMMERCE.COM INC (BIGC).

Pale Fire Capital SE Equity Portfolio Value

Last Reported on: 14 May, 2026

Pale Fire Capital SE Annual Return Estimates Vs S&P 500

Our best estimate is that Pale Fire Capital SE made a return of -8.14% in the last quarter. In trailing 12 months, it's portfolio return was 20.09%.

Performance
S&P 500

New Buys

Ticker	$ Bought
phreesia inc	72,481,400
coursera inc	61,177,500
lightspeed commerce inc	49,500,300
peloton interactive inc	26,746,300
weave communications inc	6,896,760
udemy inc	6,038,990
sprout social inc	1,959,890
doubleverify hldgs inc	1,049,750

New stocks bought by Pale Fire Capital SE

Additions

Ticker	% Inc.
mineralys therapeutics inc	3,431
cars com inc	498
commerce.com inc	294
tarsus pharmaceuticals inc	130
ziff davis inc	130
kura oncology inc	89.6
heron therapeutics inc	84.83
fractyl health inc	84.46

Additions to existing portfolio by Pale Fire Capital SE

Reductions

Ticker	% Reduced
abeona therapeutics inc	-60.02
galiano gold inc	-49.46
iac inc	-43.75
relmada therapeutics inc	-28.96
harrow inc	-27.75
cullinan therapeutics inc	-26.4
baxter intl inc	-23.69
regenxbio inc	-1.16

Pale Fire Capital SE reduced stake in above stock

Sold off

Ticker	$ Sold
centerra gold inc	-8,495,860
day one biopharmaceuticals i	-5,070,670
tsakos energy navigation ltd	-6,634,280
tectonic therapeutic inc	-5,445,000
adecoagro s a	-671,171
lifecore biomedical inc	-581,107
atai beckley nv	-187,367
larimar therapeutics inc	-172,281

Pale Fire Capital SE got rid off the above stocks

Sector Distribution

Pale Fire Capital SE has about 49% of it's holdings in Others sector.

Others
Communication Services
Healthcare
Consumer Defensive
Consumer Cyclical
Technology

Sector	%
Others	49
Communication Services	23.5
Healthcare	14.6
Consumer Defensive	5.9
Consumer Cyclical	5.2
Technology	1.7

Market Cap. Distribution

Pale Fire Capital SE has about 2.4% of it's portfolio invested in the large-cap and mega-cap stocks.

UNALLOCATED
SMALL-CAP
LARGE-CAP
MID-CAP
MICRO-CAP

Category	%
UNALLOCATED	49
SMALL-CAP	45.7
LARGE-CAP	2.4
MID-CAP	1.6
MICRO-CAP	1.3

Stocks belong to which Index?

About 47.8% of the stocks held by Pale Fire Capital SE either belong to S&P 500 or RUSSELL 2000 index.

Others
RUSSELL 2000
S&P 500

Index	%
Others	52.1
RUSSELL 2000	45.5
S&P 500	2.3

Top 5 Winners (%)		%
RLMD	relmada therapeutics inc	37.7 %
CGEM	cullinan therapeutics inc	32.4 %
AGIO	agios pharmaceuticals inc	22.3 %
CRBP	corbus pharmaceuticals hldgs	14.3 %
ZD	ziff davis inc	13.2 %

Top 5 Winners ($)		$
ZD	ziff davis inc	13.6 M
LQDA	liquidia corporation	1.2 M
IAUX	i-80 gold corp	1.2 M
BTG	b2gold corp	1.1 M
GERN	geron corp	0.8 M

Top 5 Losers (%)		%
	fractyl health inc	-74.6 %
RGNX	regenxbio inc	-41.6 %
CYBN	cybin inc	-41.3 %
ANGI	angi inc	-40.7 %
DERM	journey med corp	-38.2 %

Top 5 Losers ($)		$
GRPN	groupon inc	-58.1 M
ANGI	angi inc	-18.5 M
CARS	cars com inc	-9.4 M
	fractyl health inc	-8.0 M
DOLE	dole plc	-6.6 M

Pale Fire Capital SE Holdings Map

This heatmap illustrates the top 50 positions within the fund's portfolio.

Current Stock Holdings of Pale Fire Capital SE

Pale Fire Capital SE has 60 stocks in it's portfolio. About 84.6% of the portfolio is in top 10 stocks. GRPN proved to be the most loss making stock for the portfolio. ZD was the most profitable stock for Pale Fire Capital SE last quarter.

Last Reported on: 14 May, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABEO	abeona therapeutics inc	0.03	69,845	312,906	reduced	-60.02

AGIO	agios pharmaceuticals inc	0.04	13,650	461,780	added	15.19

AGRO	adecoagro s a	0.00	0.00	0.00	sold off	-100

ANGI	angi inc	2.37	3,930,420	26,923,400	added	82.56

ANNX	annexon inc	0.00	0.00	0.00	sold off	-100

ATAI	atai beckley nv	0.00	0.00	0.00	sold off	-100

BAX	baxter intl inc	2.34	1,582,740	26,590,100	reduced	-23.69

BIGC	commerce.com inc	0.69	2,952,090	7,882,090	added	294

BTG	b2gold corp	27.76	69,740,100	315,923,000	added	77.4

CARS	cars com inc	2.82	3,956,620	32,127,700	added	498

CGAU	centerra gold inc	0.00	0.00	0.00	sold off	-100

CGEM	cullinan therapeutics inc	0.02	14,218	202,038	reduced	-26.4

COUR	coursera inc	5.38	10,511,600	61,177,500	new

CRBP	corbus pharmaceuticals hldgs	0.02	21,350	200,477	added	14.48

CRTO	criteo s a	0.00	0.00	0.00	sold off	-100

CYBN	cybin inc	0.06	153,505	736,824	unchanged	0.00

DAWN	day one biopharmaceuticals i	0.00	0.00	0.00	sold off	-100

DCTH	delcath sys inc	0.03	40,085	371,989	unchanged	0.00

DERM	journey med corp	0.20	481,987	2,260,520	added	8.4

DOLE	dole plc	11.84	9,427,480	134,719,000	added	0.58