Latest Pale Fire Capital SE Stock Portfolio

Pale Fire Capital SE Performance:

2025 Q4: -4.96%YTD: 46.4%2024: 0.56%

Performance for 2025 Q4 is -4.96%, and YTD is 46.4%, and 2024 is 0.56%.

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

On 2026-02-13, the fund reported it's updated stock portfolio. In the 13F Holdings report, Pale Fire Capital SE reported an equity portfolio of $1.5 Billions as of 31 Dec, 2025.

The top stock holdings of Pale Fire Capital SE are GRPN, BTG, DOLE. The fund has invested 12% of it's portfolio in GROUPON INC and 11.9% of portfolio in B2GOLD CORP.

The fund managers got completely rid off IAMGOLD CORP (IAG), NEW GOLD INC CDA (NGD) and TEVA PHARMACEUTICAL INDS LTD (TEVA) stocks. They significantly reduced their stock positions in MINERALYS THERAPEUTICS INC, ATAI BECKLEY NV (ATAI) and CENTERRA GOLD INC (CGAU). Pale Fire Capital SE opened new stock positions in BAXTER INTL INC (BAX), TELADOC HEALTH INC (TDOC) and CARS COM INC (CARS). The fund showed a lot of confidence in some stocks as they added substantially to HERON THERAPEUTICS INC (HRTX), ZIFF DAVIS INC (ZD) and COMMERCE.COM INC (BIGC).

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

Our best estimate is that Pale Fire Capital SE made a return of -4.96% in the last quarter. In trailing 12 months, it's portfolio return was 46.4%.

Performance
S&P 500

New Buys

Ticker	$ Bought
baxter intl inc	39,634,400
teladoc health inc	13,609,400
cars com inc	8,070,310
fractyl health inc	7,061,870
syndax pharmaceuticals inc	5,976,500
iac inc	3,773,420
wix com ltd	3,220,590
sagimet biosciences inc	1,313,500

New stocks bought by Pale Fire Capital SE

Additions

Ticker	% Inc.
heron therapeutics inc	211
ziff davis inc	201
commerce.com inc	150
geron corp	109
regenxbio inc	95.43
journey med corp	94.53
day one biopharmaceuticals i	79.88
liquidia corporation	57.61

Additions to existing portfolio by Pale Fire Capital SE

Reductions

Ticker	% Reduced
mineralys therapeutics inc	-98.06
atai beckley nv	-95.76
centerra gold inc	-74.69
tarsus pharmaceuticals inc	-65.34
immatics n.v	-52.52
lexeo therapeutics inc	-33.72
kura oncology inc	-25.59
b2gold corp	-21.4

Pale Fire Capital SE reduced stake in above stock

Sold off

Ticker	$ Sold
new gold inc cda	-44,595,200
iamgold corp	-50,827,800
teva pharmaceutical inds ltd	-34,134,200
nuvation bio inc	-5,345,190
caribou biosciences inc	-1,805,880
adverum biotechnologies inc	-1,645,670
shutterstock inc	-3,216,700
aquestive therapeutics inc	-520,608

Pale Fire Capital SE got rid off the above stocks

Sector Distribution

Pale Fire Capital SE has about 52% of it's holdings in Others sector.

Sector	%
Others	52
Communication Services	32.7
Healthcare	13.6

Market Cap. Distribution

Pale Fire Capital SE has about 0% of it's portfolio invested in the large-cap and mega-cap stocks.

Category	%
UNALLOCATED	52.1
SMALL-CAP	39.1
MID-CAP	7.3
MICRO-CAP	1.5

Stocks belong to which Index?

About 40.1% of the stocks held by Pale Fire Capital SE either belong to S&P 500 or RUSSELL 2000 index.

Index	%
Others	59.9
RUSSELL 2000	35
S&P 500	5.1

Top 5 Winners (%)		%
CGEM	cullinan therapeutics inc	60.0 %
IAUX	i-80 gold corp	50.6 %
	lexeo therapeutics inc	41.2 %
CYBN	cybin inc	38.9 %
LQDA	liquidia corporation	38.6 %

Top 5 Winners ($)		$
DOLE	dole plc	13.9 M
IAUX	i-80 gold corp	10.9 M
CGAU	centerra gold inc	5.3 M
LQDA	liquidia corporation	3.6 M
GAU	galiano gold inc	2.5 M

Top 5 Losers (%)		%
RZLT	rezolute inc	-67.4 %
GRPN	groupon inc	-24.6 %
ANGI	angi inc	-17.4 %
BIGC	commerce.com inc	-12.9 %
ATAI	atai beckley nv	-11.8 %

Top 5 Losers ($)		$
GRPN	groupon inc	-58.4 M
BTG	b2gold corp	-19.7 M
ANGI	angi inc	-5.9 M
ZD	ziff davis inc	-2.4 M
ATAI	atai beckley nv	-0.7 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 55 stocks in it's portfolio. About 45.9% of the portfolio is in top 10 stocks. GRPN proved to be the most loss making stock for the portfolio. DOLE was the most profitable stock for Pale Fire Capital SE last quarter.

Last Reported on: 13 Feb, 2026

Ticker	Namesorted ascending	% Portfolio	Shares Held	$ Value	Type	% Change
ABEO	abeona therapeutics inc	0.06	174,705	920,695	new

ADVM	adverum biotechnologies inc	0.00	0.00	0.00	sold off	-100

AGIO	agios pharmaceuticals inc	0.02	11,850	322,557	new

AGRO	adecoagro s a	0.04	84,637	671,171	unchanged	0.00

AKBA	akebia therapeutics inc	0.00	0.00	0.00	sold off	-100

ANGI	angi inc	1.87	2,152,920	27,837,200	added	57.32

ANNX	annexon inc	0.01	38,600	193,772	new

AQST	aquestive therapeutics inc	0.00	0.00	0.00	sold off	-100

ARWR	arrowhead pharmaceuticals in	0.00	0.00	0.00	sold off	-100

ATAI	atai beckley nv	0.01	45,811	187,367	reduced	-95.76

BAX	baxter intl inc	2.66	2,074,020	39,634,400	new

BIGC	commerce.com inc	0.21	748,925	3,085,570	added	150

BTG	b2gold corp	11.90	39,311,600	177,295,000	reduced	-21.4

CARS	cars com inc	0.54	661,501	8,070,310	new

CGAU	centerra gold inc	0.57	591,222	8,495,860	reduced	-74.69

CGEM	cullinan therapeutics inc	0.01	19,318	199,941	added	32.18

CRBP	corbus pharmaceuticals hldgs	0.01	18,650	151,811	new

CRBU	caribou biosciences inc	0.00	0.00	0.00	sold off	-100

CRTO	criteo s a	0.03	18,097	372,979	new

CYBN	cybin inc	0.08	153,505	1,255,670	unchanged	0.00