Pale Fire Capital SE
Prague, 2N
$1.4bn in 71 US stocks at the end of 30 June 2026. The top 10 are 82.7% of the money. It changed about 21.7% of the portfolio this quarter.
Value
$1.4bn
Stocks
71
Top 10 share
82.7%
Turnover
21.7%
What changed this quarter
New
Bought for the first time this quarter.
- Alibaba Group HldgBABA3.5% of the fund
- AT&TT1.7% of the fund
- OracleORCL1.1% of the fund
- CarGurusCARG0.9% of the fund
- GoDaddyGDDY0.8% of the fund
- Nu HoldingsNU0.7% of the fund
- Tencent Music Entmt GroupTME0.7% of the fund
- DocusignDOCU0.3% of the fund
- Integra ResourcesITRG0.2% of the fund
- Phathom PharmaceuticalsPHAT<0.1% of the fund
- SLMSLM<0.1% of the fund
- Tenet HealthcareTHC<0.1% of the fund
- Global PaymentsGPN<0.1% of the fund
- NeurogeneNGNE<0.1% of the fund
- Parke BancorpPKBK<0.1% of the fund
- Nektar TherapeuticsNKTR<0.1% of the fund
- Spruce BiosciencesSPRB<0.1% of the fund
- Priority Technology HoldingsPRTH<0.1% of the fund
- Kalaris TherapeuticsKLRS<0.1% of the fund
- Larimar TherapeuticsLRMR<0.1% of the fund
- ArvinasARVN<0.1% of the fund
- MerlinMRLN<0.1% of the fund
- CytomX TherapeuticsCTMX<0.1% of the fund
- Context TherapeuticsCNTX<0.1% of the fund
Added
Bought more of a stock they already held.
- CourseraCOUR8.2% of the fund+94%
- PhreesiaPHR6.5% of the fund+3%
- Lightspeed CommerceLSPD4.3% of the fund+5%
- Peloton InteractivePTON3.2% of the fund+24%
- Mineralys TherapeuticsMLYS1.2% of the fund+68%
- Galiano GoldGAU0.7% of the fund+26%
- Commerce.comCMRC0.6% of the fund+3%
- GeronGERN0.5% of the fund+9%
- Journey MedicalDERM0.3% of the fund+10%
- DoubleVerify HoldingsDV0.2% of the fund+99%
- Perma FIX Environmental ServicesPESI<0.1% of the fund+14%
- Tarsus PharmaceuticalsTARS<0.1% of the fund+73%
- GeoParkGPRK<0.1% of the fund+194%
- Abeona TherapeuticsABEO<0.1% of the fund+17%
- Onity GroupONIT<0.1% of the fund+20%
- HarrowHROW<0.1% of the fund+23%
- Northpointe BancsharesNPB<0.1% of the fund+29%
- Corbus Pharmaceuticals HoldingsCRBP<0.1% of the fund+14%
Cut
Sold some of their stake.
- B2goldBTG17.2% of the fund-7%
- Ziff DavisZD9.9% of the fund-4%
- i-80 GoldIAUX1.9% of the fund-10%
- Teladoc HealthTDOC1.2% of the fund-42%
- RegenxbioRGNX0.4% of the fund-6%
- Fractyl HealthGUTS0.3% of the fund-16%
- Syndax PharmaceuticalsSNDX0.2% of the fund-56%
- Heron TherapeuticsHRTX<0.1% of the fund-8%
- Kura OncologyKURA<0.1% of the fund-93%
- LiquidiaLQDA<0.1% of the fund-99%
- ExpensifyEXFY<0.1% of the fund-72%
- Cullinan TherapeuticsCGEM<0.1% of the fund-13%
Sold out
Sold their entire stake.
- Baxter InternationalBAX-100%
- Udemy-100%
- People Inc.PPLI-100%
- X4 PharmaceuticalsXFOR-100%
- Agios PharmaceuticalsAGIO-100%
- SM EnergySM-100%
- Kosmos EnergyKOS-100%
- Soleno Therapeutics-100%
- Marex GroupMRX-100%
- Fulcrum TherapeuticsFULC-100%
- Grace TherapeuticsGRCE-100%
- Engene Holdings-100%
- ImmaticsIMTX-100%
Holdings
- B2goldBTG
- Share
- 17.2%
- Value
- $241m
- Shares
- 64,560,777
-7%
- Lightspeed CommerceLSPD
- Share
- 4.3%
- Value
- $61m
- Shares
- 5,773,932
+5%
- Alibaba Group HldgBABA
- Share
- 3.5%
- Value
- $50m
- Shares
- 518,964
New
- Galiano GoldGAU
- Share
- 0.7%
- Value
- $9m
- Shares
- 5,036,654
+26%
- Tencent Music Entmt GroupTME
- Share
- 0.7%
- Value
- $9m
- Shares
- 1,094,729
New
- Integra ResourcesITRG
- Share
- 0.2%
- Value
- $2m
- Shares
- 1,054,986
New
- Helus PharmaHELP
- Share
- <0.1%
- Value
- $1m
- Shares
- 153,505
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| GrouponGRPN | 17.4% | $245m | 10,181,070 | Held |
| B2goldBTG | 17.2% | $241m | 64,560,777 | -7% |
| Ziff DavisZD | 9.9% | $139m | 2,660,554 | -4% |
| DoleDOLE | 9.2% | $129m | 9,427,476 | Held |
| CourseraCOUR | 8.2% | $115m | 20,432,950 | +94% |
| PhreesiaPHR | 6.5% | $92m | 8,924,329 | +3% |
| Lightspeed CommerceLSPD | 4.3% | $61m | 5,773,932 | +5% |
| Alibaba Group HldgBABA | 3.5% | $50m | 518,964 | New |
| Peloton InteractivePTON | 3.2% | $46m | 7,728,586 | +24% |
| Cars.comCARS | 3.1% | $44m | 4,008,218 | Held |
| i-80 GoldIAUX | 1.9% | $27m | 18,809,579 | -10% |
| AT&TT | 1.7% | $24m | 1,140,000 | New |
| AngiANGI | 1.7% | $23m | 3,930,416 | Held |
| Teladoc HealthTDOC | 1.2% | $17m | 1,973,762 | -42% |
| Mineralys TherapeuticsMLYS | 1.2% | $17m | 614,284 | +68% |
| OracleORCL | 1.1% | $15m | 102,000 | New |
| CarGurusCARG | 0.9% | $13m | 384,626 | New |
| GoDaddyGDDY | 0.8% | $11m | 127,179 | New |
| Nu HoldingsNU | 0.7% | $10m | 735,954 | New |
| Galiano GoldGAU | 0.7% | $9m | 5,036,654 | +26% |
| Tencent Music Entmt GroupTME | 0.7% | $9m | 1,094,729 | New |
| Commerce.comCMRC | 0.6% | $9m | 3,054,890 | +3% |
| Weave CommunicationsWEAV | 0.6% | $9m | 1,492,806 | Held |
| GeronGERN | 0.5% | $7m | 5,307,204 | +9% |
| RegenxbioRGNX | 0.4% | $6m | 466,209 | -6% |
| DocusignDOCU | 0.3% | $5m | 108,000 | New |
| Fractyl HealthGUTS | 0.3% | $4m | 5,003,237 | -16% |
| Journey MedicalDERM | 0.3% | $4m | 528,584 | +10% |
| Syndax PharmaceuticalsSNDX | 0.2% | $3m | 125,550 | -56% |
| Sprout SocialSPT | 0.2% | $3m | 343,841 | Held |
| Integra ResourcesITRG | 0.2% | $2m | 1,054,986 | New |
| DoubleVerify HoldingsDV | 0.2% | $2m | 220,336 | +99% |
| Sagimet BiosciencesSGMT | 0.1% | $2m | 221,875 | Held |
| Heron TherapeuticsHRTX | <0.1% | $1m | 2,511,478 | -8% |
| Helus PharmaHELP | <0.1% | $1m | 153,505 | Held |
| Perma FIX Environmental ServicesPESI | <0.1% | $794,910 | 55,627 | +14% |
| Rapid7RPD | <0.1% | $641,917 | 79,249 | Held |
| Kura OncologyKURA | <0.1% | $620,902 | 56,600 | -93% |
| Tarsus PharmaceuticalsTARS | <0.1% | $616,938 | 9,802 | +73% |
| GeoParkGPRK | <0.1% | $576,030 | 63,300 | +194% |
| Rigel PharmaceuticalsRIGL | <0.1% | $557,538 | 14,252 | Held |
| Ultragenyx PharmaceuticalRARE | <0.1% | $551,402 | 16,514 | Held |
| Phathom PharmaceuticalsPHAT | <0.1% | $539,386 | 49,713 | New |
| Abeona TherapeuticsABEO | <0.1% | $506,420 | 81,945 | +17% |
| Delcath SystemsDCTH | <0.1% | $504,670 | 40,085 | Held |
| Onity GroupONIT | <0.1% | $470,362 | 11,833 | +20% |
| SLMSLM | <0.1% | $448,762 | 17,300 | New |
| HarrowHROW | <0.1% | $446,572 | 10,515 | +23% |
| Tenet HealthcareTHC | <0.1% | $374,160 | 2,000 | New |
| Global PaymentsGPN | <0.1% | $366,428 | 5,050 | New |
| Pelthos TherapeuticsPTHS | <0.1% | $365,091 | 12,919 | Held |
| Joint Stock Co Kaspi.kzKSPI | <0.1% | $311,904 | 3,600 | Held |
| NeurogeneNGNE | <0.1% | $297,517 | 9,460 | New |
| Parke BancorpPKBK | <0.1% | $285,839 | 8,620 | New |
| ToastTOST | <0.1% | $278,200 | 10,000 | Held |
| LiquidiaLQDA | <0.1% | $277,381 | 3,479 | -99% |
| Northpointe BancsharesNPB | <0.1% | $254,288 | 13,258 | +29% |
| ExpensifyEXFY | <0.1% | $240,592 | 134,409 | -72% |
| Nektar TherapeuticsNKTR | <0.1% | $233,864 | 3,350 | New |
| Palisade BIOPALI | <0.1% | $232,847 | 111,410 | Held |
| Corbus Pharmaceuticals HoldingsCRBP | <0.1% | $227,943 | 24,301 | +14% |
| Cullinan TherapeuticsCGEM | <0.1% | $226,132 | 12,418 | -13% |
| Relmada TherapeuticsRLMD | <0.1% | $219,018 | 31,650 | Held |
| Spruce BiosciencesSPRB | <0.1% | $206,172 | 3,818 | New |
| Priority Technology HoldingsPRTH | <0.1% | $166,750 | 25,000 | New |
| Kalaris TherapeuticsKLRS | <0.1% | $161,278 | 39,626 | New |
| Larimar TherapeuticsLRMR | <0.1% | $131,150 | 43,000 | New |
| ArvinasARVN | <0.1% | $99,313 | 11,951 | New |
| MerlinMRLN | <0.1% | $91,040 | 16,000 | New |
| CytomX TherapeuticsCTMX | <0.1% | $85,875 | 22,900 | New |
| Context TherapeuticsCNTX | <0.1% | $6,534 | 11,796 | New |
Options (1)
- State STR Spdr S&P 500 ETF TSPY
- Type
- Put
- Value
- $8m
- Contracts
- 11,100
| Company | Type | Value | Contracts |
|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | Put | $8m | 11,100 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is up 46.7% since 30 June 2025.
Where the money is
Media & telecom30.7%
Technology27.0%
Materials19.9%
Everyday goods9.2%
Health care4.8%
Retail & consumer3.2%
Financial services0.8%
Utilities0.1%
Energy0.0%
Other4.2%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.