Pale Fire Capital SE

CIK

1922318

Location

Prague, 2N

Portfolio Value

Mid $1,486,412,076

Diversification

Diversified

Filing Date

Global Rank

#1,279 / 8,420 ▲ 574

Top Industry

Financial Data & Stock Exchanges 19.3%

3Y Alpha vs SPY

+24.9%

Period ended 5 months ago

Filed Feb 13, 2026 · 4mo

13 quarters · since Dec 2022

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+212.9%

SPY

+76.5%

Annualised alpha

+25.4%

Max drawdown

−21.6%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

58 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

19.3%

−8.0 pts

Top 5

71.7%

−5.3 pts

Top 10

90.6%

−0.0 pts

HHI

1,186

Diversified−519

Portfolio Trend

13 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Financial Services	32.0%	$475,211,335	3
Communication Services	17.6%	$261,872,410	6
Basic Materials	15.9%	$236,299,295	6
Consumer Cyclical	15.7%	$233,854,400	1
Consumer Defensive	9.5%	$141,169,083	2
Healthcare	8.2%	$122,469,474	35
Technology	0.6%	$8,357,661	3
Energy	0.4%	$6,634,279	1
Industrials	0.0%	$544,139	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

18 positions

Ticker	Company	Δ Shares	Shares	Value
GERN	Geron Corp	+2,506,840	4,788,594	$6,320,944
GAU	Galiano Gold Inc.	+1,258,674	7,914,409	$20,023,454
HRTX	Heron Therapeutics, Inc. /De/	+998,465	1,469,655	$1,910,551
ZD	Ziff Davis, Inc.	+808,127	1,209,952	$42,529,812
DOLE	Dole plc	+784,699	9,372,776	$140,497,912
ANGI	Angi Inc.	+784,441	2,152,919	$27,837,242
CMRC	Commerce.com, Inc.	+450,294	748,925	$3,085,571
RGNX	REGENXBIO Inc.	+243,925	499,526	$7,193,174
DAWN	Day One Biopharmaceuticals, Inc.	+241,596	544,063	$5,070,667
DERM	Journey Medical Corp	+216,075	444,642	$3,428,189
LQDA	Liquidia Corp	+138,671	379,392	$13,085,230
VZLA	Vizsla Silver Corp.	+7,473	38,201	$208,959
ENGN	enGene Therapeutics Inc.	+6,750	24,004	$216,756
LFCR	Lifecore Biomedical, Inc. \De\	+6,420	71,040	$581,107
CGEM	Cullinan Therapeutics, Inc.	+4,703	19,318	$199,941
HROW	Harrow, Inc.	+3,692	11,785	$577,465
NEWP	New Pacific Metals Corp	+2,499	28,477	$99,954
TECX	Tectonic Therapeutic, Inc.	+1,300	261,026	$5,445,002
No positions match the current search.

Trimmed

Positions the filer reduced

12 positions

Ticker	Company	Δ Shares	Shares	Value
BTG	B2gold Corp	−10,704,306	39,311,603	$177,295,329
IAUX	i-80 Gold Corp.	−1,849,844	20,668,315	$30,175,739
CGAU	Centerra Gold Inc.	−1,744,656	591,222	$8,495,860
MLYS	Mineralys Therapeutics, Inc.	−522,053	10,354	$375,746
KURA	Kura Oncology, Inc.	−155,545	452,245	$4,698,825
TEN	Tsakos Energy Navigation Ltd	−44,710	295,909	$6,634,279
IMTX	Immatics N.V.	−17,998	16,272	$170,856
XFOR	X4 Pharmaceuticals, Inc	−13,261	167,590	$670,360
LXEO	Lexeo Therapeutics, Inc.	−11,348	22,302	$221,458
RZLT	Rezolute, Inc.	−8,403	33,519	$79,104
TARS	Tarsus Pharmaceuticals, Inc.	−4,623	2,452	$200,769
PESI	Perma Fix Environmental Services Inc	−2,050	43,220	$544,139
No positions match the current search.

New Positions

Positions the filer opened this quarter

24 positions

Ticker	Company	Shares	Value
COIN	Coinbase Global, Inc.	1,271,800	$287,604,852
TSLA	Tesla, Inc.	520,000	$233,854,400
HOOD	Robinhood Markets, Inc.	1,656,000	$187,293,600
BAX	Baxter International Inc	2,074,016	$39,634,445
TDOC	Teladoc Health, Inc.	1,944,203	$13,609,421
CARS	Cars.com Inc.	661,501	$8,070,312
GUTS	Fractyl Health, Inc.	3,209,942	$7,061,872
SNDX	Syndax Pharmaceuticals Inc	284,460	$5,976,504
IAC	IAC Inc.	96,507	$3,773,423
WIX	Wix.com Ltd.	31,000	$3,220,590
NVDA	Nvidia Corp	11,000	$2,051,500
SGMT	Sagimet Biosciences Inc.	221,875	$1,313,500
ABEO	Abeona Therapeutics Inc.	174,705	$920,695
DCTH	Delcath Systems, Inc.	40,085	$404,858
CRTO	Criteo S.A.	18,097	$372,979
AGIO	Agios Pharmaceuticals, Inc.	11,850	$322,557
ONIT	Onity Group Inc.	6,833	$312,883
PTHS	Pelthos Therapeutics Inc.	8,100	$251,100
RARE	Ultragenyx Pharmaceutical Inc.	10,211	$234,853
RLMD	Relmada Therapeutics, Inc.	44,550	$215,176
ANNX	Annexon, Inc.	38,600	$193,772
PALI	Palisade Bio, Inc.	70,710	$166,168
CRBP	Corbus Pharmaceuticals Holdings, Inc.	18,650	$151,811
NVCR	NovoCure Ltd	10,723	$138,648
No positions match the current search.

Sold Out

Positions the filer fully exited

15 positions

Ticker	Company	Shares	Value
IAG	Iamgold Corp	3,930,998	$50,827,804
NGD	New Gold Inc. /FI	6,211,037	$44,595,245
TEVA	Teva Pharmaceutical Industries Ltd	1,689,811	$34,134,182
NUVB	Nuvation Bio Inc.	1,444,647	$5,345,193
INSW	International Seaways, Inc.	76,059	$3,504,798
SSTK	Shutterstock, Inc.	154,278	$3,216,696
CRBU	Caribou Biosciences, Inc.	775,055	$1,805,878
QDEL	QuidelOrtho Corp	18,209	$536,255
AQST	Aquestive Therapeutics, Inc.	93,132	$520,607
ARWR	Arrowhead Pharmaceuticals, Inc.	10,123	$349,142
MITT	TPG Mortgage Investment Trust, Inc.	30,728	$222,470
MUX	McEwen Inc.	12,695	$217,084
BHVN	Biohaven Ltd.	10,344	$155,263
AKBA	Akebia Therapeutics, Inc.	50,210	$137,073
ODV	Osisko Development Corp.	21,133	$71,640
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

58 positions · $1,486,412,076 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Technology

Showing 1–50 of 58 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
COIN	Coinbase Global, Inc. Financial Services	NEW	1,271,800	NEW	$287,604,852	NEW	19.35%
TSLA	Tesla, Inc. Consumer Cyclical	NEW	520,000	NEW	$233,854,400	NEW	15.73%
HOOD	Robinhood Markets, Inc. Financial Services	NEW	1,656,000	NEW	$187,293,600	NEW	12.60%
GRPN	Groupon, Inc. Communication Services	Held	10,181,070	0	$179,288,642	−24.6%	12.06%
BTG	B2gold Corp Basic Materials	Reduced	39,311,603	-10,704,306	$177,295,329	−28.4%	11.93%
DOLE	Dole plc Consumer Defensive	Added	9,372,776	+784,699	$140,497,912	+21.7%	9.45%
ZD	Ziff Davis, Inc. Communication Services	Added	1,209,952	+808,127	$42,529,812	+177.8%	2.86%
BAX	Baxter International Inc Healthcare	NEW	2,074,016	NEW	$39,634,445	NEW	2.67%
IAUX	i-80 Gold Corp. Basic Materials	Reduced	20,668,315	-1,849,844	$30,175,739	+40.3%	2.03%
ANGI	Angi Inc. Communication Services	Added	2,152,919	+784,441	$27,837,242	+25.1%	1.87%
GAU	Galiano Gold Inc. Basic Materials	Added	7,914,409	+1,258,674	$20,023,454	+37.4%	1.35%
TDOC	Teladoc Health, Inc. Healthcare	NEW	1,944,203	NEW	$13,609,421	NEW	0.92%
LQDA	Liquidia Corp Healthcare	Added	379,392	+138,671	$13,085,230	+139.0%	0.88%
CGAU	Centerra Gold Inc. Basic Materials	Reduced	591,222	-1,744,656	$8,495,860	−66.1%	0.57%
CARS	Cars.com Inc. Communication Services	NEW	661,501	NEW	$8,070,312	NEW	0.54%
RGNX	REGENXBIO Inc. Healthcare	Added	499,526	+243,925	$7,193,174	+191.6%	0.48%
GUTS	Fractyl Health, Inc. Healthcare	NEW	3,209,942	NEW	$7,061,872	NEW	0.48%
TEN	Tsakos Energy Navigation Ltd Energy	Reduced	295,909	-44,710	$6,634,279	−12.3%	0.45%
GERN	Geron Corp Healthcare	Added	4,788,594	+2,506,840	$6,320,944	+102.2%	0.43%
SNDX	Syndax Pharmaceuticals Inc Healthcare	NEW	284,460	NEW	$5,976,504	NEW	0.40%
TECX	Tectonic Therapeutic, Inc. Healthcare	Added	261,026	+1,300	$5,445,002	+33.6%	0.37%
DAWN	Day One Biopharmaceuticals, Inc. Healthcare	Added	544,063	+241,596	$5,070,667	+137.8%	0.34%
KURA	Kura Oncology, Inc. Healthcare	Reduced	452,245	-155,545	$4,698,825	−12.6%	0.32%
IAC	IAC Inc. Communication Services	NEW	96,507	NEW	$3,773,423	NEW	0.25%
DERM	Journey Medical Corp Healthcare	Added	444,642	+216,075	$3,428,189	+110.7%	0.23%
WIX	Wix.com Ltd. Technology	NEW	31,000	NEW	$3,220,590	NEW	0.22%
CMRC	Commerce.com, Inc. Technology	Added	748,925	+450,294	$3,085,571	+107.1%	0.21%
NVDA	Nvidia Corp Technology	NEW	11,000	NEW	$2,051,500	NEW	0.14%
HRTX	Heron Therapeutics, Inc. /De/ Healthcare	Added	1,469,655	+998,465	$1,910,551	+221.8%	0.13%
SGMT	Sagimet Biosciences Inc. Healthcare	NEW	221,875	NEW	$1,313,500	NEW	0.09%
HELP	Cybin Inc. Healthcare	Held	153,505	0	$1,255,670	+38.9%	0.08%
ABEO	Abeona Therapeutics Inc. Healthcare	NEW	174,705	NEW	$920,695	NEW	0.06%
AGRO	Adecoagro S.A. Consumer Defensive	Held	84,637	0	$671,171	+1.1%	0.05%
XFOR	X4 Pharmaceuticals, Inc Healthcare	Reduced	167,590	-13,261	$670,360	+8.4%	0.05%
LFCR	Lifecore Biomedical, Inc. \De\ Healthcare	Added	71,040	+6,420	$581,107	+22.2%	0.04%
HROW	Harrow, Inc. Healthcare	Added	11,785	+3,692	$577,465	+48.1%	0.04%
PESI	Perma Fix Environmental Services Inc Industrials	Reduced	43,220	-2,050	$544,139	+19.0%	0.04%
DCTH	Delcath Systems, Inc. Healthcare	NEW	40,085	NEW	$404,858	NEW	0.03%
MLYS	Mineralys Therapeutics, Inc. Healthcare	Reduced	10,354	-522,053	$375,746	−98.1%	0.03%
CRTO	Criteo S.A. Communication Services	NEW	18,097	NEW	$372,979	NEW	0.03%
AGIO	Agios Pharmaceuticals, Inc. Healthcare	NEW	11,850	NEW	$322,557	NEW	0.02%
ONIT	Onity Group Inc. Financial Services	NEW	6,833	NEW	$312,883	NEW	0.02%
PTHS	Pelthos Therapeutics Inc. Healthcare	NEW	8,100	NEW	$251,100	NEW	0.02%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	NEW	10,211	NEW	$234,853	NEW	0.02%
LXEO	Lexeo Therapeutics, Inc. Healthcare	Reduced	22,302	-11,348	$221,458	−0.9%	0.01%
ENGN	enGene Therapeutics Inc. Healthcare	Added	24,004	+6,750	$216,756	+83.9%	0.01%
RLMD	Relmada Therapeutics, Inc. Healthcare	NEW	44,550	NEW	$215,176	NEW	0.01%
VZLA	Vizsla Silver Corp. Basic Materials	Added	38,201	+7,473	$208,959	+57.4%	0.01%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Reduced	2,452	-4,623	$200,769	−52.3%	0.01%
CGEM	Cullinan Therapeutics, Inc. Healthcare	Added	19,318	+4,703	$199,941	+130.7%	0.01%