Pale Fire Capital SE

CIK

1922318

Location

Prague, 2N

Portfolio Value

Mid $1,138,129,985

Diversification

Diversified

Filing Date

Global Rank

#1,628 / 8,621 ▼ 190 · as of Mar 2026

Top Industry

Gold 31.4%

3Y Alpha vs SPY

+26.6%

Period ended 4 months ago

Filed May 14, 2026 · 3mo

14 quarters · since Dec 2022

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of buying every stock this filer reported holding, rebalancing on each filing and indexed to the same start. Option positions cannot be bought this way and are left out.

Cloned portfolio

+203.2%

SPY

+67.9%

Annualised alpha

+25.9%

Max drawdown

−21.6%

Estimate. 13F holdings are quarter-lagged, so the clone rebalances about 45 days after each period end — when the filing becomes public — and it excludes option and short positions. It tracks 94% of reported value on average across 13 quarters. Past performance does not predict future results.

Portfolio Concentration

60 positions · as of Mar 31, 2026 · Δ vs Dec 31, 2025

Top Position

27.8%

+8.4 pts

Top 5

66.9%

−4.8 pts

Top 10

84.6%

−6.0 pts

HHI

1,258

Diversified+72

Portfolio Trend

14 quarters · across all stocks

Sector Breakdown

As of Mar 31, 2026

Sector	% Portfolio	Value	Positions
Basic Materials	31.4%	$357,644,247	3
Communication Services	26.4%	$300,218,475	6
Consumer Defensive	17.7%	$201,935,152	3
Healthcare	16.6%	$188,468,525	33
Technology	5.3%	$60,729,245	7
Consumer Cyclical	2.4%	$26,746,335	1
Energy	0.1%	$1,065,696	3
Financial Services	0.1%	$802,499	3
Industrials	0.0%	$519,811	1

Last Quarter's Activity

Export CSV

Mar 31, 2026 vs Dec 31, 2025

Added To

Positions the filer increased

23 positions

Ticker	Company	Δ Shares	Shares	Value
BTG	B2gold Corp	+30,428,530	69,740,133	$315,922,802
CARS	Cars.com Inc.	+3,295,117	3,956,618	$32,127,738
GUTS	Fractyl Health, Inc.	+2,711,103	5,921,045	$2,711,838
CMRC	Commerce.com, Inc.	+2,203,169	2,952,094	$7,882,090
ANGI	Angi Inc.	+1,777,497	3,930,416	$26,923,349
ZD	Ziff Davis, Inc.	+1,573,414	2,783,366	$116,790,037
TDOC	Teladoc Health, Inc.	+1,454,288	3,398,491	$18,521,775
HRTX	Heron Therapeutics, Inc. /De/	+1,246,673	2,716,328	$2,173,062
KURA	Kura Oncology, Inc.	+405,229	857,474	$6,971,263
MLYS	Mineralys Therapeutics, Inc.	+355,272	365,626	$9,904,808
IAUX	i-80 Gold Corp.	+174,741	20,843,056	$31,681,445
GERN	Geron Corp	+99,710	4,888,304	$7,283,572
DOLE	Dole plc	+54,700	9,427,476	$134,718,632
PALI	Palisade Bio, Inc.	+40,700	111,410	$194,967
DERM	Journey Medical Corp	+37,345	481,987	$2,260,519
LQDA	Liquidia Corp	+8,985	388,377	$14,657,347
RARE	Ultragenyx Pharmaceutical Inc.	+6,303	16,514	$345,968
PESI	Perma Fix Environmental Services Inc	+5,406	48,626	$519,811
PTHS	Pelthos Therapeutics Inc.	+4,819	12,919	$271,428
TARS	Tarsus Pharmaceuticals, Inc.	+3,200	5,652	$396,487
ONIT	Onity Group Inc.	+3,000	9,833	$386,141
CRBP	Corbus Pharmaceuticals Holdings, Inc.	+2,700	21,350	$200,476
AGIO	Agios Pharmaceuticals, Inc.	+1,800	13,650	$461,779
No positions match the current search.

Trimmed

Positions the filer reduced

8 positions

Ticker	Company	Δ Shares	Shares	Value
GAU	Galiano Gold Inc.	−3,914,409	4,000,000	$10,040,000
BAX	Baxter International Inc	−491,273	1,582,743	$26,590,082
ABEO	Abeona Therapeutics Inc.	−104,860	69,845	$312,905
PPLI	People Inc	−42,226	54,281	$2,172,868
RLMD	Relmada Therapeutics, Inc.	−12,900	31,650	$220,284
RGNX	REGENXBIO Inc.	−5,800	493,726	$4,137,423
CGEM	Cullinan Therapeutics, Inc.	−5,100	14,218	$202,037
HROW	Harrow, Inc.	−3,270	8,515	$300,238
No positions match the current search.

New Positions

Positions the filer opened this quarter

21 positions

Ticker	Company	Shares	Value
PHR	Phreesia, Inc.	8,649,329	$72,481,377
COUR	Coursera, Inc.	10,511,603	$61,177,529
LSPD	Lightspeed Commerce Inc.	5,524,591	$49,500,335
PTON	Peloton Interactive, Inc.	6,234,577	$26,746,335
WEAV	Weave Communications, Inc.	1,492,806	$6,896,763
UDMY	Udemy, Inc.	1,307,141	$6,038,991
SPT	Sprout Social, Inc.	343,841	$1,959,893
DV	DoubleVerify Holdings, Inc.	110,500	$1,049,750
SM	SM Energy Co	14,700	$458,346
RPD	Rapid7, Inc.	79,249	$436,661
EXFY	Expensify, Inc.	481,051	$418,514
KOS	Kosmos Energy Ltd.	145,000	$403,100
RIGL	Rigel Pharmaceuticals Inc	14,252	$385,374
SLNO	Soleno Therapeutics Inc	8,450	$282,906
KSPI	Joint Stock Co Kaspi.kz	3,600	$266,652
TOST	Toast, Inc.	10,000	$265,100
MRX	Marex Group Ltd	5,368	$239,305
GPRK	GeoPark Ltd	21,500	$204,250
FULC	Fulcrum Therapeutics, Inc.	26,100	$200,187
NPB	Northpointe Bancshares Inc	10,258	$177,053
GRCE	Grace Therapeutics, Inc.	37,762	$174,838
No positions match the current search.

Sold Out

Positions the filer fully exited

19 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
CGAU	Centerra Gold Inc.	591,222	$8,495,860
TEN	Tsakos Energy Navigation Ltd	295,909	$6,634,279
TECX	Tectonic Therapeutic, Inc.	261,026	$5,445,002
DAWN	Day One Biopharmaceuticals, Inc.	544,063	$5,070,667
WIX	Wix.com Ltd.	31,000	$3,220,590
NVDA	Nvidia Corp	11,000	$2,051,500
AGRO	Adecoagro S.A.	84,637	$671,171
LFCR	Lifecore Biomedical, Inc. \De\	71,040	$581,107
CRTO	Criteo S.A.	18,097	$372,979
LXEO	Lexeo Therapeutics, Inc.	22,302	$221,458
VZLA	Vizsla Silver Corp.	38,201	$208,959
ANNX	Annexon, Inc.	38,600	$193,772
LRMR	Larimar Therapeutics, Inc.	45,218	$172,280
NVCR	NovoCure Ltd	10,723	$138,648
NEWP	New Pacific Metals Corp	28,477	$99,954
RZLT	Rezolute, Inc.	33,519	$79,104
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

60 positions · $1,138,129,985 total · as of Mar 31, 2026

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

Showing 1–50 of 60 positions by value · page 1 of 2

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
BTG	B2gold Corp Basic Materials	Added	69,740,133	+30,428,530	$315,922,802	+78.2%	27.76%
DOLE	Dole plc Consumer Defensive	Added	9,427,476	+54,700	$134,718,632	−4.1%	11.84%
GRPN	Groupon, Inc. Communication Services	Held	10,181,070	0	$121,154,733	−32.4%	10.65%
ZD	Ziff Davis, Inc. Communication Services	Added	2,783,366	+1,573,414	$116,790,037	+174.6%	10.26%
PHR	Phreesia, Inc. Healthcare	NEW	8,649,329	NEW	$72,481,377	NEW	6.37%
COUR	Coursera, Inc. Consumer Defensive	NEW	10,511,603	NEW	$61,177,529	NEW	5.38%
LSPD	Lightspeed Commerce Inc. Technology	NEW	5,524,591	NEW	$49,500,335	NEW	4.35%
CARS	Cars.com Inc. Communication Services	Added	3,956,618	+3,295,117	$32,127,738	+298.1%	2.82%
IAUX	i-80 Gold Corp. Basic Materials	Added	20,843,056	+174,741	$31,681,445	+5.0%	2.78%
ANGI	Angi Inc. Communication Services	Added	3,930,416	+1,777,497	$26,923,349	−3.3%	2.37%
PTON	Peloton Interactive, Inc. Consumer Cyclical	NEW	6,234,577	NEW	$26,746,335	NEW	2.35%
BAX	Baxter International Inc Healthcare	Reduced	1,582,743	-491,273	$26,590,082	−32.9%	2.34%
TDOC	Teladoc Health, Inc. Healthcare	Added	3,398,491	+1,454,288	$18,521,775	+36.1%	1.63%
LQDA	Liquidia Corp Healthcare	Added	388,377	+8,985	$14,657,347	+12.0%	1.29%
GAU	Galiano Gold Inc. Basic Materials	Reduced	4,000,000	-3,914,409	$10,040,000	−49.9%	0.88%
MLYS	Mineralys Therapeutics, Inc. Healthcare	Added	365,626	+355,272	$9,904,808	+2536.0%	0.87%
CMRC	Commerce.com, Inc. Technology	Added	2,952,094	+2,203,169	$7,882,090	+155.4%	0.69%
GERN	Geron Corp Healthcare	Added	4,888,304	+99,710	$7,283,572	+15.2%	0.64%
KURA	Kura Oncology, Inc. Healthcare	Added	857,474	+405,229	$6,971,263	+48.4%	0.61%
WEAV	Weave Communications, Inc. Healthcare	NEW	1,492,806	NEW	$6,896,763	NEW	0.61%
SNDX	Syndax Pharmaceuticals Inc Healthcare	Held	284,460	0	$6,644,985	+11.2%	0.58%
UDMY	Udemy, Inc. Consumer Defensive	NEW	1,307,141	NEW	$6,038,991	NEW	0.53%
RGNX	REGENXBIO Inc. Healthcare	Reduced	493,726	-5,800	$4,137,423	−42.5%	0.36%
GUTS	Fractyl Health, Inc. Healthcare	Added	5,921,045	+2,711,103	$2,711,838	−61.6%	0.24%
DERM	Journey Medical Corp Healthcare	Added	481,987	+37,345	$2,260,519	−34.1%	0.20%
HRTX	Heron Therapeutics, Inc. /De/ Healthcare	Added	2,716,328	+1,246,673	$2,173,062	+13.7%	0.19%
PPLI	People Inc Communication Services	Reduced	54,281	-42,226	$2,172,868	−42.4%	0.19%
SPT	Sprout Social, Inc. Technology	NEW	343,841	NEW	$1,959,893	NEW	0.17%
SGMT	Sagimet Biosciences Inc. Healthcare	Held	221,875	0	$1,159,296	−11.7%	0.10%
DV	DoubleVerify Holdings, Inc. Communication Services	NEW	110,500	NEW	$1,049,750	NEW	0.09%
HELP	Cybin Inc. Healthcare	Held	153,505	0	$736,824	−41.3%	0.06%
XFOR	X4 Pharmaceuticals, Inc Healthcare	Held	167,590	0	$692,146	+3.2%	0.06%
PESI	Perma Fix Environmental Services Inc Industrials	Added	48,626	+5,406	$519,811	−4.5%	0.05%
AGIO	Agios Pharmaceuticals, Inc. Healthcare	Added	13,650	+1,800	$461,779	+43.2%	0.04%
SM	SM Energy Co Energy	NEW	14,700	NEW	$458,346	NEW	0.04%
RPD	Rapid7, Inc. Technology	NEW	79,249	NEW	$436,661	NEW	0.04%
EXFY	Expensify, Inc. Technology	NEW	481,051	NEW	$418,514	NEW	0.04%
KOS	Kosmos Energy Ltd. Energy	NEW	145,000	NEW	$403,100	NEW	0.04%
TARS	Tarsus Pharmaceuticals, Inc. Healthcare	Added	5,652	+3,200	$396,487	+97.5%	0.03%
ONIT	Onity Group Inc. Financial Services	Added	9,833	+3,000	$386,141	+23.4%	0.03%
RIGL	Rigel Pharmaceuticals Inc Healthcare	NEW	14,252	NEW	$385,374	NEW	0.03%
DCTH	Delcath Systems, Inc. Healthcare	Held	40,085	0	$371,988	−8.1%	0.03%
RARE	Ultragenyx Pharmaceutical Inc. Healthcare	Added	16,514	+6,303	$345,968	+47.3%	0.03%
ABEO	Abeona Therapeutics Inc. Healthcare	Reduced	69,845	-104,860	$312,905	−66.0%	0.03%
HROW	Harrow, Inc. Healthcare	Reduced	8,515	-3,270	$300,238	−48.0%	0.03%
SLNO	Soleno Therapeutics Inc Healthcare	NEW	8,450	NEW	$282,906	NEW	0.02%
PTHS	Pelthos Therapeutics Inc. Healthcare	Added	12,919	+4,819	$271,428	+8.1%	0.02%
KSPI	Joint Stock Co Kaspi.kz Technology	NEW	3,600	NEW	$266,652	NEW	0.02%
TOST	Toast, Inc. Technology	NEW	10,000	NEW	$265,100	NEW	0.02%
MRX	Marex Group Ltd Financial Services	NEW	5,368	NEW	$239,305	NEW	0.02%