2026 Q1 Portfolio Activity
In 2026 Q1, Pale Fire Capital SE maintained a portfolio of 81 distinct positions. The most significant new addition was PHREESIA INC, now representing 6.37% of the total fund value. They heavily accumulated shares in B2GOLD CORP, increasing the position by 77.4%. Conversely, Pale Fire Capital SE completely exited their position in COINBASE GLOBAL INC.
Position History
hover any row below to update
Loading…
Total Positions
81
Quarter
2026 Q1
Top Holding
BTG (27.8%)
Top 10 Concentration
84.6%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-50 of 81
Pale Fire Capital SE Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
BTG
B2GOLD CORP
|
Basic Materials | 27.76% | 11.90% |
#1
4
Prev: #5
|
9.0 |
—
|
30,428,530 | 77.4% |
P
S
|
69,740,133 | $315,922,803 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
DOLE
DOLE PLC
|
Consumer Defensive | 11.84% | 9.43% |
#2
4
Prev: #6
|
6.0 |
—
|
54,700 | 0.6% |
P
S
|
9,427,476 | $134,718,632 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GRPN
GROUPON INC
|
Communication Services | 10.65% | 12.03% |
#3
1
Prev: #4
|
6.0 |
—
|
no change | no change |
P
S
|
10,181,070 | $121,154,733 | 2022 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ZD
ZIFF DAVIS INC
|
Communication Services | 10.26% | 2.85% |
#4
3
Prev: #7
|
7.5 |
—
|
1,573,414 | 130.0% |
P
S
|
2,783,366 | $116,790,037 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
PHR
PHREESIA INC
|
Healthcare | 6.37% | — |
#5
Prev: #—
|
6.5 |
—
|
8,649,329 | — |
NEW
|
8,649,329 | $72,481,377 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
COUR
COURSERA INC
|
Consumer Defensive | 5.38% | — |
#6
Prev: #—
|
5.7 |
—
|
10,511,603 | — |
NEW
|
10,511,603 | $61,177,529 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
LSPD
LIGHTSPEED COMM...
|
Technology | 4.35% | — |
#7
Prev: #—
|
5.2 |
—
|
5,524,591 | — |
NEW
|
5,524,591 | $49,500,335 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CARS
CARS COM INC
|
Communication Services | 2.82% | 0.54% |
#8
7
Prev: #15
|
4.1 |
—
|
3,295,117 | 498.1% |
P
S
|
3,956,618 | $32,127,738 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
IAUX
I-80 GOLD CORP
|
Basic Materials | 2.78% | 2.03% |
#9
Prev: #9
|
1.6 |
—
|
174,741 | 0.8% |
P
S
|
20,843,056 | $31,681,445 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ANGI
ANGI INC
|
Communication Services | 2.37% | 1.87% |
#10
Prev: #10
|
3.9 |
—
|
1,777,497 | 82.6% |
P
S
|
3,930,416 | $26,923,350 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
PTON
PELOTON INTERAC...
|
Consumer Cyclical | 2.35% | — |
#11
Prev: #—
|
4.4 |
—
|
6,234,577 | — |
NEW
|
6,234,577 | $26,746,335 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BAX
BAXTER INTL INC
|
Healthcare | 2.34% | 2.66% |
#12
4
Prev: #8
|
0.9 |
—
|
-491,273 | -23.7% |
P
S
|
1,582,743 | $26,590,082 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TDOC
TELADOC HEALTH ...
|
Healthcare | 1.63% | 0.91% |
#13
1
Prev: #12
|
3.7 |
—
|
1,454,288 | 74.8% |
P
S
|
3,398,491 | $18,521,776 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
LQDA
LIQUIDIA CORPOR...
|
Healthcare | 1.29% | 0.88% |
#14
1
Prev: #13
|
1.0 |
—
|
8,985 | 2.4% |
P
S
|
388,377 | $14,657,348 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GAU
GALIANO GOLD IN...
|
Basic Materials | 0.88% | 1.34% |
#15
4
Prev: #11
|
0.4 |
—
|
-3,914,409 | -49.5% |
P
S
|
4,000,000 | $10,040,000 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MLYS
MINERALYS THERA...
|
Healthcare | 0.87% | 0.03% |
#16
24
Prev: #40
|
3.3 |
—
|
355,272 | 3431.3% |
P
S
|
365,626 | $9,904,808 | 2023 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BIGC
COMMERCE.COM IN...
|
Unknown | 0.69% | 0.21% |
#17
11
Prev: #28
|
3.3 |
—
|
2,203,169 | 294.2% |
P
S
|
2,952,094 | $7,882,091 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GERN
GERON CORP
|
Healthcare | 0.64% | 0.42% |
#18
1
Prev: #19
|
0.8 |
—
|
99,710 | 2.1% |
P
S
|
4,888,304 | $7,283,573 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KURA
KURA ONCOLOGY I...
|
Healthcare | 0.61% | 0.32% |
#19
4
Prev: #23
|
3.2 |
—
|
405,229 | 89.6% |
P
S
|
857,474 | $6,971,264 | 2023 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
WEAV
WEAVE COMMUNICA...
|
Healthcare | 0.61% | — |
#20
Prev: #—
|
3.7 |
—
|
1,492,806 | — |
NEW
|
1,492,806 | $6,896,764 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SNDX
SYNDAX PHARMACE...
|
Healthcare | 0.58% | 0.40% |
#21
1
Prev: #20
|
1.2 |
—
|
no change | no change |
P
S
|
284,460 | $6,644,986 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
UDMY
UDEMY INC
|
Consumer Defensive | 0.53% | — |
#22
Prev: #—
|
3.7 |
—
|
1,307,141 | — |
NEW
|
1,307,141 | $6,038,991 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RGNX
REGENXBIO INC
|
Healthcare | 0.36% | 0.48% |
#23
7
Prev: #16
|
0.6 |
—
|
-5,800 | -1.2% |
P
S
|
493,726 | $4,137,424 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GUTS
FRACTYL HEALTH ...
|
Healthcare | 0.24% | 0.47% |
#24
7
Prev: #17
|
3.1 |
—
|
2,711,103 | 84.5% |
P
S
|
5,921,045 | $2,710,654 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
DERM
JOURNEY MED COR...
|
Healthcare | 0.20% | 0.23% |
#25
Prev: #25
|
2.1 |
—
|
37,345 | 8.4% |
P
S
|
481,987 | $2,260,519 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HRTX
HERON THERAPEUT...
|
Healthcare | 0.19% | 0.13% |
#26
4
Prev: #30
|
3.1 |
—
|
1,246,673 | 84.8% |
P
S
|
2,716,328 | $2,173,334 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
IAC
IAC INC
|
Communication Services | 0.19% | 0.25% |
#27
3
Prev: #24
|
0.1 |
—
|
-42,226 | -43.8% |
P
S
|
54,281 | $2,172,868 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SPT
SPROUT SOCIAL I...
|
Technology | 0.17% | — |
#28
Prev: #—
|
3.6 |
—
|
343,841 | — |
NEW
|
343,841 | $1,959,894 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SGMT
SAGIMET BIOSCIE...
|
Healthcare | 0.10% | 0.09% |
#29
2
Prev: #31
|
1.0 |
—
|
no change | no change |
P
S
|
221,875 | $1,159,297 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
DV
DOUBLEVERIFY HL...
|
Communication Services | 0.09% | — |
#30
Prev: #—
|
3.5 |
—
|
110,500 | — |
NEW
|
110,500 | $1,049,750 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CYBN
CYBIN INC
|
Unknown | 0.06% | 0.08% |
#31
1
Prev: #32
|
1.0 |
—
|
no change | no change |
P
S
|
153,505 | $736,824 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
XFOR
X4 PHARMACEUTIC...
|
Healthcare | 0.06% | 0.04% |
#32
3
Prev: #35
|
1.0 |
—
|
no change | no change |
P
S
|
167,590 | $692,147 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
PESI
PERMA-FIX ENVIR...
|
Industrials | 0.05% | 0.04% |
#33
5
Prev: #38
|
2.0 |
—
|
5,406 | 12.5% |
P
S
|
48,626 | $519,812 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
AGIO
AGIOS PHARMACEU...
|
Healthcare | 0.04% | 0.02% |
#34
8
Prev: #42
|
2.0 |
—
|
1,800 | 15.2% |
P
S
|
13,650 | $461,780 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SM
SM ENERGY COMPA...
|
Energy | 0.04% | — |
#35
Prev: #—
|
3.5 |
—
|
14,700 | — |
NEW
|
14,700 | $458,346 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RPD
RAPID7 INC
|
Technology | 0.04% | — |
#36
Prev: #—
|
3.5 |
—
|
79,249 | — |
NEW
|
79,249 | $436,662 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EXFY
EXPENSIFY INC
|
Technology | 0.04% | — |
#37
Prev: #—
|
3.5 |
—
|
481,051 | — |
NEW
|
481,051 | $418,466 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KOS
KOSMOS ENERGY L...
|
Energy | 0.04% | — |
#38
Prev: #—
|
3.5 |
—
|
145,000 | — |
NEW
|
145,000 | $403,100 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TARS
TARSUS PHARMACE...
|
Healthcare | 0.03% | 0.01% |
#39
11
Prev: #50
|
3.0 |
—
|
3,200 | 130.5% |
P
S
|
5,652 | $396,488 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ONIT
ONITY GROUP INC
|
Financial Services | 0.03% | 0.02% |
#40
3
Prev: #43
|
2.5 |
—
|
3,000 | 43.9% |
P
S
|
9,833 | $386,142 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RIGL
RIGEL PHARMACEU...
|
Healthcare | 0.03% | — |
#41
Prev: #—
|
3.5 |
—
|
14,252 | — |
NEW
|
14,252 | $385,374 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
DCTH
DELCATH SYS INC
|
Healthcare | 0.03% | 0.03% |
#42
3
Prev: #39
|
1.0 |
—
|
no change | no change |
P
S
|
40,085 | $371,989 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
RARE
ULTRAGENYX PHAR...
|
Healthcare | 0.03% | 0.02% |
#43
2
Prev: #45
|
3.0 |
—
|
6,303 | 61.7% |
P
S
|
16,514 | $345,968 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ABEO
ABEONA THERAPEU...
|
Healthcare | 0.03% | 0.06% |
#44
11
Prev: #33
|
0.0 |
—
|
-104,860 | -60.0% |
P
S
|
69,845 | $312,906 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HROW
HARROW INC
|
Healthcare | 0.03% | 0.04% |
#45
8
Prev: #37
|
0.0 |
—
|
-3,270 | -27.7% |
P
S
|
8,515 | $300,239 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SLNO
SOLENO THERAPEU...
|
Healthcare | 0.02% | — |
#46
Prev: #—
|
3.5 |
—
|
8,450 | — |
NEW
|
8,450 | $282,906 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
PTHS
PELTHOS THERAPE...
|
Healthcare | 0.02% | 0.02% |
#47
3
Prev: #44
|
3.0 |
—
|
4,819 | 59.5% |
P
S
|
12,919 | $271,428 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KSPI
KASPI KZ JSC
|
Technology | 0.02% | — |
#48
Prev: #—
|
3.5 |
—
|
3,600 | — |
NEW
|
3,600 | $266,652 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TOST
TOAST INC
|
Technology | 0.02% | — |
#49
Prev: #—
|
3.5 |
—
|
10,000 | — |
NEW
|
10,000 | $265,100 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MRX
MAREX GROUP PLC
|
Financial Services | 0.02% | — |
#50
Prev: #—
|
3.5 |
—
|
5,368 | — |
NEW
|
5,368 | $239,305 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 |
Showing 1-50 of 81 holdings