Pale Fire Capital SE reported 67 positions worth $1.13B for the quarter ended Jun 30, 2026, up 44.7% on the prior quarter. It opened 23 new positions, added to 19, trimmed 10 and exited 11. Its largest holding is Groupon, Inc. at 21.6% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| COUR Coursera, Inc. | +9.92M | +94.4% | $55.96M | 10.16% |
| BABA Alibaba Group Holding Ltd | +519.0K | – | $49.81M | 4.39% |
| T At&T Inc. | +1.14M | – | $23.60M | 2.08% |
| ORCL Oracle Corp | +102.0K | – | $14.95M | 1.32% |
| CARG CarGurus, Inc. | +384.6K | – | $13.11M | 1.16% |
| GDDY GoDaddy Inc. | +127.2K | – | $10.79M | 0.951% |
| NU Nu Holdings Ltd. | +736.0K | – | $9.83M | 0.867% |
| TME Tencent Music Entertainment Group | +1.09M | – | $9.14M | 0.806% |
| PTON Peloton Interactive, Inc. | +1.49M | +24.0% | $8.83M | 4.03% |
| MLYS Mineralys Therapeutics, Inc. | +248.7K | +68.0% | $6.71M | 1.46% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| LQDA Liquidia Corp | -384.9K | -99.1% | $30.69M | 0.024% |
| BAX Baxter International Inc | -1.58M | -100.0% | $26.59M | Exited |
| TDOC Teladoc Health, Inc. | -1.42M | -41.9% | $12.08M | 1.48% |
| KURA Kura Oncology, Inc. | -800.9K | -93.4% | $8.79M | 0.055% |
| ZD Ziff Davis, Inc. | -122.8K | -4.4% | $6.43M | 12.28% |
| SNDX Syndax Pharmaceuticals Inc | -158.9K | -55.9% | $3.47M | 0.242% |
| PPLI People Inc | -54.3K | -100.0% | $2.17M | Exited |
| GUTS Fractyl Health, Inc. | -76.5K | -15.5% | $729.11K | 0.35% |
| XFOR X4 Pharmaceuticals, Inc | -167.6K | -100.0% | $692.15K | Exited |
| EXFY Expensify, Inc. | -346.6K | -72.1% | $620.49K | 0.021% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| BABA Alibaba Group Holding Ltd | +519.0K | $49.81M | 4.39% |
| T At&T Inc. | +1.14M | $23.60M | 2.08% |
| ORCL Oracle Corp | +102.0K | $14.95M | 1.32% |
| CARG CarGurus, Inc. | +384.6K | $13.11M | 1.16% |
| GDDY GoDaddy Inc. | +127.2K | $10.79M | 0.951% |
| NU Nu Holdings Ltd. | +736.0K | $9.83M | 0.867% |
| TME Tencent Music Entertainment Group | +1.09M | $9.14M | 0.806% |
| DOCU Docusign, Inc. | +108.0K | $4.80M | 0.423% |
| PHAT Phathom Pharmaceuticals, Inc. | +49.7K | $539.39K | 0.048% |
| SLM SLM Corp | +17.3K | $448.76K | 0.04% |
| Holding | Shares Sold | Trade Value | Prior Weight |
|---|---|---|---|
| BAX Baxter International Inc | -1.58M | $26.59M | 3.39% |
| PPLI People Inc | -54.3K | $2.17M | 0.277% |
| XFOR X4 Pharmaceuticals, Inc | -167.6K | $692.15K | 0.088% |
| AGIO Agios Pharmaceuticals, Inc. | -13.7K | $461.78K | 0.059% |
| SM SM Energy Co | -14.7K | $458.35K | 0.058% |
| KOS Kosmos Energy Ltd. | -145.0K | $403.10K | 0.051% |
| MRX Marex Group Ltd | -5,368 | $239.31K | 0.031% |
| FULC Fulcrum Therapeutics, Inc. | -26.1K | $200.19K | 0.026% |
| GRCE Grace Therapeutics, Inc. | -37.8K | $174.84K | 0.022% |
| ENGN enGene Therapeutics Inc. | -24.0K | $163.47K | 0.021% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | GRPN Groupon, Inc. | Technology | 10.18M | $244.96M | 21.59% | 0 | 0.0% | Unchanged | 26.13% |
| 2 | ZD Ziff Davis, Inc. | Communication Services | 2.66M | $139.33M | 12.28% | -122.8K | -4.4% | Reduced | 7.31% |
| 3 | DOLE Dole plc | Consumer Staples | 9.43M | $129.34M | 11.4% | 0 | 0.0% | Unchanged | 9.92% |
| 4 | COUR Coursera, Inc. | Technology | 20.43M | $115.24M | 10.16% | +9.92M | +94.4% | Added | 7.44% |
| 5 | PHR Phreesia, Inc. | Technology | 8.92M | $91.83M | 8.09% | +275.0K | +3.2% | Added | 14.44% |
| 6 | LSPD Lightspeed Commerce Inc. | Technology | 5.77M | $60.57M | 5.34% | +249.3K | +4.5% | Added | 4.15% |
| 7 | BABA Alibaba Group Holding Ltd | Technology | 519.0K | $49.81M | 4.39% | +519.0K | – | New | 0.02% |
| 8 | PTON Peloton Interactive, Inc. | Consumer Discretionary | 7.73M | $45.68M | 4.03% | +1.49M | +24.0% | Added | 1.76% |
| 9 | CARS Cars.com Inc. | Technology | 4.01M | $43.85M | 3.86% | +51.6K | +1.3% | Added | 7.17% |
| 10 | T At&T Inc. | Communication Services | 1.14M | $23.60M | 2.08% | +1.14M | – | New | 0.02% |
| 11 | ANGI Angi Inc. | Technology | 3.93M | $23.39M | 2.06% | 0 | 0.0% | Unchanged | 9.71% |
| 12 | TDOC Teladoc Health, Inc. | Healthcare | 1.97M | $16.74M | 1.48% | -1.42M | -41.9% | Reduced | 1.09% |
| 13 | MLYS Mineralys Therapeutics, Inc. | Healthcare | 614.3K | $16.57M | 1.46% | +248.7K | +68.0% | Added | 0.7% |
| 14 | ORCL Oracle Corp | Technology | 102.0K | $14.95M | 1.32% | +102.0K | – | New | 0% |
| 15 | CARG CarGurus, Inc. | Technology | 384.6K | $13.11M | 1.16% | +384.6K | – | New | 0.43% |
Tip. Select a row to see that position’s full history at Pale Fire Capital SE.
As of its Q2 2026 13F filing, Pale Fire Capital SE’s five largest positions were Groupon, Inc. (GRPN) at 21.6%, Ziff Davis, Inc. (ZD) at 12.3%, Dole plc (DOLE) at 11.4%, Coursera, Inc. (COUR) at 10.2%, Phreesia, Inc. (PHR) at 8.1% of the reported portfolio.
Pale Fire Capital SE reported a 13F portfolio worth $1.13B across 67 positions for Q2 2026. That is up 44.7% from the previous quarter.
Its largest purchases by value were Coursera, Inc. ($55.96M), Alibaba Group Holding Ltd ($49.81M), At&T Inc. ($23.60M). It opened 23 new positions.
Its largest sales by value were Liquidia Corp ($30.69M), Baxter International Inc ($26.59M), Teladoc Health, Inc. ($12.08M). It exited 11 positions entirely.
From the Form 13F-HR reports Pale Fire Capital SE files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.