Institutional Manager · CIK 0001922318
Pale Fire Capital SE
Prague, 2N · File #028-22858
Latest AUM
$1.49B
Positions
60
Top-10 Concentration
90.4%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| NEW | COINBASE GLOBAL INC | COIN | +1,271,800 | +$287.6M | $0 |
| NEW | TESLA INC | TSLA | +520,000 | +$233.9M | $0 |
| NEW | ROBINHOOD MKTS INC | 770700102 | +1,656,000 | +$187.3M | $0 |
| EXITED | IAMGOLD CORP | 450913108 | -3,930,998 | -$50.8M | $0 |
| REDUCE | B2GOLD CORP | BTG | -10,704,306 | -$48.3M | -$22.0M |
| EXITED | NEW GOLD INC CDA | 644535106 | -6,211,037 | -$44.6M | $0 |
| NEW | BAXTER INTL INC | 071813109 | +2,074,016 | +$39.6M | $0 |
| EXITED | TEVA PHARMACEUTICAL INDS LTD | 881624209 | -1,689,811 | -$34.1M | $0 |
| ADD | ZIFF DAVIS INC | ZD | +808,127 | +$28.4M | -$1.2M |
| REDUCE | CENTERRA GOLD INC | CGAU | -1,744,656 | -$25.1M | +$8.5M |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202560 pos · $1.49B
- 13F HOLDINGS REPORTQ/E Sep 202554 pos · $913.5M
- 13F HOLDINGS REPORTQ/E Jun 202560 pos · $974.6M
- 13F HOLDINGS REPORTQ/E Mar 202562 pos · $841.5M
- 13F HOLDINGS REPORTQ/E Dec 202451 pos · $440.8M
- 13F HOLDINGS REPORTQ/E Sep 202454 pos · $637.7M
- 13F HOLDINGS REPORTQ/E Jun 202447 pos · $887.2M
- 13F HOLDINGS REPORTQ/E Mar 202452 pos · $717.9M
- 13F HOLDINGS REPORTQ/E Dec 202374 pos · $994.7M
Top 20 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | COINBASE GLOBAL INC | COIN | 1,271,800 | $287.6M | 19.32% |
| 2 | TESLA INC | TSLA | 520,000 | $233.9M | 15.71% |
| 3 | ROBINHOOD MKTS INC | 770700102 | 1,656,000 | $187.3M | 12.58% |
| 4 | GROUPON INC | GRPN | 10,181,070 | $179.3M | 12.05% |
| 5 | B2GOLD CORP | BTG | 39,311,603 | $177.3M | 11.91% |
| 6 | DOLE PLC | DOLE | 9,372,776 | $140.5M | 9.44% |
| 7 | ZIFF DAVIS INC | ZD | 1,209,952 | $42.5M | 2.86% |
| 8 | BAXTER INTL INC | 071813109 | 2,074,016 | $39.6M | 2.66% |
| 9 | I-80 GOLD CORP | IAUX-WT | 20,668,315 | $30.2M | 2.03% |
| 10 | ANGI INC | ANGI | 2,152,919 | $27.8M | 1.87% |
| 11 | GALIANO GOLD INC | GAU | 7,914,409 | $20.0M | 1.35% |
| 12 | TELADOC HEALTH INC | TDOC | 1,944,203 | $13.6M | 0.91% |
| 13 | LIQUIDIA CORPORATION | LQDA | 379,392 | $13.1M | 0.88% |
| 14 | CENTERRA GOLD INC | CGAU | 591,222 | $8.5M | 0.57% |
| 15 | CARS COM INC | CARS | 661,501 | $8.1M | 0.54% |
| 16 | REGENXBIO INC | RGNX | 499,526 | $7.2M | 0.48% |
| 17 | FRACTYL HEALTH INC | GUTS | 3,209,942 | $7.1M | 0.47% |
| 18 | TSAKOS ENERGY NAVIGATION LTD | TEN-PF | 295,909 | $6.6M | 0.45% |
| 19 | GERON CORP | GERN | 4,788,594 | $6.3M | 0.42% |
| 20 | SYNDAX PHARMACEUTICALS INC | SNDX | 284,460 | $6.0M | 0.40% |