Pale Fire Capital portfolio
Concentrated managerType not verifiedPortfolio as of Jun 30, 2026 (Q2 2026) · filed with the SEC on Aug 13, 2026 · data updated on Nov 5, 2026 · Q2 2026 13F (filing) ↗ · all its 13F filings ↗
A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions and they may have changed.
Pale Fire Capital reported a $1.4 bn portfolio of 71 positions to the SEC as of the end of Q2 2026. Its largest positions are GRPN, BTG, ZD. During the quarter it opened Alibaba Group Holding and At&t and exited Baxter International.
Sections with a free account
What it reported after the quarter end (Q2 2026)
The 13F shows the portfolio as of Jun 30, 2026. Since then Pale Fire Capital has filed these own trades with the SEC (Form 4, when it owns more than 10% of a company or holds a role in it) and stakes above 5% (13D and 13G). It is not everything it did: only what it must report before the next 13F.
Form 4 · 1,640,613 shares · trades from Oct 12 to Nov 4 · filed Nov 4, 2026 · filing (latest of 3) ↗
- 13GLightspeed CommerceLSPD5.1 %
Stake reported in the company · event of Sep 24, 2026 · filed Oct 1, 2026 · filing ↗
Stake reported in the company · event of Sep 25, 2026 · filed Sep 29, 2026 · filing ↗
Stake reported in the company · event of Sep 4, 2026 · filed Sep 9, 2026 · filing ↗
What changed this quarter
66 positions with a change (24 new, 19 added to, 12 trimmed, 11 sold); also, 2 exited through an acquisition or merger. 12 are listed here: those of 0.5 points of the portfolio or more (up to 12).
- Coursera+94%more sharesIncreased5.4% → 8.2%
- Alibaba Group Holding+3.5 ppof portfolioNew— → 3.5%
- Baxter International−1.9 ppof portfolioSold out2.3% → —
- At&t+1.7 ppof portfolioNew— → 1.7%
- B2gold−7.4%fewer sharesReduced27.8% → 17.2%
- Oracle+1.1 ppof portfolioNew— → 1.1%
- Liquidia−99%fewer sharesReduced1.3% → under 0.1%
- CarGurus+0.9 ppof portfolioNew— → 0.9%
- Teladoc Health−42%fewer sharesReduced1.6% → 1.2%
- GoDaddy+0.8 ppof portfolioNew— → 0.8%
- Nu Holdings+0.7 ppof portfolioNew— → 0.7%
- Tencent Music Entertainment Group+0.7 ppof portfolioNew— → 0.7%
The figure on the right: for positions added to or trimmed, the change in the number of shares (%); for new and sold ones, the points of the portfolio moved (pp). Below, the portfolio weight before → after. Traded weight: what it bought or sold, excluding price effects.
Top holdings
- GrouponGRPN17.4%
- B2goldBTG17.2%
- Ziff DavisZD9.9%
- DoleDOLE9.2%
- CourseraCOUR8.2%
- PhreesiaPHR6.5%
- Lightspeed CommerceLSPD4.3%
- Alibaba Group HoldingBABA3.5%
- Peloton InteractivePTON3.2%
- Cars.comCARS3.1%
- i-80 GOLDIAUX1.9%
- At&tT1.7%
- AngiANGI1.7%
- Teladoc HealthTDOC1.2%
- Mineralys TherapeuticsMLYS1.2%
“Since”: first quarter of the current run, unbroken until today. In the details, prices are the quarter-end prices of the quarters in which it added shares, per the 13F. The manager may have bought at any price within each quarter; the SEC only publishes the value at quarter end.
Portfolio by sector
- ● Consumer Discretionary 32%
- ● Materials 20%
- ● Communication Services 13%
- ● Information Technology 11%
- ● Consumer Staples 9%
- ● Industrials 8%
- ● Health Care 5%
- ● Financials 1%
How its portfolio changed (8 quarters)
Q2 2026: 71
Q2 2026: 83%
Q2 2026: 11.5%
Traded turnover: the weight it bought plus the weight it sold in the quarter, divided by two, excluding price moves. The plain “turnover” in the header does include that effect. With a free account: the full history and sectors over time.
Declared options (1)
Besides stocks, Pale Fire Capital declared 1 put (they gain if the stock falls) with a notional of $8.3M. The 13F reports the value of the underlying shares, not the premium paid, so these figures look large and are not added to the portfolio. Nor does it say whether the option is bought or written, or its strike or expiry: it may be a hedge.
- PUTState Str Spdr S&P 500 ETF TSPYnew this quarter$8.3M
Stakes above 5% (13D/13G)
Companies where this filer reported holding 5% or more of the shares. It is the figure from its latest filing on each one; history since December 2024.
How we classify it
Type not verified. It meets the portfolio criteria of a concentrated manager, but its type is not verified: we found no official document that is enough to say what kind of entity it is. It may be an investment firm, but also an adviser adding up client accounts, a bank or a family vehicle. It counts in the tallies like the rest; keep that in mind when reading it. How the type is assigned
Managers of a similar size
A 13F portfolio value between a third and three times this one, whatever the type of filer. It is not a comparison of what they hold.
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- Scheer, Rowlett & Associates Investment Management$1.4 bn
- Talbot Financial$1.4 bn
- AltraVue CapitalInvestment firm · $1.4 bn
- Teewinot Capital Advisers, L.L.CInvestment firm · $1.4 bn