Pale Fire Capital SE

Prague, 2N · CIK 1922318 · 13F filing filed 2026-08-13

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

Legal entityPale Fire Capital SE (CZ)

Other 13F filers in this group: Pale Fire Capital investicni spolecnost a.s. files a notice

$1.4bn reported value +23.5% vs Q1 2026

71positions

82.7%in top 10

24 new 19 added 12 reduced 13 sold out vs Q1 2026

Options: 0 call positions (— notional), 1 put positions ($8.3m notional) – listed below, not included above.

This report includes the holdings of 3 other managers that share the investment decisions:

Barta Jan – reports through this filing
Pale Fire Capital investicni spolecnost a.s. – reports through this filing
Senkypl Dusan – reports through this filing

Shares in two reports are counted once in each security's totals.

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	GROUPON INC COM NEW GRPN	GRPN	10,181,070	$245.0m17.42%	17.42%	Unchanged
2	B2GOLD CORP COM BTG	BTG	64,560,777	$241.5m17.17%	17.17%	Reduced -5.2m	-5,179,356 -7.4%
3	ZIFF DAVIS INC COM ZD	ZD	2,660,554	$139.3m9.91%	9.91%	Reduced -122.8k	-122,812 -4.4%
4	DOLE PLC ORD SHS DOLE	DOLE	9,427,476	$129.3m9.20%	9.20%	Unchanged
5	COURSERA INC COM COUR	COUR	20,432,950	$115.2m8.20%	8.20%	Added +9.9m	+9,921,347 94.4%
6	PHREESIA INC COM PHR	PHR	8,924,329	$91.8m6.53%	6.53%	Added +275.0k	+275,000 3.2%
7	LIGHTSPEED COMMERCE INC SUB VTG SHS LSPD	LSPD	5,773,932	$60.6m4.31%	4.31%	Added +249.3k	+249,341 4.5%
8	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	518,964	$49.8m3.54%	3.54%	New
9	PELOTON INTERACTIVE INC CL A COM PTON	PTON	7,728,586	$45.7m3.25%	3.25%	Added +1.5m	+1,494,009 24.0%
10	CARS COM INC COM CARS	CARS	4,008,218	$43.8m3.12%	3.12%	Added +51.6k	+51,600 1.3%
11	I-80 GOLD CORP COM IAUX	IAUX	18,809,579	$27.1m1.93%	1.93%	Reduced -2.0m	-2,033,477 -9.8%
12	AT&T INC COM T	T	1,140,000	$23.6m1.68%	1.68%	New
13	ANGI INC CL A NEW ANGI	ANGI	3,930,416	$23.4m1.66%	1.66%	Unchanged
14	TELADOC HEALTH INC COM TDOC	TDOC	1,973,762	$16.7m1.19%	1.19%	Reduced -1.4m	-1,424,729 -41.9%
15	MINERALYS THERAPEUTICS INC COM MLYS	MLYS	614,284	$16.6m1.18%	1.18%	Added +248.7k	+248,658 68.0%
16	ORACLE CORP COM ORCL	ORCL	102,000	$14.9m1.06%	1.06%	New
17	CARGURUS INC COM CL A CARG	CARG	384,626	$13.1m0.93%	0.93%	New
18	GODADDY INC CL A GDDY	GDDY	127,179	$10.8m0.77%	0.77%	New
19	NU HLDGS LTD ORD SHS CL A NU	NU	735,954	$9.8m0.70%	0.70%	New
20	GALIANO GOLD INC COM GAU	GAU	5,036,654	$9.4m0.67%	0.67%	Added +1.0m	+1,036,654 25.9%
21	TENCENT MUSIC ENTMT GROUP SPON ADS TME	TME	1,094,729	$9.1m0.65%	0.65%	New
22	BIGCOMMERCE HLDGS INC COM SER 1 CMRC	CMRC	3,054,890	$9.0m0.64%	0.64%	Added +102.8k	+102,796 3.5%
23	WEAVE COMMUNICATIONS INC COM WEAV	WEAV	1,492,806	$8.9m0.64%	0.64%	Unchanged
24	GERON CORP COM GERN	GERN	5,307,204	$6.8m0.48%	0.48%	Added +418.9k	+418,900 8.6%
25	REGENXBIO INC COM RGNX	RGNX	466,209	$5.6m0.40%	0.40%	Reduced -27.5k	-27,517 -5.6%
26	DOCUSIGN INC COM DOCU	DOCU	108,000	$4.8m0.34%	0.34%	New
27	FRACTYL HEALTH INC COM COM		5,003,237	$4.0m0.28%	0.28%	Reduced -917.8k	-917,808 -15.5%
28	JOURNEY MED CORP COM DERM	DERM	528,584	$3.7m0.27%	0.27%	Added +46.6k	+46,597 9.7%
29	SYNDAX PHARMACEUTICALS INC COM SNDX	SNDX	125,550	$2.7m0.20%	0.20%	Reduced -158.9k	-158,910 -55.9%
30	SPROUT SOCIAL INC COM CL A SPT	SPT	343,841	$2.6m0.18%	0.18%	Unchanged
31	INTEGRA RES CORP COM ITRG	ITRG	1,054,986	$2.4m0.17%	0.17%	New
32	DOUBLEVERIFY HLDGS INC COM DV	DV	220,336	$2.4m0.17%	0.17%	Added +109.8k	+109,836 99.4%
33	SAGIMET BIOSCIENCES INC COM SER A SGMT	SGMT	221,875	$1.7m0.12%	0.12%	Unchanged
34	HERON THERAPEUTICS INC COM HRTX	HRTX	2,511,478	$1.1m0.08%	0.08%	Reduced -204.8k	-204,850 -7.5%
35	CYBIN INC COM NEW COM NEW		153,505	$1.0m0.07%	0.07%	Unchanged
36	PERMA-FIX ENVIRONMENTAL SVCS COM NEW PESI	PESI	55,627	$794.9k0.06%	0.06%	Added +7.0k	+7,001 14.4%
37	RAPID7 INC COM RPD	RPD	79,249	$641.9k0.05%	0.05%	Unchanged
38	KURA ONCOLOGY INC COM KURA	KURA	56,600	$620.9k0.04%	0.04%	Reduced -800.9k	-800,874 -93.4%
39	TARSUS PHARMACEUTICALS INC COM TARS	TARS	9,802	$616.9k0.04%	0.04%	Added +4.2k	+4,150 73.4%
40	GEOPARK LTD USD SHS GPRK	GPRK	63,300	$576.0k0.04%	0.04%	Added +41.8k	+41,800 194.4%
41	RIGEL PHARMACEUTICALS INC COM RIGL	RIGL	14,252	$557.5k0.04%	0.04%	Unchanged
42	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	16,514	$551.4k0.04%	0.04%	Unchanged
43	PHATHOM PHARMACEUTICALS INC COM PHAT	PHAT	49,713	$539.4k0.04%	0.04%	New
44	ABEONA THERAPEUTICS INC COM NEW ABEO	ABEO	81,945	$506.4k0.04%	0.04%	Added +12.1k	+12,100 17.3%
45	DELCATH SYS INC COM NEW DCTH	DCTH	40,085	$504.7k0.04%	0.04%	Unchanged
46	ONITY GROUP INC COM NEW ONIT	ONIT	11,833	$470.4k0.03%	0.03%	Added +2.0k	+2,000 20.3%
47	SLM CORP COM SLM	SLM	17,300	$448.8k0.03%	0.03%	New
48	HARROW INC COM HROW	HROW	10,515	$446.6k0.03%	0.03%	Added +2.0k	+2,000 23.5%
49	TENET HEALTHCARE CORP COM NEW THC	THC	2,000	$374.2k0.03%	0.03%	New
50	GLOBAL PMTS INC COM GPN	GPN	5,050	$366.4k0.03%	0.03%	New
51	PELTHOS THERAPEUTICS INC COM SHS PTHS	PTHS	12,919	$365.1k0.03%	0.03%	Unchanged
52	KASPI KZ JSC SPONSORED ADS KSPI	KSPI	3,600	$311.9k0.02%	0.02%	Unchanged
53	NEUROGENE INC COM NGNE	NGNE	9,460	$297.5k0.02%	0.02%	New
54	PARKE BANCORP INC COM PKBK	PKBK	8,620	$285.8k0.02%	0.02%	New
55	TOAST INC CL A TOST	TOST	10,000	$278.2k0.02%	0.02%	Unchanged
56	LIQUIDIA CORPORATION COM NEW LQDA	LQDA	3,479	$277.4k0.02%	0.02%	Reduced -384.9k	-384,898 -99.1%
57	NORTHPOINTE BANCSHARES INC. COM SHS NPB	NPB	13,258	$254.3k0.02%	0.02%	Added +3.0k	+3,000 29.2%
58	EXPENSIFY INC COM CL A EXFY	EXFY	134,409	$240.6k0.02%	0.02%	Reduced -346.6k	-346,642 -72.1%
59	NEKTAR THERAPEUTICS COM NEW NKTR	NKTR	3,350	$233.9k0.02%	0.02%	New
60	PALISADE BIO INC COM PALI	PALI	111,410	$232.8k0.02%	0.02%	Unchanged
61	CORBUS PHARMACEUTICALS HLDGS COM NEW CRBP	CRBP	24,301	$227.9k0.02%	0.02%	Added +3.0k	+2,951 13.8%
62	CULLINAN THERAPEUTICS INC COM CGEM	CGEM	12,418	$226.1k0.02%	0.02%	Reduced -1.8k	-1,800 -12.7%
63	RELMADA THERAPEUTICS INC COM RLMD	RLMD	31,650	$219.0k0.02%	0.02%	Unchanged
64	SPRUCE BIOSCIENCES INC COM NEW SPRB	SPRB	3,818	$206.2k0.01%	0.01%	New
65	PRIORITY TECHNOLOGY HLDGS IN COM PRTH	PRTH	25,000	$166.8k0.01%	0.01%	New
66	KALARIS THERAPEUTICS INC COM KLRS	KLRS	39,626	$161.3k0.01%	0.01%	New
67	LARIMAR THERAPEUTICS INC COM LRMR	LRMR	43,000	$131.2k0.01%	0.01%	New
68	ARVINAS INC COM ARVN	ARVN	11,951	$99.3k0.01%	0.01%	New
69	MERLIN INC COM MRLN	MRLN	16,000	$91.0k0.01%	0.01%	New
70	CYTOMX THERAPEUTICS INC COM CTMX	CTMX	22,900	$85.9k0.01%	0.01%	New
71	CONTEXT THERAPEUTICS INC COM CNTX	CNTX	11,796	$6.5k0.00%	0.00%	New

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
BAXTER INTL INC BAX	BAX	1,582,743	$26.6m1.6m shares
UDEMY INC UDMY	UDMY	1,307,141	$6.0m1.3m shares
IAC INC PPLI	PPLI	54,281	$2.2m54.3k shares
X4 PHARMACEUTICALS INC XFOR	XFOR	167,590	$692.1k167.6k shares
AGIOS PHARMACEUTICALS INC AGIO	AGIO	13,650	$461.8k13.7k shares
SM ENERGY CO SM	SM	14,700	$458.3k14.7k shares
KOSMOS ENERGY LTD KOS	KOS	145,000	$403.1k145.0k shares
SOLENO THERAPEUTICS INC SLNO	SLNO	8,450	$282.9k8.4k shares
MAREX GROUP PLC 96665EUR	96665EUR	5,368	$239.3k5.4k shares
FULCRUM THERAPEUTICS INC FULC	FULC	26,100	$200.2k26.1k shares
GRACE THERAPEUTICS INC GRCE	GRCE	37,762	$174.8k37.8k shares
ENGENE HOLDINGS INC		24,004	$163.5k24.0k shares
IMMATICS N.V IMTX	IMTX	16,272	$160.1k16.3k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
SPDR S&P 500 ETF TR SPY · Put	SPY	Put	11,100	$8.3m11.1k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
PHREESIA INC PHR · 13D · filed 2026-04-02	PHR	14.7%≈ $91.8m	+2.0 pts	13D	2026-04-02
COURSERA INC COUR · 13G · filed 2026-09-29	COUR	10.9%≈ $162.5m	+5.1 pts	13G	2026-09-29
ANGI INC ANGI · 13D · filed 2026-03-03	ANGI	9.8%≈ $23.4m	+1.5 pts	13D	2026-03-03
BIGCOMMERCE HLDGS INC CMRC · 13D · filed 2026-09-09	CMRC	8.7%≈ $21.2m	+2.2 pts	13D	2026-09-09
ZIFF DAVIS INC ZD · 13D · filed 2026-03-03	ZD	6.9%≈ $136.0m	new	13D	2026-03-03
CARS COM INC CARS · 13G · filed 2026-03-06	CARS	5.9%≈ $37.8m	new	13G	2026-03-06
B2GOLD CORP BTG · 13G · filed 2026-02-12	BTG	5.2%≈ $257.8m	+0.2 pts	13G	2026-02-12
LIGHTSPEED COMMERCE INC LSPD · 13G · filed 2026-10-01	LSPD	5.1%≈ $69.8m	new	13G	2026-10-01

Trades reported as a company insider since 1 Apr 2026

Owning 10% or more of a company, or having someone on its board, makes this manager an insider there: it reports its trades in that company's shares on Form 4 within two business days. Open-market and private purchases and sales only.

Date	Company	Ticker	Trade	Shares	Value	Their holding
2026-09-29	COURSERA INC 10% owner · By Pale Fire Capital SICAV a.s.	COUR	Bought	1,000,000	$4.6m1.0m shares	+4%
2026-09-25	COURSERA INC 10% owner · By Pale Fire Capital SICAV a.s.	COUR	Bought	1,332,742	$6.7m1.3m shares	+5%
2026-04-02	PHREESIA INC 10% owner · By Pale Fire Capital SICAV a.s.	PHR	Bought	106,236	$882.8k106.2k shares	+1%
2026-04-01	PHREESIA INC 10% owner · By Pale Fire Capital SICAV a.s.	PHR	Bought	168,764	$1.4m168.8k shares	+2%