1y return+20.6%S&P 500 +20.9%
3y return+126.7%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2022: $260 against $195 in the S&P 500.2
Pale Fire Capital SES&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| GRPNGroupon Inc | $245.0M | 17.4% | |
| BTGB2gold Corp | $241.5M | 17.2% | −7.4% |
| ZDZiff Davis Inc | $139.3M | 9.9% | −4.4% |
| Dole PLCCUSIP G27907107 | $129.3M | 9.2% | |
| COURCoursera Inc | $115.2M | 8.2% | +94.4% |
| PHRPhreesia Inc | $91.8M | 6.5% | +3.2% |
| LSPDLightspeed Commerce Inc | $60.6M | 4.3% | +4.5% |
| BABAAlibaba Group Hldg Ltd | $49.8M | 3.5% | New |
| PTONPeloton Interactive Inc | $45.7M | 3.2% | +24.0% |
| CARSCars Com Inc | $43.8M | 3.1% | +1.3% |
| IAUXI-80 Gold Corp | $27.1M | 1.9% | −9.8% |
| TAt&t Inc | $23.6M | 1.7% | New |
| ANGIAngi Inc | $23.4M | 1.7% | |
| TDOCTeladoc Health Inc | $16.7M | 1.2% | −41.9% |
| MLYSMineralys Therapeutics Inc | $16.6M | 1.2% | +68.0% |
| ORCLOracle Corp | $14.9M | 1.1% | New |
| CARGCargurus Inc | $13.1M | 0.9% | New |
| GDDYGodaddy Inc | $10.8M | 0.8% | New |
| Nu Hldgs LtdCUSIP G6683N103 | $9.8M | 0.7% | New |
| GAUGaliano Gold Inc | $9.4M | 0.7% | +25.9% |
| TMETencent Music Entmt Group | $9.1M | 0.7% | New |
| CMRCCommerce.com Inc | $9.0M | 0.6% | +3.5% |
| WEAVWeave Communications Inc | $8.9M | 0.6% | |
| GERNGeron Corp | $6.8M | 0.5% | +8.6% |
| RGNXRegenxbio Inc | $5.6M | 0.4% | −5.6% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| MLYSMineralys Therapeutics Inc | December 31, 2023 | +213.7% | $16.6M |
| GRPNGroupon Inc | December 31, 2022 | +180.4% | $245.0M |
| PESIPerma-fix Environmental Svcs | March 31, 2025 | +96.6% | $795K |
| KURAKura Oncology Inc | June 30, 2025 | +90.1% | $621K |
| RGNXRegenxbio Inc | December 31, 2024 | +55.0% | $5.6M |
| GAUGaliano Gold Inc | March 31, 2025 | +50.8% | $9.4M |
| RPDRapid7 Inc | March 31, 2026 | +47.0% | $642K |
| Dole PLCCUSIP G27907107 | December 31, 2022 | +42.2% | $129.3M |
| ZDZiff Davis Inc | March 31, 2025 | +39.4% | $139.3M |
| BTGB2gold Corp | June 30, 2024 | +38.5% | $241.5M |
Sold off last quarter
- BAXBaxter Intl Inc was $26.6M
- Udemy IncCUSIP 902685106 was $6.0M
- PPLIIac Inc was $2.2M
- XFORX4 Pharmaceuticals Inc was $692K
- AGIOAgios Pharmaceuticals Inc was $462K
- SMSm Energy Company was $458K
- KOSKosmos Energy Ltd was $403K
- Soleno Therapeutics IncCUSIP 834203309 was $283K
- Marex Group PLCCUSIP G5S37H101 was $239K
- FULCFulcrum Therapeutics Inc was $200K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +15.4% | +14.8% |
| March 31, 2026 | −8.8% | −4.6% |
| December 31, 2025 | +0.5% | +2.4% |
| September 30, 2025 | +14.1% | +7.8% |
| June 30, 2025 | +29.1% | +10.5% |
| March 31, 2025 | +20.9% | −4.6% |
| December 31, 2024 | −5.6% | +2.1% |
| September 30, 2024 | +0.2% | +5.4% |
| June 30, 2024 | +7.1% | +4.0% |
| March 31, 2024 | +5.9% | +10.0% |
| December 31, 2023 | +0.5% | +11.2% |
| September 30, 2023 | +11.5% | −3.6% |
| June 30, 2023 | +19.9% | +8.3% |
| March 31, 2023 | −4.3% | +7.0% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Pale Fire Capital SE Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1922318&type=13F-HR&dateb=&owner=include&count=40CIK 1922318
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1922318/000092189526002114/Filed August 13, 2026 · accession 0000921895-26-002114