Pale Fire Capital SE

CIK 0001922318 · Q2 2026

13F Equity AUM

$1.4B

+24.3% QoQ

Positions

+12 QoQ

AUM Rank

#1,945

Top 22%

Skill Alpha (FF)

-0.2%/yr^ns

No Clear Edge

Rank #3,130 · Top 38%

vs S&P +1.6%/yr (unadj.)

Quarters Tracked

~3 years

Portfolio Concentration

Top 5: 61.5%Top 10: 82.2%Top 20: 93.9%

GRPN17.3%

BTO17.1%

JXC19.8%

DOLE9.2%

COUR8.2%

PHR6.5%

LSPD4.3%

BABA3.5%

PTON3.2%

CARS3.1%

Others (62)17.8%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Communication Services31.1%

Basic Materials17.7%

Consumer Defensive17.3%

Healthcare11.3%

Consumer Cyclical10.8%

Technology8.2%

Unclassified2.1%

Other1.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 72Median: 0.06%Avg: 1.39%

0–0.5%

48(3.6%)

0.5–1%

8(5.6%)

1–3%

6(8.7%)

3–5%

4(14.1%)

5%+

6(68.0%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 72vs 20 funds

0%Low

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New25Increased19Decreased12Exited13

New Positions

BABA3.5%

+519K

T1.7%

+1.1M

ORCL1.1%

+102K

CARG0.9%

+385K

GDDY0.8%

+127K

NU0.7%

+736K

TME0.7%

+1.1M

SPY0.6%

+11K

DOCU0.3%

+108K

ITR0.2%

+1.1M

Increased

COUR8.2%

+9.9M(+94%)

PTON3.2%

+1.5M(+24%)

GAU0.7%

+1.0M(+26%)

GON0.5%

+419K(+9%)

PHR6.5%

+275K(+3%)

LSPD4.3%

+249K(+5%)

MLYS1.2%

+249K(+68%)

DV0.2%

+110K(+99%)

CMRC0.6%

+103K(+3%)

CARS3.1%

+52K(+1%)

Decreased

BTO17.1%

-5,179,356(-7%)

IAU1.9%

-2,033,477(-10%)

TDOC1.2%

-1,424,729(-42%)

GUTS0.3%

-917,808(-16%)

KURA0.0%

-800,874(-93%)

LQDA0.0%

-384,898(-99%)

EXFY0.0%

-346,642(-72%)

AXD20.1%

-204,850(-8%)

SNDX0.2%

-158,910(-56%)

JXC19.8%

-122,812(-4%)

Exited

-1,582,743

-1,307,141

-54,281

-167,590

-13,650

-145,000

-14,700

FULC

-26,100

MRX

-5,368

SLNO

-8,450

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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