Q2 2025 · 13F-HR
Pale Fire Capital SEholdings as filed
Filed 2025-08-13 · accession 0000921895-25-002194
$974.6M
Reported value
60
Positions
2025-06-30
Period end
The Brief · Pale Fire Capital SE · Q2 2025
AI · grounded in 13F
Pale Fire Capital SE established a new position in GRPN valued at $340.6M. The fund also initiated new stakes in BTG for $237.4M and DOLE for $86.4M. Other new additions include HL, NGDN, and CGAU. The fund ended the period with 60 positions and total AUM of $974.6M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 399473206 | GRPN | GROUPON INC | $340.6M | 34.9% | 10,181,070 | Common | SHARED |
| 11777Q209 | BTG | B2GOLD CORP | $237.4M | 24.4% | 65,760,909 | Common | SHARED |
| G27907107 | DOLE | DOLE PLC | $86.4M | 8.86% | 6,174,540 | Common | SHARED |
| 422704106 | HL | HECLA MNG CO | $44.6M | 4.57% | 7,438,818 | Common | SHARED |
| 644535106 | NGDN | NEW GOLD INC CDA | $27.9M | 2.86% | 5,630,478 | Common | SHARED |
| 152006102 | CGAU | CENTERRA GOLD INC | $25.0M | 2.57% | 3,467,298 | Common | SHARED |
| 00183L201 | ANGI | ANGI INC | $19.7M | 2.02% | 1,292,517 | Common | SHARED |
| 697900108 | PAAS | PAN AMERN SILVER CORP | $18.4M | 1.89% | 649,493 | Common | SHARED |
| 881624209 | TEVA | TEVA PHARMACEUTICAL INDS LTD | $17.6M | 1.81% | 1,050,649 | Common | SHARED |
| 67066G954 | NVDA | NVIDIA CORPORATION | $16.3M | 1.67% | 103,000 | PUT | SHARED |
| 85207Q104 | SPPP | SPROTT PHYSICAL PLAT PALLAD | $13.8M | 1.41% | 1,172,523 | Common | SHARED |
| 57667L107 | MTCH | MATCH GROUP INC NEW | $12.9M | 1.32% | 416,533 | Common | SHARED |
| 44955L106 | IAUX | I-80 GOLD CORP | $12.7M | 1.31% | 21,263,656 | Common | SHARED |
| 48123V102 | ZD | ZIFF DAVIS INC | $10.4M | 1.06% | 342,885 | Common | SHARED |
| 192108504 | CDE | COEUR MNG INC | $10.2M | 1.04% | 1,146,022 | Common | SHARED |
| Y41053102 | INSW | INTERNATIONAL SEAWAYS INC | $9.8M | 1.01% | 269,133 | Common | SHARED |
| 450913108 | IAG | IAMGOLD CORP | $9.7M | 1.00% | 1,321,068 | Common | SHARED |
| 36352H100 | GAU | GALIANO GOLD INC | $7.6M | 0.78% | 6,011,627 | Common | SHARED |
| N90064101 | QURE | UNIQURE NV | $7.4M | 0.76% | 529,798 | Common | SHARED |
| G9108L173 | TEN | TSAKOS ENERGY NAVIGATION LTD | $6.9M | 0.71% | 360,433 | Common | SHARED |
| 603170101 | MLYS | MINERALYS THERAPEUTICS INC | $6.0M | 0.62% | 446,626 | Common | SHARED |
| N0731H103 | ATAI | ATAI LIFE SCIENCES NV | $5.8M | 0.59% | 2,640,384 | Common | SHARED |
| 03843E104 | AQST | AQUESTIVE THERAPEUTICS INC | $5.5M | 0.57% | 1,676,451 | Common | SHARED |
| 67576A100 | OCUL | OCULAR THERAPEUTIX INC | $4.9M | 0.50% | 530,135 | Common | SHARED |
| 825690100 | SSTK | SHUTTERSTOCK INC | $2.9M | 0.30% | 154,278 | Common | SHARED |
| G17977110 | BUR | BURFORD CAP LTD | $1.8M | 0.19% | 128,054 | Common | SHARED |
| 16934Q802 | CIM | CHIMERA INVT CORP | $1.5M | 0.15% | 107,708 | Common | SHARED |
| 53635D202 | LQDA | LIQUIDIA CORPORATION | $1.1M | 0.11% | 85,700 | Common | SHARED |
| 142038108 | CRBU | CARIBOU BIOSCIENCES INC | $976,569 | 0.10% | 775,055 | Common | SHARED |
| 23256X407 | HELP | CYBIN INC | $946,434 | 0.10% | 112,805 | Common | SHARED |
| 74880P104 | QIPT | QUIPT HOME MEDICAL CORP | $823,942 | 0.08% | 460,303 | Common | SHARED |
| L00849106 | AGRO | ADECOAGRO S A | $773,582 | 0.08% | 84,637 | Common | SHARED |
| 00773U207 | AVU0 | ADVERUM BIOTECHNOLOGIES INC | $771,257 | 0.08% | 358,724 | Common | SHARED |
| 87484T108 | TALO | TALOS ENERGY INC | $746,189 | 0.08% | 87,994 | Common | SHARED |
| 001228501 | MITT | AG MTG INVT TR INC | $386,575 | 0.04% | 51,202 | Common | SHARED |
| 714157203 | PESI | PERMA-FIX ENVIRONMENTAL SVCS | $270,248 | 0.03% | 25,689 | Common | SHARED |
| 415858109 | HROW | HARROW INC | $265,179 | 0.03% | 8,683 | Common | SHARED |
| 282559103 | ETNBGBP | 89BIO INC | $260,996 | 0.03% | 26,578 | Common | SHARED |
| 514766104 | LFCR | LIFECORE BIOMEDICAL INC | $249,170 | 0.03% | 30,686 | Common | SHARED |
| 48115J109 | DERM | JOURNEY MED CORP | $233,048 | 0.02% | 32,458 | Common | SHARED |
| 75901B107 | RGNX | REGENXBIO INC | $228,616 | 0.02% | 27,846 | Common | SHARED |
| 23954D109 | DAWNGBX | DAY ONE BIOPHARMACEUTICALS I | $226,480 | 0.02% | 34,843 | Common | SHARED |
| 76200L309 | RZLT | REZOLUTE INC | $219,084 | 0.02% | 49,122 | Common | SHARED |
| 810648105 | SCPH | SCPHARMACEUTICALS INC | $217,658 | 0.02% | 57,128 | Common | SHARED |
| 04280A100 | ARWR | ARROWHEAD PHARMACEUTICALS IN | $214,422 | 0.02% | 13,571 | Common | SHARED |
| 15102K100 | CELC | CELCUITY INC | $212,799 | 0.02% | 15,940 | Common | SHARED |
| G65431127 | NE | NOBLE CORP PLC | $212,400 | 0.02% | 8,000 | Common | SHARED |
| 90400D108 | RARE | ULTRAGENYX PHARMACEUTICAL IN | $203,616 | 0.02% | 5,600 | Common | SHARED |
| 67080N101 | NUVB | NUVATION BIO INC | $186,502 | 0.02% | 95,642 | Common | SHARED |
| N44445109 | IMTX | IMMATICS N.V | $184,373 | 0.02% | 34,270 | Common | SHARED |
| 58039P305 | MUX | MCEWEN INC. | $118,684 | 0.01% | 12,350 | Common | SHARED |
| 50127T109 | KURA | KURA ONCOLOGY INC | $115,977 | 0.01% | 20,100 | Common | SHARED |
| 98420X202 | XFOR | X4 PHARMACEUTICALS INC | $114,097 | 0.01% | 60,051 | Common | SHARED |
| 92859G608 | VZLA | VIZSLA SILVER CORP | $114,072 | 0.01% | 38,800 | Common | SHARED |
| 52886X107 | LXEO | LEXEO THERAPEUTICS INC | $111,153 | 0.01% | 27,650 | Common | SHARED |
| 517125100 | LRMR | LARIMAR THERAPEUTICS INC | $108,427 | 0.01% | 37,518 | Common | SHARED |
| 68828E809 | ODV | OSISKO DEVELOPMENT CORP | $104,999 | 0.01% | 49,065 | Common | SHARED |
| 64782A107 | NEWP | NEW PAC METALS CORP | $90,624 | 0.01% | 67,630 | Common | SHARED |
| 00218A105 | ASPI | ASP ISOTOPES INC | $75,808 | 0.01% | 10,300 | Common | SHARED |
| 29286M105 | — | ENGENE HOLDINGS INC | $62,805 | 0.01% | 17,254 | Common | SHARED |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.