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Livermore
Livermore
ZHEN

Pale Fire Capital SE

SEC CIK
0001922318
Latest filing
Aug 13, 2026

The latest 13F from Pale Fire Capital SE covers Q2 2026 (filed Aug 13, 2026): 71 long positions worth $1.41B. The top 10 holdings make up 82.7% of the portfolio, and the largest is Groupon, Inc. (GRPN) at 17.4%. Livermore has 15 filings on Form 13F from this institution, going back to Q4 2022.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
24
Est. +$141.9M
Added
19
Est. +$82.9M
Reduced
12
Est. −$85.6M
Sold out
13
Est. −$38.0M

Top 5 holdings

Share of this quarter's portfolio value

  1. GRPNGroupon, Inc.
    17.4%$245.0MHistory
  2. BTGB2GOLD Corp
    17.2%$241.5MHistory
  3. ZDZiff Davis, Inc.
    9.9%$139.3MHistory
  4. DOLEDole plc
    9.2%$129.3MHistory
  5. COURCoursera, Inc.
    8.2%$115.2MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. COURCoursera, Inc.
    +$56.0MAddedHistory
  2. BABAAlibaba Group Holding Ltd
    +$49.8MNewHistory
  3. TAT&T Inc.
    +$23.6MNewHistory
  4. ORCLOracle Corp
    +$14.9MNewHistory
  5. CARGCarGurus, Inc.
    +$13.1MNewHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. BABAAlibaba Group Holding Ltd
    +3.54 pp0.0% → 3.5%History
  2. COURCoursera, Inc.
    +2.82 pp5.4% → 8.2%History
  3. TAT&T Inc.
    +1.68 pp0.0% → 1.7%History
  4. ORCLOracle Corp
    +1.06 pp0.0% → 1.1%History
  5. CARGCarGurus, Inc.
    +0.93 pp0.0% → 0.9%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. LQDALiquidia Corp
    −$30.7MReducedHistory
  2. BAXBaxter International Inc
    −$26.6MSold outHistory
  3. BTGB2GOLD Corp
    −$19.4MReducedHistory
  4. TDOCTeladoc Health, Inc.
    −$12.1MReducedHistory
  5. KURAKura Oncology, Inc.
    −$8.79MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. BTGB2GOLD Corp
    −10.58 pp27.8% → 17.2%History
  2. BAXBaxter International Inc
    −2.34 pp2.3% → 0.0%History
  3. LQDALiquidia Corp
    −1.27 pp1.3% → <0.1%History
  4. IAUXi-80 Gold Corp.
    −0.86 pp2.8% → 1.9%History
  5. KURAKura Oncology, Inc.
    −0.57 pp0.6% → <0.1%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$1.41B
+$267.8M (+23.5%) vs. prior quarter
Positions
71
+11 vs. prior quarter
Top 10 concentration
82.7%
Top 10 as share of value
Turnover
9.7%
Q2 2026, one quarter
Average holding period
7.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q4 2022), so positions held before then are understated.

13F filings by quarter

15 quarters, going back to Q4 2022. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $1.41B (Q2 2026)

Q4 2022: $158.9MQ1 2023: $173.4MQ2 2023: $1.00BQ3 2023: $994.6MQ4 2023: $639.4MQ1 2024: $717.3MQ2 2024: $886.8MQ3 2024: $637.7MQ4 2024: $426.9MQ1 2025: $830.4MQ2 2025: $958.3MQ3 2025: $912.4MQ4 2025: $775.8MQ1 2026: $1.14BQ2 2026: $1.41B
Q4 2022Q2 2026
13F filings of Pale Fire Capital SE by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 202671$1.41BGRPNBTGZDvs. Q1 2026SEC
Q1 2026May 14, 202660$1.14BBTGDOLEGRPNvs. Q4 2025SEC
Q4 2025Feb 13, 202655$775.8MGRPNBTGDOLEvs. Q3 2025SEC
Q3 2025Nov 13, 202552$912.4MBTGGRPNDOLEvs. Q2 2025SEC
Q2 2025Aug 13, 202559$958.3MGRPNBTGDOLEvs. Q1 2025SEC
Q1 2025May 14, 202561$830.4MGRPNBTGBarrick Gold Corpvs. Q4 2024SEC
Q4 2024Feb 13, 202550$426.9MBTGGRPNDOLEvs. Q3 2024SEC
Q3 2024Nov 12, 202454$637.7MTDOLEGRPNvs. Q2 2024SEC
Q2 2024Aug 13, 202443$886.8MTSHELGRPNvs. Q1 2024SEC
Q1 2024May 14, 202446$717.3MSHELGRPNDOLEvs. Q4 2023SEC
Q4 2023Feb 13, 202468$639.4MSHELDOLEGRPNvs. Q3 2023SEC
Q3 2023Nov 13, 202373$994.6MSHELBPGRPNvs. Q2 2023SEC
Q2 2023Aug 11, 202348$1.00BSHELBPDOLEvs. Q1 2023SEC
Q1 2023May 15, 202317$173.4MDOLEGRPNARLOvs. Q4 2022SEC
Q4 2022Feb 8, 20239$158.9MDOLEGRPNNMM–SEC

13D and 13G filings

Companies where Pale Fire Capital SE reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

7 companies, largest stake first.

Companies where Pale Fire Capital SE owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
PHRPhreesia, Inc.13D/A14.70%8.92M shares+2.00 ppfrom 12.70%Feb 19, 20263 filingsApr 2, 2026SEC
ANGIAngi Inc.13D/A9.80%3.93M shares+1.50 ppfrom 8.30%Feb 18, 20262 filingsMar 3, 2026SEC
CMRCCommerce.com, Inc.13D/A8.70%7.18M shares+2.20 ppfrom 6.50%Aug 27, 20262 filingsSep 9, 2026SEC
ZDZiff Davis, Inc.13D6.90%2.60M sharesNewMar 3, 20261 filingMar 3, 2026SEC
CARSCars.com Inc.13G5.90%3.45M sharesNewMar 6, 20261 filingMar 6, 2026SEC
COURCoursera, Inc.13G5.80%9.70M sharesNewMar 10, 20261 filingMar 10, 2026SEC
BTGB2GOLD Corp13G5.20%68.9M shares+0.23 ppfrom 4.97%May 5, 20253 filingsFeb 12, 2026SEC

Latest filings

22 filings on file made by Pale Fire Capital SE or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Pale Fire Capital SE
CompanyFiled (ET)FilerFormStakeChangeEvent dateFiling
CMRCCommerce.com, Inc.Sep 9, 20265:22 PM ETPale Fire Capital SEand 4 others13D/A8.70%7.18M shares+2.20 ppfrom 6.50%Sep 4, 2026SEC
CMRCCommerce.com, Inc.Aug 27, 20265:31 PM ETPale Fire Capital SEand 4 others13D6.50%5.40M sharesNewAug 20, 2026SEC
GRPNGroupon, Inc.Aug 10, 20264:30 PM ETBarta Janand 4 others13D/A32.00%13.0M shares−2.10 ppfrom 34.10%Aug 6, 2026SEC
GRPNGroupon, Inc.Apr 30, 20265:43 PM ETBarta Janand 4 others13D/A34.10%14.4M shares+2.10 ppfrom 32.00%Apr 28, 2026SEC
PHRPhreesia, Inc.Apr 2, 20266:41 PM ETPale Fire Capital SEand 4 others13D/A14.70%8.92M shares+2.00 ppfrom 12.70%Mar 31, 2026SEC
PHRPhreesia, Inc.Mar 19, 20266:46 PM ETPale Fire Capital SEand 4 others13D/A12.70%7.65M shares+3.50 ppfrom 9.20%Mar 17, 2026SEC
COURCoursera, Inc.Mar 10, 20267:40 PM ETPale Fire Capital SEand 4 others13G5.80%9.70M sharesNewMar 3, 2026SEC
CARSCars.com Inc.Mar 6, 20264:15 PM ETPale Fire Capital SEand 4 others13G5.90%3.45M sharesNewFeb 27, 2026SEC
ANGIAngi Inc.Mar 3, 20265:38 PM ETPale Fire Capital SEand 4 others13D/A9.80%3.93M shares+1.50 ppfrom 8.30%Feb 27, 2026SEC
ZDZiff Davis, Inc.Mar 3, 20265:36 PM ETPale Fire Capital SEand 4 others13D6.90%2.60M sharesNewFeb 24, 2026SEC
PHRPhreesia, Inc.Feb 19, 20265:33 PM ETPale Fire Capital SEand 4 others13D9.20%5.57M sharesNewFeb 11, 2026SEC
ANGIAngi Inc.Feb 18, 20264:56 PM ETPale Fire Capital SEand 4 others13D8.30%3.59M sharesNewFeb 11, 2026SEC
BTGB2GOLD CorpFeb 12, 20264:18 PM ETPale Fire Capital SEand 4 others13G5.20%68.9M shares+0.23 ppfrom 4.97%Feb 5, 2026SEC
DOLEDole plcSep 8, 20257:11 PM ETBarta Janand 4 others13D/A9.00%8.59M shares+2.50 ppfrom 6.50%Sep 4, 2025SEC
BTGB2GOLD CorpAug 13, 20254:14 PM ETPale Fire Capital SEand 4 others13G/A4.97%65.8M shares−0.03 ppfrom 5.00%Below 5%Jun 30, 2025SEC
BTGB2GOLD CorpMay 5, 202511:59 AM ETPale Fire Capital SEand 4 others13G5.00%66.0M sharesNewApr 16, 2025SEC
ANGIAngi Inc.May 2, 20254:05 PM ETPale Fire Capital SEand 4 others13G/A0.90%452.4K shares−5.30 ppfrom 6.20%Below 5%Mar 31, 2025SEC
DOLEDole plcFeb 6, 20254:16 PM ETBarta Janand 4 others13D/A6.50%6.21M shares–Feb 6, 2025SEC
GRPNGroupon, Inc.Feb 6, 20254:15 PM ETBarta Janand 4 others13D/A32.00%13.7M shares–Feb 6, 2025SEC
ANGIAngi Inc.Feb 6, 20254:09 PM ETPale Fire Capital SEand 4 others13G/A6.20%4.64M shares–Dec 31, 2024SEC