Pale Fire Capital SE
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 12 quarters, returned +12.9% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 66.7% of quarters (excess t = 0.75, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 60 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| BTG | $316M | | ADD |
| DOLE | $135M | | HOLD |
| GRPN | $121M | | HOLD |
| ZD | $117M | | ADD |
| PHR | $72M | | NEW |
| COUR | $61M | | NEW |
| LSPD | $50M | | NEW |
| CARS | $32M | | ADD |
| IAUX | $32M | | HOLD |
| ANGI | $27M | | ADD |
| PTON | $27M | | NEW |
| BAX | $27M | | TRIM |
| TDOC | $19M | | ADD |
| LQDA | $15M | | ADD |
| GAU | $10M | | TRIM |
| MLYS | $10M | | ADD |
| CMRC | $8M | | ADD |
| GERN | $7M | | ADD |
| KURA | $7M | | ADD |
| WEAV | $7M | | NEW |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.