Pale Fire Capital SE

Pale Fire Capital's $1.14B Q1 2026 13F is one of the most dramatic reshuffles in this filing cycle: the fund eliminated its three largest positions — Coinbase, Tesla, and Robinhood — which had together been 48% of the portfolio in Q4 2025. In their place, Pale Fire established 10 new positions totaling roughly $293M, with exposure tilted toward healthcare SaaS, education, commerce infrastructure, and fitness turnarounds. B2Gold was doubled in size and now dominates the book at 27.8%, while Dole, Groupon, and Ziff Davis retained meaningful seats at the table. The AUM fell from $1.49B to $1.14B, implying significant redemptions, which makes the aggressive new deployment of capital into unfamiliar names all the more notable.