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Pale Fire Capital SE
Jan Barta · Private Equity · Value
Pale Fire Capital SE is a Prague-based investment firm founded in 2015 by Jan Barta, Dušan Šenkypl, and David Holý. The firm operates as a hybrid investment group, combining a private equity focus on technological innovation with an active long/short value strategy in global public markets. It specializes in supporting business founders and scaling technology-driven companies across sectors such as e-commerce, software-as-a-service, and internet platforms. With a significant portfolio including Groupon, Aukro, and Rouvy, the firm provides both strategic guidance and financial capital to help portfolio companies achieve global reach.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +10.9% |
| YTD return | +5.2% |
| Sharpe ratio | 1.86 |
| Win rate | 56% |
| AUM | $1.0B |
| Inception | Oct 1, 2025 |
| Updated | Aug 20, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $1.0B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.palefirecapital.com/ |
Current Holdings
Updated on Aug 20, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| GRPN | Groupon Inc | 26.9% | +0.0% |
| ZD | Ziff Davis Inc | 15.5% | +46.2% |
| DOLE | Dole PLC | 13.3% | -0.7% |
| PHR | Phreesia Inc | 11.3% | +7.2% |
| COUR | Coursera Inc | 6.1% | +0.3% |
| CARS | Cars.com Inc | 5.2% | +40.2% |
| BAX | Baxter International Inc | 4.4% | +26.6% |
| PTON | Peloton Interactive Inc | 3.5% | -2.5% |
| LQDA | Liquidia Technologies Inc | 3.5% | +148.0% |
| TDOC | Teladoc Inc | 2.5% | +16.9% |
| ANGI | ANGI Homeservices Inc | 2.0% | -51.6% |
| MLYS | Mineralys Therapeutics, Inc. Common Stock | 1.0% | -15.5% |
| KURA | Kura Oncology Inc | 0.8% | +16.4% |
| WEAV | Weave Communications Inc | 0.8% | +27.2% |
| GERN | Geron Corporation | 0.8% | +2.0% |
| CMRC | Commerce.com, Inc. | 0.6% | -25.0% |
| SNDX | Syndax Pharmaceuticals Inc | 0.6% | -1.6% |
| RGNX | Regenxbio Inc | 0.5% | +22.4% |
| GUTS | Fractyl Health, Inc. Common Stock | 0.4% | -15.1% |
| SPT | Sprout Social Inc | 0.4% | -1.9% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Aug 10, 2026 | SELL | DERM | 0.4% → 0.0% |
| Aug 10, 2026 | BUY | GRPN | 27.0% → 26.9% |
| Aug 10, 2026 | BUY | GUTS | 0.5% → 0.4% |
| Aug 10, 2026 | SELL | ZD | 15.1% → 15.5% |
| Aug 10, 2026 | SELL | PTON | 3.7% → 3.5% |
Investment Style Analysis
Pale Fire Capital SE is widely recognized for employing a Value strategy. As of Aug 20, 2026, the firm oversees approximately $1.0B in assets under management (AUM). The portfolio demonstrates a clear preference for the Internet Content & Information and Advertising Agencies sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Aug 10, Pale Fire Capital SE made a significant move by reducing the position in DERM. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Pale Fire Capital employs a value-oriented, generalist approach across both private and public markets. The firm seeks asymmetric investment opportunities characterized by significant upside potential relative to downside risk, aiming for a robust margin of safety. In its private equity arm, it focuses on technological innovation and partners closely with founders, providing in-house expertise in marketing, HR, and finance to scale businesses globally. In public markets, it runs a long/short strategy with a long-term horizon, prioritizing fundamental research and the preservation of capital while remaining opportunistic in the face of market inefficiencies.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Pale Fire Capital SE.
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Frequently asked questions
How is the simulated portfolio for Pale Fire Capital SE constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Pale Fire Capital SE's largest holding?
As of the latest filing, Pale Fire Capital SE's top position is Groupon Inc (GRPN), representing 26.9% of the portfolio. This reflects a high-conviction bet by the institution.
What is Pale Fire Capital SE's historical performance and risk profile?
Our simulation indicates a total return of +10.9% with a win rate of 56%. Notably, the portfolio maintains a Sharpe Ratio of 1.86, suggesting an strong level of risk-adjusted returns compared to the broader market.
What sectors does Pale Fire Capital SE primarily invest in?
Pale Fire Capital SE has a strong preference for the Internet Content & Information sector, which makes up 34.0% of their disclosed assets. The portfolio also has exposure to Advertising Agencies, indicating a specific thematic focus.
Is Pale Fire Capital SE's portfolio concentrated or diversified?
Pale Fire Capital SE runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 55.6% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Pale Fire Capital SE performed in 2026?
Our AI-simulated model portfolio for Pale Fire Capital SE tracks a Year-to-Date (YTD) return of +5.2%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Jan Barta manage Pale Fire Capital SE directly?
Yes, Jan Barta serves as the key portfolio manager for Pale Fire Capital SE, overseeing the investment strategy and final capital allocation decisions.