Pale Fire Capital Se

Quarters on file

Each quarter on file, back to June 2016 when the filing exists. Net bought is the share change from the previous quarter at that quarter’s close. A split that leaves the dollar value in place counts as flat.

• Q2 202614 names$314M+$94.1M
• Q1 202610 names$195M+$304M
• Q4 20252 names$6.3M+$7.8M
• Q3 20251 name$1.5M+$1.5M
• Q2 20250 names$0−$2.3M
• Q1 20252 names$2.3M+$1.9M
• Q4 20240 names$0—
• Q3 20240 names$0—
• Q2 20240 names$0—
• Q1 20240 names$0—
• Q4 20230 names$0—
• Q3 20230 names$0—
• Q2 20230 names$0—
• Q1 20230 names$0—
• Q4 20220 names$0—

What moved the book

The five software lines with the largest share change this quarter.

• PhreesiaPHR+$146M$72.5M
• CourseraCOUR+$77.4M$61.2M
• LightspeedLSPD+$66.7M$49.5M
• Commerce.com, Inc.CMRC+$9.1M$7.9M
• Sprout SocialSPT+$3.9M$2.0M

Software held

• PhreesiaPHR8,649,329 shares · 37.1% of their software · price −$73.9M$72.5MNew · +$146M
• CourseraCOUR10,511,603 shares · 31.3% of their software · price −$16.2M$61.2MNew · +$77.4M
• LightspeedLSPD5,524,591 shares · 25.3% of their software · price −$17.2M$49.5MNew · +$66.7M
• Commerce.com, Inc.CMRC2,952,094 shares · 4.0% of their software · price −$4.3M$7.9M+$9.1M
• Sprout SocialSPT343,841 shares · 1.0% of their software · price −$1.9M$2.0MNew · +$3.9M
• DoubleVerifyDV110,500 shares · 0.5% of their software$1.0MNew · +$1.3M
• Rapid7RPD79,249 shares · 0.2% of their software · price −$768K$437KNew · +$1.2M
• Expensify, Inc.EXFY481,051 shares · 0.2% of their software$418KNew · +$726K
• Joint Stock Company Kaspi.kzKSPI3,600 shares · 0.1% of their software$267KNew · Flat
• ToastTOST10,000 shares · 0.1% of their software$265KNew · Flat