In its 13F for Q1 2024 (holdings as of March 31, 2024, filed April 18, 2024), Helikon Investments Ltd reported 16 stock positions worth $1.1 billion . Its top holding was Eldorado Gold (EGO) at 33.9% of the portfolio, followed by Vista Energy Sab DE CV (VIST, 16.5% ) and YPF S.A.-Sponsored ADR (YPF, 12.9% ). Compared with Q4 2023, it opened 2 new positions, sold out of 1, added to 7 and reduced 6. The biggest buy was Iamgold (IAG, shares +250% ) and the biggest sale YPF S.A.-Sponsored ADR (YPF, shares −28% ).
Location LONDON, X0
CIK 0001839497
Portfolio Value $1.1B (Q1 2024) Holdings 16 stocks · $1.1B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 EGO Eldorado Gold Corp. 27,675,388 $389.4M Reduce -1.7% VIST Vista Energy Sab DE CV 4,569,692 $189.1M Reduce -22.9% YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 7,479,093 $148.1M Reduce -27.9% CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 7,593,495 $127.6M Reduce -4.2% IAG Iamgold Corp. 32,861,554 $109.4M Add +250.5% VEON Veon Ltd. 2,533,075 $60.8M Add +30.4% PAM Pampa Energia SA-Spon ADR 748,085 $32.3M Add +20.2% AGRO Adecoagro SA 2,526,924 $27.8M Add +95.5% CGAU Centerra Gold Inc. 3,215,352 $19.0M Reduce -43.3% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 1,266,348 $11.9M Add +3.5% SAND Sandstorm Gold Ltd. 1,289,779 $6.8M New EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 345,218 $6.1M Add +15.3% IFS Intercorp Financial Services 253,246 $6.0M Reduce -15.9% CRESY Cresud S.A.-Spons ADR 637,624 $5.7M Add +13.6% ENIC Enel Chile SA-ADR 1,759,444 $5.4M No change TGS Transportador Gas-ADR SP B 220,482 $3.3M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.3M (not counted above) Total filed on the 13F, all lines: $1.2B.
Portfolio Sells Q4 2023 → Q1 2024 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ YPF YPF S.A.-Sponsored ADR Reduce -27.9% 12.89% −4.57 EGO Eldorado Gold Corp. Reduce -1.7% 33.90% −1.83 CGAU Centerra Gold Inc. Reduce -43.3% 1.65% −1.67 CAAP Corp. America Airports SA Reduce -4.2% 11.11% −1.35 VIST Vista Energy Sab DE CV Reduce -22.9% 16.46% −0.67 IFS Intercorp Financial Services Reduce -15.9% 0.52% −0.12 BUR Burford Capital Ltd. Sold out 0.00% −0.08
Portfolio Buys Q4 2023 → Q1 2024 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ IAG Iamgold Corp. Add +250.5% 9.53% +7.20 VEON Veon Ltd. Add +30.4% 5.29% +1.55 AGRO Adecoagro SA Add +95.5% 2.42% +1.02 SAND Sandstorm Gold Ltd. New 0.59% +0.59 TGS Transportador Gas-ADR SP B New 0.29% +0.29 IRS Irsa -SP ADR Add +3.5% 1.03% +0.00 CRESY Cresud S.A.-Spons ADR Add +13.6% 0.50% −0.03 EDN Emp Distrib Y Comerc Nor-ADR Add +15.3% 0.53% −0.04 PAM Pampa Energia SA-Spon ADR Add +20.2% 2.81% −0.21
Notes & Other Activity Q4 2023 → Q1 2024 Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 18 $3.3B SKE, ABVX, EGO, CAAP, AAUC Q1 2026 17 $2.6B SKE, AAUC, CAAP, CNL, SVM Q4 2025 16 $1.9B AAUC, SKE, CAAP, CNL, MGM Q3 2025 16 $1.4B SKE, AAUC, CAAP, CNL, MGM Q2 2025 18 $1.6B MGM, CAAP, SKE, AAUC, CNL Q1 2025 20 $1.3B CAAP, EGO, AGRO, SKE, VEON Q4 2024 18 $949.8M EGO, CAAP, VEON, SKE, VIST Q3 2024 18 $1.1B EGO, CAAP, VIST, VEON, PAM Q2 2024 17 $1.1B EGO, VIST, CAAP, YPF, VEON Q1 2024 16 $1.1B EGO, VIST, YPF, CAAP, IAG