Helikon Investments Ltd

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed July 30, 2024), Helikon Investments Ltd reported 17 stock positions worth $1.1 billion. Its top holding was Eldorado Gold (EGO) at 32.8% of the portfolio, followed by Vista Energy Sab DE CV (VIST, 18.8%) and Corp. America Airports (CAAP, 11.4%). Compared with Q1 2024, it opened 2 new positions, sold out of 1, added to 6 and reduced 6. The biggest buy was a new position in Caesars Entertainment (CZR) and the biggest sale Iamgold (IAG, shares −48%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001839497
Portfolio Value
$1.1B (Q2 2024)
SEC Filing
0001839497-24-000004 ↗ filed Jul 30, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.1B $1.1B Q2 2024 Q3 2024: $1.1B Q3 2024 Q4 2024: $949.8M Q4 2024 Q1 2025: $1.3B Q1 2025 Q2 2025: $1.6B Q2 2025 Q3 2025: $1.4B Q3 2025 Q4 2025: $1.9B Q4 2025 Q1 2026: $2.6B Q1 2026 Q2 2026: $3.3B Q2 2026

Holdings 17 stocks · $1.1B
EGO Eldorado Gold Corp. 32.82% 23,836,579 $352.5M Reduce -13.9%
VIST Vista Energy Sab DE CV 18.80% 4,440,943 $202.0M Reduce -2.8%
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 11.44% 7,385,710 $122.9M Reduce -2.7%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 10.40% 5,553,179 $111.7M Reduce -25.8%
VEON Veon Ltd. 6.62% 2,739,275 $71.1M Add +8.1%
IAG Iamgold Corp. 5.96% 17,070,962 $64.0M Reduce -48.0%
CZR Caesars Entertainment Inc. 3.52% 950,244 $37.8M New
AGRO Adecoagro SA 2.34% 2,578,229 $25.1M Add +2.0%
PAM Pampa Energia SA-Spon ADR 2.20% 535,008 $23.7M Reduce -28.5%
IFS Intercorp Financial Services 1.63% 781,345 $17.5M Add +208.5%
SAND Sandstorm Gold Ltd. 1.06% 2,086,579 $11.4M Add +61.8%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 1.06% 1,266,348 $11.3M No change
EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 0.77% 502,260 $8.2M Add +45.5%
CRESY Cresud S.A.-Spons ADR 0.49% 637,624 $5.2M No change
ENIC Enel Chile SA-ADR 0.48% 1,842,178 $5.2M Add +4.7%
TGS Transportador Gas-ADR SP B 0.39% 220,482 $4.2M No change
SBS Cia Saneamento Basico DE-ADR filed as COMPANHIA DE SANEAMENTO BASI 0.03% 22,058 $297K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $10.4M (not counted above)
SecurityClassShares / PrincipalValueChange
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal 13,611,000$10.4MAdd +3.8%

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q1 2024 → Q2 2024
IAG Iamgold Corp. Reduce -48.0% 5.96% −3.57
YPF YPF S.A.-Sponsored ADR Reduce -25.8% 10.40% −2.49
CGAU Centerra Gold Inc. Sold out 0.00% −1.65
EGO Eldorado Gold Corp. Reduce -13.9% 32.82% −1.08
PAM Pampa Energia SA-Spon ADR Reduce -28.5% 2.20% −0.60
CAAP Corp. America Airports SA Reduce -2.7% 11.44% +0.34
VIST Vista Energy Sab DE CV Reduce -2.8% 18.80% +2.34

Portfolio Buys Q1 2024 → Q2 2024
CZR Caesars Entertainment Inc. New 3.52% +3.52
VEON Veon Ltd. Add +8.1% 6.62% +1.32
IFS Intercorp Financial Services Add +208.5% 1.63% +1.11
SAND Sandstorm Gold Ltd. Add +61.8% 1.06% +0.47
EDN Emp Distrib Y Comerc Nor-ADR Add +45.5% 0.77% +0.23
SBS Cia Saneamento Basico DE-ADR New 0.03% +0.03
ENIC Enel Chile SA-ADR Add +4.7% 0.48% +0.01
AGRO Adecoagro SA Add +2.0% 2.34% −0.09

Notes & Other Activity Q1 2024 → Q2 2024
LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) NOTE 1.750% 1/1 · principal Add +3.8% 13,611,000 $10.4M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 18$3.3BSKE, ABVX, EGO, CAAP, AAUC
Q1 2026 17$2.6BSKE, AAUC, CAAP, CNL, SVM
Q4 2025 16$1.9BAAUC, SKE, CAAP, CNL, MGM
Q3 2025 16$1.4BSKE, AAUC, CAAP, CNL, MGM
Q2 2025 18$1.6BMGM, CAAP, SKE, AAUC, CNL
Q1 2025 20$1.3BCAAP, EGO, AGRO, SKE, VEON
Q4 2024 18$949.8MEGO, CAAP, VEON, SKE, VIST
Q3 2024 18$1.1BEGO, CAAP, VIST, VEON, PAM
Q2 2024 17$1.1BEGO, VIST, CAAP, YPF, VEON
Q1 2024 16$1.1BEGO, VIST, YPF, CAAP, IAG