Helikon Investments Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed October 28, 2024), Helikon Investments Ltd reported 18 stock positions worth $1.1 billion. Its top holding was Eldorado Gold (EGO) at 29.7% of the portfolio, followed by Corp. America Airports (CAAP, 12.9%) and Vista Energy Sab DE CV (VIST, 12.3%). Compared with Q2 2024, it opened 4 new positions, sold out of 3, added to 7 and reduced 3. The biggest buy was Pampa Energia SA-Spon ADR (PAM, shares +147%) and the biggest sale Vista Energy Sab DE CV (VIST, shares −31%).

Most Recent 13F
Q2 2026
Location
LONDON, X0
CIK
0001839497
Portfolio Value
$1.1B (Q3 2024)
SEC Filing
0001839497-24-000006 ↗ filed Oct 28, 2024

Holdings Value

0$1.0B$2.0B$3.0B$4.0B Q1 2024: $1.1B Q1 2024 Q2 2024: $1.1B Q2 2024 Q3 2024: $1.1B $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 18 stocks · $1.1B
EGO Eldorado Gold Corp. 29.70% 18,871,218 $327.8M Reduce -20.8%
CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 12.86% 8,131,794 $142.0M Add +10.1%
VIST Vista Energy Sab DE CV 12.30% 3,072,390 $135.7M Reduce -30.8%
VEON Veon Ltd. 7.69% 2,788,955 $84.8M Add +1.8%
PAM Pampa Energia SA-Spon ADR 7.18% 1,319,415 $79.2M Add +146.6%
AGRO Adecoagro SA 6.96% 6,941,857 $76.8M Add +169.3%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 6.85% 3,566,746 $75.7M Reduce -35.8%
CZR Caesars Entertainment Inc. 6.00% 1,587,547 $66.3M Add +67.1%
IFS Intercorp Financial Services 2.31% 974,819 $25.5M Add +24.8%
CNL Collective Mining Ltd. 1.65% 5,681,800 $18.2M New
SKE Skeena Resources Ltd. 1.65% 2,146,397 $18.2M New
EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 1.63% 809,902 $17.9M Add +61.3%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 1.31% 1,266,348 $14.4M No change
SGHC Super Group SGHC Ltd. 0.58% 1,771,604 $6.4M New
CRESY Cresud S.A.-Spons ADR 0.50% 637,624 $5.5M No change
ENIC Enel Chile SA-ADR 0.47% 1,842,178 $5.1M No change
TGS Transportador Gas-ADR SP B 0.37% 220,482 $4.0M No change
EVRI Everi Holdings Inc. 0.02% 16,776 $220K 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$10.4MNo change

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

Portfolio Sells Q2 2024 → Q3 2024
VIST Vista Energy Sab DE CV Reduce -30.8% 12.30% −6.51
IAG Iamgold Corp. Sold out 0.00% −5.96
YPF YPF S.A.-Sponsored ADR Reduce -35.8% 6.85% −3.55
EGO Eldorado Gold Corp. Reduce -20.8% 29.70% −3.13
SAND Sandstorm Gold Ltd. Sold out 0.00% −1.06
SBS Cia Saneamento Basico DE-ADR Sold out 0.00% −0.03

Portfolio Buys Q2 2024 → Q3 2024
PAM Pampa Energia SA-Spon ADR Add +146.6% 7.18% +4.97
AGRO Adecoagro SA Add +169.3% 6.96% +4.63
CZR Caesars Entertainment Inc. Add +67.1% 6.00% +2.49
CNL Collective Mining Ltd. New 1.65% +1.65
SKE Skeena Resources Ltd. New 1.65% +1.65
CAAP Corp. America Airports SA Add +10.1% 12.86% +1.42
VEON Veon Ltd. Add +1.8% 7.69% +1.07
EDN Emp Distrib Y Comerc Nor-ADR Add +61.3% 1.63% +0.86
IFS Intercorp Financial Services Add +24.8% 2.31% +0.68
SGHC Super Group SGHC Ltd. New 0.58% +0.58
EVRI Everi Holdings Inc. New 0.02% +0.02

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