In its 13F for Q4 2024 (holdings as of December 31, 2024, filed January 22, 2025), Helikon Investments Ltd reported 18 stock positions worth $949.8 million . Its top holding was Eldorado Gold (EGO) at 26.0% of the portfolio, followed by Corp. America Airports (CAAP, 13.9% ) and Veon (VEON, 12.4% ). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 6 and reduced 8. The biggest buy was Skeena Resources (SKE, shares +316% ) and the biggest sale an exit from YPF S.A.-Sponsored ADR (YPF).
Location LONDON, X0
CIK 0001839497
Portfolio Value $949.8M (Q4 2024) Holdings 18 stocks · $949.8M 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 Q3 2024 EGO Eldorado Gold Corp. 16,631,533 $247.3M Reduce -11.9% CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 7,084,758 $132.2M Reduce -12.9% VEON Veon Ltd. 2,927,104 $117.4M Add +5.0% SKE Skeena Resources Ltd. 8,930,424 $77.9M Add +316.1% VIST Vista Energy Sab DE CV 1,238,561 $67.0M Reduce -59.7% AGRO Adecoagro SA 6,976,857 $65.8M Add +0.5% CZR Caesars Entertainment Inc. 1,414,547 $47.3M Reduce -10.9% PAM Pampa Energia SA-Spon ADR 442,869 $38.9M Reduce -66.4% IFS Intercorp Financial Services 974,819 $28.6M No change CNL Collective Mining Ltd. 6,840,752 $28.5M Add +20.4% EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 564,536 $24.2M Reduce -30.3% SGHC Super Group SGHC Ltd. 3,234,022 $20.1M Add +82.5% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 1,239,902 $18.5M Reduce -2.1% RNW Renew Energy Global PLC-A 2,204,246 $15.1M New EQX Equinox Gold Corp. 1,705,030 $8.6M New ENIC Enel Chile SA-ADR 2,112,723 $6.1M Add +14.7% CRESY Cresud S.A.-Spons ADR 456,776 $5.8M Reduce -28.4% GRFS Grifols SA-ADR 78,010 $580K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $11.3M (not counted above) Total filed on the 13F, all lines: $961.0M.
Portfolio Sells Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ YPF YPF S.A.-Sponsored ADR Sold out 0.00% −6.85 VIST Vista Energy Sab DE CV Reduce -59.7% 7.06% −5.24 EGO Eldorado Gold Corp. Reduce -11.9% 26.04% −3.66 PAM Pampa Energia SA-Spon ADR Reduce -66.4% 4.10% −3.08 CZR Caesars Entertainment Inc. Reduce -10.9% 4.98% −1.03 TGS Transportador Gas-ADR SP B Sold out 0.00% −0.37 EVRI Everi Holdings Inc. Sold out 0.00% −0.02 CRESY Cresud S.A.-Spons ADR Reduce -28.4% 0.61% +0.11 IRS Irsa -SP ADR Reduce -2.1% 1.95% +0.64 EDN Emp Distrib Y Comerc Nor-ADR Reduce -30.3% 2.55% +0.92 CAAP Corp. America Airports SA Reduce -12.9% 13.92% +1.06
Portfolio Buys Q3 2024 → Q4 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ SKE Skeena Resources Ltd. Add +316.1% 8.20% +6.55 VEON Veon Ltd. Add +5.0% 12.36% +4.67 RNW Renew Energy Global PLC-A New 1.59% +1.59 SGHC Super Group SGHC Ltd. Add +82.5% 2.12% +1.54 CNL Collective Mining Ltd. Add +20.4% 3.00% +1.35 EQX Equinox Gold Corp. New 0.90% +0.90 ENIC Enel Chile SA-ADR Add +14.7% 0.64% +0.17 GRFS Grifols SA-ADR New 0.06% +0.06 AGRO Adecoagro SA Add +0.5% 6.93% −0.03
Notes & Other Activity Q3 2024 → Q4 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