Helikon Investments Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), Helikon Investments Ltd reported 20 stock positions worth $1.3 billion. Its top holding was Corp. America Airports (CAAP) at 19.3% of the portfolio, followed by Eldorado Gold (EGO, 18.6%) and Adecoagro (AGRO, 10.4%). Compared with Q4 2024, it opened 5 new positions, sold out of 3, added to 10 and reduced 5. The biggest buy was Corp. America Airports (CAAP, shares +92%) and the biggest sale Eldorado Gold (EGO, shares −14%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001839497
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001839497-25-000004 ↗ filed May 12, 2025
Holdings Value
Holdings 20 stocks · $1.3B
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 19.25% | 13,622,399 | $249.3M | Add +92.3% |
| EGO Eldorado Gold Corp. | 18.63% | 14,346,371 | $241.3M | Reduce -13.7% |
| AGRO Adecoagro SA | 10.38% | 12,037,204 | $134.5M | Add +72.5% |
| SKE Skeena Resources Ltd. | 9.29% | 11,917,315 | $120.2M | Add +33.5% |
| VEON Veon Ltd. | 8.21% | 2,437,797 | $106.3M | Reduce -16.7% |
| CNL Collective Mining Ltd. | 6.64% | 9,891,894 | $86.0M | Add +44.6% |
| EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR | 4.79% | 2,031,036 | $62.0M | Add +259.8% |
| MGM MGM Resorts International | 4.20% | 1,835,975 | $54.4M | New |
| IFS Intercorp Financial Services | 3.04% | 1,188,211 | $39.4M | Add +21.9% |
| EQX Equinox Gold Corp. | 2.98% | 5,614,735 | $38.6M | Add +229.3% |
| PAM Pampa Energia SA-Spon ADR | 2.94% | 492,578 | $38.0M | Add +11.2% |
| CZR Caesars Entertainment Inc. | 2.25% | 1,164,049 | $29.1M | Reduce -17.7% |
| BVN Cia DE Minas Buenaventur-ADR filed as COMPANIA DE MINAS BUENAVENTU | 2.06% | 1,707,359 | $26.7M | New |
| CCIR Cohen Circle Acquisitio Class A | 1.60% | 1,851,447 | $20.8M | New |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 1.42% | 1,428,475 | $18.4M | Add +15.2% |
| ENIC Enel Chile SA-ADR | 1.14% | 4,498,563 | $14.7M | Add +112.9% |
| IHS Ihs Holding Ltd. | 0.58% | 1,433,654 | $7.5M | New |
| CRESY Cresud S.A.-Spons ADR | 0.28% | 325,864 | $3.6M | Reduce -28.7% |
| SLSR Solaris Resources Inc. | 0.23% | 868,810 | $2.9M | New |
| RNW Renew Energy Global PLC-A | 0.10% | 210,288 | $1.2M | Reduce -90.5% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $12.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | 14,611,000 | $12.0M | No change |
Total filed on the 13F, all lines: $1.3B.
Portfolio Sells Q4 2024 → Q1 2025
| EGO Eldorado Gold Corp. | Reduce -13.7% | 18.63% | −7.40 |
| VIST Vista Energy Sab DE CV | Sold out | 0.00% | −7.06 |
| VEON Veon Ltd. | Reduce -16.7% | 8.21% | −4.15 |
| CZR Caesars Entertainment Inc. | Reduce -17.7% | 2.25% | −2.73 |
| SGHC Super Group SGHC Ltd. | Sold out | 0.00% | −2.12 |
| RNW Renew Energy Global PLC-A | Reduce -90.5% | 0.10% | −1.49 |
| CRESY Cresud S.A.-Spons ADR | Reduce -28.7% | 0.28% | −0.33 |
| GRFS Grifols SA-ADR | Sold out | 0.00% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| CAAP Corp. America Airports SA | Add +92.3% | 19.25% | +5.33 |
| MGM MGM Resorts International | New | 4.20% | +4.20 |
| CNL Collective Mining Ltd. | Add +44.6% | 6.64% | +3.64 |
| AGRO Adecoagro SA | Add +72.5% | 10.38% | +3.46 |
| EDN Emp Distrib Y Comerc Nor-ADR | Add +259.8% | 4.79% | +2.24 |
| EQX Equinox Gold Corp. | Add +229.3% | 2.98% | +2.08 |
| BVN Cia DE Minas Buenaventur-ADR | New | 2.06% | +2.06 |
| CCIR Cohen Circle Acquisitio Class A | New | 1.60% | +1.60 |
| SKE Skeena Resources Ltd. | Add +33.5% | 9.29% | +1.09 |
| IHS Ihs Holding Ltd. | New | 0.58% | +0.58 |
| ENIC Enel Chile SA-ADR | Add +112.9% | 1.14% | +0.50 |
| SLSR Solaris Resources Inc. | New | 0.23% | +0.23 |
| IFS Intercorp Financial Services | Add +21.9% | 3.04% | +0.03 |
| IRS Irsa -SP ADR | Add +15.2% | 1.42% | −0.53 |
| PAM Pampa Energia SA-Spon ADR | Add +11.2% | 2.94% | −1.16 |
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 |