Helikon Investments Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 8, 2025), Helikon Investments Ltd reported 18 stock positions worth $1.6 billion. Its top holding was MGM Resorts International (MGM) at 18.9% of the portfolio, followed by Corp. America Airports (CAAP, 16.9%) and Skeena Resources (SKE, 13.9%). Compared with Q1 2025, it opened 2 new positions, sold out of 4, added to 9 and reduced 5. The biggest buy was MGM Resorts International (MGM, shares +380%) and the biggest sale Eldorado Gold (EGO, shares −67%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001839497
- Portfolio Value
- $1.6B (Q2 2025)
- SEC Filing
- 0001839497-25-000005 ↗ filed Aug 8, 2025
Holdings Value
Holdings 18 stocks · $1.6B
| MGM MGM Resorts International | 18.92% | 8,810,322 | $303.0M | Add +379.9% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 16.88% | 13,342,552 | $270.3M | Reduce -2.0% |
| SKE Skeena Resources Ltd. | 13.95% | 14,030,111 | $223.4M | Add +17.7% |
| AAUC Allied Gold Corp. | 9.95% | 11,791,913 | $159.4M | New |
| CNL Collective Mining Ltd. | 6.77% | 9,916,894 | $108.5M | Add +0.3% |
| EGO Eldorado Gold Corp. | 6.05% | 4,760,879 | $96.8M | Reduce -66.8% |
| PPLI People Inc. filed as IAC INC | 4.75% | 2,036,840 | $76.1M | New |
| VEON Veon Ltd. | 4.21% | 1,462,295 | $67.4M | Reduce -40.0% |
| EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR | 2.96% | 1,788,285 | $47.4M | Reduce -11.9% |
| IFS Intercorp Financial Services | 2.83% | 1,188,211 | $45.3M | No change |
| EQX Equinox Gold Corp. | 2.76% | 7,699,497 | $44.3M | Add +37.1% |
| PAM Pampa Energia SA-Spon ADR | 2.13% | 492,578 | $34.2M | No change |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 2.06% | 2,367,181 | $33.0M | Add +65.7% |
| CCIR Cohen Circle Acquisitio Class A | 1.71% | 2,492,592 | $27.3M | Add +34.6% |
| AGRO Adecoagro SA | 1.61% | 2,825,500 | $25.8M | Reduce -76.5% |
| SLSR Solaris Resources Inc. | 1.38% | 4,811,620 | $22.0M | Add +453.8% |
| IHS Ihs Holding Ltd. | 0.82% | 2,357,338 | $13.1M | Add +64.4% |
| CRESY Cresud S.A.-Spons ADR | 0.27% | 395,181 | $4.3M | Add +21.3% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $12.2M (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 | $12.2M | No change |
Total filed on the 13F, all lines: $1.6B.
Portfolio Sells Q1 2025 → Q2 2025
| EGO Eldorado Gold Corp. | Reduce -66.8% | 6.05% | −12.59 |
| AGRO Adecoagro SA | Reduce -76.5% | 1.61% | −8.77 |
| VEON Veon Ltd. | Reduce -40.0% | 4.21% | −4.00 |
| CAAP Corp. America Airports SA | Reduce -2.0% | 16.88% | −2.37 |
| CZR Caesars Entertainment Inc. | Sold out | 0.00% | −2.25 |
| BVN Cia DE Minas Buenaventur-ADR | Sold out | 0.00% | −2.06 |
| EDN Emp Distrib Y Comerc Nor-ADR | Reduce -11.9% | 2.96% | −1.83 |
| ENIC Enel Chile SA-ADR | Sold out | 0.00% | −1.14 |
| RNW Renew Energy Global PLC-A | Sold out | 0.00% | −0.10 |
Portfolio Buys Q1 2025 → Q2 2025
| MGM MGM Resorts International | Add +379.9% | 18.92% | +14.72 |
| AAUC Allied Gold Corp. | New | 9.95% | +9.95 |
| PPLI People Inc. | New | 4.75% | +4.75 |
| SKE Skeena Resources Ltd. | Add +17.7% | 13.95% | +4.66 |
| SLSR Solaris Resources Inc. | Add +453.8% | 1.38% | +1.15 |
| IRS Irsa -SP ADR | Add +65.7% | 2.06% | +0.64 |
| IHS Ihs Holding Ltd. | Add +64.4% | 0.82% | +0.24 |
| CNL Collective Mining Ltd. | Add +0.3% | 6.77% | +0.14 |
| CCIR Cohen Circle Acquisitio Class A | Add +34.6% | 1.71% | +0.10 |
| CRESY Cresud S.A.-Spons ADR | Add +21.3% | 0.27% | −0.01 |
| EQX Equinox Gold Corp. | Add +37.1% | 2.76% | −0.22 |
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 |