Helikon Investments Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 10, 2025), Helikon Investments Ltd reported 16 stock positions worth $1.4 billion. Its top holding was Skeena Resources (SKE) at 21.5% of the portfolio, followed by Allied Gold (AAUC, 17.8%) and Corp. America Airports (CAAP, 16.8%). Compared with Q2 2025, it opened 2 new positions, sold out of 4, added to 8 and reduced 4. The biggest buy was Allied Gold (AAUC, shares +25%) and the biggest sale MGM Resorts International (MGM, shares −60%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001839497
- Portfolio Value
- $1.4B (Q3 2025)
- SEC Filing
- 0001839497-25-000007 ↗ filed Nov 10, 2025
Holdings Value
Holdings 16 stocks · $1.4B
| SKE Skeena Resources Ltd. | 21.47% | 16,871,819 | $310.9M | Add +20.3% |
| AAUC Allied Gold Corp. | 17.82% | 14,736,634 | $258.0M | Add +25.0% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 16.80% | 13,430,445 | $243.4M | Add +0.7% |
| CNL Collective Mining Ltd. | 10.43% | 10,455,037 | $151.1M | Add +5.4% |
| MGM MGM Resorts International | 8.34% | 3,486,261 | $120.8M | Reduce -60.4% |
| TGS Transportador Gas-ADR SP B | 4.21% | 2,897,250 | $60.9M | New |
| PPLI People Inc. filed as IAC INC | 3.12% | 1,325,799 | $45.2M | Reduce -34.9% |
| SLSR Solaris Resources Inc. | 3.00% | 6,811,620 | $43.4M | Add +41.6% |
| PAM Pampa Energia SA-Spon ADR | 2.90% | 698,775 | $42.0M | Add +41.9% |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 2.80% | 3,423,977 | $40.5M | Add +44.6% |
| IFS Intercorp Financial Services | 2.61% | 935,698 | $37.7M | Reduce -21.3% |
| IHS Ihs Holding Ltd. | 2.28% | 4,845,561 | $33.0M | Add +105.5% |
| VEON Veon Ltd. | 1.93% | 512,938 | $27.9M | Reduce -64.9% |
| EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR | 1.92% | 1,788,285 | $27.8M | No change |
| CRESY Cresud S.A.-Spons ADR | 0.25% | 395,181 | $3.6M | No change |
| LOMA Loma Negra Cia Ind-Spon ADR | 0.12% | 242,501 | $1.8M | New |
Other holdings (1): bonds, preferreds, convertibles and warrants · $13.2M (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 | $13.2M | No change |
Total filed on the 13F, all lines: $1.5B.
Portfolio Sells Q2 2025 → Q3 2025
| MGM MGM Resorts International | Reduce -60.4% | 8.34% | −10.58 |
| EGO Eldorado Gold Corp. | Sold out | 0.00% | −6.05 |
| EQX Equinox Gold Corp. | Sold out | 0.00% | −2.76 |
| VEON Veon Ltd. | Reduce -64.9% | 1.93% | −2.28 |
| CCIR Cohen Circle Acquisitio Class A | Sold out | 0.00% | −1.71 |
| PPLI People Inc. | Reduce -34.9% | 3.12% | −1.63 |
| AGRO Adecoagro SA | Sold out | 0.00% | −1.61 |
| IFS Intercorp Financial Services | Reduce -21.3% | 2.61% | −0.22 |
Portfolio Buys Q2 2025 → Q3 2025
| AAUC Allied Gold Corp. | Add +25.0% | 17.82% | +7.86 |
| SKE Skeena Resources Ltd. | Add +20.3% | 21.47% | +7.52 |
| TGS Transportador Gas-ADR SP B | New | 4.21% | +4.21 |
| CNL Collective Mining Ltd. | Add +5.4% | 10.43% | +3.66 |
| SLSR Solaris Resources Inc. | Add +41.6% | 3.00% | +1.62 |
| IHS Ihs Holding Ltd. | Add +105.5% | 2.28% | +1.46 |
| PAM Pampa Energia SA-Spon ADR | Add +41.9% | 2.90% | +0.76 |
| IRS Irsa -SP ADR | Add +44.6% | 2.80% | +0.74 |
| LOMA Loma Negra Cia Ind-Spon ADR | New | 0.12% | +0.12 |
| CAAP Corp. America Airports SA | Add +0.7% | 16.80% | −0.07 |
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 |