In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 5, 2026), Helikon Investments Ltd reported 16 stock positions worth $1.9 billion . Its top holding was Allied Gold (AAUC) at 20.1% of the portfolio, followed by Skeena Resources (SKE, 20.0% ) and Corp. America Airports (CAAP, 18.8% ). Compared with Q3 2025, it opened 2 new positions, sold out of 2, added to 8 and reduced 6. The biggest buy was Allied Gold (AAUC, shares +12% ) and the biggest sale Intercorp Financial Services (IFS, shares −97% ).
Location LONDON, X0
CIK 0001839497
Portfolio Value $1.9B (Q4 2025) Holdings 16 stocks · $1.9B 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 2025 AAUC Allied Gold Corp. 16,498,498 $377.5M Add +12.0% SKE Skeena Resources Ltd. 15,828,709 $375.6M Reduce -6.2% CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A 13,565,960 $352.7M Add +1.0% CNL Collective Mining Ltd. 10,650,248 $155.4M Add +1.9% MGM MGM Resorts International 2,988,773 $109.1M Reduce -14.3% TGS Transportador Gas-ADR SP B 3,283,265 $102.1M Add +13.3% PPLI People Inc. filed as IAC INC 1,866,442 $73.0M Add +40.8% SLSR Solaris Resources Inc. 9,022,072 $71.9M Add +32.5% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 4,142,489 $68.5M Add +21.0% IHS Ihs Holding Ltd. 8,780,288 $65.5M Add +81.2% PAM Pampa Energia SA-Spon ADR 565,449 $50.0M Reduce -19.1% EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR 1,601,316 $48.0M Reduce -10.5% VEON Veon Ltd. 344,522 $18.1M Reduce -32.8% NEWP New Pacific Metals Corp. 2,293,539 $8.1M New IFS Intercorp Financial Services 31,223 $1.3M Reduce -96.7% BTG B2GOLD Corp. 56,760 $256K New
Other holdings (1): bonds, preferreds, convertibles and warrants · $8.3M (not counted above) Total filed on the 13F, all lines: $1.9B.
Portfolio Sells Q3 2025 → Q4 2025 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 2025 % Of Portfolio Change To Portfolio ▲ IFS Intercorp Financial Services Reduce -96.7% 0.07% −2.54 MGM MGM Resorts International Reduce -14.3% 5.81% −2.53 SKE Skeena Resources Ltd. Reduce -6.2% 20.01% −1.46 VEON Veon Ltd. Reduce -32.8% 0.96% −0.96 CRESY Cresud S.A.-Spons ADR Sold out 0.00% −0.25 PAM Pampa Energia SA-Spon ADR Reduce -19.1% 2.67% −0.23 LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −0.12 EDN Emp Distrib Y Comerc Nor-ADR Reduce -10.5% 2.56% +0.63
Portfolio Buys Q3 2025 → Q4 2025 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 2025 % Of Portfolio Change To Portfolio ▼ AAUC Allied Gold Corp. Add +12.0% 20.11% +2.29 CAAP Corp. America Airports SA Add +1.0% 18.79% +1.99 TGS Transportador Gas-ADR SP B Add +13.3% 5.44% +1.23 IHS Ihs Holding Ltd. Add +81.2% 3.49% +1.21 IRS Irsa -SP ADR Add +21.0% 3.65% +0.85 SLSR Solaris Resources Inc. Add +32.5% 3.83% +0.83 PPLI People Inc. Add +40.8% 3.89% +0.77 NEWP New Pacific Metals Corp. New 0.43% +0.43 BTG B2GOLD Corp. New 0.01% +0.01 CNL Collective Mining Ltd. Add +1.9% 8.28% −2.15
Notes & Other Activity Q3 2025 → Q4 2025 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