Helikon Investments Ltd
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 8, 2026), Helikon Investments Ltd reported 17 stock positions worth $2.6 billion. Its top holding was Skeena Resources (SKE) at 18.5% of the portfolio, followed by Allied Gold (AAUC, 14.4%) and Corp. America Airports (CAAP, 12.6%). Compared with Q4 2025, it opened 6 new positions, sold out of 5, added to 6 and reduced 5. The biggest buy was a new position in Silvercorp Metals (SVM) and the biggest sale Corp. America Airports (CAAP, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- LONDON, X0
- CIK
- 0001839497
- Portfolio Value
- $2.6B (Q1 2026)
- SEC Filing
- 0001839497-26-000002 ↗ filed May 8, 2026
Holdings Value
Holdings 17 stocks · $2.6B
| SKE Skeena Resources Ltd. | 18.47% | 16,462,865 | $489.3M | Add +4.0% |
| AAUC Allied Gold Corp. | 14.38% | 12,272,202 | $380.9M | Reduce -25.6% |
| CAAP Corp. America Airports SA filed as CORPORACION AMER ARPTS S A | 12.57% | 13,165,225 | $332.9M | Reduce -3.0% |
| CNL Collective Mining Ltd. | 7.30% | 10,979,312 | $193.3M | Add +3.1% |
| SVM Silvercorp Metals Inc. | 6.53% | 16,115,414 | $173.1M | New |
| FLUT Flutter Entertainment PLC-Di | 5.54% | 1,439,750 | $146.8M | New |
| PPLI People Inc. filed as IAC INC | 5.32% | 3,518,414 | $140.8M | Add +88.5% |
| SLSR Solaris Resources Inc. | 5.04% | 15,545,845 | $133.4M | Add +72.3% |
| ABVX Abivax SA-ADR | 4.26% | 1,013,324 | $112.8M | New |
| MGM MGM Resorts International | 4.02% | 2,875,004 | $106.4M | Reduce -3.8% |
| SGHC Super Group SGHC Ltd. | 3.84% | 9,424,702 | $101.8M | New |
| TGS Transportador Gas-ADR SP B | 3.07% | 2,347,333 | $81.2M | Reduce -28.5% |
| QGEN Qiagen N.V. | 2.73% | 1,807,989 | $72.4M | New |
| IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A | 2.71% | 4,428,706 | $71.8M | Add +6.9% |
| NEWP New Pacific Metals Corp. | 1.55% | 9,936,183 | $41.1M | Add +333.2% |
| EDN Emp Distrib Y Comerc Nor-ADR filed as EMPRESA DIST Y COMERCIAL NOR | 1.51% | 1,331,614 | $40.0M | Reduce -16.8% |
| HSLV Highlander Silver Corp. | 1.15% | 5,171,822 | $30.4M | New |
Portfolio Sells Q4 2025 → Q1 2026
| CAAP Corp. America Airports SA | Reduce -3.0% | 12.57% | −6.22 |
| AAUC Allied Gold Corp. | Reduce -25.6% | 14.38% | −5.73 |
| IHS Ihs Holding Ltd. | Sold out | 0.00% | −3.49 |
| PAM Pampa Energia SA-Spon ADR | Sold out | 0.00% | −2.67 |
| TGS Transportador Gas-ADR SP B | Reduce -28.5% | 3.07% | −2.37 |
| MGM MGM Resorts International | Reduce -3.8% | 4.02% | −1.79 |
| EDN Emp Distrib Y Comerc Nor-ADR | Reduce -16.8% | 1.51% | −1.05 |
| VEON Veon Ltd. | Sold out | 0.00% | −0.96 |
| IFS Intercorp Financial Services | Sold out | 0.00% | −0.07 |
| BTG B2GOLD Corp. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| SVM Silvercorp Metals Inc. | New | 6.53% | +6.53 |
| FLUT Flutter Entertainment PLC-Di | New | 5.54% | +5.54 |
| ABVX Abivax SA-ADR | New | 4.26% | +4.26 |
| SGHC Super Group SGHC Ltd. | New | 3.84% | +3.84 |
| QGEN Qiagen N.V. | New | 2.73% | +2.73 |
| PPLI People Inc. | Add +88.5% | 5.32% | +1.43 |
| SLSR Solaris Resources Inc. | Add +72.3% | 5.04% | +1.21 |
| HSLV Highlander Silver Corp. | New | 1.15% | +1.15 |
| NEWP New Pacific Metals Corp. | Add +333.2% | 1.55% | +1.12 |
| IRS Irsa -SP ADR | Add +6.9% | 2.71% | −0.94 |
| CNL Collective Mining Ltd. | Add +3.1% | 7.30% | −0.98 |
| SKE Skeena Resources Ltd. | Add +4.0% | 18.47% | −1.54 |
Notes & Other Activity Q4 2025 → Q1 2026
| LITHIUM ARGENTINA AG (LARCN 1.75 01/15/27) | NOTE 1.750% 1/1 · principal | Sold out | 9,111,000 | $8.3Mbefore exit |
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 |