VR Advisory Services Ltd

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), VR Advisory Services Ltd reported 18 stock positions worth $210.5 million. Its top holding was Pampa Energia SA-Spon ADR (PAM) at 24.7% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 12.9%) and Hertz Global (HTZ, 11.2%). Compared with Q4 2023, it opened 1 new position, sold out of 6, added to 4 and reduced 5. The biggest buy was YPF S.A.-Sponsored ADR (YPF, shares +93%) and the biggest sale an exit from International Seaways (INSW).

Most Recent 13F
Q2 2026
Location
CAMANA BAY, GRAND CAYMAN, E9
CIK
0001348145
Portfolio Value
$210.5M (Q1 2024)
SEC Filing
0001085146-24-002598 ↗ filed May 15, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $210.5M $210.5M Q1 2024 Q2 2024: $247.0M Q2 2024 Q3 2024: $286.0M Q3 2024 Q4 2024: $392.1M Q4 2024 Q1 2025: $377.6M Q1 2025 Q2 2025: $368.6M Q2 2025 Q3 2025: $411.9M Q3 2025 Q4 2025: $631.5M Q4 2025 Q1 2026: $844.7M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 18 stocks · $210.5M
PAM Pampa Energia SA-Spon ADR 24.73% 1,207,089 $52.1M Reduce -19.9%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 12.94% 1,375,790 $27.2M Add +92.7%
HTZ Hertz Global Hldgs Inc. 11.25% 3,024,252 $23.7M Reduce -6.3%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 9.66% 2,173,342 $20.3M Add +0.7%
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 9.16% 375,000 $19.3M No change
CAR Avis Budget Group Inc. 5.75% 98,793 $12.1M Add +43.4%
TGS Transportador Gas-ADR SP B 4.50% 627,864 $9.5M No change
AER Aercap Holdings NV 3.51% 85,000 $7.4M Reduce -15.0%
BABA Alibaba Group Holding-SP ADR 3.40% 99,000 $7.2M No change
EMBJ Embraer SA-Spon ADR 3.16% 250,000 $6.7M No change
CNNE Cannae Holdings Inc. 2.43% 230,236 $5.1M Reduce -74.6%
NBIS Nebius Group NV filed as YANDEX N V 2.39% 379,023 $5.0M No change
PUMP Propetro Holding Corp. 2.30% 600,000 $4.8M New
CRESY Cresud S.A.-Spons ADR 1.76% 416,109 $3.7M Add +1.0%
AZUL S A 1.08% 292,300 $2.3M No change
GPRK Geopark Ltd. 1.07% 234,685 $2.3M No change
LOMA Loma Negra Cia Ind-Spon ADR 0.58% 182,660 $1.2M Reduce -3.3%
NIO Nio Inc. - ADR 0.32% 150,000 $675K No change
Other holdings (27): bonds, preferreds, convertibles and warrants · $693K (not counted above)
SecurityClassShares / PrincipalValueChange
CRESW Cresud Saci-CW26 *W EXP 03/09/202 667,090$358KNo change
SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000$74KNo change
PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333$35KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$33KNo change
SOARW Volato Group Inc. - CW23 *W EXP 12/04/202 200,000$30KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500$24KNo change
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000$20KNo change
EVE.WS Eve Mobility Acquisit A -23 *W EXP 12/31/202 125,000$16KNo change
TWLVW Twelve Seas Inv II A -CW28 *W EXP 03/02/202 190,848$16KNo change
NFSWF Enphys Acquisition -CW24 *W EXP 99/99/999 186,700$10KNo change
BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600$10KNo change
AONCW American Oncology Netwo-C28 *W EXP 09/20/202 22,065$8KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666$6KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356$6KNo change
HAIWF Healthcare AI Acq -CW23 *W EXP 12/07/202 125,000$6KNo change
TLGWF TLGY Acquisition Corp. -23 *W EXP 11/09/202 200,000$6KNo change
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 175,000$5KNo change
BFQWF Battery Future Acquis A -23 *W EXP 99/99/999 150,000$5KNo change
VLDXW VELO3D Inc. -CW25 *W EXP 09/29/202 100,000$5KNo change
PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285$4KNo change
CFFSW CF Acquisition Vii A -CW27 *W EXP 03/16/202 33,333$4KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$4KNo change
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 50,000$3KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500$2KNo change
PLAOW Patria Latin American-CW27 *W EXP 99/99/999 29,700$2KNo change
LILWF Lilium NV -CW26 *W EXP 09/14/202 15,000$1KNo change
VIWWQ View Inc. -CW27 *W EXP 03/08/202 105,000$704No change

Total filed on the 13F, all lines: $211.2M.

Portfolio Sells Q4 2023 → Q1 2024
INSW International Seaways Inc. Sold out 0.00% −5.58
CNNE Cannae Holdings Inc. Reduce -74.6% 2.43% −4.31
PAM Pampa Energia SA-Spon ADR Reduce -19.9% 24.73% −3.68
STNG Scorpio Tankers Inc. Sold out 0.00% −3.47
HTZ Hertz Global Hldgs Inc. Reduce -6.3% 11.25% −1.52
FREE Whole Earth Brands Inc. Sold out 0.00% −0.88
SBLK Star Bulk Carriers Corp. Sold out 0.00% −0.81
DHT DHT Holdings Inc. Sold out 0.00% −0.75
PANL Pangaea Logistics Solutions Sold out 0.00% −0.54
LOMA Loma Negra Cia Ind-Spon ADR Reduce -3.3% 0.58% +0.07
AER Aercap Holdings NV Reduce -15.0% 3.51% +0.68

Portfolio Buys Q4 2023 → Q1 2024
YPF YPF S.A.-Sponsored ADR Add +92.7% 12.94% +8.27
IRS Irsa -SP ADR Add +0.7% 9.66% +2.60
PUMP Propetro Holding Corp. New 2.30% +2.30
CAR Avis Budget Group Inc. Add +43.4% 5.75% +1.10
CRESY Cresud S.A.-Spons ADR Add +1.0% 1.76% +0.28

Notes & Other Activity Q4 2023 → Q1 2024
ROSS.WS Ross Acquisition Corp. -CW26 *W EXP 02/01/202 Sold out 33,333 $2Kbefore exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 31$1.1BYPF, AERO, KSPI, AZUL, AER
Q1 2026 28$844.7MYPF, KSPI, AERO, AER, CTRA
Q4 2025Amended 25$631.5MYPF, AERO, KSPI, IRS, HEPS
Q3 2025 23$411.9MKSPI, YPF, HEPS, IRS, AL
Q2 2025 19$368.6MYPF, KSPI, HEPS, IRS, AL
Q1 2025 17$377.6MYPF, KSPI, HEPS, IRS, PAM
Q4 2024 19$392.1MYPF, KSPI, IRS, PAM, TGS
Q3 2024 19$286.0MKSPI, YPF, IRS, AL, PAM
Q2 2024 17$247.0MKSPI, YPF, PAM, IRS, AL
Q1 2024 18$210.5MPAM, YPF, HTZ, IRS, AL