VR Advisory Services Ltd

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), VR Advisory Services Ltd reported 19 stock positions worth $286.0 million. Its top holding was JSC Kaspi.kz ADR (KSPI) at 27.2% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 25.3%) and Irsa -SP ADR (IRS, 8.6%). Compared with Q2 2024, it opened 3 new positions, sold out of 1, added to 3 and reduced 3. The biggest buy was a new position in Okeanis Eco Tankers (ECO) and the biggest sale Pampa Energia SA-Spon ADR (PAM, shares −44%).

Most Recent 13F
Q2 2026
Location
CAMANA BAY, GRAND CAYMAN, E9
CIK
0001348145
Portfolio Value
$286.0M (Q3 2024)
SEC Filing
0001085146-24-005926 ↗ filed Nov 14, 2024

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $210.5M Q1 2024 Q2 2024: $247.0M Q2 2024 Q3 2024: $286.0M $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 19 stocks · $286.0M
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 27.21% 734,208 $77.8M Add +53.2%
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 25.26% 3,405,533 $72.2M Add +17.4%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 8.65% 2,173,342 $24.7M No change
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 5.94% 375,000 $17.0M No change
PAM Pampa Energia SA-Spon ADR 5.71% 272,013 $16.3M Reduce -44.1%
NBR Nabors Industries Ltd. 4.31% 191,364 $12.3M Add +7.3%
TGS Transportador Gas-ADR SP B 4.03% 627,864 $11.5M No change
ECO Okeanis Eco Tankers Corp. 4.02% 350,088 $11.5M New
CAR Avis Budget Group Inc. 3.05% 99,643 $8.7M No change
AER Aercap Holdings NV 2.42% 73,000 $6.9M No change
INDV Indivior Ltd. 2.21% 641,210 $6.3M New
BABA Alibaba Group Holding-SP ADR 1.86% 50,000 $5.3M Reduce -49.5%
CRESY Cresud S.A.-Spons ADR 1.26% 416,109 $3.6M No change
EMBJ Embraer SA-Spon ADR 1.24% 100,000 $3.5M Reduce -60.0%
NBIS Nebius Group NV 0.98% 379,023 $2.8M No change
GPRK Geopark Ltd. 0.65% 234,685 $1.8M No change
PBF PBF Energy Inc. Class A 0.54% 50,000 $1.5M New
NIO Nio Inc. - ADR 0.35% 150,000 $1.0M No change
LOMA Loma Negra Cia Ind-Spon ADR 0.33% 117,247 $945K No change
Other holdings (22): bonds, preferreds, convertibles and warrants · $4.3M (not counted above)
SecurityClassShares / PrincipalValueChange
IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 2,732,065$3.0MNew
CRESW Cresud Saci-CW26 *W EXP 03/09/202 1,924,767$1.1MAdd +188.5%
SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000$47KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500$38KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$28KNo change
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000$14KNo change
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 175,000$14KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666$13KNo change
PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333$11KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500$10KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$7KNo change
EVE.WS Eve Mobility Acquisit A -23 *W EXP 12/31/202 125,000$6KNo change
TLGWF TLGY Acquisition Corp. -23 *W EXP 11/09/202 200,000$5KNo change
BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600$4KNo change
PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285$3KNo change
HAIWF Healthcare AI Acq -CW23 *W EXP 12/07/202 125,000$3KNo change
BFQWF Battery Future Acquis A -23 *W EXP 99/99/999 150,000$3KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356$2KNo change
CFFSW CF Acquisition Vii A -CW27 *W EXP 03/16/202 33,333$2KNo change
LILWF Lilium NV -CW26 *W EXP 09/14/202 15,000$1KNo change
PLAOW Patria Latin American-CW27 *W EXP 99/99/999 29,700$1KNo change
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 50,000$560No change

Total filed on the 13F, all lines: $290.2M.

Portfolio Sells Q2 2024 → Q3 2024
PAM Pampa Energia SA-Spon ADR Reduce -44.1% 5.71% −3.02
EMBJ Embraer SA-Spon ADR Reduce -60.0% 1.24% −1.37
BABA Alibaba Group Holding-SP ADR Reduce -49.5% 1.86% −1.03
AZUL S A Sold out 0.00% −0.47

Portfolio Buys Q2 2024 → Q3 2024
ECO Okeanis Eco Tankers Corp. New 4.02% +4.02
INDV Indivior Ltd. New 2.21% +2.21
KSPI JSC Kaspi.kz ADR Add +53.2% 27.21% +2.17
YPF YPF S.A.-Sponsored ADR Add +17.4% 25.26% +1.64
PBF PBF Energy Inc. Class A New 0.54% +0.54
NBR Nabors Industries Ltd. Add +7.3% 4.31% −0.83

Notes & Other Activity Q2 2024 → Q3 2024
IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 New 2,732,065 $3.0M
CRESW Cresud Saci-CW26 *W EXP 03/09/202 Add +188.5% 1,924,767 $1.1M
NFSWF Enphys Acquisition -CW24 *W EXP 99/99/999 Sold out 186,700 $7Kbefore exit
SOARW Volato Group Inc. - CW23 *W EXP 12/04/202 Sold out 200,000 $3Kbefore exit
VLDXW VELO3D Inc. -CW25 *W EXP 09/29/202 Sold out 100,000 $1Kbefore 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