VR Advisory Services Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), VR Advisory Services Ltd reported 19 stock positions worth $392.1 million. Its top holding was YPF S.A.-Sponsored ADR (YPF) at 36.9% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 20.2%) and Irsa -SP ADR (IRS, 8.6%). Compared with Q3 2024, it opened 2 new positions, sold out of 2, added to 3 and reduced 2. The biggest buy was Nebius (NBIS, shares +42%) and the biggest sale Nabors Industries (NBR, shares −30%).

Most Recent 13F
Q2 2026
Location
CAMANA BAY, GRAND CAYMAN, E9
CIK
0001348145
Portfolio Value
$392.1M (Q4 2024)
SEC Filing
0001085146-25-001665 ↗ filed Feb 14, 2025

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 Q3 2024 Q4 2024: $392.1M $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 · $392.1M
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 36.92% 3,405,533 $144.8M No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 20.20% 836,163 $79.2M Add +13.9%
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 8.57% 2,251,611 $33.6M Add +3.6%
PAM Pampa Energia SA-Spon ADR 6.10% 272,013 $23.9M No change
TGS Transportador Gas-ADR SP B 4.69% 627,864 $18.4M No change
AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 4.61% 375,000 $18.1M No change
NBIS Nebius Group NV 3.81% 539,867 $15.0M Add +42.4%
HEPS D-Market Electronic Serv-ADR 2.12% 2,746,358 $8.3M New
INDV Indivior Ltd. 2.10% 641,210 $8.2M No change
CAR Avis Budget Group Inc. 2.05% 99,643 $8.0M No change
NBR Nabors Industries Ltd. 1.97% 134,789 $7.7M Reduce -29.6%
AER Aercap Holdings NV 1.78% 73,000 $7.0M No change
ECO Okeanis Eco Tankers Corp. 1.70% 350,088 $6.7M No change
CRESY Cresud S.A.-Spons ADR 1.34% 416,109 $5.3M No change
GPRK Geopark Ltd. 0.55% 234,685 $2.2M No change
BABA Alibaba Group Holding-SP ADR 0.54% 25,000 $2.1M Reduce -50.0%
VEON Veon Ltd. 0.44% 42,703 $1.7M New
PBF PBF Energy Inc. Class A 0.34% 50,000 $1.3M No change
NIO Nio Inc. - ADR 0.17% 150,000 $654K No change
Other holdings (12): bonds, preferreds, convertibles and warrants · $8.1M (not counted above)
SecurityClassShares / PrincipalValueChange
IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 2,730,134$5.5MReduce -0.1%
CRESW Cresud Saci-CW26 *W EXP 03/09/202 1,924,767$2.1MNo change
SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000$289KNo change
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000$87KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$59KNo change
PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333$43KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$18KNo change
BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600$14KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666$4KNo change
PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285$3KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500$3KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356$1KNo change

Total filed on the 13F, all lines: $400.2M.

Portfolio Sells Q3 2024 → Q4 2024
NBR Nabors Industries Ltd. Reduce -29.6% 1.97% −2.35
BABA Alibaba Group Holding-SP ADR Reduce -50.0% 0.54% −1.31
EMBJ Embraer SA-Spon ADR Sold out 0.00% −1.24
LOMA Loma Negra Cia Ind-Spon ADR Sold out 0.00% −0.33

Portfolio Buys Q3 2024 → Q4 2024
NBIS Nebius Group NV Add +42.4% 3.81% +2.83
HEPS D-Market Electronic Serv-ADR New 2.12% +2.12
VEON Veon Ltd. New 0.44% +0.44
IRS Irsa -SP ADR Add +3.6% 8.57% −0.07
KSPI JSC Kaspi.kz ADR Add +13.9% 20.20% −7.01

Notes & Other Activity Q3 2024 → Q4 2024
IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 Reduce -0.1% 2,730,134 $5.5M
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 Sold out 187,500 $38Kbefore exit
IXQWF Ix Acquisition Corp. -CW26 *W EXP 07/31/202 Sold out 175,000 $14Kbefore exit
EVE.WS Eve Mobility Acquisit A -23 *W EXP 12/31/202 Sold out 125,000 $6Kbefore exit
TLGWF TLGY Acquisition Corp. -23 *W EXP 11/09/202 Sold out 200,000 $5Kbefore exit
HAIWF Healthcare AI Acq -CW23 *W EXP 12/07/202 Sold out 125,000 $3Kbefore exit
BFQWF Battery Future Acquis A -23 *W EXP 99/99/999 Sold out 150,000 $3Kbefore exit
CFFSW CF Acquisition Vii A -CW27 *W EXP 03/16/202 Sold out 33,333 $2Kbefore exit
LILWF Lilium NV -CW26 *W EXP 09/14/202 Sold out 15,000 $1Kbefore exit
PLAOW Patria Latin American-CW27 *W EXP 99/99/999 Sold out 29,700 $1Kbefore exit
AEAEW Altenergy Acquisition -CW23 *W EXP 10/29/202 Sold out 50,000 $560before 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