In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), VR Advisory Services Ltd reported 17 stock positions worth $377.6 million . Its top holding was YPF S.A.-Sponsored ADR (YPF) at 31.6% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 23.5% ) and D-Market Electronic Serv-ADR (HEPS, 9.4% ). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 3 and reduced 1. The biggest buy was D-Market Electronic Serv-ADR (HEPS, shares +352% ) and the biggest sale an exit from Nebius (NBIS).
Location CAMANA BAY, GRAND CAYMAN, E9
CIK 0001348145
Portfolio Value $377.6M (Q1 2025) Holdings 17 stocks · $377.6M 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 Q4 2024 YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 3,405,533 $119.3M No change KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 955,462 $88.7M Add +14.3% HEPS D-Market Electronic Serv-ADR 12,413,583 $35.4M Add +352.0% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 2,251,611 $29.0M No change PAM Pampa Energia SA-Spon ADR 272,013 $21.0M No change AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 375,000 $18.1M No change TGS Transportador Gas-ADR SP B 432,458 $11.4M Reduce -31.1% PUMP Propetro Holding Corp. 1,174,725 $8.6M New ECO Okeanis Eco Tankers Corp. 350,088 $7.7M No change CAR Avis Budget Group Inc. 99,643 $7.6M No change AER Aercap Holdings NV 73,000 $7.5M No change INDV Indivior Ltd. 641,210 $6.0M No change NBR Nabors Industries Ltd. 134,789 $5.6M No change CRESY Cresud S.A.-Spons ADR 416,109 $4.6M No change PBF PBF Energy Inc. Class A 170,945 $3.3M Add +241.9% GPRK Geopark Ltd. 234,685 $1.9M No change VEON Veon Ltd. 42,703 $1.9M No change
Other holdings (13): bonds, preferreds, convertibles and warrants · $5.8M (not counted above) Security Class Shares / Principal Value Change IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 2,730,134 $3.8M No change CRESW Cresud Saci-CW26 *W EXP 03/09/202 1,924,767 $1.6M No change FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500 $139K New SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000 $88K No change BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000 $33K No change AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000 $20K No change BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600 $17K No change PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333 $12K No change SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000 $12K No change PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666 $9K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500 $8K No change NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356 $2K No change PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285 $2K No change
Total filed on the 13F, all lines: $383.4M.
Portfolio Sells Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▲ NBIS Nebius Group NV Sold out 0.00% −3.81 TGS Transportador Gas-ADR SP B Reduce -31.1% 3.03% −1.66 BABA Alibaba Group Holding-SP ADR Sold out 0.00% −0.54 NIO Nio Inc. - ADR Sold out 0.00% −0.17
Portfolio Buys Q4 2024 → Q1 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 Q4 2024 % Of Portfolio Change To Portfolio ▼ HEPS D-Market Electronic Serv-ADR Add +352.0% 9.37% +7.25 KSPI JSC Kaspi.kz ADR Add +14.3% 23.49% +3.29 PUMP Propetro Holding Corp. New 2.29% +2.29 PBF PBF Energy Inc. Class A Add +241.9% 0.86% +0.53
Notes & Other Activity Q4 2024 → Q1 2025 Security Class Change vs Q4 2024 Shares / Principal Value ▼ FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 New 187,500 $139K
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 31 $1.1B YPF, AERO, KSPI, AZUL, AER Q1 2026 28 $844.7M YPF, KSPI, AERO, AER, CTRA Q4 2025 Amended 25 $631.5M YPF, AERO, KSPI, IRS, HEPS Q3 2025 23 $411.9M KSPI, YPF, HEPS, IRS, AL Q2 2025 19 $368.6M YPF, KSPI, HEPS, IRS, AL Q1 2025 17 $377.6M YPF, KSPI, HEPS, IRS, PAM Q4 2024 19 $392.1M YPF, KSPI, IRS, PAM, TGS Q3 2024 19 $286.0M KSPI, YPF, IRS, AL, PAM Q2 2024 17 $247.0M KSPI, YPF, PAM, IRS, AL Q1 2024 18 $210.5M PAM, YPF, HTZ, IRS, AL