In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), VR Advisory Services Ltd reported 19 stock positions worth $368.6 million . Its top holding was YPF S.A.-Sponsored ADR (YPF) at 29.1% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 24.8% ) and D-Market Electronic Serv-ADR (HEPS, 10.2% ). Compared with Q1 2025, it opened 2 new positions, added to 3 and reduced 2. The biggest buy was JSC Kaspi.kz ADR (KSPI, shares +13% ) and the biggest sale Transportador Gas-ADR SP B (TGS, shares −50% ).
Location CAMANA BAY, GRAND CAYMAN, E9
CIK 0001348145
Portfolio Value $368.6M (Q2 2025) Holdings 19 stocks · $368.6M 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 Q1 2025 YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 3,405,533 $107.1M No change KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 1,077,369 $91.5M Add +12.8% HEPS D-Market Electronic Serv-ADR 13,934,485 $37.6M Add +12.3% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 2,251,611 $31.4M No change AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 375,000 $21.9M No change PAM Pampa Energia SA-Spon ADR 272,013 $18.9M No change INDV Indivior Ltd. 641,210 $9.5M No change AER Aercap Holdings NV 73,000 $8.5M No change ECO Okeanis Eco Tankers Corp. 350,088 $7.5M No change PUMP Propetro Holding Corp. 1,174,725 $7.0M No change TGS Transportador Gas-ADR SP B 215,761 $5.6M Reduce -50.1% CRESY Cresud S.A.-Spons ADR 416,109 $4.5M No change CAR Avis Budget Group Inc. 25,000 $4.2M Reduce -74.9% VEON Veon Ltd. 90,166 $4.2M Add +111.2% NBR Nabors Industries Ltd. 134,789 $3.8M No change PBF PBF Energy Inc. Class A 170,945 $3.7M No change GPRK Geopark Ltd. 234,685 $1.5M No change RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC 52,000 $98K New ASPIRE BIOPHARMA HLDGS INC 97,391 $26K New
Other holdings (14): bonds, preferreds, convertibles and warrants · $6.6M (not counted above) Security Class Shares / Principal Value Change IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 2,730,134 $4.6M 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 $133K No change SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000 $113K No change BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600 $39K No change BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000 $29K No change SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000 $24K No change AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000 $18K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500 $12K No change PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333 $11K No change PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666 $11K No change NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356 $8K No change ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 99,692 $4K New PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285 $2K No change
Total filed on the 13F, all lines: $375.2M.
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ TGS Transportador Gas-ADR SP B Reduce -50.1% 1.52% −1.51 CAR Avis Budget Group Inc. Reduce -74.9% 1.15% −0.86
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ KSPI JSC Kaspi.kz ADR Add +12.8% 24.81% +1.32 HEPS D-Market Electronic Serv-ADR Add +12.3% 10.21% +0.84 VEON Veon Ltd. Add +111.2% 1.13% +0.63 RILY BRC Group Holdings Inc. New 0.03% +0.03 ASPIRE BIOPHARMA HLDGS INC New 0.01% +0.01
Notes & Other Activity Q1 2025 → Q2 2025 Security Class Change vs Q1 2025 Shares / Principal Value ▼ ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 New 99,692 $4K
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