In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), VR Advisory Services Ltd reported 23 stock positions worth $411.9 million . Its top holding was JSC Kaspi.kz ADR (KSPI) at 21.4% of the portfolio, followed by YPF S.A.-Sponsored ADR (YPF, 21.3% ) and D-Market Electronic Serv-ADR (HEPS, 10.4% ). Compared with Q2 2025, it opened 5 new positions, sold out of 1, added to 7 and reduced 2. The biggest buy was a new position in Core Scientific (CORZ) and the biggest sale Indivior (INDV, shares −69% ).
Location CAMANA BAY, GRAND CAYMAN, E9
CIK 0001348145
Portfolio Value $411.9M (Q3 2025) Holdings 23 stocks · $411.9M 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 Q2 2025 KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 1,077,369 $88.0M No change YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 3,605,533 $87.6M Add +5.9% HEPS D-Market Electronic Serv-ADR 15,941,737 $42.9M Add +14.4% IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 2,656,161 $31.4M Add +18.0% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 375,000 $23.9M No change CORZ Core Scientific Inc. 1,211,747 $21.7M New PUMP Propetro Holding Corp. 3,679,359 $19.3M Add +213.2% PAM Pampa Energia SA-Spon ADR 272,013 $16.3M No change AER Aercap Holdings NV 110,000 $13.3M Add +50.7% VIST Vista Energy Sab DE CV 368,652 $12.7M New ECO Okeanis Eco Tankers Corp. 350,088 $10.3M No change CRESY Cresud S.A.-Spons ADR 886,474 $8.2M Add +113.0% NBR Nabors Industries Ltd. 134,789 $5.5M No change VEON Veon Ltd. 100,166 $5.5M Add +11.1% PBF PBF Energy Inc. Class A 170,945 $5.2M No change INDV Indivior Ltd. 199,997 $4.8M Reduce -68.8% NEM Newmont Corp. 55,187 $4.7M New TGS Transportador Gas-ADR SP B 195,115 $4.1M Reduce -9.6% HSDT Solana Co. filed as HELIUS MED TECHNOLOGIES INC 581,310 $3.6M New GPRK Geopark Ltd. 234,685 $1.5M No change SOLZ Solana ETF 58,000 $1.3M New RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC 52,000 $231K No change ASPIRE BIOPHARMA HLDGS INC 97,391 $20K No change
Other holdings (13): bonds, preferreds, convertibles and warrants · $536K (not counted above) Security Class Shares / Principal Value Change SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000 $180K No change FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500 $94K No change BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000 $68K No change AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000 $59K No change PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666 $33K No change NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356 $28K No change BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600 $22K No change SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000 $14K No change KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 150,000 $12K New PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333 $10K No change SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500 $10K No change ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 99,692 $3K No change PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 132,285 $2K No change
Total filed on the 13F, all lines: $412.4M.
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ INDV Indivior Ltd. Reduce -68.8% 1.17% −1.42 CAR Avis Budget Group Inc. Sold out 0.00% −1.15 TGS Transportador Gas-ADR SP B Reduce -9.6% 1.00% −0.52
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ CORZ Core Scientific Inc. New 5.28% +5.28 VIST Vista Energy Sab DE CV New 3.08% +3.08 PUMP Propetro Holding Corp. Add +213.2% 4.68% +2.78 NEM Newmont Corp. New 1.13% +1.13 AER Aercap Holdings NV Add +50.7% 3.23% +0.91 HSDT Solana Co. New 0.87% +0.87 CRESY Cresud S.A.-Spons ADR Add +113.0% 1.98% +0.77 SOLZ Solana ETF New 0.31% +0.31 HEPS D-Market Electronic Serv-ADR Add +14.4% 10.41% +0.20 VEON Veon Ltd. Add +11.1% 1.32% +0.20 IRS Irsa -SP ADR Add +18.0% 7.64% −0.87 YPF YPF S.A.-Sponsored ADR Add +5.9% 21.26% −7.80
Notes & Other Activity Q2 2025 → Q3 2025 Security Class Change vs Q2 2025 Shares / Principal Value ▼ IRS.WS Irsa Inversiones Y Rep -CW26 *W EXP 05/12/202 Sold out 2,730,134 $4.6Mbefore exit CRESW Cresud Saci-CW26 *W EXP 03/09/202 Sold out 1,924,767 $1.6Mbefore exit KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 New 150,000 $12K
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