VR Advisory Services Ltd

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), VR Advisory Services Ltd reported 25 stock positions worth $631.5 million. Its top holding was YPF S.A.-Sponsored ADR (YPF) at 18.5% of the portfolio, followed by Grupo Aeromexico Sab DE CV (AERO, 17.4%) and JSC Kaspi.kz ADR (KSPI, 13.3%). Compared with Q3 2025, it opened 5 new positions, sold out of 3, added to 5 and reduced 5. The biggest buy was a new position in Grupo Aeromexico Sab DE CV (AERO) and the biggest sale an exit from Sumisho Air Lease (AL).

Most Recent 13F
Q2 2026
Location
CAMANA BAY, GRAND CAYMAN, E9
CIK
0001348145
Portfolio Value
$631.5M (Q4 2025)
SEC Filing
0001315863-26-000188 ↗ filed Feb 18, 2026

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 Q4 2024 Q1 2025: $377.6M Q1 2025 Q2 2025: $368.6M Q2 2025 Q3 2025: $411.9M Q3 2025 Q4 2025: $631.5M $631.5M Q4 2025 Q1 2026: $844.7M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 25 stocks · $631.5M
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 18.50% 3,231,396 $116.8M Reduce -10.4%
AERO Grupo Aeromexico Sab DE CV 17.38% 4,996,720 $109.7M New
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 13.33% 1,077,369 $84.2M No change
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 6.99% 2,670,087 $44.2M Add +0.5%
HEPS D-Market Electronic Serv-ADR 6.47% 16,472,821 $40.9M Add +3.3%
CORZ Core Scientific Inc. 4.69% 2,033,954 $29.6M Add +67.8%
AER Aercap Holdings NV 4.55% 200,000 $28.8M Add +81.8%
LULU Lululemon Athletica Inc. 3.88% 118,000 $24.5M New
TDS Telephone and Data Systems 3.72% 573,005 $23.5M New
PAM Pampa Energia SA-Spon ADR 3.25% 232,138 $20.5M Reduce -14.7%
LTH Life Time Group Holdings Inc. 3.01% 715,732 $19.0M New
VIST Vista Energy Sab DE CV 2.84% 368,652 $17.9M No change
CRESY Cresud S.A.-Spons ADR 1.39% 692,830 $8.8M Reduce -21.8%
ECO Okeanis Eco Tankers Corp. 1.38% 257,282 $8.7M Reduce -26.5%
PUMP Propetro Holding Corp. 1.31% 867,149 $8.2M Reduce -76.4%
GPRK Geopark Ltd. 1.30% 1,105,201 $8.2M Add +370.9%
NBR Nabors Industries Ltd. 1.16% 134,789 $7.3M No change
JEF Jefferies Financial Group Inc. 1.07% 108,747 $6.7M New
TGS Transportador Gas-ADR SP B 0.96% 195,115 $6.1M No change
NEM Newmont Corp. 0.87% 55,187 $5.5M No change
VEON Veon Ltd. 0.83% 100,166 $5.3M No change
PBF PBF Energy Inc. Class A 0.73% 170,945 $4.6M No change
HSDT Solana Co. 0.27% 581,310 $1.7M No change
SOLZ Solana ETF 0.12% 58,000 $739K No change
ASPIRE BIOPHARMA HLDGS INC 0.00% 97,391 $13K No change
Other holdings (12): bonds, preferreds, convertibles and warrants · $306K (not counted above)
SecurityClassShares / PrincipalValueChange
SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000$87KNo change
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$85KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356$29KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500$29KNo change
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000$25KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666$21KNo change
SPWRW Sunpower Inc.-CW27 *W EXP 07/31/202 37,500$9KNo change
BKSYW Blacksky Technology -CW24 *W EXP 09/09/202 130,600$7KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$6KNo change
PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333$5KNo change
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 150,000$2KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 99,692$2KNo change

Total filed on the 13F, all lines: $631.8M.

Portfolio Sells Q3 2025 → Q4 2025
AL Sumisho Air Lease Corp. Sold out 0.00% −5.80
PUMP Propetro Holding Corp. Reduce -76.4% 1.31% −3.38
YPF YPF S.A.-Sponsored ADR Reduce -10.4% 18.50% −2.76
INDV Indivior Ltd. Sold out 0.00% −1.17
ECO Okeanis Eco Tankers Corp. Reduce -26.5% 1.38% −1.12
PAM Pampa Energia SA-Spon ADR Reduce -14.7% 3.25% −0.71
CRESY Cresud S.A.-Spons ADR Reduce -21.8% 1.39% −0.59
RILY BRC Group Holdings Inc. Sold out 0.00% −0.06

Portfolio Buys Q3 2025 → Q4 2025
AERO Grupo Aeromexico Sab DE CV New 17.38% +17.38
LULU Lululemon Athletica Inc. New 3.88% +3.88
TDS Telephone and Data Systems New 3.72% +3.72
LTH Life Time Group Holdings Inc. New 3.01% +3.01
AER Aercap Holdings NV Add +81.8% 4.55% +1.32
JEF Jefferies Financial Group Inc. New 1.07% +1.07
GPRK Geopark Ltd. Add +370.9% 1.30% +0.93
CORZ Core Scientific Inc. Add +67.8% 4.69% −0.59
IRS Irsa -SP ADR Add +0.5% 6.99% −0.64
HEPS D-Market Electronic Serv-ADR Add +3.3% 6.47% −3.94

Notes & Other Activity Q3 2025 → Q4 2025
PSEWF Paysafe Ltd. -CW26 *W EXP 03/30/202 Sold out 132,285 $2Kbefore 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