VR Advisory Services Ltd

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), VR Advisory Services Ltd reported 28 stock positions worth $844.7 million. Its top holding was YPF S.A.-Sponsored ADR (YPF) at 17.7% of the portfolio, followed by JSC Kaspi.kz ADR (KSPI, 9.4%) and Grupo Aeromexico Sab DE CV (AERO, 8.6%). Compared with Q4 2025, it opened 7 new positions, sold out of 4, added to 9 and reduced 1. The biggest buy was a new position in Coterra Energy (CTRA) and the biggest sale an exit from Nabors Industries (NBR).

Most Recent 13F
Q2 2026
Location
CAMANA BAY, GRAND CAYMAN, E9
CIK
0001348145
Portfolio Value
$844.7M (Q1 2026)
SEC Filing
0001315863-26-000424 ↗ filed May 15, 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 Q4 2025 Q1 2026: $844.7M $844.7M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 28 stocks · $844.7M
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 17.68% 3,231,396 $149.4M No change
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 9.45% 1,077,369 $79.8M No change
AERO Grupo Aeromexico Sab DE CV 8.60% 5,187,423 $72.7M Add +3.8%
AER Aercap Holdings NV 6.25% 384,793 $52.8M Add +92.4%
CTRA Coterra Energy Inc. 5.66% 1,360,808 $47.8M New
IRS Irsa -SP ADR filed as IRSA INVERSIONES Y REP S A 5.12% 2,670,087 $43.3M No change
HEPS D-Market Electronic Serv-ADR 5.11% 16,472,821 $43.2M No change
CORZ Core Scientific Inc. 4.27% 2,412,954 $36.1M Add +18.6%
PUMP Propetro Holding Corp. 4.20% 2,464,913 $35.5M Add +184.3%
LTH Life Time Group Holdings Inc. 3.76% 1,179,594 $31.8M Add +64.8%
TDS Telephone and Data Systems 3.64% 730,904 $30.8M Add +27.6%
VIST Vista Energy Sab DE CV 3.29% 368,652 $27.8M No change
TDAY USA Today Co. Inc. 3.07% 3,681,483 $26.0M New
LULU Lululemon Athletica Inc. 2.70% 148,702 $22.8M Add +26.0%
PAM Pampa Energia SA-Spon ADR 2.43% 232,138 $20.5M No change
VEON Veon Ltd. 2.16% 393,647 $18.2M Add +293.0%
ECO Okeanis Eco Tankers Corp. 2.06% 343,729 $17.4M Add +33.6%
KYIV Kyivstar Group Ltd. 2.00% 1,666,276 $16.9M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 1.70% 1,000,000 $14.4M New
CF CF Industries Holdings Inc. 1.24% 80,780 $10.5M New
PARR Par Pacific Holdings Inc. 1.11% 150,000 $9.4M New
CRESY Cresud S.A.-Spons ADR 1.04% 692,830 $8.8M No change
MU Micron Technology Inc. 0.92% 23,000 $7.8M New
GPRK Geopark Ltd. 0.83% 742,478 $7.1M Reduce -32.8%
TGS Transportador Gas-ADR SP B 0.80% 195,115 $6.8M No change
NEM Newmont Corp. 0.71% 55,187 $6.0M No change
HSDT Solana Co. 0.12% 581,310 $1.0M No change
SOLZ Solana ETF 0.06% 58,000 $485K No change
Other holdings (12): bonds, preferreds, convertibles and warrants · $208K (not counted above)
SecurityClassShares / PrincipalValueChange
AENTW Adara Acquisition Class A -CW26 *W EXP 02/11/202 100,000$60KNo change
SOUNW Soundhound AI Inc. *W EXP 04/26/202 25,000$55KNo change
NIOBW Niocorp Developments Ltd. -28 *W EXP 03/17/202 15,356$26KNo change
FLDDW Fold Holdings Inc. -23 *W EXP 02/14/203 187,500$21KNo change
BKKT.WS Bakkt Holdings Inc. -CW26 *W EXP 10/25/202 150,000$20KNo 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$6KNo change
SLND.WS Legato Merger Corp. II -CW23 *W EXP 02/14/202 75,000$3KNo change
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 66,666$3KNo change
KIDZW Classover Holdings Inc. - 30 *W EXP 04/03/203 150,000$2KNo change
PSQH.WS Colombier Acq Class A -CW28 *W EXP 07/19/202 53,333$2KNo change
ASBPW Aspire Biopharma Holdin-CW27 *W EXP 02/14/203 99,692$2KNo change

Total filed on the 13F, all lines: $844.9M.

Portfolio Sells Q4 2025 → Q1 2026
NBR Nabors Industries Ltd. Sold out 0.00% −1.16
JEF Jefferies Financial Group Inc. Sold out 0.00% −1.07
PBF PBF Energy Inc. Class A Sold out 0.00% −0.73
GPRK Geopark Ltd. Reduce -32.8% 0.83% −0.46
ASPIRE BIOPHARMA HLDGS INC Sold out 0.00% −0.00

Portfolio Buys Q4 2025 → Q1 2026
CTRA Coterra Energy Inc. New 5.66% +5.66
TDAY USA Today Co. Inc. New 3.07% +3.07
PUMP Propetro Holding Corp. Add +184.3% 4.20% +2.90
KYIV Kyivstar Group Ltd. New 2.00% +2.00
NU Nu Holdings Ltd./Cayman Isl-A New 1.70% +1.70
AER Aercap Holdings NV Add +92.4% 6.25% +1.70
VEON Veon Ltd. Add +293.0% 2.16% +1.32
CF CF Industries Holdings Inc. New 1.24% +1.24
PARR Par Pacific Holdings Inc. New 1.11% +1.11
MU Micron Technology Inc. New 0.92% +0.92
LTH Life Time Group Holdings Inc. Add +64.8% 3.76% +0.75
ECO Okeanis Eco Tankers Corp. Add +33.6% 2.06% +0.68
TDS Telephone and Data Systems Add +27.6% 3.64% −0.08
CORZ Core Scientific Inc. Add +18.6% 4.27% −0.42
LULU Lululemon Athletica Inc. Add +26.0% 2.70% −1.19
AERO Grupo Aeromexico Sab DE CV Add +3.8% 8.60% −8.77

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