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Helikon Investments Ltd

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13F filer, CIK 1839497, LONDON, United Kingdom

Helikon Investments Ltd reported $1,307,003,834 across 21 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-12. Its ten largest share positions make up 86.61% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001839497-25-000004

Period
2025-03-31
Reported value
$1.31B
Holdings
21
Top 10 weight
86.61%
New
5
Sold out
3

Part of the filer group Helikon Investments Ltd

  • Federico Riggio
How groups are built

Stakes and trades reported after 2025-03-31

13D, 13G and Form 4 filings by this filer's group, dated after the 13F period, on securities the quarter does not hold as shares.

  • PPLI PEOPLE INC: 13G/A 7,857,290 shares, 11.44% of the class, 13G/A filed 2026-10-06, 0001172661-26-004408Timeline
    Accepted , ingested

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CAAPadded+6,537,641$120M
AGROadded+5,060,347$56.5M
MGMnew+1,835,975$54.4M
EDNadded+1,466,500$44.8M
SKEadded+2,986,891$30.1M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
VISTexited-1,238,561-$67M
EGOreduced-2,285,162-$38.4M
VEONreduced-489,307-$21.3M
SGHCexited-3,234,022-$20.1M
RNWreduced-1,993,958-$11.7M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001839497-25-000004, largest first. % of portfolio is the value over $1,307,003,834, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CAAPCORPORACION AMER ARPTS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,131,794 shares; 2024Q4: 7,084,758 shares; 2025Q1: 13,622,399 shares 13,622,399$249M19.07%+6,537,641Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,871,218 shares; 2024Q4: 16,631,533 shares; 2025Q1: 14,346,371 shares 14,346,371$241M18.46%-2,285,162Timeline
AGROADECOAGRO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 6,941,857 shares; 2024Q4: 6,976,857 shares; 2025Q1: 12,037,204 shares 12,037,204$134M10.29%+5,060,347Timeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,146,397 shares; 2024Q4: 8,930,424 shares; 2025Q1: 11,917,315 shares 11,917,315$120M9.2%+2,986,891Timeline
VEONVEON LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,788,955 shares; 2024Q4: 2,927,104 shares; 2025Q1: 2,437,797 shares 2,437,797$106M8.13%-489,307Timeline
CNLCOLLECTIVE MINING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,681,800 shares; 2024Q4: 6,840,752 shares; 2025Q1: 9,891,894 shares 9,891,894$86M6.58%+3,051,142Timeline
EDNEMPRESA DIST Y COMERCIAL NORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 809,902 shares; 2024Q4: 564,536 shares; 2025Q1: 2,031,036 shares 2,031,036$62M4.75%+1,466,500Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,835,975 shares 1,835,975$54.4M4.16%newTimeline
IFSINTERCORP FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 974,819 shares; 2024Q4: 974,819 shares; 2025Q1: 1,188,211 shares 1,188,211$39.4M3.01%+213,392Timeline
EQXEQUINOX GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,705,030 shares; 2025Q1: 5,614,735 shares 5,614,735$38.6M2.96%+3,909,705Timeline
PAMPAMPA ENERGIA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,319,415 shares; 2024Q4: 442,869 shares; 2025Q1: 492,578 shares 492,578$38M2.91%+49,709Timeline
CZRCAESARS ENTERTAINMENT INC NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,587,547 shares; 2024Q4: 1,414,547 shares; 2025Q1: 1,164,049 shares 1,164,049$29.1M2.23%-250,498Timeline
BVNCOMPANIA DE MINAS BUENAVENTUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,707,359 shares 1,707,359$26.7M2.04%newTimeline
COHENCIRCLEACQUISITIONCORCOHENCIRCLEACQUISITIONCORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,851,447 shares 1,851,447$20.8M1.59%new
IRSIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,266,348 shares; 2024Q4: 1,239,902 shares; 2025Q1: 1,428,475 shares 1,428,475$18.4M1.41%+188,573Timeline
ENICENEL CHILE SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,842,178 shares; 2024Q4: 2,112,723 shares; 2025Q1: 4,498,563 shares 4,498,563$14.7M1.13%+2,385,840Timeline
IHSIHS HOLDING LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,433,654 shares 1,433,654$7.48M0.57%newTimeline
CRESYCRESUD S A C I F Y AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 637,624 shares; 2024Q4: 456,776 shares; 2025Q1: 325,864 shares 325,864$3.6M0.28%-130,912Timeline
SLSRSOLARIS RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 868,810 shares 868,810$2.95M0.23%newTimeline
RNWRENEW ENERGY GLOBAL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,204,246 shares; 2025Q1: 210,288 shares 210,288$1.24M0.09%-1,993,958Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
LITHIUM ARGENTINA AGLITHIUM ARGENTINA AG NOTE 1.750% 1/1principal14,611,000$12M0

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
VISTVISTA ENERGY S.A.B. DE C.V.1,238,561$67Mshares
SGHCSUPER GROUP SGHC LIMITED3,234,022$20.1Mshares
GRFSGRIFOLS S A78,010$580Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001839497-25-000004 base2025-05-12acceptance time not in the bulk data set