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Helikon Investments Ltd

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13F filer, CIK 1839497, LONDON, United Kingdom

Helikon Investments Ltd reported $1,461,397,585 across 17 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-10. Its ten largest share positions make up 90.07% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001839497-25-000007

Period
2025-09-30
Reported value
$1.46B
Holdings
17
Top 10 weight
90.07%
New
2
Sold out
4

Part of the filer group Helikon Investments Ltd

  • Federico Riggio
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
TGSnew+2,897,250$60.9M
SKEadded+2,841,708$52.4M
AAUCadded+2,944,721$51.6M
IHSadded+2,488,223$17M
SLSRadded+2,000,000$12.7M

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.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
MGMreduced-5,324,061-$185M
EGOexited-4,760,879-$96.8M
VEONreduced-949,357-$51.7M
EQXexited-7,699,497-$44.3M
COHENCIRCLEACQUISITIONCORexited-2,492,592-$27.3M

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, Q3 2025

Share positions as resolved from 13F-HR 0001839497-25-000007, largest first. % of portfolio is the value over $1,461,397,585, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,146,397 shares; 2024Q4: 8,930,424 shares; 2025Q1: 11,917,315 shares; 2025Q2: 14,030,111 shares; 2025Q3: 16,871,819 shares 16,871,819$311M21.28%+2,841,708Timeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 11,791,913 shares; 2025Q3: 14,736,634 shares 14,736,634$258M17.66%+2,944,721Timeline
CAAPCORPORACION AMER ARPTS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,131,794 shares; 2024Q4: 7,084,758 shares; 2025Q1: 13,622,399 shares; 2025Q2: 13,342,552 shares; 2025Q3: 13,430,445 shares 13,430,445$243M16.65%+87,893Timeline
CNLCOLLECTIVE MINING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,681,800 shares; 2024Q4: 6,840,752 shares; 2025Q1: 9,891,894 shares; 2025Q2: 9,916,894 shares; 2025Q3: 10,455,037 shares 10,455,037$151M10.34%+538,143Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,835,975 shares; 2025Q2: 8,810,322 shares; 2025Q3: 3,486,261 shares 3,486,261$121M8.27%-5,324,061Timeline
TGSTRANSPORTADORA DE GAS DEL SUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,482 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,897,250 shares 2,897,250$60.9M4.17%newTimeline
PPLIPEOPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,036,840 shares; 2025Q3: 1,325,799 shares 1,325,799$45.2M3.09%-711,0412026-09-30, 13G/A: 7,857,290 shares, 11.44% of the class, 13G/A filed 2026-10-06 Timeline
SLSRSOLARIS RES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 868,810 shares; 2025Q2: 4,811,620 shares; 2025Q3: 6,811,620 shares 6,811,620$43.4M2.97%+2,000,000Timeline
PAMPAMPA ENERGIA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,319,415 shares; 2024Q4: 442,869 shares; 2025Q1: 492,578 shares; 2025Q2: 492,578 shares; 2025Q3: 698,775 shares 698,775$42M2.87%+206,197Timeline
IRSIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,266,348 shares; 2024Q4: 1,239,902 shares; 2025Q1: 1,428,475 shares; 2025Q2: 2,367,181 shares; 2025Q3: 3,423,977 shares 3,423,977$40.5M2.77%+1,056,796Timeline
IFSINTERCORP FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 974,819 shares; 2024Q4: 974,819 shares; 2025Q1: 1,188,211 shares; 2025Q2: 1,188,211 shares; 2025Q3: 935,698 shares 935,698$37.7M2.58%-252,513Timeline
IHSIHS HOLDING LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,433,654 shares; 2025Q2: 2,357,338 shares; 2025Q3: 4,845,561 shares 4,845,561$33M2.26%+2,488,223Timeline
VEONVEON LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,788,955 shares; 2024Q4: 2,927,104 shares; 2025Q1: 2,437,797 shares; 2025Q2: 1,462,295 shares; 2025Q3: 512,938 shares 512,938$27.9M1.91%-949,357Timeline
EDNEMPRESA DIST Y COMERCIAL NORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 809,902 shares; 2024Q4: 564,536 shares; 2025Q1: 2,031,036 shares; 2025Q2: 1,788,285 shares; 2025Q3: 1,788,285 shares 1,788,285$27.8M1.9%0Timeline
CRESYCRESUD S A C I F Y AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 637,624 shares; 2024Q4: 456,776 shares; 2025Q1: 325,864 shares; 2025Q2: 395,181 shares; 2025Q3: 395,181 shares 395,181$3.64M0.25%0Timeline
LOMALOMA NEGRA C I A S A MTN 14Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 242,501 shares 242,501$1.79M0.12%newTimeline

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$13.2M0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
EGOELDORADO GOLD CORP NEW4,760,879$96.8Mshares
EQXEQUINOX GOLD CORP7,699,497$44.3Mshares
COHENCIRCLEACQUISITIONCORCOHENCIRCLEACQUISITIONCOR2,492,592$27.3Mshares
AGROADECOAGRO S A2,825,500$25.8Mshares

How Q3 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 0001839497-25-000007 base2025-11-10acceptance time not in the bulk data set