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Helikon Investments Ltd

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13F filer, CIK 1839497, LONDON, United Kingdom

Helikon Investments Ltd reported $1,885,284,070 across 17 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-05. Its ten largest share positions make up 92.89% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001839497-26-000001

Period
2025-12-31
Reported value
$1.89B
Holdings
17
Top 10 weight
92.89%
New
2
Sold out
2

Part of the filer group Helikon Investments Ltd

  • Federico Riggio
How groups are built

Largest buys vs the previous quarter

SecurityShares changeApprox. value
AAUCadded+1,761,864$40.3M
IHSadded+3,934,727$29.4M
PPLIadded+540,643$21.1M
SLSRadded+2,210,452$17.6M
TGSadded+386,015$12M

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
IFSreduced-904,475-$38.3M
SKEreduced-1,043,110-$24.8M
MGMreduced-497,488-$18.2M
PAMreduced-133,326-$11.8M
VEONreduced-168,416-$8.85M

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, Q4 2025

Share positions as resolved from 13F-HR 0001839497-26-000001, largest first. % of portfolio is the value over $1,885,284,070, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 11,791,913 shares; 2025Q3: 14,736,634 shares; 2025Q4: 16,498,498 shares 16,498,498$377M20.02%+1,761,864Timeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 15,828,709 shares 15,828,709$376M19.92%-1,043,110Timeline
CAAPCORPORACION AMER ARPTS S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 13,565,960 shares 13,565,960$353M18.71%+135,515Timeline
CNLCOLLECTIVE MINING LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 10,650,248 shares 10,650,248$155M8.24%+195,211Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,988,773 shares 2,988,773$109M5.78%-497,488Timeline
TGSTRANSPORTADORA DE GAS DEL SUQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 220,482 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,897,250 shares; 2025Q4: 3,283,265 shares 3,283,265$102M5.41%+386,015Timeline
PPLIPEOPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,036,840 shares; 2025Q3: 1,325,799 shares; 2025Q4: 1,866,442 shares 1,866,442$73M3.87%+540,6432026-09-30, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 868,810 shares; 2025Q2: 4,811,620 shares; 2025Q3: 6,811,620 shares; 2025Q4: 9,022,072 shares 9,022,072$71.9M3.81%+2,210,452Timeline
IRSIRSA INVERSIONES Y REP S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 4,142,489 shares 4,142,489$68.5M3.63%+718,512Timeline
IHSIHS HOLDING LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,780,288 shares 8,780,288$65.5M3.47%+3,934,727Timeline
PAMPAMPA ENERGIA SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 565,449 shares 565,449$50M2.65%-133,326Timeline
EDNEMPRESA DIST Y COMERCIAL NORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,601,316 shares 1,601,316$48M2.54%-186,969Timeline
VEONVEON LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 344,522 shares 344,522$18.1M0.96%-168,416Timeline
NEWPNEW PAC METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,293,539 shares 2,293,539$8.05M0.43%newTimeline
IFSINTERCORP FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 31,223 shares 31,223$1.32M0.07%-904,475Timeline
BTGB2GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 56,760 shares 56,760$256K0.01%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% 1/1principal9,111,000$8.28M-5,500,000

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
CRESYCRESUD S A C I F Y A395,181$3.64Mshares
LOMALOMA NEGRA C I A S A MTN 14242,501$1.79Mshares

How Q4 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 0001839497-26-000001 base2026-02-05acceptance time not in the bulk data set