CIK: 0001839497
Total reported value
$2.6B
Reporting period: 2026-03-31 · Number of holdings: 17
Helikon Investments Ltd disclosed 17 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $2.6B and a quarterly turnover rate of 50.9%.
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Helikon Investments Ltd's disclosed holdings carry a Herfindahl concentration index of 0.097 — mathematically equivalent to about 10 equally-sized positions, well below its 17 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.83), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 2.6 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 18% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim L1995B107
-3.0% -$19.8M
Trim AAUC
-25.6% $3.4M
Trim TGS
-28.5% -$20.8M
Trim MGM
-3.8% -$2.7M
Trim SKE
+4.0% $113.7M
Add PPLI
+88.5% $67.9M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | SKE | Skeena Resources LTD | Stock-Other | 18.47% | -1.45% | +4.01% | |
| 2 | AAUC | Allied Gold CORP | Stock-Other | 14.38% | -5.64% | -25.62% | |
| 3 | ✓ | Corporacion Amer Arpts S A | Stock-Other | 12.57% | -6.14% | -2.95% | |
| 4 | CNL | Collective Mining LTD | Stock-Other | 7.30% | -0.94% | +3.09% | |
| 5 | SVM | Silvercorp Metals INC | Stock-Other | 6.53% | +6.53% | NEW | |
| 6 | FLUT | Flutter Entertainment plc | Stock-Consumer Disc | 5.54% | +5.54% | NEW | |
| 7 | PPLI | People INC | Stock-Comm Services | 5.32% | +1.45% | +88.51% | |
| 8 | SLSR | Solaris Resources INC | Stock-Other | 5.04% | +1.23% | +72.31% | |
| 9 | ABVX | Abivax Sa-adr | Stock-Other | 4.26% | +4.26% | NEW | |
| 10 | MGM | Mgm Resorts International | Stock-Consumer Disc | 4.02% | -1.76% | -3.81% | |
| 11 | SGHC | Super Group (SGHC) Limited | Stock-Other | 3.84% | +3.84% | NEW | |
| 12 | TGS | Transportador Gas-adr Sp B | Stock-Other | 3.07% | -2.34% | -28.51% | |
| 13 | QGEN | Qiagen N.V. | Stock-Healthcare | 2.73% | +2.73% | NEW | |
| 14 | IRS | Irsa -sp Adr | Stock-Other | 2.71% | -0.92% | +6.91% | |
| 15 | NEWP | New Pacific Metals CORP | Stock-Other | 1.55% | +1.12% | +333.22% | |
| 16 | EDN | Emp Distrib Y Comerc Nor-adr | Stock-Other | 1.51% | -1.03% | -16.84% | |
| 17 | HSLV | Highlander Silver CORP | Stock-Other | 1.15% | +1.15% | NEW |
Performance for Q3 2026
-14.3%
Performance Last 4 Quarters
+65%
Based on 72% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 17 | $2.6B | 51 | |
| 2025-12-31 | 17 | $1.9B | 34 | |
| 2025-09-30 | 17 | $1.5B | 92 | |
| 2025-06-30 | 19 | $1.6B | 0 | |
| 2025-03-31 | 21 | $1.3B | 100 | |
| 2024-12-31 | 19 | $961.0M | 0 | |
| 2024-09-30 | 19 | $1.1B | 0 | |
| 2024-06-30 | 18 | $1.1B | 0 | |
| 2024-03-31 | 17 | $1.2B | 0 | |
| 2023-12-31 | 15 | $1.0B | 0 | |
| 2023-09-30 | 15 | $819.3M | 0 | |
| 2023-06-30 | 15 | $819.4M | 0 | |
| 2023-03-31 | 12 | $748.2M | 0 | |
| 2022-12-31 | 8 | $532.3M | 0 | |
| 2022-09-30 | 6 | $340.8M | 0 | |
| 2022-06-30 | 4 | $253.0M | 0 | |
| 2022-03-31 | 6 | $332.7M | 0 | |
| 2021-12-31 | 4 | $314.6M | 0 | |
| 2021-09-30 | 3 | $343.4M | 0 | |
| 2021-06-30 | 4 | $358.9M | 100 | |
| 2021-03-31 | 3 | $230.6M | 67 | |
| 2020-12-31 | 4 | $154.5M | — |
Helikon Investments Ltd's most significant position changes for 2026-03-31: New buy: Silvercorp Metals INC (SVM); New buy: Flutter Entertainment plc (FLUT); New buy: Abivax Sa-adr (ABVX); New buy: Super Group (SGHC) Limited (SGHC); New buy: Qiagen N.V. (QGEN).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PPLI | People INC | +1.5% | +88.51% | Add |
| 2 | SLSR | Solaris Resources INC | +1.2% | +72.31% | Add |
| 3 | NEWP | New Pacific Metals CORP | +1.1% | +333.22% | Add |
| 4 | IRS | Irsa -sp Adr | -0.9% | +6.91% | Add |
| 5 | CNL | Collective Mining LTD | -0.9% | +3.09% | Add |
| 6 | EDN | Emp Distrib Y Comerc Nor-adr | -1% | -16.84% | Trim |
| 7 | SKE | Skeena Resources LTD | -1.5% | +4.01% | Add |
| 8 | MGM | Mgm Resorts International | -1.8% | -3.81% | Trim |
| 9 | TGS | Transportador Gas-adr Sp B | -2.3% | -28.51% | Trim |
| 10 | AAUC | Allied Gold CORP | -5.6% | -25.62% | Trim |
| 11 | ✓ | Corporacion Amer Arpts S A | -6.1% | -2.95% | Trim |
| 12 | SVM | Silvercorp Metals INC | — | NEW | New buy |
| 13 | FLUT | Flutter Entertainment plc | — | NEW | New buy |
| 14 | ABVX | Abivax Sa-adr | — | NEW | New buy |
| 15 | SGHC | Super Group (SGHC) Limited | — | NEW | New buy |
| 16 | QGEN | Qiagen N.V. | — | NEW | New buy |
| 17 | IHS | IHS Holding Limited | — | EXIT | Sold out |
| 18 | PAM | Pampa Energia Sa-spon Adr | — | EXIT | Sold out |
| 19 | HSLV | Highlander Silver CORP | — | NEW | New buy |
| 20 | VEON | Veon LTD | — | EXIT | Sold out |
| 21 | LARCN 1.75 01-15-27 | Lithium Argentina AG | — | EXIT | Sold out |
| 22 | IFS | Intercorp Financial Services Inc. | — | EXIT | Sold out |
| 23 | BTG | B2gold CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-08 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-05 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-10 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-22 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-10-28 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-30 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-18 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-12 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-10-31 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-07-28 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-03 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-08 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-19 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-04-26 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-01-18 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-10-20 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-02 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-03 | 13F-HR | View on EDGAR |
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