SEC 13F Intelligence

Managers / Q4 2025 · view latest →

VR Advisory Services Ltd

CIK 0001348145 · INTERTRUST CORPORATE SERVICES (CAYMAN), ONE NEXUS WAY, CAMANA BAY, GRAND CAYMAN, E9, KY1-9005 · 646.571.1870

Reported Value
$632M
Q4 2025
Positions
37
Filings on Record
34
2019–present window
Filed
Feb 18, 2026
amendment (RESTATEMENT)

Summary

Vr Advisory Services Ltd reported $632M in U.S.-listed holdings across 37 positions for Q4 2025.

Its largest position, Ypf Sociedad Anonima, represents 18.5% of the portfolio.

Compared with Q3 2025, the fund opened 5 new positions and exited 4.

Portfolio Metrics

Turnover
+9.7%
vs prior filed quarter
Top-10 Concentration
+82.7%
share of reported value
Largest Position
+18.5%
Ypf Sociedad Anonima
New / Exited
5 / 4
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $117MQ4 ’18Q1 ’19: $84MQ2 ’19: $91MQ3 ’19: $51MQ4 ’19: $64MQ4 ’19Q1 ’20: $56MQ2 ’20: $62MQ3 ’20: $105MQ4 ’20: $110MQ4 ’20Q1 ’21: $207MQ2 ’21: $250MQ3 ’21: $247MQ4 ’21: $235MQ4 ’21Q1 ’22: $214MQ2 ’22: $224MQ3 ’22: $273MQ4 ’22: $270MQ4 ’22Q1 ’23: $307MQ2 ’23: $311MQ3 ’23: $281MQ4 ’23: $263MQ4 ’23Q1 ’24: $211MQ2 ’24: $248MQ3 ’24: $290MQ4 ’24: $400MQ4 ’24Q1 ’25: $383MQ2 ’25: $375MQ3 ’25: $412MQ4 ’25: $632MQ4 ’25Q1 ’26: $845Mfilingsflow.com

Portfolio Composition

By security type
ADR: 71.9%Common Stock: 19.5%Other: 8.4%ETP: 0.1%Equity WRT: 0.0%
  • ADR · 71.9% · $454M
  • Common Stock · 19.5% · $123M
  • Other · 8.4% · $53M
  • ETP · 0.1% · $738,920
  • Equity WRT · 0.0% · $284,279

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
AEROGRUPO AEROMEXICO SAB DE CVNEW+5.00M5.00M+$110M$110M
LULULULULEMON ATHLETICA INCNEW+118.0K118.0K+$25M$25M
TDSTELEPHONE & DATA SYS INCNEW+573.0K573.0K+$23M$23M
LTHLIFE TIME GROUP HOLDINGS INCNEW+715.7K715.7K+$19M$19M
JEFJEFFERIES FINL GROUP INCNEW+108.7K108.7K+$7M$7M
GEOPARK LTDADDED+870.5K1.11M+$7M$8M
ALAIR LEASE CORPSOLD OUT−375.0K0−$24M$0
INDIVIOR PLCSOLD OUT−200.0K0−$5M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2025

36 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1YPF SOCIEDAD ANONIMASPON ADR CL D18.49%$117M3.23M
2AEROGRUPO AEROMEXICO SAB DE CVhistory →SPONSORED ADS17.37%$110M5.00M
3KSPIKASPI KZ JSChistory →SPONSORED ADS13.32%$84M1.08M
4IRSIRSA INVERSIONES Y REP S Ahistory →SPON GDS ECH 106.99%$44M2.67M
5D MARKET ELECTR SVCS & TRADISPONSORED ADS6.47%$41M16.47M
6CORZCORE SCIENTIFIC INC NEWhistory →COM4.69%$30M2.03M
7AERCAP HOLDINGS NVSHS4.55%$29M200.0K
8LULULULULEMON ATHLETICA INChistory →COM3.88%$25M118.0K
9TDSTELEPHONE & DATA SYS INChistory →COM NEW3.72%$23M573.0K
10PAMPAMPA ENERGIA S Ahistory →SPONS ADR LVL I3.25%$21M232.1K
11LTHLIFE TIME GROUP HOLDINGS INChistory →COMMON STOCK3.01%$19M715.7K
12VISTA ENERGY S.A.B. DE C.V.SPONSORED ADS2.84%$18M368.7K
13CD8CRESUD S A C I F Y Ahistory →SPONSORED ADR1.38%$9M692.8K
14OKEANIS ECO TANKERS CORSHS1.38%$9M257.3K
15PUMPPROPETRO HLDG CORPhistory →COM1.31%$8M867.1K
16GEOPARK LTDUSD SHS1.30%$8M1.11M
17NABORS INDUSTRIES LTDSHS1.16%$7M134.8K
18JEFJEFFERIES FINL GROUP INChistory →COM1.07%$7M108.7K
19TRANSPORTADORA DE GAS SURSPONSORED ADS B0.96%$6M195.1K
20NEMNEWMONT CORPCOM0.87%$6M55.2K
21VEONVEON LTDSPONSORED ADS0.83%$5M100.2K
22PBFPBF ENERGY INCCL A0.73%$5M170.9K
23HSDTSOLANA COCOM CL A NEW0.27%$2M581.3K
24SOLZVOLATILITY SHS TRSOLANA ETF0.12%$738,92058.0K
25SOUNWSOUNDHOUND AI INC*W EXP 04/26/2020.01%$86,99825.0K
26ALLIANCE ENTERTAINMENT HOLDI*W EXP 02/10/2020.01%$84,970100.0K
27NIOCORP DEVS LTD*W EXP 03/17/2020.00%$28,56215.4K
28FLDDWFOLD HLDGS INC*W EXP 02/14/2030.00%$28,500187.5K
29BKKT/WSBAKKT HOLDINGS INC*W EXP 10/25/2020.00%$24,600150.0K
30PAGAYA TECHNOLOGIES LTD*W EXP 99/99/9990.00%$21,34066.7K
31ASPIRE BIOPHARMA HLDGS INCCOM · *W EXP 02/14/2030.00%$14,491197.1K
32SPWRWSUNPOWER INC*W EXP 07/31/2020.00%$9,00037.5K
33BKSY/WSBLACKSKY TECHNOLOGY INC*W EXP 09/09/2020.00%$6,687130.6K
34SOUTHLAND HLDGS INC*W EXP 02/14/2020.00%$6,45075.0K
35PSQ HOLDINGS INC*W EXP 07/19/2020.00%$5,06753.3K
36KIDZWCLASSOVER HLDGS INC*W EXP 04/03/2030.00%$1,800150.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$845M40May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$632M37Feb 18, 2026RESTATEMENTchanges · EDGAR ↗
Q3 2025$412M36Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$375M33Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$383M30May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$400M31Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$290M41Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$248M41Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$211M45May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$263M51Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$281M61Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$311M60Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$307M67May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$270M72Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$273M82Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$224M66Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$214M76May 16, 2022RESTATEMENTchanges · EDGAR ↗
Q4 2021$235M70Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$247M58Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$250M67Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$207M54May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$110M18Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$105M21Nov 17, 2020RESTATEMENTchanges · EDGAR ↗
Q2 2020$62M22Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$56M21May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$64M19Feb 14, 2020RESTATEMENTchanges · EDGAR ↗
Q3 2019$51M17Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$91M23Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$84M26May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$117M28Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.