SEC 13F Intelligence

Managers / Q1 2024 · view latest →

Helikon Investments Ltd

CIK 0001839497 · 17 WATERLOO PLACE, LONDON, SW1Y 4AR · 00442071845257

Reported Value
$1.2B
Q1 2024
Positions
17
Filings on Record
23
2019–present window
Filed
Apr 18, 2024
original filing

Summary

Helikon Investments Ltd reported $1.2B in U.S.-listed holdings across 17 positions for Q1 2024.

The portfolio is heavily concentrated: ELD alone accounts for 33.6% of reported value.

Compared with Q4 2023, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+4.3%
vs prior filed quarter
Top-10 Concentration
+96.2%
share of reported value
Largest Position
+33.6%
Eldorado Gold
New / Exited
3 / 1
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 ’20: $155MQ4 ’20Q1 ’21: $231MQ2 ’21: $359MQ3 ’21: $343MQ3 ’21Q4 ’21: $315MQ1 ’22: $333MQ2 ’22: $253MQ2 ’22Q3 ’22: $341MQ4 ’22: $532MQ1 ’23: $748MQ1 ’23Q2 ’23: $819MQ3 ’23: $819MQ4 ’23: $1.0BQ4 ’23Q1 ’24: $1.2BQ2 ’24: $1.1BQ3 ’24: $1.1BQ3 ’24Q4 ’24: $961MQ1 ’25: $1.3BQ2 ’25: $1.6BQ2 ’25Q3 ’25: $1.5BQ4 ’25: $1.9BQ1 ’26: $2.6BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 45.3%ADR: 39.9%Other: 13.9%GLOBAL: 0.9%
  • Common Stock · 45.3% · $525M
  • ADR · 39.9% · $463M
  • Other · 13.9% · $161M
  • GLOBAL · 0.9% · $10M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
LITHIUM AMERICAS ARGENTINA CNEW+13.11M13.11M+$10M$10M
AYS1SANDSTORM GOLD LTDNEW+1.29M1.29M+$7M$7M
TRANSPORTADORA DE GAS SURNEW+220.5K220.5K+$3M$3M
IMGIAMGOLD CORPADDED+23.49M32.86M+$86M$109M
BURFORD CAP LTDSOLD OUT−50.0K0−$780,000$0
ADECOAGRO S AADDED+1.23M2.53M+$14M$28M
CGCENTERRA GOLD INCTRIMMED−2.46M3.22M−$15M$19M
VEONVEON LTDADDED+591.1K2.53M+$23M$61M

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

Holdings — Q1 2024

17 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1ELDELDORADO GOLD CORP NEWhistory →COM33.60%$389M27.68M
2VISTA ENERGY S.A.B. DE C.V.SPONSORED ADS16.32%$189M4.57M
3YPF SOCIEDAD ANONIMASPON ADR CL D12.78%$148M7.48M
4CORPORACION AMER ARPTS S ACOM11.01%$128M7.59M
5IMGIAMGOLD CORPhistory →COM9.44%$109M32.86M
6VEONVEON LTDhistory →SPONSORED ADS5.25%$61M2.53M
7PAMPAMPA ENERGIA S Ahistory →SPONS ADR LVL I2.78%$32M748.1K
8ADECOAGRO S ACOM2.40%$28M2.53M
9CGCENTERRA GOLD INChistory →COM1.64%$19M3.22M
10IRSIRSA INVERSIONES Y REP S Ahistory →SPON GDS ECH 101.02%$12M1.27M
11LITHIUM AMERICAS ARGENTINA CNOTE 1.750% 1/10.89%$10M13.11M
12AYS1SANDSTORM GOLD LTDCOM NEW0.58%$7M1.29M
13EDNEMPRESA DIST Y COMERCIAL NORSPON ADR0.53%$6M345.2K
14INTERCORP FINL SVCS INCSHS0.52%$6M253.2K
15CD8CRESUD S A C I F Y ASPONSORED ADR0.49%$6M637.6K
16ENICENEL CHILE S.A.SPONSORED ADR0.46%$5M1.76M
17TRANSPORTADORA DE GAS SURSPONSORED ADS B0.29%$3M220.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$2.6B17May 8, 202613F-HRchanges · EDGAR ↗
Q4 2025$1.9B17Feb 5, 202613F-HRchanges · EDGAR ↗
Q3 2025$1.5B17Nov 10, 202513F-HRchanges · EDGAR ↗
Q2 2025$1.6B19Aug 8, 202513F-HRchanges · EDGAR ↗
Q1 2025$1.3B21May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$961M19Jan 22, 202513F-HRchanges · EDGAR ↗
Q3 2024$1.1B19Oct 28, 202413F-HRchanges · EDGAR ↗
Q2 2024$1.1B18Jul 30, 202413F-HRchanges · EDGAR ↗
Q1 2024$1.2B17Apr 18, 202413F-HRchanges · EDGAR ↗
Q4 2023$1.0B15Feb 12, 2024RESTATEMENTchanges · EDGAR ↗
Q3 2023$819M15Oct 31, 202313F-HRchanges · EDGAR ↗
Q2 2023$819M15Jul 28, 202313F-HRchanges · EDGAR ↗
Q1 2023$748M12May 9, 202313F-HRchanges · EDGAR ↗
Q4 2022$532M8Feb 3, 202313F-HRchanges · EDGAR ↗
Q3 2022$341M6Nov 8, 202213F-HRchanges · EDGAR ↗
Q2 2022$253M4Jul 19, 202213F-HRchanges · EDGAR ↗
Q1 2022$333M6Apr 26, 202213F-HRchanges · EDGAR ↗
Q4 2021$315M4Jan 18, 202213F-HRchanges · EDGAR ↗
Q3 2021$343M3Oct 20, 202113F-HRchanges · EDGAR ↗
Q2 2021$359M4Aug 2, 202113F-HRchanges · EDGAR ↗
Q1 2021$231M3May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$155M4Feb 3, 202113F-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 ↗.