Managers / Q1 2026
Helikon Investments Ltd
CIK 0001839497 · 17 WATERLOO PLACE, LONDON, SW1Y 4AR · 00442071845257
Summary
Helikon Investments Ltd reported $2.6B in U.S.-listed holdings across 17 positions for Q1 2026.
Its largest position, SKE, represents 18.5% of the portfolio.
Compared with Q4 2025, the fund opened 6 new positions and exited 6.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 63.8% · $1.7B
- Other · 24.7% · $654M
- ADR · 11.5% · $306M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SVMSILVERCORP METALS INC | NEW | +16.12M | 16.12M | +$173M | $173M |
| FLUTTER ENTMT PLC | NEW | +1.44M | 1.44M | +$147M | $147M |
| ABVXABIVAX SA | NEW | +1.01M | 1.01M | +$113M | $113M |
| SUPER GROUP SGHC LIMITED | NEW | +9.42M | 9.42M | +$102M | $102M |
| QIAGEN NV | NEW | +1.81M | 1.81M | +$72M | $72M |
| HSLVHIGHLANDER SILVER CORP | NEW | +5.17M | 5.17M | +$30M | $30M |
| NUAGNEW PAC METALS CORP | ADDED | +7.64M | 9.94M | +$33M | $41M |
| IHS HOLDING LIMITED | SOLD OUT | −8.78M | 0 | −$66M | $0 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2026
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | SKESKEENA RES LTD NEWhistory → | COM | 18.47% | $489M | 16.46M |
| 2 | AAUCALLIED GOLD CORPhistory → | COM NEW | 14.38% | $381M | 12.27M |
| 3 | CORPORACION AMER ARPTS S A | COM | 12.57% | $333M | 13.17M |
| 4 | CNLCOLLECTIVE MINING LTDhistory → | COM | 7.30% | $193M | 10.98M |
| 5 | SVMSILVERCORP METALS INChistory → | COM | 6.53% | $173M | 16.12M |
| 6 | FLUTTER ENTMT PLC | SHS | 5.54% | $147M | 1.44M |
| 7 | 0J7QIAC INChistory → | COM NEW | 5.32% | $141M | 3.52M |
| 8 | SLSSOLARIS RES INChistory → | COM NEW | 5.04% | $133M | 15.55M |
| 9 | ABVXABIVAX SAhistory → | SPONSORED ADS | 4.26% | $113M | 1.01M |
| 10 | MGMMGM RESORTS INTERNATIONALhistory → | COM | 4.02% | $106M | 2.88M |
| 11 | SUPER GROUP SGHC LIMITED | ORD SHS | 3.84% | $102M | 9.42M |
| 12 | TRANSPORTADORA DE GAS DEL SU | SPONSORED ADS B | 3.07% | $81M | 2.35M |
| 13 | QIAGEN NV | ORD SHARES | 2.73% | $72M | 1.81M |
| 14 | IRSIRSA INVERSIONES Y REP S Ahistory → | SPON GDS ECH 10 | 2.71% | $72M | 4.43M |
| 15 | NUAGNEW PAC METALS CORPhistory → | COM | 1.55% | $41M | 9.94M |
| 16 | EDNEMPRESA DIST Y COMERCIAL NORhistory → | SPON ADR | 1.51% | $40M | 1.33M |
| 17 | HSLVHIGHLANDER SILVER CORPhistory → | COM | 1.15% | $30M | 5.17M |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $2.6B | 17 | May 8, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $1.9B | 17 | Feb 5, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $1.5B | 17 | Nov 10, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $1.6B | 19 | Aug 8, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $1.3B | 21 | May 12, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $961M | 19 | Jan 22, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $1.1B | 19 | Oct 28, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $1.1B | 18 | Jul 30, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $1.2B | 17 | Apr 18, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $1.0B | 15 | Feb 12, 2024 | RESTATEMENT | changes · EDGAR ↗ |
| Q3 2023 | $819M | 15 | Oct 31, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $819M | 15 | Jul 28, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $748M | 12 | May 9, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $532M | 8 | Feb 3, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $341M | 6 | Nov 8, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $253M | 4 | Jul 19, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $333M | 6 | Apr 26, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $315M | 4 | Jan 18, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $343M | 3 | Oct 20, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $359M | 4 | Aug 2, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $231M | 3 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $155M | 4 | Feb 3, 2021 | 13F-HR | changes · 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 ↗.