Data as of Q4 2025 (Dec 31, 2025)

Helikon Investments Ltd

•CIK: 1839497•Filing: Q4 2025

**Helikon Investments Ltd.** manages $1.9B across a concentrated portfolio of 17 positions. The fund exhibits significant overweighting in energy and industrials, anchored by top holdings in AAUC ($377.5M) and SKE ($375.6M). Further substantial allocations include OILU ($352.7M), suggesting a strategic focus on cyclical and commodity-linked sectors. This positioning indicates a high-conviction, sector-tilted approach to generating alpha.

Total AUM
$1.9B
QoQ Performance
+29.6%
Positions
16
Top 10 Concentration
93.3%
Latest Filing
Q4 2025

Top Holdings Allocation

AAUC
SKE
CORP
CNL
MGM
TGS
AAUC20.1%
SKE20.0%
CORPORACION18.8%
CNL8.3%
MGM5.8%
TGS5.4%
0J7Q3.9%
SLS3.8%

📈 Biggest Buys

AAUC
ALLIED GOLD CORP
+12.0%
20.1% of portfolio
IHS
IHS HOLDING LIMITED
+81.2%
3.5% of portfolio
0J7Q
IAC INC
+40.8%
3.9% of portfolio
SLS
SOLARIS RES INC
+32.5%
3.8% of portfolio
TGS
TRANSPORTADORA DE GAS SUR
+13.3%
5.4% of portfolio

📉 Biggest Sells

—
INTERCORP FINL SVCS INC
-96.7%
0.1% of portfolio
SKE
SKEENA RES LTD NEW
-6.2%
20.0% of portfolio
MGM
MGM RESORTS INTERNATIONAL
-14.3%
5.8% of portfolio
PAM
PAMPA ENERGIA S A
-19.1%
2.7% of portfolio
VEON
VEON LTD
-32.8%
1.0% of portfolio

Sector Breakdown

Other100.0%

🚪 Exited Positionssold since Q3 2025

CD8
CRESUD S A C I F Y A
SOLD
$3.6M
LOMA
LOMA NEGRA C I A S A MTN 14
SOLD
$1.8M

Changes from Q3 2025

NEW2 new positions
↑8 increased
↓6 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

AAUC20.1%
ALLIED GOLD CORP
$377.5M
SKE20.0%
SKEENA RES LTD NEW
$375.6M
CNL8.3%
COLLECTIVE MINING LTD
$155.4M
MGM5.8%
MGM RESORTS INTERNATIONAL
$109.1M
TGS5.4%
TRANSPORTADORA DE GAS SUR
$102.1M

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