# Helikon Investments Ltd

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1839497. Source: https://holderbook.com/funds/1839497-helikon-investments-ltd/

- Reported value: $3.3B
- Positions: 18
- Weight of the ten largest: 82.9%
- Filed: 2026-08-11

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| SKEENA RES LTD NEW | [SKE](https://holderbook.com/stocks/SKE/) | $448.5M | 16,822,865 | 13.4% | 8 |
| ABIVAX SA | [ABVX](https://holderbook.com/stocks/ABVX/) | $371.4M | 2,787,131 | 11.1% | 2 |
| ELDORADO GOLD CORP NEW | [EGO](https://holderbook.com/stocks/EGO/) | $347.6M | 11,180,130 | 10.4% | 1 |
| CORPORACION AMER ARPTS S A | [CAAP](https://holderbook.com/stocks/CAAP/) | $342.3M | 13,594,321 | 10.2% | 23 |
| ALLIED GOLD CORP | [AAUC](https://holderbook.com/stocks/AAUC/) | $275.0M | 11,563,292 | 8.2% | 5 |
| PEOPLE INC | [PPLI](https://holderbook.com/stocks/PPLI/) | $260.9M | 5,652,519 | 7.8% | 5 |
| SUPER GROUP SGHC LIMITED | [SGHC](https://holderbook.com/stocks/SGHC/) | $233.9M | 17,263,516 | 7.0% | 2 |
| SILVERCORP METALS INC | [SVM](https://holderbook.com/stocks/SVM/) | $176.1M | 17,437,340 | 5.3% | 2 |
| FLUTTER ENTMT PLC | [FLUT](https://holderbook.com/stocks/FLUT/) | $159.9M | 1,565,150 | 4.8% | 2 |
| SOLARIS RES INC | [SLSR](https://holderbook.com/stocks/SLSR/) | $158.8M | 18,955,119 | 4.7% | 6 |
| COLLECTIVE MINING LTD | [CNL](https://holderbook.com/stocks/CNL/) | $130.5M | 10,655,062 | 3.9% | 8 |
| QIAGEN NV | [QGEN](https://holderbook.com/stocks/QGEN/) | $120.6M | 3,085,155 | 3.6% | 2 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $96.8M | 2,024,930 | 2.9% | 6 |
| IRSA INVERSIONES Y REP S A | [IRS](https://holderbook.com/stocks/IRS/) | $75.8M | 4,906,222 | 2.3% | 11 |
| NEW PAC METALS CORP | [NEWP](https://holderbook.com/stocks/NEWP/) | $74.1M | 18,438,377 | 2.2% | 3 |
| HIGHLANDER SILVER CORP | [HSLV](https://holderbook.com/stocks/HSLV/) | $37.3M | 8,009,594 | 1.1% | 2 |
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $22.7M | 146,103 | 0.7% | 1 |
| EMPRESA DIST Y COMERCIAL NOR | [EDN](https://holderbook.com/stocks/EDN/) | $15.2M | 607,528 | 0.5% | 13 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | -5.4% | +14.8% | -20.2% | 100% |
| Q1 2026 | +14.7% | -4.6% | +19.3% | 100% |
| Q4 2025 | +27.5% | +2.4% | +25.1% | 99% |
| Q3 2025 | +10.3% | +7.8% | +2.4% | 97% |
| Q2 2025 | +12.1% | +10.5% | +1.6% | 99% |
| Q1 2025 | +6.9% | -4.6% | +11.5% | 99% |
| Q4 2024 | +13.4% | +2.1% | +11.3% | 99% |
| Q3 2024 | +12.0% | +5.4% | +6.6% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $3.3B | 18 |
| Q1 2026 | $2.6B | 17 |
| Q4 2025 | $1.9B | 17 |
| Q3 2025 | $1.5B | 17 |
| Q2 2025 | $1.6B | 19 |
| Q1 2025 | $1.3B | 21 |
| Q4 2024 | $961.0M | 19 |
| Q3 2024 | $1.1B | 19 |
| Q2 2024 | $1.1B | 18 |
| Q1 2024 | $1.2B | 17 |
| Q4 2023 | $1.0B | 15 |
| Q3 2023 | $819.3M | 15 |