Helikon Investments Ltd Diversified Active

CIK: 0001839497 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 5, 2026

Total Value ($000): $1,885,284 (99.6% shares, 0.4% debt)

Holdings (17)

New Positions (2)

NEWP NEW PAC METALS CORP 0.4%

Value ($000) $8,050 Shares 2,293,539 Est. Cost $2.74 Unrealized 0.0%

BTG B2GOLD CORP 0.0%

Value ($000) $256 Shares 56,760 Est. Cost $4.66 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NEWP	NEW PAC METALS CORP	2,293,539	$8,050	0.4%	$2.74	0.0%	COM	64782A107
BTG	B2GOLD CORP	56,760	$256	0.0%	$4.66	0.0%	COM	11777Q209

Increased Positions (8)

AAUC ALLIED GOLD CORP 20.0%

Value ($000) $377,486 (+46.3%) Shares 16,498,498 (+12.0%) Est. Cost $13.64 Unrealized +41.2%

CAAP CORPORACION AMER ARPTS S A 18.7%

Value ($000) $352,715 (+44.9%) Shares 13,565,960 (+1.0%) Est. Cost $11.69 Unrealized +91.6%

TGS TRANSPORTADORA DE GAS SUR 5.4%

Value ($000) $102,077 (+67.5%) Shares 3,283,265 (+13.3%) Est. Cost $22.21 Unrealized —

IHS IHS HOLDING LIMITED 3.5%

Value ($000) $65,501 (+98.2%) Shares 8,780,288 (+81.2%) Est. Cost $6.17 Unrealized +11.6%

SLSR SOLARIS RES INC 3.8%

Value ($000) $71,906 (+65.7%) Shares 9,022,072 (+32.5%) Est. Cost $4.99 Unrealized +39.1%

IRS IRSA INVERSIONES Y REP S A 3.6%

Value ($000) $68,517 (+69.0%) Shares 4,142,489 (+21.0%) Est. Cost $12.21 Unrealized —

IAC IAC INC 3.9%

Value ($000) $72,978 (+61.6%) Shares 1,866,442 (+40.8%) Est. Cost $35.82 Unrealized -2.2%

CNL COLLECTIVE MINING LTD 8.2%

Value ($000) $155,387 (+2.9%) Shares 10,650,248 (+1.9%) Est. Cost $4.59 Unrealized +165.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAUC	ALLIED GOLD CORP	16,498,498 (+12.0%)	$377,486 (+46.3%)	20.0%	$13.64	+41.2%	COM NEW	01921D204
CAAP	CORPORACION AMER ARPTS S A	13,565,960 (+1.0%)	$352,715 (+44.9%)	18.7%	$11.69	+91.6%	COM	L1995B107
TGS	TRANSPORTADORA DE GAS SUR	3,283,265 (+13.3%)	$102,077 (+67.5%)	5.4%	$22.21	—	SPONSORED ADS B	893870204
IHS	IHS HOLDING LIMITED	8,780,288 (+81.2%)	$65,501 (+98.2%)	3.5%	$6.17	+11.6%	ORD SHS	G4701H109
SLSR	SOLARIS RES INC	9,022,072 (+32.5%)	$71,906 (+65.7%)	3.8%	$4.99	+39.1%	COM NEW	83419D201
IRS	IRSA INVERSIONES Y REP S A	4,142,489 (+21.0%)	$68,517 (+69.0%)	3.6%	$12.21	—	SPON GDS ECH 10	450047303
IAC	IAC INC	1,866,442 (+40.8%)	$72,978 (+61.6%)	3.9%	$35.82	-2.2%	COM NEW	44891N208
CNL	COLLECTIVE MINING LTD	10,650,248 (+1.9%)	$155,387 (+2.9%)	8.2%	$4.59	+165.1%	COM	19425C100

Exited Positions (2)

CRESY CRESUD S A C I F Y A 0.2%

Value ($000) $3,636 Shares 395,181 Est. Cost $7.90 Unrealized —

LOMA LOMA NEGRA C I A S A MTN 14 0.1%

Value ($000) $1,787 Shares 242,501 Est. Cost $7.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRESY	CRESUD S A C I F Y A	395,181	$3,636	0.2%	$7.90	—	—	226406106
LOMA	LOMA NEGRA C I A S A MTN 14	242,501	$1,787	0.1%	$7.37	—	—	54150E104

Decreased Positions (7)

SKE SKEENA RES LTD NEW 19.9%

Value ($000) $375,615 (+20.8%) Shares 15,828,709 (-6.2%) Est. Cost $10.70 Unrealized +84.4%

IFS INTERCORP FINL SVCS INC 0.1%

Value ($000) $1,323 (-96.5%) Shares 31,223 (-96.7%) Est. Cost $24.00 Unrealized +71.4%

EDN EMPRESA DIST Y COMERCIAL NOR 2.5%

Value ($000) $47,975 (+72.4%) Shares 1,601,316 (-10.5%) Est. Cost $26.99 Unrealized —

MGM MGM RESORTS INTERNATIONAL 5.8%

Value ($000) $109,060 (-9.7%) Shares 2,988,773 (-14.3%) Est. Cost $32.10 Unrealized +5.7%

VEON VEON LTD 1.0%

Value ($000) $18,112 (-35.1%) Shares 344,522 (-32.8%) Est. Cost $21.76 Unrealized —

PAM PAMPA ENERGIA S A 2.7%

Value ($000) $50,048 (+19.3%) Shares 565,449 (-19.1%) Est. Cost $55.78 Unrealized —

— LITHIUM ARGENTINA AG 0.4%

Value ($000) $8,279 (-37.2%) Shares 9,111,000 (-37.6%) Est. Cost $0.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SKE	SKEENA RES LTD NEW	15,828,709 (-6.2%)	$375,615 (+20.8%)	19.9%	$10.70	+84.4%	COM	83056P715
IFS	INTERCORP FINL SVCS INC	31,223 (-96.7%)	$1,323 (-96.5%)	0.1%	$24.00	+71.4%	SHS	P5626F128
EDN	EMPRESA DIST Y COMERCIAL NOR	1,601,316 (-10.5%)	$47,975 (+72.4%)	2.5%	$26.99	—	SPON ADR	29244A102
MGM	MGM RESORTS INTERNATIONAL	2,988,773 (-14.3%)	$109,060 (-9.7%)	5.8%	$32.10	+5.7%	COM	552953101
VEON	VEON LTD	344,522 (-32.8%)	$18,112 (-35.1%)	1.0%	$21.76	—	SPONSORED ADS	91822M502
PAM	PAMPA ENERGIA S A	565,449 (-19.1%)	$50,048 (+19.3%)	2.7%	$55.78	—	SPONS ADR LVL I	697660207
—	LITHIUM ARGENTINA AG	9,111,000 (-37.6%)	$8,279 (-37.2%)	0.4%	$0.78	—	NOTE 1.750% 1/1	53680QAA6