Helikon Investments Ltd

CIK

1839497

Location

LONDON, X0

Portfolio Value

Mid $1,877,005,273

Diversification

Diversified

Filing Date

Global Rank

#1,122 / 8,420 ▲ 297

Top Industry

Gold 28.4%

3Y Alpha vs SPY

+35.7%

Period ended 6 months ago

Filed Feb 5, 2026 · 4mo

21 quarters · since Dec 2020

Clone Performance

Jun 2023–Jun 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+283.7%

SPY

+76.3%

Annualised alpha

+35.7%

Max drawdown

−17.5%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

16 positions · as of Dec 31, 2025 · Δ vs Sep 30, 2025

Top Position

20.1%

−1.4 pts

Top 5

73.0%

−1.9 pts

Top 10

93.3%

+2.4 pts

HHI

1,360

Diversified+48

Portfolio Trend

21 quarters · across all stocks

Sector Breakdown

As of Dec 31, 2025

Sector	% Portfolio	Value	Positions
Basic Materials	52.7%	$988,700,237	6
Industrials	21.5%	$402,762,850	2
Real Estate	7.1%	$134,017,716	2
Consumer Cyclical	5.8%	$109,060,326	1
Energy	5.4%	$102,076,708	1
Communication Services	4.9%	$91,089,403	2
Utilities	2.6%	$47,975,427	1
Financial Services	0.1%	$1,322,606	1

Last Quarter's Activity

Export CSV

Dec 31, 2025 vs Sep 30, 2025

Added To

Positions the filer increased

8 positions

Ticker	Company	Δ Shares	Shares	Value
IHS	IHS Holding Ltd	+3,934,727	8,780,288	$65,500,948
SLSR	Solaris Resources Inc.	+2,210,452	9,022,072	$71,905,913
AAUC	Allied Gold Corp	+1,761,864	16,498,498	$377,485,634
IRS	Irsa Investments & Representations Inc	+718,512	4,142,489	$68,516,768
IAC	IAC Inc.	+540,643	1,866,442	$72,977,882
TGS	Gas Transporter Of The South Inc	+386,015	3,283,265	$102,076,708
CNL	Collective Mining Ltd.	+195,211	10,650,248	$155,387,118
CAAP	Corporacion America Airports S.A.	+135,515	13,565,960	$352,714,960
No positions match the current search.

Trimmed

Positions the filer reduced

6 positions

Ticker	Company	Δ Shares	Shares	Value
SKE	Skeena Resources Ltd	−1,043,110	15,828,709	$375,615,264
IFS	Intercorp Financial Services Inc.	−904,475	31,223	$1,322,606
MGM	MGM Resorts International	−497,488	2,988,773	$109,060,326
EDN	Edenor	−186,969	1,601,316	$47,975,427
VEON	VEON Ltd.	−168,416	344,522	$18,111,521
PAM	Pampa Energy Inc.	−133,326	565,449	$50,047,890
No positions match the current search.

New Positions

Positions the filer opened this quarter

2 positions

Ticker	Company	Shares	Value
NEWP	New Pacific Metals Corp	2,293,539	$8,050,321
BTG	B2gold Corp	56,760	$255,987
No positions match the current search.

Sold Out

Positions the filer fully exited

2 positions

Ticker	Company	Shares	Value
CRESY	Cresud Inc	395,181	$3,546,986
LOMA	Loma Negra Compania Industrial Argentina Sociedad Anonima	242,501	$1,787,232
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

16 positions · $1,877,005,273 total · as of Dec 31, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Energy Financial Services Industrials Real Estate Utilities

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
AAUC	Allied Gold Corp Basic Materials	Added	16,498,498	+1,761,864	$377,485,634	+46.3%	20.11%
SKE	Skeena Resources Ltd Basic Materials	Reduced	15,828,709	-1,043,110	$375,615,264	+20.8%	20.01%
CAAP	Corporacion America Airports S.A. Industrials	Added	13,565,960	+135,515	$352,714,960	+44.9%	18.79%
CNL	Collective Mining Ltd. Basic Materials	Reduced	10,650,248	-10,259,826	$155,387,118	−48.6%	8.28%
MGM	MGM Resorts International Consumer Cyclical	Reduced	2,988,773	-497,488	$109,060,326	−9.7%	5.81%
TGS	Gas Transporter Of The South Inc Energy	Added	3,283,265	+386,015	$102,076,708	+67.5%	5.44%
IAC	IAC Inc. Communication Services	Added	1,866,442	+540,643	$72,977,882	+61.6%	3.89%
SLSR	Solaris Resources Inc. Basic Materials	Added	9,022,072	+2,210,452	$71,905,913	+65.7%	3.83%
IRS	Irsa Investments & Representations Inc Real Estate	Added	4,142,489	+718,512	$68,516,768	+69.0%	3.65%
IHS	IHS Holding Ltd Real Estate	Added	8,780,288	+3,934,727	$65,500,948	+98.2%	3.49%
PAM	Pampa Energy Inc. Industrials	Reduced	565,449	-133,326	$50,047,890	+19.3%	2.67%
EDN	Edenor Utilities	Reduced	1,601,316	-186,969	$47,975,427	+72.4%	2.56%
VEON	VEON Ltd. Communication Services	Reduced	344,522	-168,416	$18,111,521	−35.1%	0.96%
NEWP	New Pacific Metals Corp Basic Materials	NEW	2,293,539	NEW	$8,050,321	NEW	0.43%
IFS	Intercorp Financial Services Inc. Financial Services	Reduced	31,223	-904,475	$1,322,606	−96.5%	0.07%
BTG	B2gold Corp Basic Materials	NEW	56,760	NEW	$255,987	NEW	0.01%