Skip to main content
Livermore
Livermore
ZHEN

Helikon Investments Ltd

SEC CIK
0001839497
Latest filing
Aug 11, 2026

The latest 13F from Helikon Investments Ltd covers Q2 2026 (filed Aug 11, 2026): 18 long positions worth $3.35B. The top 10 holdings make up 82.9% of the portfolio, and the largest is Skeena Resources Ltd (SKE) at 13.4%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
2
Est. +$370.3M
Added
12
Est. +$621.0M
Reduced
4
Est. −$79.5M
Sold out
1
Est. −$81.2M

Top 5 holdings

Share of this quarter's portfolio value

  1. SKESkeena Resources Ltd
    13.4%$448.5MHistory
  2. ABVXAbivax S.A.
    11.1%$371.4MHistory
  3. EGOEldorado Gold Corp
    10.4%$347.6MHistory
  4. CAAPCorporacion America Airports S.A.
    10.2%$342.3MHistory
  5. AAUCAllied Gold Corp
    8.2%$275.0MHistory

Share of portfolio

Top 5 holdings and the other 13 positions, by share of portfolio value

  1. SKE13.4%
  2. ABVX11.1%
  3. EGO10.4%
  4. CAAP10.2%
  5. AAUC8.2%
  6. Other 13 positions46.7%

Biggest buys

New and added positions, by estimated amount bought

  1. EGOEldorado Gold Corp
    +$347.6MNewHistory
  2. ABVXAbivax S.A.
    +$236.4MAddedHistory
  3. SGHCSuper Group (SGHC) Ltd
    +$106.2MAddedHistory
  4. PPLIPeople Inc
    +$98.5MAddedHistory
  5. QGENQiagen N.V.
    +$49.9MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. EGOEldorado Gold Corp
    +10.38 pp0.0% → 10.4%History
  2. ABVXAbivax S.A.
    +6.84 pp4.3% → 11.1%History
  3. SGHCSuper Group (SGHC) Ltd
    +3.14 pp3.8% → 7.0%History
  4. PPLIPeople Inc
    +2.48 pp5.3% → 7.8%History
  5. QGENQiagen N.V.
    +0.87 pp2.7% → 3.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. TGSGas Transporter of the South Inc
    −$81.2MSold outHistory
  2. MGMMGM Resorts International
    −$40.6MReducedHistory
  3. EDNEdenor
    −$18.1MReducedHistory
  4. AAUCAllied Gold Corp
    −$16.9MReducedHistory
  5. CNLCollective Mining Ltd.
    −$3.97MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. AAUCAllied Gold Corp
    −6.17 pp14.4% → 8.2%History
  2. CNLCollective Mining Ltd.
    −3.40 pp7.3% → 3.9%History
  3. TGSGas Transporter of the South Inc
    −3.07 pp3.1% → 0.0%History
  4. MGMMGM Resorts International
    −1.13 pp4.0% → 2.9%History
  5. EDNEdenor
    −1.06 pp1.5% → 0.5%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$3.35B
+$698.9M (+26.4%) vs. prior quarter
Positions
18
+1 vs. prior quarter
Top 10 concentration
82.9%
Top 10 as share of value
Turnover
5.4%
Q2 2026, one quarter
Average holding period
6.0 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $3.35B (Q2 2026)

Q1 2021: $230.6MQ2 2021: $358.9MQ3 2021: $343.4MQ4 2021: $314.6MQ1 2022: $332.7MQ2 2022: $252.9MQ3 2022: $340.8MQ4 2022: $532.3MQ1 2023: $748.2MQ2 2023: $819.4MQ3 2023: $819.3MQ4 2023: $1.02BQ1 2024: $1.16BQ2 2024: $1.08BQ3 2024: $1.11BQ4 2024: $961.0MQ1 2025: $1.31BQ2 2025: $1.61BQ3 2025: $1.46BQ4 2025: $1.89BQ1 2026: $2.65BQ2 2026: $3.35B
Q1 2021Q2 2026
13F filings of Helikon Investments Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 11, 202618$3.35BSKEABVXEGOvs. Q1 2026SEC
Q1 2026May 8, 202617$2.65BSKEAAUCCAAPvs. Q4 2025SEC
Q4 2025Feb 5, 202617$1.89BAAUCSKECAAPvs. Q3 2025SEC
Q3 2025Nov 10, 202517$1.46BSKEAAUCCAAPvs. Q2 2025SEC
Q2 2025Aug 8, 202519$1.61BMGMCAAPSKEvs. Q1 2025SEC
Q1 2025May 12, 202521$1.31BCAAPEGOAGROvs. Q4 2024SEC
Q4 2024Jan 22, 202519$961.0MEGOCAAPVEONvs. Q3 2024SEC
Q3 2024Oct 28, 202419$1.11BEGOCAAPVISTvs. Q2 2024SEC
Q2 2024Jul 30, 202418$1.08BEGOVISTCAAPvs. Q1 2024SEC
Q1 2024Apr 18, 202417$1.16BEGOVISTYPFvs. Q4 2023SEC
Q4 2023Feb 12, 2024Amended15$1.02BEGOYPFVISTvs. Q3 2023SEC
Q3 2023Oct 31, 202315$819.3MEGOVISTYPFvs. Q2 2023SEC
Q2 2023Jul 28, 202315$819.4MEGOYPFVISTvs. Q1 2023SEC
Q1 2023May 9, 202312$748.2MEGOYPFCAAPvs. Q4 2022SEC
Q4 2022Feb 3, 20238$532.3MEGOCGAUCAAPvs. Q3 2022SEC
Q3 2022Nov 8, 20226$340.8MEGOCGAUCAAPvs. Q2 2022SEC
Q2 2022Jul 19, 20224$252.9MEGOCGAUCAAPvs. Q1 2022SEC
Q1 2022Apr 26, 20226$332.7MEGOCGAUCAAPvs. Q4 2021SEC
Q4 2021Jan 18, 20224$314.6MEGOCGAUCAAPvs. Q3 2021SEC
Q3 2021Oct 20, 20213$343.4MEGOCGAUCAAPvs. Q2 2021SEC
Q2 2021Aug 2, 20214$358.9MEGOCGAUCAAPvs. Q1 2021SEC
Q1 2021May 17, 20213$230.6MEGOCAAPADNH–SEC

13D and 13G filings

Companies where Helikon Investments Ltd reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

11 companies, largest stake first.

Companies where Helikon Investments Ltd owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
SKESkeena Resources Ltd13G/A13.07%15.8M shares−1.60 ppfrom 14.67%Jan 24, 20255 filingsJan 21, 2026SEC
AAUCAllied Gold Corp13G/A12.60%17.6M shares+2.85 ppfrom 9.75%Aug 7, 20253 filingsSep 3, 2026SEC
Orezone Gold CorpCommon shares without par value13G/A12.45%83.1M shares+1.59 ppfrom 10.86%Jan 21, 20263 filingsJul 9, 2026SEC
CNLCollective Mining Ltd.13G/A12.32%10.5M shares+1.09 ppfrom 11.23%Jan 10, 20253 filingsOct 28, 2025SEC
NEWPNew Pacific Metals Corp13G/A10.68%19.8M shares+0.72 ppfrom 9.96%May 7, 20263 filingsSep 1, 2026SEC
SLSRSolaris Resources Inc.13G/A10.47%17.5M shares+1.16 ppfrom 9.31%Jan 21, 20263 filingsMay 7, 2026SEC
SVMSilvercorp Metals Inc13G/A10.27%22.7M shares+2.97 ppfrom 7.30%May 7, 20262 filingsSep 3, 2026SEC
CAAPCorporacion America Airports S.A.13G/A8.46%13.6M shares–Feb 5, 20215 filingsMay 12, 2025SEC
PPLIPeople Inc13G7.60%5.65M sharesNewJul 9, 20261 filingJul 9, 2026SEC
IRSIrsa Investments & Representations Inc13G/A6.35%4.91M shares+1.10 ppfrom 5.25%Jan 21, 20262 filingsJul 9, 2026SEC
EDNEdenor13G/A6.02%1.33M shares−2.07 ppfrom 8.09%May 12, 20253 filingsMay 7, 2026SEC

Latest filings

56 filings on file made by Helikon Investments Ltd or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Helikon Investments Ltd
CompanyFiled (ET)FormStakeChangeEvent dateFiling
SVMSilvercorp Metals IncSep 3, 20268:58 AM ET13G/A10.27%22.7M shares+2.97 ppfrom 7.30%Aug 31, 2026SEC
AAUCAllied Gold CorpSep 3, 20268:57 AM ET13G/A12.60%17.6M shares+2.85 ppfrom 9.75%Aug 31, 2026SEC
NEWPNew Pacific Metals CorpSep 1, 20264:37 PM ET13G/A10.68%19.8M shares+0.72 ppfrom 9.96%Jul 31, 2026SEC
PPLIPeople IncJul 9, 20269:07 AM ET13G7.60%5.65M sharesNewJun 30, 2026SEC
NEWPNew Pacific Metals CorpJul 9, 20269:06 AM ET13G/A9.96%18.4M shares+4.57 ppfrom 5.39%Jun 30, 2026SEC
Orezone Gold CorpCommon shares without par valueJul 9, 20269:05 AM ET13G/A12.45%83.1M shares+1.59 ppfrom 10.86%Jun 30, 2026SEC
IRSIrsa Investments & Representations IncJul 9, 20269:04 AM ET13G/A6.35%4.91M shares+1.10 ppfrom 5.25%Jun 30, 2026SEC
NEWPNew Pacific Metals CorpMay 7, 20269:49 AM ET13G5.39%9.94M sharesNewMar 31, 2026SEC
SLSRSolaris Resources Inc.May 7, 20269:49 AM ET13G/A10.47%17.5M shares+1.16 ppfrom 9.31%Apr 30, 2026SEC
EDNEdenorMay 7, 20269:48 AM ET13G/A6.02%1.33M shares−2.07 ppfrom 8.09%Mar 31, 2026SEC
SVMSilvercorp Metals IncMay 7, 20269:47 AM ET13G7.30%16.1M sharesNewMar 31, 2026SEC
AAUCAllied Gold CorpMay 7, 20269:45 AM ET13G/A9.75%12.3M shares−2.49 ppfrom 12.24%Mar 31, 2026SEC
SLSRSolaris Resources Inc.May 6, 202612:18 PM ET13G/A9.31%15.5M shares+3.90 ppfrom 5.41%Mar 31, 2026SEC
Orezone Gold CorpCommon shares without par valueApr 7, 20261:55 PM ET13G/A10.86%72.4M shares+3.31 ppfrom 7.55%Mar 31, 2026SEC
SLSRSolaris Resources Inc.Jan 21, 20261:50 PM ET13G5.41%9.02M sharesNewDec 31, 2025SEC
SKESkeena Resources LtdJan 21, 20261:49 PM ET13G/A13.07%15.8M shares−1.60 ppfrom 14.67%Dec 31, 2025SEC
Orezone Gold CorpCommon shares without par valueJan 21, 20261:48 PM ET13G7.55%45.2M sharesNewDec 31, 2025SEC
IRSIrsa Investments & Representations IncJan 21, 20261:47 PM ET13G5.25%4.13M sharesNewDec 31, 2025SEC
CNLCollective Mining Ltd.Oct 28, 20251:55 PM ET13G/A12.32%10.5M shares+1.09 ppfrom 11.23%Sep 30, 2025SEC
SKESkeena Resources LtdOct 28, 20251:54 PM ET13G/A14.67%16.9M shares+2.45 ppfrom 12.22%Sep 30, 2025SEC