Helikon Investments Ltd
Long book
$2.65B
Q1 2026
Positions
17
Top-10 weight
83%
concentration
Last quarter
-2.4%
SPY +14.8%
Turnover
50%
of book per quarter
Strategy in plain words
auto-generated from filingsHelikon Investments Ltd is a concentrated fundamental stock-picker, running a $2.65B US long book across 17 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: SKEENA RESOURCES LTD, ALLIED GOLD CORP, CORP AMERICA AIRPORTS SA, COLLECTIVE MINING LTD, SILVERCORP METALS INC.
Over the last 9 quarters its long book ran on average 6.7pp per quarter ahead of the S&P 500, beating the index in 8 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+5.2%
Q2 2024
+12.1%
Q3 2024
+13.7%
Q4 2024
+6.9%
Q1 2025
+12.7%
Q2 2025
+10.2%
Q3 2025
+27.5%
Q4 2025
+14.8%
Q1 2026
-2.4%
Sector allocation
Materials 45%
Other 23%
Industrials 14%
Services media 9%
Technology 6%
Healthcare 3%
Long book by quarter
What does Helikon Investments own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| SKE SKEENA RESOURCES LTD | Materials | 16.5M | $489.3M | 18.5% | +4.0% |
| AAUC ALLIED GOLD CORP | — | 12.3M | $380.9M | 14.4% | -25.6% |
| CAAP CORP AMERICA AIRPORTS SA | Industrials | 13.2M | $332.9M | 12.6% | -3.0% |
| CNL COLLECTIVE MINING LTD | Materials | 11.0M | $193.3M | 7.3% | +3.1% |
| SVM SILVERCORP METALS INC | Materials | 16.1M | $173.1M | 6.5% | New |
| PPB FLUTTER ENTERTAINMENT PLC-DI | — | 1.4M | $146.8M | 5.5% | New |
| PPLI PEOPLE INC | Technology | 3.5M | $140.8M | 5.3% | +88.5% |
| SLSR SOLARIS RESOURCES INC | Materials | 15.5M | $133.4M | 5.0% | +72.3% |
| MGM MGM RESORTS INTERNATIONAL | Services media | 2.9M | $106.4M | 4.0% | -3.8% |
| SGHC SUPER GROUP SGHC LTD | Services media | 9.4M | $101.8M | 3.8% | New |
| QGEN QIAGEN N.V. | Healthcare | 1.8M | $72.4M | 2.7% | New |
| NEWP NEW PACIFIC METALS CORP | Materials | 9.9M | $41.1M | 1.6% | +333.2% |
| HSLV HIGHLANDER SILVER CORP | Materials | 5.2M | $30.4M | 1.1% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 8, 2026 | 17 | $2.65B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 5, 2026 | 17 | $1.89B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 10, 2025 | 17 | $1.46B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 19 | $1.61B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 12, 2025 | 21 | $1.31B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 22, 2025 | 19 | $961.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 28, 2024 | 19 | $1.11B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 30, 2024 | 18 | $1.08B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 18, 2024 | 17 | $1.16B | canonical | SEC ↗ |
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