VR Advisory Services Ltd

Hedge Fund • Distressed

VR Advisory Services Ltd is a Distressed Hedge Fund based in New York, NY led by Jeffrey Michael Johnson, reporting $8.7B in AUM as of Q3 2025 with 72% Unknown concentration, 87% concentrated in top 10 holdings, and 21% allocation to KSPI.

Managing PartnerJeffrey Michael Johnson

Portfolio Value: $411.0M
Positions: 31
Top Holding: KSPI at 21.41%
Last Reported: Q3 2025

Address601 Lexington Avenue, Suite 5930, New York, NY, 10022, United States

Top Holdings

Largest long holdings in VR Advisory Services Ltd's portfolio (86.9% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 KSPI Kaspi.kz KSPI	Unknown Unknown	$88.0M	21.41%	—	— 1.1M shares	Q2 2024 Held for 1y 5m
2 YPF YPF YPF	Unknown Unknown	$87.6M	21.31%	+$4.9M Bought	— 3.6M shares	Q4 2022 Held for 2y 11m
3 HEPS D-Market Electronic Services & Trading HEPS	Unknown Unknown	$42.9M	10.43%	+$5.4M Bought	— 15.9M shares	Q4 2024 Held for 11 months
4 IRSA Inversiones y Representaciones IRS	Unknown Unknown	$31.4M	7.65%	+$4.8M Bought	— 2.7M shares	Q4 2022 Held for 2y 11m
5 Air Lease AL	Rental & Leasing Services Industrials	$23.9M	5.81%	—	0.34% 375.0K shares	Q2 2022 Held for 3y 5m
6 Core Scientific, Inc. CORZ	Software - Infrastructure Technology	$21.7M	5.29%	+$21.7M New	0.39% 1.2M shares	Q3 2025 Held for 2 months
7 ProPetro Holding Corp. PUMP	Oil & Gas Equipment & Services Energy	$19.3M	4.69%	+$13.1M Bought	3.54% 3.7M shares	Q1 2025 Held for 8 months
8 PAM Pampa Energia PAM	Unknown Unknown	$16.3M	3.97%	—	— 272.0K shares	Q4 2022 Held for 2y 11m
9 AerCap Holdings N.V. AER	Rental & Leasing Services Industrials	$13.3M	3.24%	+$4.5M Bought	0.06% 110.0K shares	Q1 2022 Held for 3y 8m
10 VIST Vista Energy VIST	Unknown Unknown	$12.7M	3.09%	+$12.7M New	— 368.7K shares	Q3 2025 Held for 2 months

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in VR Advisory Services Ltd's latest filing

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Market Value

$411.0M

Prior: $375.1M

Q/Q Change

+9.58%

+$35.9M

Net Flows % of MV

+14.28%

Turnover Ratio

12.37%

New Purchases

5 stocks

$42.7M

Added To

7 stocks

+$37.5M

Sold Out Of

3 stocks

$10.4M

Reduced Holdings

2 stocks

-$11.1M

Increased Positions

Position	Shares Δ	Change
1 Core Scientific, Inc. CORZ	New	0 → 1.2M +$21.7M
2 VIST Vista Energy VIST	New	0 → 368.7K +$12.7M
3 Newmont NEM	New	0 → 55.2K +$4.7M
4 Solana Company HSDT	New	0 → 581.3K +$3.6M
5 SLND.WS Southland Holdings SLND.WS	New	0 → 75.0K +$14.5K

Decreased Positions

Position	Shares Δ	Change
1 IRS.WS IRSA Inversiones y Representaciones S.A. IRS.WS	Sold	2.7M → 0 −$4.6M
2 Avis Budget Group CAR	Sold	25.0K → 0 −$4.2M
3 CRESW Cresud CRESW	Sold	1.9M → 0 −$1.6M
4 Indivior INDV	-68.81%	641.2K → 200.0K −$10.6M
5 TGS Transportadora de Gas del Sur TGS	-9.57%	215.8K → 195.1K −$434.2K

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Analytics

Portfolio insights and performance metrics for VR Advisory Services Ltd

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Sector Allocation

Industrials

11.50%

Energy

7.60%

Technology

5.40%

Healthcare

2.00%

Basic Materials

1.10%

Financial Services

0.10%

Market Cap Distribution

Large Cap ($10B - $200B)

4.37%

Mid Cap ($2B - $10B)

13.52%

Small Cap ($300M - $2B)

9.77%

Micro Cap ($50M - $300M)

0.06%

Nano Cap (< $50M)

0.00%

N/A (ETF or Unknown)

72.28%

Portfolio Concentration

Top 10 Holdings %

86.88%

Top 20 Holdings %

99.83%

Top 50 Holdings %

100.0%

Top 100 Holdings %