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VR ADVISORY SERVICES LTD
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CAMANA BAY, GRAND CAYMAN E9
Investment Advisor
Hedge Fund
VR Advisory Services LTD is based out of Camana Bay, Grand Cayman. VR Advisory Services LTD is a hedge fund with 6 clients and discretionary assets under management (AUM) of $6,363,654,108 (Form ADV from 2024-03-29). Their last reported 13F filing for Q2 2024 included $247,549,384 in managed 13F securities
and a top 10 holdings concentration of 92.1%. VR Advisory Services LTD's largest holding is Kaspi.kz AO with shares held of 479,344. Whalewisdom has at least 40 13F filings, 19 13G filings, and 3 Form 4 filings
Business Description
VR Advisory Services Ltd. provides investment advisory services. They have reintegrated the activities of the NA+ unit, which had focused on opportunities in North America and other developed markets related to performing and distressed credit, special situations, transportation and other hard asset sectors, within the broader Investment team. They have also promoted Eric Carlson from Director Investment Research to Portfolio Manager.
VR Advisory Services Ltd. does not modify their securities recommendations to their clients according to the particular interests of their clients’ underlying investors, nor do they allow such ‘investors’ to place restrictions on the trading they conduct for their clients. They do, however, enter into side letter agreements with certain investors that negotiate for such rights. These side letters do not contain terms that would reasonably be expected to: (i) create conflicts with their fiduciary duties to their clients and their underlying investors; or (ii) provide any investor with more favorable treatment with regard to: (a) preferential economic terms or fees; (b) enhanced liquidity or redemption rights; or (c) material transparency into their clients’ portfolios.
Investment Strategy
The hedge fund invests in a variety of strategies, including distressed securities (both corporate and sovereign), special situations, value-oriented, relative value, and arbitrage-oriented investment theses. They invest in a wide range of instruments, including bonds, loans, equities, private securities, real assets, pooled investment vehicles, repurchase agreements, futures, forwards, swaps, options, and derivative securities.
The hedge fund does not modify its securities recommendations based on the interests of underlying investors and does not allow investors to place restrictions on trading. They may enter into side letter agreements with certain investors, but these agreements do not contain terms that would create conflicts with fiduciary duties or provide preferential treatment to any investor.
Owners
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2024-06-30
Top Buys (13F)
| Name | % Change |
|---|---|
| KSPI Kaspi.kz AO | 24.98% |
| YPF YPF S.A. ADR | 10.67% |
| NBR Nabors Industries Lt | 5.13% |
| CFFSW CF ACQUISITION CORP | 0% |
| CAR Avis Budget Group In | -1.52% |
2024-06-30
Top Sells (13F)
| Name | % Change |
|---|---|
| PAM Pampa Energia S.A. | 15.94% |
| HTZ Hertz Global Holding | 11.21% |
| CNNE Cannae Holdings Inc | 2.42% |
| PUMP ProPetro Holding Cor | 2.3% |
| AER Aercap Holdings N.V. | 0.75% |
2024-06-30
13F Holdings Summary
| Name | $ Change |
|---|---|
| KSPI Kaspi.kz AO | 24.98% |
| YPF YPF S.A. ADR | 23.57% |
| PAM Pampa Energia S.A. | 8.71% |
| IRS IRSA Inversiones y R | 7.87% |
| AL Air Lease Corp | 7.2% |
2024-06-30
13F Activity
| Market Value | $248m, Prior: $211m |
| Inflows (Outflows) as % of Total MV | +13.0844% |
| New Purchases | 3 stocks |
| Added To | 2 stocks |
| Sold out of | 7 stocks |
| Reduced holdings in | 3 stocks |
| Top 10 Holdings % | 92.1% |
| Turnover %[1] | 20.83% |
| Turnover Alt %[2] | 26.75% |
| Time Held Top 20 | 6.2 quarters |
| Time Held Top 10 | 8 quarters |
| Time Held All | 10.59 quarters |
[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.
[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.
2024-06-30
13F Sector Allocation Over Time
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2024-06-30
Analysis
Top 20 equal-weighted holdings. Performance numbers calculated through 2024-06-30