Vault-13

IRSA INVERSIONES Y REP S A IRS

SPON GDS ECH 10 · ADR · CUSIP 450047303

65 institutional holders -6 vs Q1 2026
14,555,49814.6m shares reported held*
$224.6mreported value*
14 new 15 added 11 reduced 22 sold out net bought ≈ $13.6m (+879.0k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Implied quarter-end price ≈ $15.43. Options: 3 managers hold calls ($2.1m notional), 1 hold puts ($7.7k).

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

0255075Q3 23: 2Q4 23: 39Q1 24: 45Q2 24: 44Q3 24: 47Q4 24: 53Q1 25: 49Q2 25: 47Q3 25: 46Q4 25: 56Q1 26: 71Q2 26: 6565Q3 23Q2 24Q1 25Q4 25Q2 26
Numbers
QuarterHolders
Q3 20232
Q4 202339
Q1 202445
Q2 202444
Q3 202447
Q4 202453
Q1 202549
Q2 202547
Q3 202546
Q4 202556
Q1 202671
Q2 202665

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
40040Q3 24: 28 bought or addedQ3 24: 13 cut or sold outQ4 24: 33 bought or addedQ4 24: 19 cut or sold outQ4 24Q1 25: 26 bought or addedQ1 25: 22 cut or sold outQ2 25: 22 bought or addedQ2 25: 23 cut or sold outQ2 25Q3 25: 24 bought or addedQ3 25: 19 cut or sold outQ4 25: 37 bought or addedQ4 25: 24 cut or sold outQ4 25Q1 26: 38 bought or addedQ1 26: 20 cut or sold outQ2 26: 29 bought or addedQ2 26: 33 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 20242813
Q4 20243319
Q1 20252622
Q2 20252223
Q3 20252419
Q4 20253724
Q1 20263820
Q2 20262933

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1m$2m$3mQ3 25 calls: $0Q3 25 puts: $314.0kQ3 25P/C —Q4 25 calls: $0Q4 25 puts: $9.9kQ4 25P/C —Q1 26 calls: $708.4kQ1 26 puts: $170.5kQ1 26P/C 0.24Q2 26 calls: $2.1mQ2 26 puts: $7.7kQ2 26P/C 0.00
Numbers
QuarterCallsPutsP/C
Q3 2025$0$314.0k—
Q4 2025$0$9.9k—
Q1 2026$708.4k$170.5k0.24
Q2 2026$2.1m$7.7k0.00

Biggest buyers

Helikon Investments Ltd Added +477,516+477.5k
Orbis Allan Gray Ltd Added +400,780+400.8k
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Added +172,207+172.2k
UBS Group AG Added +132,294+132.3k
Praetorian PR LLC New +85,000+85.0k
STONEHILL CAPITAL MANAGEMENT LLC New +80,673+80.7k
CenterBook Partners LP New +78,651+78.7k
JANE STREET GROUP, LLC New +45,847+45.8k
RAYMOND JAMES FINANCIAL INC New +20,721+20.7k
HRT FINANCIAL LP New +14,849+14.8k

Biggest sellers

POLEN CAPITAL MANAGEMENT LLC Sold out -94,136-94.1k
Brevan Howard Capital Management LP Reduced -80,000-80.0k
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP Sold out -70,930-70.9k
683 Capital Management, LLC Sold out -70,000-70.0k
MORGAN STANLEY Reduced -61,835-61.8k
Verde Servicos Internacionais S.A. Sold out -40,000-40.0k
MIRABELLA FINANCIAL SERVICES LLP Sold out -33,153-33.2k
CITADEL ADVISORS LLC Sold out -32,210-32.2k
STATE OF WISCONSIN INVESTMENT BOARD Sold out -25,662-25.7k
Absolute Gestao de Investimentos Ltda. Sold out -25,000-25.0k

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.7m107.8k shares
CITADEL ADVISORS LLC New $443.1k28.7k shares
SIMPLEX TRADING, LLC Added $15.4k1.0k shares

Biggest puts

SIMPLEX TRADING, LLC Unchanged $7.7k500 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
Helikon Investments Ltd 13G · institution +1.1 pts · filed 2026-07-09 6.3% +1.1 pts 4.9m 2026-07-09

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
202Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 0 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 1 sellingQ1 26Q2 26: 0 buyingQ2 26: 2 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——
Q3 20250—0——
Q4 20250—0——
Q1 20260—1——
Q2 20260—2——
Q3 20260—0——
DateInsiderTradeSharesPrice ValueTheir holding
2026-06-30 Cruces Jorge Alberto Chief Investment Officer Sold 24,913 — —24.9k shares -100%
2026-04-09 Elsztain Fernando Adrian Director Sold 5,524 — —5.5k shares -100%

Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Helikon Investments Ltd 2.26% of their portfolio LONDON, X0 4,906,2224.9m $75.8m $75.8m 2.26% Added +477.5k +477,516
2 VR Advisory Services Ltd 3.66% of their portfolio CAMANA BAY, GRAND CAYMAN, E9 2,670,0872.7m $41.2m $41.2m 3.66% Unchanged
3 NOMURA ASSET MANAGEMENT INTERNATIONAL INC. 0.05% of their portfolio PHILADELPHIA, PA 2,131,7832.1m $32.9m $32.9m 0.05% Reduced -13.0k -13,038
4 JPMORGAN CHASE & CO 0.00% of their portfolio NEW YORK, NY 915,870915.9k $14.0m $14.0m 0.00% Reduced -18.3k -18,271
5 MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.02% of their portfolio CAUSEWAY BAY, K3 914,713914.7k $14.1m $14.1m 0.02% Added +172.2k +172,207
6 Orbis Allan Gray Ltd 0.05% of their portfolio HamiltoN, D0 901,355901.4k $13.9m $13.9m 0.05% Added +400.8k +400,780
7 Brevan Howard Capital Management LP 0.06% of their portfolio ST. HELIER, Y9 253,556253.6k $4.0m $4.0m 0.06% Reduced -80.0k -80,000
8 UBS Group AG 0.00% of their portfolio ZURICH, V8 169,165169.2k $2.6m $2.6m 0.00% Added +132.3k +132,294
9 RWC Asset Management LLP 0.09% of their portfolio LONDON, X0 155,815155.8k $2.4m $2.4m 0.09% Unchanged
10 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 146,639146.6k $2.3m $2.3m 0.00% Reduced -61.8k -61,835
11 Dauntless Investment Group, LLC 3.39% of their portfolio Milford, MI 126,542126.5k $2.0m $2.0m 3.39% Not comparable
12 Systrade AG 1.16% of their portfolio VADUZ, N2 119,780119.8k $1.8m $1.8m 1.16% Unchanged
13 PING CAPITAL MANAGEMENT, INC. 0.60% of their portfolio NEW YORK, NY 119,551119.6k $1.8m $1.8m 0.60% Reduced -5.0k -5,000
14 Secure Asset Management, LLC 0.20% of their portfolio Troy, MI 92,15492.2k $1.4m $1.4m 0.20% Added +1.2k +1,200
15 GOLDMAN SACHS GROUP INC 0.00% of their portfolio NEW YORK, NY 86,37986.4k $1.3m $1.3m 0.00% Added +6.7k +6,669
16 Kopernik Global Investors, LLC 0.08% of their portfolio TAMPA, FL 85,36085.4k $1.3m $1.3m 0.08% Reduced -3 -3
17 Praetorian PR LLC 0.42% of their portfolio RINCON, PR 85,00085.0k $1.3m $1.3m 0.42% New
18 STONEHILL CAPITAL MANAGEMENT LLC 0.36% of their portfolio NEW YORK, NY 80,67380.7k $1.2m $1.2m 0.36% New
19 CenterBook Partners LP 0.06% of their portfolio GREENWICH, CT 78,65178.7k $1.2m $1.2m 0.06% New
20 Glenorchy Capital Ltd 0.64% of their portfolio BOOROLITE, C3 66,69766.7k $1.0m $1.0m 0.64% Added +3.1k +3,150
21 OceanIQ Capital, LLC 0.59% of their portfolio PALO ALTO, CA 66,58866.6k $968.2k $968.2k 0.59% First filing
22 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 60,83560.8k $939.3k $939.3k 0.00% Reduced -6.0k -6,032
23 JANE STREET GROUP, LLC 0.00% of their portfolio NEW YORK, NY 45,84745.8k $707.9k $707.9k 0.00% New
24 Crocodile Capital Partners GmbH 0.41% of their portfolio URSENSOLLEN, 2M 39,10739.1k $603.8k $603.8k 0.41% Unchanged
25 Y-Intercept (Hong Kong) Ltd 0.01% of their portfolio HONG KONG, K3 30,49230.5k $470.8k $470.8k 0.01% Reduced -13.4k -13,417
26 XTX Topco Ltd 0.00% of their portfolio LONDON, X0 24,61524.6k $380.1k $380.1k 0.00% Added +5.1k +5,069
27 ANCHYRA PARTNERS LLC 0.08% of their portfolio ATLANTA, GA 21,54621.5k $332.7k $332.7k 0.08% Unchanged
28 PRELUDE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio NEW YORK, NY 21,50021.5k $332.0k $332.0k 0.02% Added +1.0k +1,000
29 RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio ST. PETERSBURG, FL 20,72120.7k $319.9k $319.9k 0.00% New
30 SEI INVESTMENTS CO 0.00% of their portfolio OAKS, PA 15,50715.5k $239.4k $239.4k 0.00% Unchanged
31 HRT FINANCIAL LP 0.00% of their portfolio NEW YORK, NY 14,84914.8k $229.0k $229.0k 0.00% New
32 Prospera Financial Services Inc 0.00% of their portfolio Dallas, TX 14,08114.1k $217.4k $217.4k 0.00% Added +219 +219
33 Cordatus Wealth Management LLC 0.05% of their portfolio NEWTOWN, PA 14,08114.1k $217.4k $217.4k 0.05% Added +219 +219
34 GSA CAPITAL PARTNERS LLP 0.01% of their portfolio LONDON, X0 13,79513.8k $213.0k $213.0k 0.01% New
35 Jump Financial, LLC 0.00% of their portfolio Chicago, IL 13,24213.2k $204.5k $204.5k 0.00% New
36 Abel Hall, LLC 0.03% of their portfolio BATON ROUGE, LA 10,00010.0k $154.4k $154.4k 0.03% Unchanged
37 FNY Investment Advisers, LLC 0.02% of their portfolio NEW YORK, NY 3,9203.9k $60.0k $60.0k 0.02% New
38 Geneos Wealth Management Inc. 0.00% of their portfolio ENGLEWOOD, CO 3,6203.6k $55.9k $55.9k 0.00% New
39 GAMMA Investing LLC 0.00% of their portfolio FOSTER CITY, CA 3,5573.6k $54.9k $54.9k 0.00% Reduced -530 -530
40 Triumph Capital Management 0.01% of their portfolio DENVER, CO 3,1003.1k $47.9k $47.9k 0.01% New
41 Russell Investments Group, Ltd. 0.00% of their portfolio Seattle, WA 1,7121.7k $26.4k $26.4k 0.00% Unchanged
42 SIMPLEX TRADING, LLC 0.00% of their portfolio CHICAGO, IL 1,2481.2k $19.3k $19.3k 0.00% New
43 CITIGROUP INC 0.00% of their portfolio NEW YORK, NY 1,1321.1k $17.5k $17.5k 0.00% Unchanged
44 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 1,1171.1k $17.2k $17.2k 0.00% Unchanged
45 Avion Wealth 0.00% of their portfolio THE WOODLANDS, TX 750750 $11.0k $11.0k 0.00% Unchanged
46 CHESAPEAKE ASSET MANAGEMENT LLC 0.01% of their portfolio NEW YORK, NY 600600 $9.2k $9.2k 0.01% Unchanged
47 Hilton Head Capital Partners, LLC 0.00% of their portfolio HILTON HEAD ISLAND, SC 500500 $7.7k $7.7k 0.00% Unchanged
48 Integrated Wealth Concepts LLC 0.00% of their portfolio WALTHAM, MA 360360 $5.6k $5.6k 0.00% New
49 BARCLAYS PLC 0.00% of their portfolio LONDON, X0 226226 $3.5k $3.5k 0.00% Unchanged
50 Vision Retirement, LLC 0.00% of their portfolio RIDGEWOOD, NJ 200200 $3.1k $3.1k 0.00% Unchanged
51 Rockefeller Capital Management L.P. 0.00% of their portfolio NEW YORK, NY 161161 $2.5k $2.5k 0.00% Unchanged
52 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 9797 $1.5k $1.5k 0.00% Added +7 +7
53 Tower Research Capital LLC (TRC) 0.00% of their portfolio NEW YORK, NY 9393 $1.4k $1.4k 0.00% New
54 Stone House Investment Management, LLC 0.00% of their portfolio TUNKHANNOCK, PA 7777 $1.2k $1.2k 0.00% Added +75 +75
55 PNC Financial Services Group, Inc. 0.00% of their portfolio Pittsburgh, PA 6969 $1.1k $1.1k 0.00% Unchanged
56 ROYAL BANK OF CANADA 0.00% of their portfolio TORONTO, A6 4242 $1.0k $1.0k 0.00% Unchanged
57 NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio ST. LOUIS, MO 3333 $510 $510 0.00% Added +9 +9
58 JONES FINANCIAL COMPANIES LLLP 0.00% of their portfolio DES PERES, MO 2323 $358 $358 0.00% Unchanged
59 Federation des caisses Desjardins du Quebec 0.00% of their portfolio LEVIS, A8 2020 $309 $309 0.00% Unchanged
60 BlackRock, Inc. 0.00% of their portfolio New York, NY 1717 $262 $262 0.00% Reduced -4 -4
61 RHUMBLINE ADVISERS 0.00% of their portfolio BOSTON, MA 1111 $169 $169 0.00% Unchanged
62 Larson Financial Group LLC 0.00% of their portfolio ST LOUIS, MO 66 $93 $93 0.00% Added +5 +5
63 Financial Perspectives, Inc 0.00% of their portfolio MINNEAPOLIS, MN 66 $93 $93 0.00% Unchanged
64 DANSKE BANK A/S 0.00% of their portfolio COPENHAGEN V, G7 22 $31 $31 0.00% Unchanged
65 SBI Securities Co., Ltd. 0.00% of their portfolio TOKYO, M0 11 $15 $15 0.00% Reduced -180 -180