Mudita Advisors LLP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 19, 2025), Mudita Advisors LLP reported 17 stock positions worth $197.9 million. Its top holding was Hilton Grand Vacations (HGV) at 20.7% of the portfolio, followed by Warrior Met Coal (HCC, 10.1%) and Canadian Natural Resources (CNQ, 9.9%). Compared with Q4 2024, it opened 2 new positions, sold out of 3, added to 11 and reduced 1. The biggest buy was a new position in Expand Energy (EXE) and the biggest sale an exit from Apollo Global Management (APO).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001907809
- Portfolio Value
- $197.9M (Q1 2025)
- SEC Filing
- 0001172661-25-002420 ↗ filed May 19, 2025
Holdings Value
Holdings 17 stocks · $197.9M
| HGV Hilton Grand Vacations Inc. | 20.75% | 1,097,665 | $41.1M | Add +14.2% |
| HCC Warrior Met Coal Inc. | 10.06% | 417,165 | $19.9M | Add +5.8% |
| CNQ Canadian Natural Resources | 9.91% | 637,044 | $19.6M | Add +12.0% |
| ESTA Establishment Labs Holdings | 9.88% | 479,359 | $19.6M | Add +15.7% |
| AGI Alamos Gold Inc. Class A | 6.72% | 497,251 | $13.3M | No change |
| IAG Iamgold Corp. | 6.57% | 2,081,400 | $13.0M | Add +41.1% |
| BSM Black Stone Minerals LP | 5.87% | 760,877 | $11.6M | No change |
| EXE Expand Energy Corp. | 4.66% | 82,900 | $9.2M | New |
| MXCT Maxcyte Inc. | 4.59% | 3,328,441 | $9.1M | Add +3.3% |
| EGO Eldorado Gold Corp. | 4.41% | 519,400 | $8.7M | Add +54.9% |
| FLUT Flutter Entertainment PLC-Di | 3.95% | 35,409 | $7.8M | Add +89.3% |
| KGC Kinross Gold Corp. | 3.00% | 471,200 | $5.9M | Add +25.6% |
| X United States Steel Corp. | 2.82% | 132,200 | $5.6M | No change |
| MAC COPPER LTD | 2.10% | 435,400 | $4.2M | Add +38.3% |
| B Barrick Gold Corp. | 1.87% | 190,405 | $3.7M | Reduce -58.7% |
| NC Nacco Industries Class A | 1.47% | 86,281 | $2.9M | New |
| HBM Hudbay Minerals Inc. | 1.35% | 353,305 | $2.7M | Add +73.8% |
Portfolio Sells Q4 2024 → Q1 2025
Portfolio Buys Q4 2024 → Q1 2025
| EXE Expand Energy Corp. | New | 4.66% | +4.66 |
| IAG Iamgold Corp. | Add +41.1% | 6.57% | +2.29 |
| EGO Eldorado Gold Corp. | Add +54.9% | 4.41% | +1.61 |
| NC Nacco Industries Class A | New | 1.47% | +1.47 |
| FLUT Flutter Entertainment PLC-Di | Add +89.3% | 3.95% | +1.24 |
| KGC Kinross Gold Corp. | Add +25.6% | 3.00% | +1.05 |
| HBM Hudbay Minerals Inc. | Add +73.8% | 1.35% | +0.43 |
| MAC COPPER LTD | Add +38.3% | 2.10% | +0.22 |
| CNQ Canadian Natural Resources | Add +12.0% | 9.91% | +0.06 |
| HGV Hilton Grand Vacations Inc. | Add +14.2% | 20.75% | −0.26 |
| ESTA Establishment Labs Holdings | Add +15.7% | 9.88% | −0.84 |
| HCC Warrior Met Coal Inc. | Add +5.8% | 10.06% | −1.95 |
| MXCT Maxcyte Inc. | Add +3.3% | 4.59% | −2.94 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 24 | $481.0M | HGV, ESTA, MGM, IAG, DAR |
| Q1 2026 | 28 | $490.1M | HGV, IAG, ESTA, MGM, DAR |
| Q4 2025 | 21 | $462.7M | HGV, ESTA, HCC, IAG, MGM |
| Q3 2025 | 19 | $345.8M | HGV, HCC, IAG, ESTA, MGM |
| Q2 2025 | 19 | $298.1M | HGV, ESTA, HCC, CNQ, IAG |
| Q1 2025 | 17 | $197.9M | HGV, HCC, CNQ, ESTA, AGI |
| Q4 2024 | 18 | $178.1M | HGV, HCC, ESTA, CNQ, MXCT |
| Q3 2024 | 17 | $182.7M | HGV, HCC, APO, CNQ, ESTA |
| Q2 2024 | 18 | $195.3M | HGV, APO, HCC, CNQ, ESTA |
| Q1 2024 | 16 | $167.9M | HGV, APO, CNQ, HCC, BSM |