Mudita Advisors LLP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Mudita Advisors LLP reported 19 stock positions worth $298.1 million. Its top holding was Hilton Grand Vacations (HGV) at 29.9% of the portfolio, followed by Establishment Labs (ESTA, 8.6%) and Warrior Met Coal (HCC, 8.6%). Compared with Q1 2025, it opened 4 new positions, sold out of 2, added to 11 and reduced 2. The biggest buy was Hilton Grand Vacations (HGV, shares +95%) and the biggest sale an exit from United States Steel (X).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001907809
- Portfolio Value
- $298.1M (Q2 2025)
- SEC Filing
- 0001172661-25-003390 ↗ filed Aug 14, 2025
Holdings Value
Holdings 19 stocks · $298.1M
| HGV Hilton Grand Vacations Inc. | 29.87% | 2,143,860 | $89.0M | Add +95.3% |
| ESTA Establishment Labs Holdings | 8.61% | 600,664 | $25.7M | Add +25.3% |
| HCC Warrior Met Coal Inc. | 8.59% | 558,565 | $25.6M | Add +33.9% |
| CNQ Canadian Natural Resources | 6.71% | 637,044 | $20.0M | No change |
| IAG Iamgold Corp. | 6.61% | 2,681,600 | $19.7M | Add +28.8% |
| HBM Hudbay Minerals Inc. | 4.83% | 1,357,105 | $14.4M | Add +284.1% |
| EGO Eldorado Gold Corp. | 4.49% | 658,500 | $13.4M | Add +26.8% |
| EXE Expand Energy Corp. | 4.33% | 110,300 | $12.9M | Add +33.0% |
| AGI Alamos Gold Inc. Class A | 4.26% | 477,804 | $12.7M | Reduce -3.9% |
| FLUT Flutter Entertainment PLC-Di | 3.52% | 36,809 | $10.5M | Add +4.0% |
| MGM MGM Resorts International | 3.51% | 303,838 | $10.4M | New |
| BSM Black Stone Minerals LP | 3.34% | 760,877 | $10.0M | No change |
| KGC Kinross Gold Corp. | 2.60% | 496,800 | $7.8M | Add +5.4% |
| MXCT Maxcyte Inc. | 2.46% | 3,370,689 | $7.3M | Add +1.3% |
| TASEKO MINES LTD | 1.68% | 1,589,701 | $5.0M | New |
| DAR Darling Ingredients Inc. | 1.42% | 111,800 | $4.2M | New |
| NC Nacco Industries Class A | 1.38% | 92,520 | $4.1M | Add +7.2% |
| AAUC Allied Gold Corp. | 1.05% | 233,334 | $3.1M | New |
| MAC COPPER LTD | 0.74% | 183,668 | $2.2M | Reduce -57.8% |
Portfolio Sells Q1 2025 → Q2 2025
| X United States Steel Corp. | Sold out | 0.00% | −2.82 |
| AGI Alamos Gold Inc. Class A | Reduce -3.9% | 4.26% | −2.46 |
| B Barrick Gold Corp. | Sold out | 0.00% | −1.87 |
| MAC COPPER LTD | Reduce -57.8% | 0.74% | −1.35 |
Portfolio Buys Q1 2025 → Q2 2025
| HGV Hilton Grand Vacations Inc. | Add +95.3% | 29.87% | +9.12 |
| MGM MGM Resorts International | New | 3.51% | +3.51 |
| HBM Hudbay Minerals Inc. | Add +284.1% | 4.83% | +3.48 |
| TASEKO MINES LTD | New | 1.68% | +1.68 |
| DAR Darling Ingredients Inc. | New | 1.42% | +1.42 |
| AAUC Allied Gold Corp. | New | 1.05% | +1.05 |
| EGO Eldorado Gold Corp. | Add +26.8% | 4.49% | +0.08 |
| IAG Iamgold Corp. | Add +28.8% | 6.61% | +0.05 |
| NC Nacco Industries Class A | Add +7.2% | 1.38% | −0.10 |
| EXE Expand Energy Corp. | Add +33.0% | 4.33% | −0.34 |
| KGC Kinross Gold Corp. | Add +5.4% | 2.60% | −0.40 |
| FLUT Flutter Entertainment PLC-Di | Add +4.0% | 3.52% | −0.43 |
| ESTA Establishment Labs Holdings | Add +25.3% | 8.61% | −1.28 |
| HCC Warrior Met Coal Inc. | Add +33.9% | 8.59% | −1.47 |
| MXCT Maxcyte Inc. | Add +1.3% | 2.46% | −2.13 |
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 |