Mudita Advisors LLP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Mudita Advisors LLP reported 19 stock positions worth $345.8 million. Its top holding was Hilton Grand Vacations (HGV) at 28.2% of the portfolio, followed by Warrior Met Coal (HCC, 10.4%) and Iamgold (IAG, 10.0%). Compared with Q2 2025, it opened 1 new position, sold out of 1, added to 8 and reduced 4. The biggest buy was a new position in Orla Mining (ORLA) and the biggest sale an exit from Eldorado Gold (EGO).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001907809
- Portfolio Value
- $345.8M (Q3 2025)
- SEC Filing
- 0001172661-25-004771 ↗ filed Nov 13, 2025
Holdings Value
Holdings 19 stocks · $345.8M
| HGV Hilton Grand Vacations Inc. | 28.21% | 2,333,146 | $97.5M | Add +8.8% |
| HCC Warrior Met Coal Inc. | 10.36% | 562,665 | $35.8M | Add +0.7% |
| IAG Iamgold Corp. | 10.02% | 2,681,000 | $34.7M | Reduce -0.0% |
| ESTA Establishment Labs Holdings | 8.14% | 686,764 | $28.2M | Add +14.3% |
| MGM MGM Resorts International | 6.30% | 628,338 | $21.8M | Add +106.8% |
| CNQ Canadian Natural Resources | 5.89% | 637,044 | $20.4M | No change |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 4.37% | 1,400,000 | $15.1M | New |
| HBM Hudbay Minerals Inc. | 4.05% | 924,505 | $14.0M | Reduce -31.9% |
| EXE Expand Energy Corp. | 3.54% | 115,100 | $12.2M | Add +4.3% |
| TASEKO MINES LTD | 3.41% | 2,788,401 | $11.8M | Add +75.4% |
| AGI Alamos Gold Inc. Class A | 2.89% | 287,104 | $10.0M | Reduce -39.9% |
| BSM Black Stone Minerals LP | 2.89% | 760,877 | $10.0M | No change |
| FLUT Flutter Entertainment PLC-Di | 2.84% | 38,536 | $9.8M | Add +4.7% |
| MXCT Maxcyte Inc. | 1.54% | 3,370,689 | $5.3M | No change |
| AAUC Allied Gold Corp. | 1.52% | 300,234 | $5.2M | Add +28.7% |
| KGC Kinross Gold Corp. | 1.25% | 174,335 | $4.3M | Reduce -64.9% |
| NC Nacco Industries Class A | 1.13% | 92,520 | $3.9M | No change |
| DAR Darling Ingredients Inc. | 1.00% | 111,800 | $3.5M | No change |
| MAC COPPER LTD | 0.65% | 183,668 | $2.2M | No change |
Portfolio Sells Q2 2025 → Q3 2025
Portfolio Buys Q2 2025 → Q3 2025
| ORLA Orla Mining Ltd. | New | 4.37% | +4.37 |
| MGM MGM Resorts International | Add +106.8% | 6.30% | +2.79 |
| HCC Warrior Met Coal Inc. | Add +0.7% | 10.36% | +1.77 |
| TASEKO MINES LTD | Add +75.4% | 3.41% | +1.73 |
| AAUC Allied Gold Corp. | Add +28.7% | 1.52% | +0.47 |
| ESTA Establishment Labs Holdings | Add +14.3% | 8.14% | −0.47 |
| FLUT Flutter Entertainment PLC-Di | Add +4.7% | 2.84% | −0.68 |
| EXE Expand Energy Corp. | Add +4.3% | 3.54% | −0.79 |
| HGV Hilton Grand Vacations Inc. | Add +8.8% | 28.21% | −1.66 |
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 |