Mudita Advisors LLP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Mudita Advisors LLP reported 21 stock positions worth $462.7 million. Its top holding was Hilton Grand Vacations (HGV) at 25.2% of the portfolio, followed by Establishment Labs (ESTA, 11.0%) and Warrior Met Coal (HCC, 10.2%). Compared with Q3 2025, it opened 3 new positions, sold out of 1, added to 8 and reduced 4. The biggest buy was Establishment Labs (ESTA, shares +2%) and the biggest sale Iamgold (IAG, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001907809
- Portfolio Value
- $462.7M (Q4 2025)
- SEC Filing
- 0001172661-26-000800 ↗ filed Feb 13, 2026
Holdings Value
Holdings 21 stocks · $462.7M
| HGV Hilton Grand Vacations Inc. | 25.21% | 2,607,012 | $116.7M | Add +11.7% |
| ESTA Establishment Labs Holdings | 11.02% | 699,703 | $51.0M | Add +1.9% |
| HCC Warrior Met Coal Inc. | 10.21% | 535,765 | $47.2M | Reduce -4.8% |
| IAG Iamgold Corp. | 8.47% | 2,375,300 | $39.2M | Reduce -11.4% |
| MGM MGM Resorts International | 6.79% | 860,938 | $31.4M | Add +37.0% |
| TASEKO MINES LTD | 5.37% | 4,388,401 | $24.8M | Add +57.4% |
| CNQ Canadian Natural Resources | 4.66% | 637,044 | $21.6M | No change |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 4.19% | 1,440,000 | $19.4M | Add +2.9% |
| HBM Hudbay Minerals Inc. | 3.96% | 924,189 | $18.3M | Reduce -0.0% |
| EXE Expand Energy Corp. | 2.75% | 115,100 | $12.7M | No change |
| AGI Alamos Gold Inc. Class A | 2.63% | 315,943 | $12.2M | Add +10.0% |
| AAUC Allied Gold Corp. | 2.39% | 483,234 | $11.1M | Add +61.0% |
| BSM Black Stone Minerals LP | 2.19% | 760,877 | $10.1M | No change |
| GROY Gold Royalty Corp. | 1.83% | 2,100,000 | $8.5M | New |
| DAR Darling Ingredients Inc. | 1.72% | 221,000 | $8.0M | Add +97.7% |
| FLUT Flutter Entertainment PLC-Di | 1.67% | 35,876 | $7.7M | Reduce -6.9% |
| B Barrick Mining Corp. | 1.45% | 154,100 | $6.7M | New |
| MXCT Maxcyte Inc. | 1.13% | 3,370,689 | $5.2M | No change |
| KGC Kinross Gold Corp. | 1.06% | 174,335 | $4.9M | No change |
| NC Nacco Industries Class A | 0.98% | 92,520 | $4.5M | No change |
| VBNK Versabank | 0.32% | 97,591 | $1.5M | New |
Portfolio Sells Q3 2025 → Q4 2025
| IAG Iamgold Corp. | Reduce -11.4% | 8.47% | −1.56 |
| FLUT Flutter Entertainment PLC-Di | Reduce -6.9% | 1.67% | −1.17 |
| MAC COPPER LTD | Sold out | 0.00% | −0.65 |
| HCC Warrior Met Coal Inc. | Reduce -4.8% | 10.21% | −0.15 |
| HBM Hudbay Minerals Inc. | Reduce -0.0% | 3.96% | −0.09 |
Portfolio Buys Q3 2025 → Q4 2025
| ESTA Establishment Labs Holdings | Add +1.9% | 11.02% | +2.88 |
| TASEKO MINES LTD | Add +57.4% | 5.37% | +1.96 |
| GROY Gold Royalty Corp. | New | 1.83% | +1.83 |
| B Barrick Mining Corp. | New | 1.45% | +1.45 |
| AAUC Allied Gold Corp. | Add +61.0% | 2.39% | +0.88 |
| DAR Darling Ingredients Inc. | Add +97.7% | 1.72% | +0.72 |
| MGM MGM Resorts International | Add +37.0% | 6.79% | +0.49 |
| VBNK Versabank | New | 0.32% | +0.32 |
| ORLA Orla Mining Ltd. | Add +2.9% | 4.19% | −0.18 |
| AGI Alamos Gold Inc. Class A | Add +10.0% | 2.63% | −0.26 |
| HGV Hilton Grand Vacations Inc. | Add +11.7% | 25.21% | −3.00 |
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 |