Mudita Advisors LLP
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Mudita Advisors LLP reported 28 stock positions worth $490.1 million. Its top holding was Hilton Grand Vacations (HGV) at 22.2% of the portfolio, followed by Iamgold (IAG, 9.1%) and Establishment Labs (ESTA, 8.9%). Compared with Q4 2025, it opened 8 new positions, sold out of 1, added to 8 and reduced 7. The biggest buy was a new position in Appian Class A (APPN) and the biggest sale Warrior Met Coal (HCC, shares −68%).
- Most Recent 13F
- Q2 2026
- Location
- London, X0
- CIK
- 0001907809
- Portfolio Value
- $490.1M (Q1 2026)
- SEC Filing
- 0001172661-26-001925 ↗ filed May 14, 2026
Holdings Value
Holdings 28 stocks · $490.1M
| HGV Hilton Grand Vacations Inc. | 22.18% | 2,778,706 | $108.7M | Add +6.6% |
| IAG Iamgold Corp. | 9.12% | 2,375,300 | $44.7M | No change |
| ESTA Establishment Labs Holdings | 8.86% | 764,563 | $43.4M | Add +9.3% |
| MGM MGM Resorts International | 7.14% | 945,938 | $35.0M | Add +9.9% |
| DAR Darling Ingredients Inc. | 5.36% | 424,841 | $26.3M | Add +92.2% |
| CNQ Canadian Natural Resources | 5.29% | 532,366 | $25.9M | Reduce -16.4% |
| ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW | 4.34% | 1,317,600 | $21.2M | Reduce -8.5% |
| APPN Appian Corp. Class A | 4.13% | 839,400 | $20.2M | New |
| AGI Alamos Gold Inc. Class A | 4.07% | 449,204 | $20.0M | Add +42.2% |
| HCC Warrior Met Coal Inc. | 3.31% | 174,000 | $16.2M | Reduce -67.5% |
| CNR Core Natural Resources Inc. | 3.09% | 144,400 | $15.1M | New |
| EXE Expand Energy Corp. | 2.77% | 123,700 | $13.6M | Add +7.5% |
| TASEKO MINES LTD | 2.70% | 2,053,209 | $13.2M | Reduce -53.2% |
| FLUT Flutter Entertainment PLC-Di | 2.43% | 116,976 | $11.9M | Add +226.1% |
| BSM Black Stone Minerals LP | 2.35% | 760,877 | $11.5M | No change |
| BG Bunge Global SA | 2.00% | 77,200 | $9.8M | New |
| SSL Sasol Ltd.-Sponsored ADR | 1.61% | 607,325 | $7.9M | New |
| HBM Hudbay Minerals Inc. | 1.35% | 317,389 | $6.6M | Reduce -65.7% |
| ZM Zoom Communications Inc. | 1.29% | 78,800 | $6.3M | New |
| SPGI S&P Global Inc. | 1.22% | 14,000 | $6.0M | New |
| KGC Kinross Gold Corp. | 1.09% | 174,335 | $5.3M | No change |
| AAUC Allied Gold Corp. | 1.01% | 160,234 | $5.0M | Reduce -66.8% |
| NC Nacco Industries Class A | 0.98% | 92,520 | $4.8M | No change |
| OSISKO DEVELOPMENT CORP | 0.73% | 1,100,000 | $3.6M | New |
| VBNK Versabank | 0.59% | 202,925 | $2.9M | Add +107.9% |
| MXCT Maxcyte Inc. | 0.48% | 3,370,689 | $2.4M | No change |
| ASIX Advansix Inc. | 0.41% | 82,807 | $2.0M | New |
| B Barrick Mining Corp. | 0.09% | 11,200 | $457K | Reduce -92.7% |
Portfolio Sells Q4 2025 → Q1 2026
| HCC Warrior Met Coal Inc. | Reduce -67.5% | 3.31% | −6.90 |
| TASEKO MINES LTD | Reduce -53.2% | 2.70% | −2.67 |
| HBM Hudbay Minerals Inc. | Reduce -65.7% | 1.35% | −2.61 |
| GROY Gold Royalty Corp. | Sold out | 0.00% | −1.83 |
| AAUC Allied Gold Corp. | Reduce -66.8% | 1.01% | −1.38 |
| B Barrick Mining Corp. | Reduce -92.7% | 0.09% | −1.36 |
| ORLA Orla Mining Ltd. | Reduce -8.5% | 4.34% | +0.14 |
| CNQ Canadian Natural Resources | Reduce -16.4% | 5.29% | +0.63 |
Portfolio Buys Q4 2025 → Q1 2026
| APPN Appian Corp. Class A | New | 4.13% | +4.13 |
| DAR Darling Ingredients Inc. | Add +92.2% | 5.36% | +3.64 |
| CNR Core Natural Resources Inc. | New | 3.09% | +3.09 |
| BG Bunge Global SA | New | 2.00% | +2.00 |
| SSL Sasol Ltd.-Sponsored ADR | New | 1.61% | +1.61 |
| AGI Alamos Gold Inc. Class A | Add +42.2% | 4.07% | +1.44 |
| ZM Zoom Communications Inc. | New | 1.29% | +1.29 |
| SPGI S&P Global Inc. | New | 1.22% | +1.22 |
| FLUT Flutter Entertainment PLC-Di | Add +226.1% | 2.43% | +0.76 |
| OSISKO DEVELOPMENT CORP | New | 0.73% | +0.73 |
| ASIX Advansix Inc. | New | 0.41% | +0.41 |
| MGM MGM Resorts International | Add +9.9% | 7.14% | +0.35 |
| VBNK Versabank | Add +107.9% | 0.59% | +0.27 |
| EXE Expand Energy Corp. | Add +7.5% | 2.77% | +0.03 |
| ESTA Establishment Labs Holdings | Add +9.3% | 8.86% | −2.16 |
| HGV Hilton Grand Vacations Inc. | Add +6.6% | 22.18% | −3.03 |
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 |