SEC 13F Intelligence

Managers / Q1 2026

Mudita Advisors LLP

CIK 0001907809 · 8 ST JAMES'S SQUARE, 6TH FLOOR, LONDON, X0, SW1Y 4JU · 442038487530

Reported Value
$490M
Q1 2026
Positions
28
Filings on Record
18
2019–present window
Filed
May 14, 2026
original filing

Summary

Mudita Advisors LLP reported $490M in U.S.-listed holdings across 28 positions for Q1 2026.

The portfolio is heavily concentrated: HGV alone accounts for 22.2% of reported value.

Compared with Q4 2025, the fund opened 8 new positions and exited 1.

Portfolio Metrics

Turnover
+19.6%
vs prior filed quarter
Top-10 Concentration
+73.8%
share of reported value
Largest Position
+22.2%
Hilton Grand Vacations
New / Exited
8 / 1
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’21: $111MQ4 ’21Q1 ’22: $150MQ2 ’22: $124MQ3 ’22: $108MQ3 ’22Q4 ’22: $115MQ1 ’23: $112MQ2 ’23: $131MQ2 ’23Q3 ’23: $137MQ4 ’23: $144MQ1 ’24: $168MQ1 ’24Q2 ’24: $195MQ3 ’24: $183MQ4 ’24: $178MQ4 ’24Q1 ’25: $198MQ2 ’25: $298MQ3 ’25: $346MQ3 ’25Q4 ’25: $463MQ1 ’26: $490Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 82.8%Other: 13.3%MLP: 2.3%ADR: 1.6%
  • Common Stock · 82.8% · $406M
  • Other · 13.3% · $65M
  • MLP · 2.3% · $12M
  • ADR · 1.6% · $8M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
APPNAPPIAN CORPNEW+839.4K839.4K+$20M$20M
CNRCORE NATURAL RESOURCES INCNEW+144.4K144.4K+$15M$15M
BUNGE GLOBAL SANEW+77.2K77.2K+$10M$10M
SSLSASOL LTDNEW+607.3K607.3K+$8M$8M
ZMZOOM COMMUNICATIONS INCNEW+78.8K78.8K+$6M$6M
SPGIS&P GLOBAL INCNEW+14.0K14.0K+$6M$6M
ODVOSISKO DEVELOPMENT CORPNEW+1.10M1.10M+$4M$4M
ASIXADVANSIX INCNEW+82.8K82.8K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

28 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1HGVHILTON GRAND VACATIONS INChistory →COM22.18%$109M2.78M
2IMGIAMGOLD CORPhistory →COM9.12%$45M2.38M
3ESTABLISHMENT LABS HLDGS INCCOM8.86%$43M764.6K
4MGMMGM RESORTS INTERNATIONALhistory →COM7.14%$35M945.9K
5DARDARLING INGREDIENTS INChistory →COM5.36%$26M424.8K
6CRCCANADIAN NAT RES LTD MED TERhistory →COM5.29%$26M532.4K
7OLAORLA MNG LTD NEWhistory →COM4.34%$21M1.32M
8APPNAPPIAN CORPhistory →CL A4.13%$20M839.4K
9AGIALAMOS GOLD INChistory →COM CL A4.07%$20M449.2K
10HCCWARRIOR MET COAL INChistory →COM3.31%$16M174.0K
11CNRCORE NATURAL RESOURCES INChistory →COM SHS3.09%$15M144.4K
12EXEEXPAND ENERGY CORPORATIONhistory →COM2.77%$14M123.7K
13TKOEURTASEKO MINES LTDhistory →COM2.70%$13M2.05M
14FLUTTER ENTMT PLCSHS2.43%$12M117.0K
15BSMBLACK STONE MINERALS L Phistory →COM UNIT2.35%$12M760.9K
16BUNGE GLOBAL SACOM SHS2.00%$10M77.2K
17SSLSASOL LTDhistory →SPONSORED ADR1.61%$8M607.3K
18HBMHUDBAY MINERALS INChistory →COM1.35%$7M317.4K
19ZMZOOM COMMUNICATIONS INChistory →CL A1.29%$6M78.8K
20SPGIS&P GLOBAL INChistory →COM1.22%$6M14.0K
21KGCKINROSS GOLD CORPhistory →COM1.09%$5M174.3K
22AAUCALLIED GOLD CORPhistory →COM NEW1.01%$5M160.2K
23NCNACCO INDS INCCL A0.98%$5M92.5K
24ODVOSISKO DEVELOPMENT CORPCOM NEW0.73%$4M1.10M
25VBNKVERSABANK NEWCOM0.59%$3M202.9K
26MXCTGBXMAXCYTE INCCOM0.48%$2M3.37M
27ASIXADVANSIX INCCOM0.41%$2M82.8K
28BBARRICK MNG CORPCOM SHS0.09%$456,84811.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$490M28May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$463M21Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$346M19Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$298M19Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$198M17May 19, 202513F-HRchanges · EDGAR ↗
Q4 2024$178M18Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$183M17Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$195M18Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$168M16May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$144M16Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$137M17Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$131M17Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$112M16May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$115M18Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$108M20Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$124M18Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$150M18May 13, 202213F-HRchanges · EDGAR ↗
Q4 2021$111M21Feb 14, 202213F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.