Managers / Q1 2025 · view latest →
Mudita Advisors LLP
CIK 0001907809 · 8 ST JAMES'S SQUARE, 6TH FLOOR, LONDON, X0, SW1Y 4JU · 442038487530
Summary
Mudita Advisors LLP reported $198M in U.S.-listed holdings across 17 positions for Q1 2025.
The portfolio is heavily concentrated: HGV alone accounts for 20.7% of reported value.
Compared with Q4 2024, the fund opened 2 new positions and exited 3.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 78.2% · $155M
- Other · 15.9% · $32M
- MLP · 5.9% · $12M
Quarter-over-Quarter Changes full breakdown →
vs Q4 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| EXEEXPAND ENERGY CORPORATION | NEW | +82.9K | 82.9K | +$9M | $9M |
| NCNACCO INDS INC | NEW | +86.3K | 86.3K | +$3M | $3M |
| APOAPOLLO GLOBAL MGMT INC | SOLD OUT | −49.6K | 0 | −$8M | $0 |
| CHARLES RIV LABS INTL INC | SOLD OUT | −9.6K | 0 | −$2M | $0 |
| NGDNNEW GOLD INC CDA | SOLD OUT | −588.6K | 0 | −$1M | $0 |
| FLUTTER ENTMT PLC | ADDED | +16.7K | 35.4K | +$3M | $8M |
| HBMHUDBAY MINERALS INC | ADDED | +150.0K | 353.3K | +$1M | $3M |
| ABXBARRICK GOLD CORP | TRIMMED | −270.9K | 190.4K | −$3M | $4M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q1 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | HGVHILTON GRAND VACATIONS INChistory → | COM | 20.75% | $41M | 1.10M |
| 2 | HCCWARRIOR MET COAL INChistory → | COM | 10.06% | $20M | 417.2K |
| 3 | CRCCANADIAN NAT RES LTDhistory → | COM | 9.91% | $20M | 637.0K |
| 4 | ESTABLISHMENT LABS HLDGS INC | COM | 9.88% | $20M | 479.4K |
| 5 | AGIALAMOS GOLD INC NEWhistory → | COM CL A | 6.72% | $13M | 497.3K |
| 6 | IMGIAMGOLD CORPhistory → | COM | 6.57% | $13M | 2.08M |
| 7 | BSMBLACK STONE MINERALS L Phistory → | COM UNIT | 5.87% | $12M | 760.9K |
| 8 | EXEEXPAND ENERGY CORPORATIONhistory → | COM | 4.66% | $9M | 82.9K |
| 9 | MXCTGBXMAXCYTE INChistory → | COM | 4.59% | $9M | 3.33M |
| 10 | ELDELDORADO GOLD CORP NEWhistory → | COM | 4.41% | $9M | 519.4K |
| 11 | FLUTTER ENTMT PLC | SHS | 3.95% | $8M | 35.4K |
| 12 | KGCKINROSS GOLD CORPhistory → | COM | 3.00% | $6M | 471.2K |
| 13 | USX1UNITED STATES STL CORP NEWhistory → | COM | 2.82% | $6M | 132.2K |
| 14 | MAC COPPER LIMITED | ORD SHS | 2.10% | $4M | 435.4K |
| 15 | ABXBARRICK GOLD CORPhistory → | COM | 1.87% | $4M | 190.4K |
| 16 | NCNACCO INDS INChistory → | CL A | 1.47% | $3M | 86.3K |
| 17 | HBMHUDBAY MINERALS INChistory → | COM | 1.35% | $3M | 353.3K |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $490M | 28 | May 14, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $463M | 21 | Feb 13, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $346M | 19 | Nov 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $298M | 19 | Aug 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $198M | 17 | May 19, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $178M | 18 | Feb 14, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $183M | 17 | Nov 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $195M | 18 | Aug 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $168M | 16 | May 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $144M | 16 | Feb 13, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $137M | 17 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $131M | 17 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $112M | 16 | May 15, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $115M | 18 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $108M | 20 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $124M | 18 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $150M | 18 | May 13, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $111M | 21 | Feb 14, 2022 | 13F-HR | changes · 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 ↗.