Managers / Q2 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 $298M in U.S.-listed holdings across 19 positions for Q2 2025.
The portfolio is heavily concentrated: HGV alone accounts for 29.9% of reported value.
Compared with Q1 2025, the fund opened 4 new positions and exited 2.
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, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. 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 · 95.9% · $286M
- MLP · 3.3% · $10M
- Other · 0.7% · $2M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| MGMMGM RESORTS INTERNATIONAL | NEW | +303.8K | 303.8K | +$10M | $10M |
| TASEKO MINES LTD | NEW | +1.59M | 1.59M | +$5M | $5M |
| DARDARLING INGREDIENTS INC | NEW | +111.8K | 111.8K | +$4M | $4M |
| AAUCALLIED GOLD CORP | NEW | +233.3K | 233.3K | +$3M | $3M |
| HBMHUDBAY MINERALS INC | ADDED | +1.00M | 1.36M | +$12M | $14M |
| UNITED STATES STL CORP NEW | SOLD OUT | −132.2K | 0 | −$6M | $0 |
| ABXBARRICK GOLD CORP | SOLD OUT | −190.4K | 0 | −$4M | $0 |
| HGVHILTON GRAND VACATIONS INC | ADDED | +1.05M | 2.14M | +$48M | $89M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | HGVHILTON GRAND VACATIONS INChistory → | COM | 29.87% | $89M | 2.14M |
| 2 | ESTAESTABLISHMENT LABS HLDGS INChistory → | COM | 8.61% | $26M | 600.7K |
| 3 | HCCWARRIOR MET COAL INChistory → | COM | 8.59% | $26M | 558.6K |
| 4 | CNQCANADIAN NAT RES LTDhistory → | COM | 6.71% | $20M | 637.0K |
| 5 | IAGIAMGOLD CORPhistory → | COM | 6.61% | $20M | 2.68M |
| 6 | HBMHUDBAY MINERALS INChistory → | COM | 4.83% | $14M | 1.36M |
| 7 | EGOELDORADO GOLD CORP NEWhistory → | COM | 4.49% | $13M | 658.5K |
| 8 | EXEEXPAND ENERGY CORPORATIONhistory → | COM | 4.33% | $13M | 110.3K |
| 9 | AGIALAMOS GOLD INC NEWhistory → | COM CL A | 4.26% | $13M | 477.8K |
| 10 | FLUTFLUTTER ENTMT PLChistory → | SHS | 3.52% | $11M | 36.8K |
| 11 | MGMMGM RESORTS INTERNATIONALhistory → | COM | 3.51% | $10M | 303.8K |
| 12 | BSMBLACK STONE MINERALS L Phistory → | COM UNIT | 3.34% | $10M | 760.9K |
| 13 | KGCKINROSS GOLD CORPhistory → | COM | 2.60% | $8M | 496.8K |
| 14 | MXCTMAXCYTE INChistory → | COM | 2.46% | $7M | 3.37M |
| 15 | TASEKO MINES LTD | COM | 1.68% | $5M | 1.59M |
| 16 | DARDARLING INGREDIENTS INChistory → | COM | 1.42% | $4M | 111.8K |
| 17 | NCNACCO INDS INChistory → | CL A | 1.38% | $4M | 92.5K |
| 18 | AAUCALLIED GOLD CORPhistory → | COM NEW | 1.05% | $3M | 233.3K |
| 19 | MAC COPPER LIMITED | ORD SHS | 0.74% | $2M | 183.7K |
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 ↗.