Managers / Q3 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 $346M in U.S.-listed holdings across 19 positions for Q3 2025.
The portfolio is heavily concentrated: HGV alone accounts for 28.2% of reported value.
Compared with Q2 2025, the fund opened 1 new position and exited 1.
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 · 85.5% · $296M
- Other · 11.6% · $40M
- MLP · 2.9% · $10M
Quarter-over-Quarter Changes full breakdown →
vs Q2 2025 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| OLAORLA MNG LTD NEW | NEW | +1.40M | 1.40M | +$15M | $15M |
| MGMMGM RESORTS INTERNATIONAL | ADDED | +324.5K | 628.3K | +$11M | $22M |
| ELDELDORADO GOLD CORP NEW | SOLD OUT | −658.5K | 0 | −$13M | $0 |
| TKOEURTASEKO MINES LTD | ADDED | +1.20M | 2.79M | +$7M | $12M |
| KGCKINROSS GOLD CORP | TRIMMED | −322.5K | 174.3K | −$3M | $4M |
| AGIALAMOS GOLD INC NEW | TRIMMED | −190.7K | 287.1K | −$3M | $10M |
| HBMHUDBAY MINERALS INC | TRIMMED | −432.6K | 924.5K | −$385,059 | $14M |
| AAUCALLIED GOLD CORP | ADDED | +66.9K | 300.2K | +$2M | $5M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q3 2025
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | HGVHILTON GRAND VACATIONS INChistory → | COM | 28.21% | $98M | 2.33M |
| 2 | HCCWARRIOR MET COAL INChistory → | COM | 10.36% | $36M | 562.7K |
| 3 | IMGIAMGOLD CORPhistory → | COM | 10.02% | $35M | 2.68M |
| 4 | ESTABLISHMENT LABS HLDGS INC | COM | 8.14% | $28M | 686.8K |
| 5 | MGMMGM RESORTS INTERNATIONALhistory → | COM | 6.30% | $22M | 628.3K |
| 6 | CRCCANADIAN NAT RES LTDhistory → | COM | 5.89% | $20M | 637.0K |
| 7 | OLAORLA MNG LTD NEWhistory → | COM | 4.37% | $15M | 1.40M |
| 8 | HBMHUDBAY MINERALS INChistory → | COM | 4.05% | $14M | 924.5K |
| 9 | EXEEXPAND ENERGY CORPORATIONhistory → | COM | 3.54% | $12M | 115.1K |
| 10 | TKOEURTASEKO MINES LTDhistory → | COM | 3.41% | $12M | 2.79M |
| 11 | AGIALAMOS GOLD INC NEWhistory → | COM CL A | 2.89% | $10M | 287.1K |
| 12 | BSMBLACK STONE MINERALS L Phistory → | COM UNIT | 2.89% | $10M | 760.9K |
| 13 | FLUTTER ENTMT PLC | SHS | 2.84% | $10M | 38.5K |
| 14 | MXCTGBXMAXCYTE INChistory → | COM | 1.54% | $5M | 3.37M |
| 15 | AAUCALLIED GOLD CORPhistory → | COM NEW | 1.52% | $5M | 300.2K |
| 16 | KGCKINROSS GOLD CORPhistory → | COM | 1.25% | $4M | 174.3K |
| 17 | NCNACCO INDS INChistory → | CL A | 1.13% | $4M | 92.5K |
| 18 | DARDARLING INGREDIENTS INC | COM | 1.00% | $3M | 111.8K |
| 19 | MAC COPPER LIMITED | ORD SHS | 0.65% | $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 ↗.