SEC 13F Intelligence

Managers / Q4 2025 · view latest →

Mudita Advisors LLP

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

Reported Value
$463M
Q4 2025
Positions
21
Filings on Record
18
2019–present window
Filed
Feb 13, 2026
original filing

Summary

Mudita Advisors LLP reported $463M in U.S.-listed holdings across 21 positions for Q4 2025.

The portfolio is heavily concentrated: HGV alone accounts for 25.2% of reported value.

Compared with Q3 2025, the fund opened 3 new positions and exited 1.

Portfolio Metrics

Turnover
+1.1%
vs prior filed quarter
Top-10 Concentration
+82.6%
share of reported value
Largest Position
+25.2%
Hilton Grand Vacations
New / Exited
3 / 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: 85.1%Other: 12.7%MLP: 2.2%
  • Common Stock · 85.1% · $394M
  • Other · 12.7% · $59M
  • MLP · 2.2% · $10M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GROYGOLD ROYALTY CORPNEW+2.10M2.10M+$8M$8M
BBARRICK MNG CORPNEW+154.1K154.1K+$7M$7M
VBNKVERSABANK NEWNEW+97.6K97.6K+$1M$1M
MAC COPPER LIMITEDSOLD OUT−183.7K0−$2M$0
DARDARLING INGREDIENTS INCADDED+109.2K221.0K+$5M$8M
AAUCALLIED GOLD CORPADDED+183.0K483.2K+$6M$11M
TKOEURTASEKO MINES LTDADDED+1.60M4.39M+$13M$25M
MGMMGM RESORTS INTERNATIONALADDED+232.6K860.9K+$10M$31M

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

Holdings — Q4 2025

21 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1HGVHILTON GRAND VACATIONS INChistory →COM25.21%$117M2.61M
2ESTABLISHMENT LABS HLDGS INCCOM11.02%$51M699.7K
3HCCWARRIOR MET COAL INChistory →COM10.21%$47M535.8K
4IMGIAMGOLD CORPhistory →COM8.47%$39M2.38M
5MGMMGM RESORTS INTERNATIONALhistory →COM6.79%$31M860.9K
6TKOEURTASEKO MINES LTDhistory →COM5.37%$25M4.39M
7CRCCANADIAN NAT RES LTDhistory →COM4.66%$22M637.0K
8OLAORLA MNG LTD NEWhistory →COM4.19%$19M1.44M
9HBMHUDBAY MINERALS INChistory →COM3.96%$18M924.2K
10EXEEXPAND ENERGY CORPORATIONhistory →COM2.75%$13M115.1K
11AGIALAMOS GOLD INC NEWhistory →COM CL A2.63%$12M315.9K
12AAUCALLIED GOLD CORPhistory →COM NEW2.39%$11M483.2K
13BSMBLACK STONE MINERALS L Phistory →COM UNIT2.19%$10M760.9K
14GROYGOLD ROYALTY CORPhistory →COMMON SHARES1.83%$8M2.10M
15DARDARLING INGREDIENTS INChistory →COM1.72%$8M221.0K
16FLUTTER ENTMT PLCSHS1.67%$8M35.9K
17BBARRICK MNG CORPhistory →COM SHS1.45%$7M154.1K
18MXCTGBXMAXCYTE INChistory →COM1.13%$5M3.37M
19KGCKINROSS GOLD CORPhistory →COM1.06%$5M174.3K
20NCNACCO INDS INCCL A0.98%$5M92.5K
21VBNKVERSABANK NEWCOM0.32%$1M97.6K

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 ↗.