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Mudita Advisors LLP

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13F filer, CIK 1907809, London, United Kingdom

Mudita Advisors LLP reported $197,921,368 across 17 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-19. Its ten largest share positions make up 83.43% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-002420

Period
2025-03-31
Reported value
$198M
Holdings
17
Top 10 weight
83.43%
New
2
Sold out
3

Stakes and trades reported after 2025-03-31

13D, 13G and Form 4 filings by this filer's group, dated after the 13F period, on securities the quarter does not hold as shares.

  • MTAL METALS ACQUISITION CORP II: 13G/A 2,500,000 shares, 8.15% of the class, 13G/A filed 2026-10-05, 0001172661-26-004393Timeline
    Accepted , ingested

Largest buys vs the previous quarter

SecurityShares changeApprox. value
EXEnew+82,900$9.23M
HGVadded+136,700$5.11M
IAGadded+606,795$3.79M
FLUTadded+16,700$3.69M
EGOadded+184,000$3.09M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
APOexited-49,570-$8.19M
BARRICK GOLD CORPreduced-270,900-$5.27M
CRLexited-9,607-$1.77M
NGDexited-588,594-$1.46M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001172661-25-002420, largest first. % of portfolio is the value over $197,921,368, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
HGVHILTON GRAND VACATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 916,765 shares; 2024Q4: 960,965 shares; 2025Q1: 1,097,665 shares 1,097,665$41.1M20.75%+136,700Timeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 379,770 shares; 2024Q4: 394,370 shares; 2025Q1: 417,165 shares 417,165$19.9M10.06%+22,795Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 508,944 shares; 2024Q4: 568,744 shares; 2025Q1: 637,044 shares 637,044$19.6M9.91%+68,300Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,801 shares; 2024Q4: 414,500 shares; 2025Q1: 479,359 shares 479,359$19.6M9.88%+64,859Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,490 shares; 2024Q4: 497,251 shares; 2025Q1: 497,251 shares 497,251$13.3M6.72%0Timeline
IAGIAMGOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 803,200 shares; 2024Q4: 1,474,605 shares; 2025Q1: 2,081,400 shares 2,081,400$13M6.57%+606,795Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 760,877 shares; 2024Q4: 760,877 shares; 2025Q1: 760,877 shares 760,877$11.6M5.87%0Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,900 shares 82,900$9.23M4.66%newTimeline
MXCTMAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,153,441 shares; 2024Q4: 3,223,407 shares; 2025Q1: 3,328,441 shares 3,328,441$9.09M4.59%+105,034Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 112,600 shares; 2024Q4: 335,400 shares; 2025Q1: 519,400 shares 519,400$8.74M4.41%+184,000Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,209 shares; 2024Q4: 18,709 shares; 2025Q1: 35,409 shares 35,409$7.83M3.95%+16,700Timeline
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 471,200 shares 471,200$5.94M3%+96,200Timeline
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 132,200 shares; 2025Q1: 132,200 shares 132,200$5.59M2.82%0
MAC Copper LtdMAC Copper LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,800 shares; 2024Q4: 314,800 shares; 2025Q1: 435,400 shares 435,400$4.15M2.1%+120,600
BARRICK GOLD CORPBARRICK GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 461,305 shares; 2024Q4: 461,305 shares; 2025Q1: 190,405 shares 190,405$3.7M1.87%-270,900
NCNACCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 86,281 shares 86,281$2.91M1.47%newTimeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 203,305 shares; 2024Q4: 203,305 shares; 2025Q1: 353,305 shares 353,305$2.68M1.35%+150,000Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
APOAPOLLO GLOBAL MGMT INC49,570$8.19Mshares
CRLCHARLES RIV LABS INTL INC9,607$1.77Mshares
NGDNEW GOLD INC588,594$1.46Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001172661-25-002420 base2025-05-19acceptance time not in the bulk data set