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Mudita Advisors LLP

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13F filer, CIK 1907809, London, United Kingdom

Mudita Advisors LLP reported $298,107,765 across 19 holdings for the quarter ended 2025-06-30, in a 13F-HR filed 2025-08-14. Its ten largest share positions make up 81.81% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-003390

Period
2025-06-30
Reported value
$298M
Holdings
19
Top 10 weight
81.81%
New
4
Sold out
2

Stakes and trades reported after 2025-06-30

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
HGVadded+1,046,195$43.4M
HBMadded+1,003,800$10.7M
MGMnew+303,838$10.4M
HCCadded+141,400$6.48M
ESTAadded+121,305$5.18M

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
UNITED STATES STL CORP NEWexited-132,200-$5.59M
BARRICK GOLD CORPexited-190,405-$3.7M
MAC Copper Ltdreduced-251,732-$3.04M
AGIreduced-19,447-$517K

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, Q2 2025

Share positions as resolved from 13F-HR 0001172661-25-003390, largest first. % of portfolio is the value over $298,107,765, 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; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 916,765 shares; 2024Q4: 960,965 shares; 2025Q1: 1,097,665 shares; 2025Q2: 2,143,860 shares 2,143,860$89M29.87%+1,046,195Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,801 shares; 2024Q4: 414,500 shares; 2025Q1: 479,359 shares; 2025Q2: 600,664 shares 600,664$25.7M8.61%+121,305Timeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 379,770 shares; 2024Q4: 394,370 shares; 2025Q1: 417,165 shares; 2025Q2: 558,565 shares 558,565$25.6M8.59%+141,400Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 508,944 shares; 2024Q4: 568,744 shares; 2025Q1: 637,044 shares; 2025Q2: 637,044 shares 637,044$20M6.71%0Timeline
IAGIAMGOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 803,200 shares; 2024Q4: 1,474,605 shares; 2025Q1: 2,081,400 shares; 2025Q2: 2,681,600 shares 2,681,600$19.7M6.61%+600,200Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 203,305 shares; 2024Q4: 203,305 shares; 2025Q1: 353,305 shares; 2025Q2: 1,357,105 shares 1,357,105$14.4M4.83%+1,003,800Timeline
EGOELDORADO GOLD CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 112,600 shares; 2024Q4: 335,400 shares; 2025Q1: 519,400 shares; 2025Q2: 658,500 shares 658,500$13.4M4.49%+139,100Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,900 shares; 2025Q2: 110,300 shares 110,300$12.9M4.33%+27,400Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,490 shares; 2024Q4: 497,251 shares; 2025Q1: 497,251 shares; 2025Q2: 477,804 shares 477,804$12.7M4.26%-19,447Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,209 shares; 2024Q4: 18,709 shares; 2025Q1: 35,409 shares; 2025Q2: 36,809 shares 36,809$10.5M3.52%+1,400Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 303,838 shares 303,838$10.4M3.51%newTimeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 760,877 shares; 2024Q4: 760,877 shares; 2025Q1: 760,877 shares; 2025Q2: 760,877 shares 760,877$9.95M3.34%0Timeline
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 471,200 shares; 2025Q2: 496,800 shares 496,800$7.76M2.6%+25,600Timeline
MXCTMAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,153,441 shares; 2024Q4: 3,223,407 shares; 2025Q1: 3,328,441 shares; 2025Q2: 3,370,689 shares 3,370,689$7.35M2.46%+42,248Timeline
TGBTASEKO MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,589,701 shares 1,589,701$5.01M1.68%newTimeline
DARDARLING INGREDIENTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 111,800 shares 111,800$4.24M1.42%newTimeline
NCNACCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 86,281 shares; 2025Q2: 92,520 shares 92,520$4.1M1.38%+6,239Timeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 233,334 shares 233,334$3.13M1.05%newTimeline
MAC Copper LtdMAC Copper LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,800 shares; 2024Q4: 314,800 shares; 2025Q1: 435,400 shares; 2025Q2: 183,668 shares 183,668$2.22M0.74%-251,732

Sold out in Q2 2025

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

SecurityShares beforeValue beforeType
UNITED STATES STL CORP NEWUNITED STATES STL CORP NEW132,200$5.59Mshares
BARRICK GOLD CORPBARRICK GOLD CORP190,405$3.7Mshares

How Q2 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 0001172661-25-003390 base2025-08-14acceptance time not in the bulk data set