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Mudita Advisors LLP

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13F filer, CIK 1907809, London, United Kingdom

Mudita Advisors LLP reported $345,798,863 across 19 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 84.29% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-25-004771

Period
2025-09-30
Reported value
$346M
Holdings
19
Top 10 weight
84.29%
New
1
Sold out
1

Stakes and trades reported after 2025-09-30

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
ORLAnew+1,400,000$15.1M
MGMadded+324,500$11.2M
HGVadded+189,286$7.91M
TGBadded+1,198,700$5.07M
ESTAadded+86,100$3.53M

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
EGOexited-658,500-$13.4M
KGCreduced-322,465-$8.01M
AGIreduced-190,700-$6.65M
HBMreduced-432,600-$6.56M
IAGreduced-600-$7.76K

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, Q3 2025

Share positions as resolved from 13F-HR 0001172661-25-004771, largest first. % of portfolio is the value over $345,798,863, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 916,765 shares; 2024Q4: 960,965 shares; 2025Q1: 1,097,665 shares; 2025Q2: 2,143,860 shares; 2025Q3: 2,333,146 shares 2,333,146$97.5M28.21%+189,286Timeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 379,770 shares; 2024Q4: 394,370 shares; 2025Q1: 417,165 shares; 2025Q2: 558,565 shares; 2025Q3: 562,665 shares 562,665$35.8M10.36%+4,100Timeline
IAGIAMGOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 2,681,000 shares 2,681,000$34.7M10.02%-600Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,801 shares; 2024Q4: 414,500 shares; 2025Q1: 479,359 shares; 2025Q2: 600,664 shares; 2025Q3: 686,764 shares 686,764$28.2M8.14%+86,100Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 303,838 shares; 2025Q3: 628,338 shares 628,338$21.8M6.3%+324,500Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 508,944 shares; 2024Q4: 568,744 shares; 2025Q1: 637,044 shares; 2025Q2: 637,044 shares; 2025Q3: 637,044 shares 637,044$20.4M5.89%0Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,400,000 shares 1,400,000$15.1M4.37%newTimeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 203,305 shares; 2024Q4: 203,305 shares; 2025Q1: 353,305 shares; 2025Q2: 1,357,105 shares; 2025Q3: 924,505 shares 924,505$14M4.05%-432,600Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,900 shares; 2025Q2: 110,300 shares; 2025Q3: 115,100 shares 115,100$12.2M3.54%+4,800Timeline
TGBTASEKO MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,589,701 shares; 2025Q3: 2,788,401 shares 2,788,401$11.8M3.41%+1,198,700Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,490 shares; 2024Q4: 497,251 shares; 2025Q1: 497,251 shares; 2025Q2: 477,804 shares; 2025Q3: 287,104 shares 287,104$10M2.89%-190,700Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 760,877 shares; 2024Q4: 760,877 shares; 2025Q1: 760,877 shares; 2025Q2: 760,877 shares; 2025Q3: 760,877 shares 760,877$10M2.89%0Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,209 shares; 2024Q4: 18,709 shares; 2025Q1: 35,409 shares; 2025Q2: 36,809 shares; 2025Q3: 38,536 shares 38,536$9.83M2.84%+1,727Timeline
MXCTMAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q3: 3,370,689 shares 3,370,689$5.33M1.54%0Timeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 233,334 shares; 2025Q3: 300,234 shares 300,234$5.25M1.52%+66,900Timeline
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 471,200 shares; 2025Q2: 496,800 shares; 2025Q3: 174,335 shares 174,335$4.33M1.25%-322,465Timeline
NCNACCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 86,281 shares; 2025Q2: 92,520 shares; 2025Q3: 92,520 shares 92,520$3.9M1.13%0Timeline
DARDARLING INGREDIENTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 111,800 shares; 2025Q3: 111,800 shares 111,800$3.45M1%0Timeline
MAC Copper LtdMAC Copper LtdQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,800 shares; 2024Q4: 314,800 shares; 2025Q1: 435,400 shares; 2025Q2: 183,668 shares; 2025Q3: 183,668 shares 183,668$2.24M0.65%0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
EGOELDORADO GOLD CORP NEW658,500$13.4Mshares

How Q3 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 0001172661-25-004771 base2025-11-13acceptance time not in the bulk data set