Skip to content
Disclosery

Mudita Advisors LLP

Follow

13F filer, CIK 1907809, London, United Kingdom

Mudita Advisors LLP reported $462,724,060 across 21 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 82.63% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-000800

Period
2025-12-31
Reported value
$463M
Holdings
21
Top 10 weight
82.63%
New
3
Sold out
1

Stakes and trades reported after 2025-12-31

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
HGVadded+273,866$12.3M
TGBadded+1,600,000$9.06M
MGMadded+232,600$8.49M
GROYnew+2,100,000$8.48M
Bnew+154,100$6.71M

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
IAGreduced-305,700-$5.04M
HCCreduced-26,900-$2.37M
MAC Copper Ltdexited-183,668-$2.24M
FLUTreduced-2,660-$573K
HBMreduced-316-$6.27K

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, Q4 2025

Share positions as resolved from 13F-HR 0001172661-26-000800, largest first. % of portfolio is the value over $462,724,060, 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; 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; 2025Q4: 2,607,012 shares 2,607,012$117M25.21%+273,866Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 354,801 shares; 2024Q4: 414,500 shares; 2025Q1: 479,359 shares; 2025Q2: 600,664 shares; 2025Q3: 686,764 shares; 2025Q4: 699,703 shares 699,703$51M11.02%+12,939Timeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 379,770 shares; 2024Q4: 394,370 shares; 2025Q1: 417,165 shares; 2025Q2: 558,565 shares; 2025Q3: 562,665 shares; 2025Q4: 535,765 shares 535,765$47.2M10.21%-26,900Timeline
IAGIAMGOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,375,300 shares 2,375,300$39.2M8.47%-305,700Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 303,838 shares; 2025Q3: 628,338 shares; 2025Q4: 860,938 shares 860,938$31.4M6.79%+232,600Timeline
TGBTASEKO MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,589,701 shares; 2025Q3: 2,788,401 shares; 2025Q4: 4,388,401 shares 4,388,401$24.8M5.37%+1,600,000Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 508,944 shares; 2024Q4: 568,744 shares; 2025Q1: 637,044 shares; 2025Q2: 637,044 shares; 2025Q3: 637,044 shares; 2025Q4: 637,044 shares 637,044$21.6M4.66%0Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,400,000 shares; 2025Q4: 1,440,000 shares 1,440,000$19.4M4.19%+40,000Timeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 924,189 shares 924,189$18.3M3.96%-316Timeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,900 shares; 2025Q2: 110,300 shares; 2025Q3: 115,100 shares; 2025Q4: 115,100 shares 115,100$12.7M2.75%0Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 359,490 shares; 2024Q4: 497,251 shares; 2025Q1: 497,251 shares; 2025Q2: 477,804 shares; 2025Q3: 287,104 shares; 2025Q4: 315,943 shares 315,943$12.2M2.63%+28,839Timeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 233,334 shares; 2025Q3: 300,234 shares; 2025Q4: 483,234 shares 483,234$11.1M2.39%+183,000Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 760,877 shares; 2024Q4: 760,877 shares; 2025Q1: 760,877 shares; 2025Q2: 760,877 shares; 2025Q3: 760,877 shares; 2025Q4: 760,877 shares 760,877$10.1M2.19%0Timeline
GROYGOLD ROYALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,100,000 shares 2,100,000$8.48M1.83%newTimeline
DARDARLING INGREDIENTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 111,800 shares; 2025Q3: 111,800 shares; 2025Q4: 221,000 shares 221,000$7.96M1.72%+109,200Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,209 shares; 2024Q4: 18,709 shares; 2025Q1: 35,409 shares; 2025Q2: 36,809 shares; 2025Q3: 38,536 shares; 2025Q4: 35,876 shares 35,876$7.73M1.67%-2,660Timeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 154,100 shares 154,100$6.71M1.45%newTimeline
MXCTMAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,370,689 shares 3,370,689$5.22M1.13%0Timeline
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 375,000 shares; 2025Q1: 471,200 shares; 2025Q2: 496,800 shares; 2025Q3: 174,335 shares; 2025Q4: 174,335 shares 174,335$4.91M1.06%0Timeline
NCNACCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 86,281 shares; 2025Q2: 92,520 shares; 2025Q3: 92,520 shares; 2025Q4: 92,520 shares 92,520$4.54M0.98%0Timeline
VBNKVERSABANK NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 97,591 shares 97,591$1.46M0.32%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
MAC Copper LtdMAC Copper Ltd183,668$2.24Mshares

How Q4 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 0001172661-26-000800 base2026-02-13acceptance time not in the bulk data set