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Mudita Advisors LLP

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13F filer, CIK 1907809, London, United Kingdom

Mudita Advisors LLP reported $490,065,486 across 28 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-14. Its ten largest share positions make up 73.8% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001172661-26-001925

Period
2026-03-31
Reported value
$490M
Holdings
28
Top 10 weight
73.8%
New
8
Sold out
1

Stakes and trades reported after 2026-03-31

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
APPNnew+839,400$20.2M
CNRnew+144,400$15.1M
DARadded+203,841$12.6M
BGnew+77,200$9.82M
FLUTadded+81,100$8.27M

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
HCCreduced-361,765-$33.7M
TGBreduced-2,335,192-$15.1M
HBMreduced-606,800-$12.7M
AAUCreduced-323,000-$10M
GROYexited-2,100,000-$8.48M

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 2026

Share positions as resolved from 13F-HR 0001172661-26-001925, largest first. % of portfolio is the value over $490,065,486, 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; 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; 2026Q1: 2,778,706 shares 2,778,706$109M22.18%+171,694Timeline
IAGIAMGOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,375,300 shares 2,375,300$44.7M9.12%0Timeline
ESTAESTABLISHMENT LABS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 764,563 shares 764,563$43.4M8.86%+64,860Timeline
MGMMGM RESORTS INTERNATIONALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 303,838 shares; 2025Q3: 628,338 shares; 2025Q4: 860,938 shares; 2026Q1: 945,938 shares 945,938$35M7.14%+85,000Timeline
DARDARLING INGREDIENTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 111,800 shares; 2025Q3: 111,800 shares; 2025Q4: 221,000 shares; 2026Q1: 424,841 shares 424,841$26.3M5.36%+203,841Timeline
CNQCANADIAN NAT RES LTD MED TERQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 532,366 shares 532,366$25.9M5.29%-104,678Timeline
ORLAORLA MNG LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,400,000 shares; 2025Q4: 1,440,000 shares; 2026Q1: 1,317,600 shares 1,317,600$21.2M4.34%-122,400Timeline
APPNAPPIAN CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 839,400 shares 839,400$20.2M4.13%newTimeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 449,204 shares 449,204$20M4.07%+133,261Timeline
HCCWARRIOR MET COAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 174,000 shares 174,000$16.2M3.31%-361,765Timeline
CNRCORE NATURAL RESOURCES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 144,400 shares 144,400$15.1M3.09%newTimeline
EXEEXPAND ENERGY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 82,900 shares; 2025Q2: 110,300 shares; 2025Q3: 115,100 shares; 2025Q4: 115,100 shares; 2026Q1: 123,700 shares 123,700$13.6M2.77%+8,600Timeline
TGBTASEKO MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 2,053,209 shares 2,053,209$13.2M2.7%-2,335,192Timeline
FLUTFLUTTER ENTMT PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 116,976 shares 116,976$11.9M2.43%+81,100Timeline
BSMBLACK STONE MINERALS L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 760,877 shares 760,877$11.5M2.35%0Timeline
BGBUNGE GLOBAL SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 77,200 shares 77,200$9.82M2%newTimeline
SSLSASOL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 607,325 shares 607,325$7.87M1.61%newTimeline
HBMHUDBAY MINERALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 317,389 shares 317,389$6.63M1.35%-606,800Timeline
ZMZOOM COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 78,800 shares 78,800$6.33M1.29%newTimeline
SPGIS&P GLOBAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 14,000 shares 14,000$5.95M1.22%newTimeline
KGCKINROSS GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 174,335 shares 174,335$5.32M1.09%0Timeline
AAUCALLIED GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 233,334 shares; 2025Q3: 300,234 shares; 2025Q4: 483,234 shares; 2026Q1: 160,234 shares 160,234$4.97M1.01%-323,000Timeline
NCNACCO INDS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 86,281 shares; 2025Q2: 92,520 shares; 2025Q3: 92,520 shares; 2025Q4: 92,520 shares; 2026Q1: 92,520 shares 92,520$4.81M0.98%0Timeline
ODVOSISKO DEVELOPMENT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 1,100,000 shares 1,100,000$3.58M0.73%newTimeline
VBNKVERSABANK NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 97,591 shares; 2026Q1: 202,925 shares 202,925$2.88M0.59%+105,334Timeline
MXCTMAXCYTE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,370,689 shares 3,370,689$2.37M0.48%0Timeline
ASIXADVANSIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 82,807 shares 82,807$2.02M0.41%newTimeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 154,100 shares; 2026Q1: 11,200 shares 11,200$457K0.09%-142,900Timeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
GROYGOLD ROYALTY CORP2,100,000$8.48Mshares

How Q1 2026 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 0001172661-26-001925 base2026-05-14acceptance time not in the bulk data set