# Mudita Advisors LLP

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1907809. Source: https://holderbook.com/funds/1907809-mudita-advisors-llp/

- Reported value: $481.0M
- Positions: 24
- Weight of the ten largest: 82.6%
- Filed: 2026-08-13

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| HILTON GRAND VACATIONS INC | [HGV](https://holderbook.com/stocks/HGV/) | $147.1M | 2,808,706 | 30.6% | 19 |
| ESTABLISHMENT LABS HLDGS INC | [ESTA](https://holderbook.com/stocks/ESTA/) | $62.0M | 723,063 | 12.9% | 19 |
| MGM RESORTS INTERNATIONAL | [MGM](https://holderbook.com/stocks/MGM/) | $45.2M | 945,938 | 9.4% | 5 |
| IAMGOLD CORP | [IAG](https://holderbook.com/stocks/IAG/) | $37.6M | 2,375,300 | 7.8% | 9 |
| DARLING INGREDIENTS INC | [DAR](https://holderbook.com/stocks/DAR/) | $23.2M | 424,841 | 4.8% | 5 |
| CANADIAN NAT RES LTD MED TER | [CNQ](https://holderbook.com/stocks/CNQ/) | $21.0M | 532,366 | 4.4% | 19 |
| APPIAN CORP | [APPN](https://holderbook.com/stocks/APPN/) | $19.2M | 839,400 | 4.0% | 2 |
| TREKOR METALS LTD | - | $14.1M | 2,053,209 | 2.9% | 1 |
| WARRIOR MET COAL INC | [HCC](https://holderbook.com/stocks/HCC/) | $14.1M | 174,000 | 2.9% | 14 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $13.6M | 449,204 | 2.8% | 19 |
| CORE NATURAL RESOURCES INC | [CNR](https://holderbook.com/stocks/CNR/) | $13.6M | 169,400 | 2.8% | 2 |
| FLUTTER ENTMT PLC | [FLUT](https://holderbook.com/stocks/FLUT/) | $12.5M | 121,976 | 2.6% | 9 |
| BLACK STONE MINERALS L P | [BSM](https://holderbook.com/stocks/BSM/) | $10.6M | 760,877 | 2.2% | 19 |
| ORLA MNG LTD NEW | [ORLA](https://holderbook.com/stocks/ORLA/) | $7.7M | 790,319 | 1.6% | 4 |
| HUDBAY MINERALS INC | [HBM](https://holderbook.com/stocks/HBM/) | $7.5M | 317,389 | 1.6% | 13 |
| S&P GLOBAL INC | [SPGI](https://holderbook.com/stocks/SPGI/) | $5.7M | 14,000 | 1.2% | 2 |
| VERSABANK NEW | [VBNK](https://holderbook.com/stocks/VBNK/) | $4.7M | 202,925 | 1.0% | 3 |
| NACCO INDS INC | [NC](https://holderbook.com/stocks/NC/) | $4.6M | 92,520 | 1.0% | 6 |
| MAXCYTE INC | [MXCT](https://holderbook.com/stocks/MXCT/) | $4.1M | 3,370,689 | 0.9% | 16 |
| KINROSS GOLD CORP | [KGC](https://holderbook.com/stocks/KGC/) | $4.1M | 174,335 | 0.9% | 7 |
| ADVANSIX INC | [ASIX](https://holderbook.com/stocks/ASIX/) | $3.4M | 170,490 | 0.7% | 2 |
| OSISKO DEVELOPMENT CORP | [ODV](https://holderbook.com/stocks/ODV/) | $2.7M | 1,100,000 | 0.6% | 2 |
| ALLIED GOLD CORP | [AAUC](https://holderbook.com/stocks/AAUC/) | $2.0M | 85,234 | 0.4% | 5 |
| BARRICK MNG CORP | [B](https://holderbook.com/stocks/B/) | $411.4K | 11,200 | 0.1% | 3 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +5.7% | +14.8% | -9.2% | 97% |
| Q1 2026 | +1.2% | -4.6% | +5.8% | 100% |
| Q4 2025 | +20.4% | +2.4% | +18.0% | 99% |
| Q3 2025 | +14.3% | +7.8% | +6.5% | 100% |
| Q2 2025 | +7.2% | +10.5% | -3.2% | 100% |
| Q1 2025 | -1.1% | -4.6% | +3.5% | 100% |
| Q4 2024 | +0.3% | +2.1% | -1.8% | 100% |
| Q3 2024 | +2.7% | +5.4% | -2.7% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $481.0M | 24 |
| Q1 2026 | $490.1M | 28 |
| Q4 2025 | $462.7M | 21 |
| Q3 2025 | $345.8M | 19 |
| Q2 2025 | $298.1M | 19 |
| Q1 2025 | $197.9M | 17 |
| Q4 2024 | $178.1M | 18 |
| Q3 2024 | $182.7M | 17 |
| Q2 2024 | $195.3M | 18 |
| Q1 2024 | $167.9M | 16 |
| Q4 2023 | $144.1M | 16 |
| Q3 2023 | $137.0M | 17 |