Mudita Advisors LLP

Fundamental concentrated ★Highest signal CIK 1907809
League rank
#780
in Fundamental concentrated · #6473 overall
Long book
$490.1M
Q1 2026
Positions
28
Top-10 weight
74%
concentration
Last quarter
+7.8%
SPY +14.8%
Turnover
31%
of book per quarter

Strategy in plain words

auto-generated from filings

Mudita Advisors LLP is a concentrated fundamental stock-picker, running a $490.1M US long book across 28 positions.

The portfolio is concentrated: the top 10 names carry 74% of the portfolio. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: HILTON GRAND VACATIONS INC, IAMGOLD CORP, ESTABLISHMENT LABS HOLDINGS, MGM RESORTS INTERNATIONAL, DARLING INGREDIENTS INC.

Over the last 9 quarters its long book ran on average 0.6pp per quarter ahead of the S&P 500, beating the index in 4 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-5.9%
Q2 2024
+2.0%
Q3 2024
+1.4%
Q4 2024
-2.6%
Q1 2025
+5.0%
Q2 2025
+15.2%
Q3 2025
+21.1%
Q4 2025
+1.6%
Q1 2026
+7.8%

Sector allocation

Services media
31%
Materials
29%
Energy
11%
Healthcare
9%
Consumer staples
7%
Other
6%
Technology
6%
Financials
1%

Long book by quarter

$167.9M
Q1 2024
$195.3M
Q2 2024
$182.7M
Q3 2024
$178.1M
Q4 2024
$197.9M
Q1 2025
$298.1M
Q2 2025
$345.8M
Q3 2025
$462.7M
Q4 2025
$490.1M
Q1 2026

What does Mudita Advisors own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
HGV HILTON GRAND VACATIONS INCServices media2.8M$108.7M22.2%+6.6%
IAG IAMGOLD CORPMaterials2.4M$44.7M9.1%Held
ESTA ESTABLISHMENT LABS HOLDINGSHealthcare764.6K$43.4M8.9%+9.3%
MGM MGM RESORTS INTERNATIONALServices media945.9K$35.0M7.1%+9.9%
DAR DARLING INGREDIENTS INCConsumer staples424.8K$26.3M5.4%+92.2%
CNQ CANADIAN NATURAL RESOURCESEnergy532.4K$25.9M5.3%-16.4%
ORLA ORLA MINING LTDMaterials1.3M$21.2M4.3%-8.5%
APPN APPIAN CORP-ATechnology839.4K$20.2M4.1%New
AGI ALAMOS GOLD INC-CLASS AMaterials449.2K$20.0M4.1%+42.2%
HCC WARRIOR MET COAL INCMaterials174.0K$16.2M3.3%-67.5%
CNR CORE NATURAL RESOURCES INCMaterials144.4K$15.1M3.1%New
EXE EXPAND ENERGY CORPEnergy123.7K$13.6M2.8%+7.5%
UDM TASEKO MINES LTD—2.1M$13.2M2.7%-53.2%
PPB FLUTTER ENTERTAINMENT PLC-DI—117.0K$11.9M2.4%+226.1%
BSM BLACK STONE MINERALS LPEnergy760.9K$11.5M2.3%Held
BG BUNGE GLOBAL SAConsumer staples77.2K$9.8M2.0%New
HBM HUDBAY MINERALS INCMaterials317.4K$6.6M1.4%-65.7%
ZM ZOOM COMMUNICATIONS INCTechnology78.8K$6.3M1.3%New
SPGI S&P GLOBAL INCServices media14.0K$6.0M1.2%New
KGC KINROSS GOLD CORPMaterials174.3K$5.3M1.1%Held
AAUC ALLIED GOLD CORP—160.2K$5.0M1.0%-66.8%
NC NACCO INDUSTRIES-CL AMaterials92.5K$4.8M1.0%Held
ODV OSISKO DEVELOPMENT CORPMaterials1.1M$3.6M0.7%New
VBNK VERSABANKFinancials202.9K$2.9M0.6%+107.9%
MXCT MAXCYTE INCHealthcare3.4M$2.4M0.5%Held
ASIX ADVANSIX INCMaterials82.8K$2.0M0.4%New
B BARRICK MINING CORPMaterials11.2K$457K0.1%-92.7%

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202628$490.1M canonicalSEC ↗
Q4 202513F-HRFeb 13, 202621$462.7M canonicalSEC ↗
Q3 202513F-HRNov 13, 202519$345.8M canonicalSEC ↗
Q2 202513F-HRAug 14, 202519$298.1M canonicalSEC ↗
Q1 202513F-HRMay 19, 202517$197.9M canonicalSEC ↗
Q4 202413F-HRFeb 14, 202518$178.1M canonicalSEC ↗
Q3 202413F-HRNov 13, 202417$182.7M canonicalSEC ↗
Q2 202413F-HRAug 13, 202418$195.3M canonicalSEC ↗
Q1 202413F-HRMay 14, 202416$167.9M canonicalSEC ↗

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