Mudita Advisors LLP
Portfolio value QoQ: -1.8% 13F does not disclose cash
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 4.11% Est. buys $19,951,201 · sells $61,353,033
Median holding: 4.0 quarters Tracked Q1 2025–Q2 2026 · 70.6% still held
Performance vs S&P 500
Annualized: +43.8% · S&P 500: +28.7%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Sector breakdown
Full portfolio 24 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| HGV | $147,091,933 | 30.58% | 2,808,706 | $38,388,954 | Up ×6 | ||
| ESTA | $62,046,036 | 12.90% | 723,063 | $18,634,148 | Down ×1 | ||
| MGM | $45,225,296 | 9.40% | 945,938 | $10,216,130 | |||
| IAG | $37,646,631 | 7.83% | 2,375,300 | $-7,043,489 | |||
| DAR | $23,204,815 | 4.82% | 424,841 | $-3,071,600 | |||
| CNQ | $21,028,457 | 4.37% | 532,366 | $-4,913,738 | |||
| APPN | $19,222,260 | 4.00% | 839,400 | $-1,015,675 | |||
| Unknown issuer (CUSIP: 89472Y107) | $14,126,078 | 2.94% | 2,053,209 | Up ×1 | |||
| HCC | $14,121,840 | 2.94% | 174,000 | $-2,086,259 | |||
| AGI | $13,628,849 | 2.83% | 449,204 | $-6,329,284 | |||
| CNR | $13,555,388 | 2.82% | 169,400 | $-1,567,624 | Up ×1 | ||
| FLUT | $12,450,938 | 2.59% | 121,976 | $524,922 | Up ×2 | ||
| BSM | $10,629,452 | 2.21% | 760,877 | $-875,008 | |||
| ORLA | $7,736,154 | 1.61% | 790,319 | $-13,511,490 | Down ×2 | ||
| HBM | $7,493,577 | 1.56% | 317,389 | $859,848 | |||
| SPGI | $5,701,640 | 1.19% | 14,000 | $-253,120 | |||
| VBNK | $4,709,889 | 0.98% | 202,925 | $1,834,442 | |||
| NC | $4,630,626 | 0.96% | 92,520 | $-177,639 | |||
| MXCT | $4,145,947 | 0.86% | 3,370,689 | $1,778,038 | |||
| KGC | $4,117,793 | 0.86% | 174,335 | $-1,202,911 | |||
| ASIX | $3,389,341 | 0.70% | 170,490 | $1,368,850 | Up ×1 | ||
| ODV | $2,706,000 | 0.56% | 1,100,000 | $-869,000 | |||
| AAUC | $2,025,231 | 0.42% | 85,234 | $-2,940,552 | Down ×2 | ||
| B | $411,376 | 0.09% | 11,200 | $-45,472 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| HGV | $147,091,933 | 30.58% | up ×6 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| Unknown issuer (CUSIP: 89472Y107) | $14,126,078 | 2,053,209 | 2.94% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| HGV | Bought more | +30K | +$38.4M |
| ESTA | Trimmed | -42K | +$18.6M |
| ORLA | Trimmed | -527K | -$13.5M |
| MGM | Price move only | +0 | +$10.2M |
| IAG | Price move only | +0 | -$7.0M |
| AGI | Price move only | +0 | -$6.3M |
| CNQ | Price move only | +0 | -$4.9M |
| DAR | Price move only | +0 | -$3.1M |
| AAUC | Trimmed | -75K | -$2.9M |
| HCC | Price move only | +0 | -$2.1M |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| EXE | June 30, 2026 | 123,700 | $13,579,786 | -3.2% |
| EGO | Sept. 30, 2025 | 658,500 | $13,393,890 | 33.4% |
| TGB | June 30, 2026 | 2,053,209 | $13,243,199 | No longer tracked |
| BG | June 30, 2026 | 77,200 | $9,819,840 | 0.6% |
| GROY | March 31, 2026 | 2,100,000 | $8,484,000 | No longer tracked |
| SSL | June 30, 2026 | 607,325 | $7,870,931 | 45.5% |
| ZM | June 30, 2026 | 78,800 | $6,334,732 | 9.1% |
| X | June 30, 2025 | 132,200 | $5,586,772 | No longer tracked |
| GOLD | June 30, 2025 | 190,405 | $3,701,473 | 87.4% |
| MTAL | Dec. 31, 2025 | 183,668 | $2,242,587 |