2026 Q1 Portfolio Activity
In 2026 Q1, Mudita Advisors LLP maintained a portfolio of 29 distinct positions. The most significant new addition was APPIAN CORP, now representing 4.13% of the total fund value. They heavily accumulated shares in DARLING INGREDIENTS INC, increasing the position by 92.2%. The fund also reduced its exposure to WARRIOR MET COAL INC by 67.5%.
Position History
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Total Positions
29
Quarter
2026 Q1
Top Holding
HGV (22.2%)
Top 10 Concentration
73.8%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
Showing 1-29 of 29
Mudita Advisors LLP Full Holdings List — 2026 Q1
| Stock | History | Sector / Type | Port % | Prev % | Rank / Prev | Conviction | Change | % Change | Influence | Shares | Mkt Value | Avg Cost | Price Held | 1st Owned | Source | Source Date | Date Reported | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
HGV
HILTON GRAND VA...
|
Consumer Cyclical | 22.18% | 25.21% |
#1
Prev: #1
|
8.0 |
—
|
171,694 | 6.6% |
P
S
|
2,778,706 | $108,702,979 |
$42.66
+14.3%
|
2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
IAG
IAMGOLD CORP
|
Basic Materials | 9.12% | 8.47% |
#2
2
Prev: #4
|
6.1 |
—
|
no change | no change |
P
S
|
2,375,300 | $44,690,120 |
$5.01
+226.7%
|
2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
ESTA
ESTABLISHMENT L...
|
Healthcare | 8.86% | 11.02% |
#3
1
Prev: #2
|
6.5 |
—
|
64,860 | 9.3% |
P
S
|
764,563 | $43,411,888 |
$46.93
+51.6%
|
2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | ||
|
MGM
MGM RESORTS INT...
|
Consumer Cyclical | 7.14% | 6.79% |
#4
1
Prev: #5
|
5.4 |
—
|
85,000 | 9.9% |
P
S
|
945,938 | $35,009,166 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
DAR
DARLING INGREDI...
|
Consumer Defensive | 5.36% | 1.72% |
#5
10
Prev: #15
|
5.6 |
—
|
203,841 | 92.2% |
P
S
|
424,841 | $26,276,415 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CNQ
CANADIAN NAT RE...
|
Energy | 5.29% | 4.66% |
#6
1
Prev: #7
|
2.6 |
—
|
-104,678 | -16.4% |
P
S
|
532,366 | $25,942,195 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ORLA
ORLA MNG LTD NE...
|
Basic Materials | 4.34% | 4.19% |
#7
1
Prev: #8
|
2.2 |
—
|
-122,400 | -8.5% |
P
S
|
1,317,600 | $21,247,644 | 2025 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
APPN
APPIAN CORP
|
Technology | 4.13% | — |
#8
Prev: #—
|
5.2 |
—
|
839,400 | — |
NEW
|
839,400 | $20,237,935 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
AGI
ALAMOS GOLD INC
|
Basic Materials | 4.07% | 2.63% |
#9
2
Prev: #11
|
4.1 |
—
|
133,261 | 42.2% |
P
S
|
449,204 | $19,958,133 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HCC
WARRIOR MET COA...
|
Basic Materials | 3.31% | 10.21% |
#10
7
Prev: #3
|
1.3 |
—
|
-361,765 | -67.5% |
P
S
|
174,000 | $16,208,099 | 2023 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
CNR
CORE NATURAL RE...
|
Energy | 3.09% | — |
#11
Prev: #—
|
4.7 |
—
|
144,400 | — |
NEW
|
144,400 | $15,123,012 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
EXE
EXPAND ENERGY C...
|
Energy | 2.77% | 2.75% |
#12
2
Prev: #10
|
3.1 |
—
|
8,600 | 7.5% |
P
S
|
123,700 | $13,579,786 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
TGB
TASEKO MINES LT...
|
Basic Materials | 2.70% | 5.37% |
#13
7
Prev: #6
|
1.1 |
—
|
-2,335,192 | -53.2% |
P
S
|
2,053,209 | $13,243,199 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
FLUT
FLUTTER ENTMT P...
|
Consumer Cyclical | 2.43% | 1.67% |
#14
2
Prev: #16
|
4.0 |
—
|
81,100 | 226.1% |
P
S
|
116,976 | $11,926,016 | 2024 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BSM
BLACK STONE MIN...
|
Energy | 2.35% | 2.19% |
#15
2
Prev: #13
|
1.9 |
—
|
no change | no change |
P
S
|
760,877 | $11,504,460 | 2021 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
BG
BUNGE GLOBAL SA
|
Consumer Defensive | 2.00% | — |
#16
Prev: #—
|
4.3 |
—
|
77,200 | — |
NEW
|
77,200 | $9,819,840 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SSL
SASOL LTD
|
Basic Materials | 1.61% | — |
#17
Prev: #—
|
4.1 |
—
|
607,325 | — |
NEW
|
607,325 | $7,870,931 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
HBM
HUDBAY MINERALS...
|
Basic Materials | 1.35% | 3.96% |
#18
9
Prev: #9
|
0.5 |
—
|
-606,800 | -65.7% |
P
S
|
317,389 | $6,633,729 | 2023 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ZM
ZOOM COMMUNICAT...
|
Technology | 1.29% | — |
#19
Prev: #—
|
4.0 |
—
|
78,800 | — |
NEW
|
78,800 | $6,334,732 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
SPGI
S&P GLOBAL INC
|
Financial Services | 1.22% | — |
#20
Prev: #—
|
4.0 |
—
|
14,000 | — |
NEW
|
14,000 | $5,954,760 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
KGC
KINROSS GOLD CO...
|
Basic Materials | 1.09% | 1.06% |
#21
2
Prev: #19
|
1.4 |
—
|
no change | no change |
P
S
|
174,335 | $5,320,704 | 2024 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
AAUCD
ALLIED GOLD COR...
|
Unknown | 1.01% | 2.39% |
#22
10
Prev: #12
|
0.4 |
—
|
-323,000 | -66.8% |
P
S
|
160,234 | $4,965,783 | 2025 Q2 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
NC
NACCO INDS INC
|
Energy | 0.98% | 0.98% |
#23
3
Prev: #20
|
1.4 |
—
|
no change | no change |
P
S
|
92,520 | $4,808,265 | 2025 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ODV
OSISKO DEVELOPM...
|
Basic Materials | 0.73% | — |
#24
Prev: #—
|
3.8 |
—
|
1,100,000 | — |
NEW
|
1,100,000 | $3,575,000 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
VBNK
VERSABANK NEW
|
Financial Services | 0.59% | 0.32% |
#25
4
Prev: #21
|
3.2 |
—
|
105,334 | 107.9% |
P
S
|
202,925 | $2,875,447 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
MXCT
MAXCYTE INC
|
Healthcare | 0.48% | 1.13% |
#26
8
Prev: #18
|
1.2 |
—
|
no change | no change |
P
S
|
3,370,689 | $2,367,909 | 2022 Q3 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
ASIX
ADVANSIX INC
|
Basic Materials | 0.41% | — |
#27
Prev: #—
|
3.7 |
—
|
82,807 | — |
NEW
|
82,807 | $2,020,491 | 2026 Q1 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
B
BARRICK MNG COR...
|
Basic Materials | 0.09% | 1.45% |
#28
11
Prev: #17
|
0.0 |
—
|
-142,900 | -92.7% |
P
S
|
11,200 | $456,848 | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 | |||
|
GROY
GOLD ROYALTY CO...
|
Basic Materials | 0.00% | 1.83% |
Sold All 😨
(Was: #14) |
0.0 |
—
|
-2,100,000 | -100.0% |
CLOSED
|
— | $— | 2025 Q4 | 13F Filing | 2026-03-31 | 2026-05-14 |
Showing 1-29 of 29 holdings