Moerus Capital Management LLC
CIK 1742647 · View on SEC EDGAR ↗
- Portfolio value
- $224.4M
- Positions
- 14
- As of
- June 30, 2026
Portfolio value QoQ: -17.1% 13F does not disclose cash
- Top 10 holdings weight
- 97.65%
- Top 25 holdings weight
- 100.00%
- Positions above 1%
- 10
- Effective number of positions
- 7.4
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 21.09% Est. buys $52,206,168 · sells $96,874,237
Median holding: 6.0 quarters Tracked Q4 2024–Q2 2026 · 60.9% still held
- New positions
- 1
- Increased
- 4
- Decreased
- 4
- Closed
- 2
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +20.4% · S&P 500: +18.0%
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.
Priceable coverage: 97.4% · Options excluded: 0.0%
Sector breakdown
Full portfolio 14 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| JEF Jefferies Financial Group Inc. Common Stock | $45,500,293 | 20.28% | 910,370 | $13,430,697 | Up ×2 | ||
| CNH CNH Industrial N.V. Common Shares | $41,614,899 | 18.55% | 3,705,690 | Up ×1 | |||
| ARCO Arcos Dorados Holdings Inc. Class A Shares | $34,458,749 | 15.36% | 4,275,279 | $-715,860 | Up ×4 | ||
| BBD Banco Bradesco Sa American Depositary Shares | $28,904,135 | 12.88% | 8,329,722 | $-1,784,043 | Down ×1 | ||
| WPM Wheaton Precious Metals Corp Common Shares (Canada) | $22,759,177 | 10.14% | 202,628 | $-7,981,664 | Down ×6 | ||
| GFR Greenfire Resources Ltd. Common Shares | $12,611,201 | 5.62% | 2,232,277 | $-2,227,294 | Down ×1 | ||
| GGAL Grupo Financiero Galicia S.A. - American Depositary Shares, Class B Shares underlying | $12,331,745 | 5.50% | 246,487 | $4,152,917 | Up ×1 | ||
| BN Brookfield Corporation Class A Limited Voting Shares | $9,707,922 | 4.33% | 227,939 | $483,231 | |||
| DOUG Douglas Elliman Inc. Common Stock | $5,736,729 | 2.56% | 3,241,090 | $665,045 | Up ×2 | ||
| TDW Tidewater Inc. Common Stock | $5,480,384 | 2.44% | 82,251 | $-3,542,348 | Down ×1 | ||
| CSW CSW Industrials, Inc. Common Stock | $1,905,520 | 0.85% | 6,847 | $121,329 | |||
| BAM Brookfield Asset Management Inc Class A Limited Voting Shares | $1,853,112 | 0.83% | 41,318 | $16,527 | |||
| CSWC Capital Southwest Corporation - Common Stock | $1,466,561 | 0.65% | 61,698 | $101,801 | |||
| BNT Brookfield Wealth Solutions Ltd. Class A Exchangeable Limited Voting Shares | $50,637 | 0.02% | 1,187 | $1,495 | |||
| 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 |
|---|---|---|---|
| ARCO | $34,458,749 | 15.36% | up ×4 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| CNH | $41,614,899 | 3,705,690 | 18.55% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| JEF | Bought more | +133K | +$13.4M |
| WPM | Trimmed | -32K | -$8.0M |
| GGAL | Bought more | +71K | +$4.2M |
| TDW | Trimmed | -26K | -$3.5M |
| GFR | Trimmed | -104K | -$2.2M |
| BBD | Trimmed | -78K | -$1.8M |
| ARCO | Bought more | +12K | -$716K |
| DOUG | Bought more | +149K | +$665K |
| BN | Price move only | +0 | +$483K |
| CSW | Price move only | +0 | +$121K |
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 |
|---|---|---|---|---|
| EFXT | March 31, 2025 | 4,796,705 | $47,725,255 | 168.7% |
| VAL | June 30, 2026 | 463,985 | $45,489,089 | 22.7% |
| NTR | June 30, 2026 | 599,236 | $45,218,349 | 16.8% |
| DESP | March 31, 2025 | 1,679,528 | $32,330,914 | No longer tracked |
| CCJ | March 31, 2025 | 620,008 | $31,861,492 | 131.4% |
| TECK | Sept. 30, 2025 | 134,062 | $5,413,424 | 48.9% |
| NFGC | March 31, 2026 | 1,692,643 | $5,007,199 | No longer tracked |
| GGAL | March 31, 2025 | 61,878 | $3,856,237 | -23.0% |
| CPA | June 30, 2025 | 31,321 | $2,895,940 | 16.8% |
| CVE | March 31, 2026 | 12,377 | $209,402 | 24.4% |