Institutional Manager · CIK 0001742647
Moerus Capital Management LLC
NEW YORK, NY · File #028-19251
Latest AUM
$231.9M
Positions
16
Top-10 Concentration
95.3%
Filings
9
Portfolio Value Over Time
2024-03
2024-06
2024-09
2024-12
2025-03
2025-06
2025-09
2025-12
Biggest QoQ Changes
Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.
| Action | Issuer | Ticker / CUSIP | Δ Shares | Flow ($) | Price Effect |
|---|---|---|---|---|---|
| REDUCE | WHEATON PRECIOUS METALS ORD | WPM | -90,445 | -$10.6M | +$2.3M |
| NEW | GREENFIRE RESOURCES ORD | 39525U107 | +1,693,492 | +$8.1M | $0 |
| REDUCE | BANCO BRADESCO ADR REPSTG 1 PRF | 059460303 | -1,904,170 | -$6.3M | -$510,399 |
| REDUCE | VALARIS ORD | VAL-WT | -100,117 | -$5.0M | +$1.2M |
| NEW | NEW FOUND GOLD ORD | NFGC | +1,692,643 | +$5.0M | $0 |
| REDUCE | NUTRIEN ORD | NTR | -75,832 | -$4.7M | +$1.8M |
| REDUCE | JEFFERIES FINANCIAL GROUP ORD | 47233W109 | -70,122 | -$4.3M | -$2.3M |
| ADD | BROOKFIELD CL A ORD | 11271J107 | +70,788 | +$3.2M | -$3.6M |
| ADD | ARCOS DORADOS HOLDINGS CL A ORD | ARCO | +226,912 | +$1.7M | +$2.0M |
| REDUCE | CSW INDUSTRIALS ORD | CSW | -933 | -$273,864 | +$395,069 |
Sector Allocation
Filing History
- 13F HOLDINGS REPORTQ/E Dec 202516 pos · $231.9M
- 13F HOLDINGS REPORTQ/E Sep 202513 pos · $246.0M
- 13F HOLDINGS REPORTQ/E Jun 202514 pos · $234.3M
- 13F HOLDINGS REPORTQ/E Mar 202515 pos · $223.6M
- 13F HOLDINGS REPORTQ/E Dec 202416 pos · $274.0M
- 13F HOLDINGS REPORTQ/E Sep 202417 pos · $272.4M
- 13F HOLDINGS REPORTQ/E Jun 202418 pos · $277.1M
- 13F HOLDINGS REPORTQ/E Mar 202419 pos · $319.0M
- 13F HOLDINGS REPORTQ/E Dec 202317 pos · $303.0M
Top 16 Holdings — Dec 2025
| # | Issuer | Ticker | Shares | Value | % of Portfolio |
|---|---|---|---|---|---|
| 1 | JEFFERIES FINANCIAL GROUP ORD | 47233W109 | 609,721 | $37.8M | 16.29% |
| 2 | WHEATON PRECIOUS METALS ORD | WPM | 307,902 | $36.2M | 15.60% |
| 3 | NUTRIEN ORD | NTR | 519,789 | $32.1M | 13.83% |
| 4 | VALARIS ORD | VAL-WT | 607,897 | $30.6M | 13.21% |
| 5 | BANCO BRADESCO ADR REPSTG 1 PRF | 059460303 | 8,303,820 | $27.7M | 11.92% |
| 6 | ARCOS DORADOS HOLDINGS CL A ORD | ARCO | 3,556,906 | $26.1M | 11.26% |
| 7 | BROOKFIELD CL A ORD | 11271J107 | 227,939 | $10.5M | 4.51% |
| 8 | GREENFIRE RESOURCES ORD | 39525U107 | 1,693,492 | $8.1M | 3.49% |
| 9 | DOUGLAS ELLIMAN ORD | DOUG | 2,925,990 | $6.9M | 2.99% |
| 10 | TIDEWATER ORD | TDGMW | 102,229 | $5.2M | 2.23% |
| 11 | NEW FOUND GOLD ORD | NFGC | 1,692,643 | $5.0M | 2.16% |
| 12 | BROOKFIELD ASSET MNGMT CL A ORD | 113004105 | 41,318 | $2.2M | 0.93% |
| 13 | CSW INDUSTRIALS ORD | CSW | 6,847 | $2.0M | 0.87% |
| 14 | CAPITAL SOUTHWEST ORD | CSWC | 61,698 | $1.4M | 0.59% |
| 15 | CENOVUS ENERGY ORD | CVE | 12,377 | $209,402 | 0.09% |
| 16 | BROOKFIELD WEALTH SOLUTIONS CL A ORD | BNT | 1,187 | $54,543 | 0.02% |