Moerus Capital Management LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 13, 2026), Moerus Capital Management LLC reported 14 stock positions worth $224.4 million. Its top holding was Jefferies Financial (JEF) at 20.3% of the portfolio, followed by CNH Industrial (CNH, 18.5%) and Arcos Dorados Class A (ARCO, 15.4%). Compared with Q1 2026, it opened 1 new position, sold out of 2, added to 4 and reduced 4. The biggest buy was a new position in CNH Industrial (CNH) and the biggest sale an exit from Valaris (VAL).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $224.4M (Q2 2026)
- SEC Filing
- 0001398344-26-014276 ↗ filed Aug 13, 2026
Holdings Value
Holdings 14 stocks · $224.4M
| JEF Jefferies Financial Group Inc. | 20.28% | 910,370 | $45.5M | Add +17.1% |
| CNH CNH Industrial NV | 18.55% | 3,705,690 | $41.6M | New |
| ARCO Arcos Dorados Holdings Inc. Class A | 15.36% | 4,275,279 | $34.5M | Add +0.3% |
| BBD Banco Bradesco-ADR | 12.88% | 8,329,722 | $28.9M | Reduce -0.9% |
| WPM Wheaton Precious Metals Corp. | 10.14% | 202,628 | $22.8M | Reduce -13.6% |
| GFR Greenfire Resources Ltd. | 5.62% | 2,232,277 | $12.6M | Reduce -4.4% |
| GGAL Grupo Financiero Galicia-ADR | 5.50% | 246,487 | $12.3M | Add +40.8% |
| BN Brookfield Corp. | 4.33% | 227,939 | $9.7M | No change |
| DOUG Douglas Elliman Inc. | 2.56% | 3,241,090 | $5.7M | Add +4.8% |
| TDW Tidewater Inc. | 2.44% | 82,251 | $5.5M | Reduce -23.8% |
| CSW CSW Industrials Inc. | 0.85% | 6,847 | $1.9M | No change |
| BAM Brookfield Asset Mgmt-A | 0.83% | 41,318 | $1.9M | No change |
| CSWC Capital Southwest Corp. | 0.65% | 61,698 | $1.5M | No change |
| BNT Brookfield Wealth Solutions | 0.02% | 1,187 | $51K | No change |
Portfolio Sells Q1 2026 → Q2 2026
Portfolio Buys Q1 2026 → Q2 2026
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $224.4M | JEF, CNH, ARCO, BBD, WPM |
| Q1 2026 | 15 | $270.8M | VAL, NTR, ARCO, JEF, WPM |
| Q4 2025 | 16 | $231.9M | JEF, WPM, NTR, VAL, BBD |
| Q3 2025 | 13 | $246.0M | WPM, JEF, NTR, VAL, BBD |
| Q2 2025 | 14 | $234.3M | WPM, JEF, NTR, BBD, VAL |
| Q1 2025 | 15 | $223.6M | WPM, NTR, JEF, ARCO, BBD |
| Q4 2024 | 16 | $274.0M | JEF, EFXT, WPM, DESP, CCJ |
| Q3 2024 | 17 | $272.4M | JEF, WPM, CCJ, EFXT, NTR |
| Q2 2024 | 18 | $277.1M | JEF, WPM, CCJ, NTR, EFXT |
| Q1 2024 | 19 | $319.0M | JEF, WPM, TDW, DESP, NTR |