Moerus Capital Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Moerus Capital Management LLC reported 19 stock positions worth $319.0 million. Its top holding was Jefferies Financial (JEF) at 14.7% of the portfolio, followed by Wheaton Precious Metals (WPM, 12.4%) and Tidewater (TDW, 11.1%). Compared with Q4 2023, it opened 2 new positions, added to 3 and reduced 9. The biggest buy was Enerflex (EFXT, shares +11%) and the biggest sale Spectrum Brands (SPB, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $319.0M (Q1 2024)
- SEC Filing
- 0001398344-24-009626 ↗ filed May 15, 2024
Holdings Value
Holdings 19 stocks · $319.0M
| JEF Jefferies Financial Group Inc. | 14.70% | 1,063,029 | $46.9M | Reduce -9.8% |
| WPM Wheaton Precious Metals Corp. | 12.36% | 836,390 | $39.4M | Add +4.8% |
| TDW Tidewater Inc. | 11.11% | 385,280 | $35.4M | Reduce -27.0% |
| DESP Despegar.com Corp. | 10.51% | 2,803,884 | $33.5M | Reduce -25.2% |
| NTR Nutrien Ltd. | 9.55% | 561,091 | $30.5M | Add +6.2% |
| SPB Spectrum Brands Holdings Inc. | 9.36% | 335,500 | $29.9M | Reduce -30.1% |
| CCJ Cameco Corp. | 8.87% | 653,584 | $28.3M | Reduce -19.1% |
| EFXT Enerflex Ltd. | 8.24% | 4,514,762 | $26.3M | Add +11.1% |
| ARCO Arcos Dorados Holdings Inc. Class A | 7.15% | 2,049,706 | $22.8M | Reduce -8.6% |
| BN Brookfield Corp. | 2.44% | 185,560 | $7.8M | No change |
| GGAL Grupo Financiero Galicia-ADR | 1.19% | 149,482 | $3.8M | Reduce -19.7% |
| TECK Teck Resources Ltd.-CLS B | 0.88% | 61,412 | $2.8M | No change |
| CSW CSW Industrials Inc. | 0.82% | 11,188 | $2.6M | Reduce -8.5% |
| DOUG Douglas Elliman Inc. | 0.66% | 1,324,329 | $2.1M | New |
| CSWC Capital Southwest Corp. | 0.64% | 82,097 | $2.0M | Reduce -14.2% |
| BAM Brookfield Asset Mgmt-A | 0.62% | 47,197 | $2.0M | No change |
| CPA Copa Holdings SA Class A | 0.45% | 13,902 | $1.4M | No change |
| BMA Banco Macro SA-ADR | 0.43% | 28,759 | $1.4M | New |
| BNT Brookfield Reins Ltd. | 0.01% | 971 | $41K | No change |
Portfolio Sells Q4 2023 → Q1 2024
| SPB Spectrum Brands Holdings Inc. | Reduce -30.1% | 9.36% | −2.17 |
| CCJ Cameco Corp. | Reduce -19.1% | 8.87% | −1.61 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -8.6% | 7.15% | −1.42 |
| TDW Tidewater Inc. | Reduce -27.0% | 11.11% | −0.35 |
| DESP Despegar.com Corp. | Reduce -25.2% | 10.51% | −0.16 |
| CSWC Capital Southwest Corp. | Reduce -14.2% | 0.64% | −0.04 |
| CSW CSW Industrials Inc. | Reduce -8.5% | 0.82% | +0.06 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -19.7% | 1.19% | +0.22 |
| JEF Jefferies Financial Group Inc. | Reduce -9.8% | 14.70% | +0.35 |
Portfolio Buys Q4 2023 → Q1 2024
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 |