Moerus Capital Management LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Moerus Capital Management LLC reported 18 stock positions worth $277.1 million. Its top holding was Jefferies Financial (JEF) at 19.2% of the portfolio, followed by Wheaton Precious Metals (WPM, 16.4%) and Cameco (CCJ, 11.8%). Compared with Q1 2024, it sold out of 1, added to 10 and reduced 4. The biggest buy was Jefferies Financial (JEF, shares +1%) and the biggest sale an exit from Spectrum Brands (SPB).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $277.1M (Q2 2024)
- SEC Filing
- 0001398344-24-014595 ↗ filed Aug 14, 2024
Holdings Value
Holdings 18 stocks · $277.1M
| JEF Jefferies Financial Group Inc. | 19.22% | 1,070,224 | $53.3M | Add +0.7% |
| WPM Wheaton Precious Metals Corp. | 16.44% | 868,948 | $45.6M | Add +3.9% |
| CCJ Cameco Corp. | 11.79% | 663,719 | $32.7M | Add +1.6% |
| NTR Nutrien Ltd. | 11.17% | 608,002 | $31.0M | Add +8.4% |
| EFXT Enerflex Ltd. | 10.74% | 5,514,672 | $29.8M | Add +22.1% |
| DESP Despegar.com Corp. | 10.45% | 2,188,365 | $29.0M | Reduce -21.9% |
| ARCO Arcos Dorados Holdings Inc. Class A | 6.74% | 2,075,985 | $18.7M | Add +1.3% |
| TDW Tidewater Inc. | 3.40% | 98,934 | $9.4M | Reduce -74.3% |
| BN Brookfield Corp. | 2.70% | 180,277 | $7.5M | Reduce -2.9% |
| GGAL Grupo Financiero Galicia-ADR | 1.36% | 123,482 | $3.8M | Reduce -17.4% |
| TECK Teck Resources Ltd.-CLS B | 1.20% | 69,190 | $3.3M | Add +12.7% |
| DOUG Douglas Elliman Inc. | 1.10% | 2,620,870 | $3.0M | Add +97.9% |
| CSW CSW Industrials Inc. | 1.07% | 11,188 | $3.0M | No change |
| CSWC Capital Southwest Corp. | 0.77% | 82,097 | $2.1M | No change |
| BAM Brookfield Asset Mgmt-A | 0.65% | 47,197 | $1.8M | No change |
| BMA Banco Macro SA-ADR | 0.61% | 29,570 | $1.7M | Add +2.8% |
| CPA Copa Holdings SA Class A | 0.57% | 16,700 | $1.6M | Add +20.1% |
| BNT Brookfield Reins Ltd. | 0.01% | 971 | $40K | No change |
Portfolio Sells Q1 2024 → Q2 2024
Portfolio Buys Q1 2024 → Q2 2024
| JEF Jefferies Financial Group Inc. | Add +0.7% | 19.22% | +4.52 |
| WPM Wheaton Precious Metals Corp. | Add +3.9% | 16.44% | +4.08 |
| CCJ Cameco Corp. | Add +1.6% | 11.79% | +2.91 |
| EFXT Enerflex Ltd. | Add +22.1% | 10.74% | +2.50 |
| NTR Nutrien Ltd. | Add +8.4% | 11.17% | +1.62 |
| DOUG Douglas Elliman Inc. | Add +97.9% | 1.10% | +0.44 |
| TECK Teck Resources Ltd.-CLS B | Add +12.7% | 1.20% | +0.31 |
| BMA Banco Macro SA-ADR | Add +2.8% | 0.61% | +0.18 |
| CPA Copa Holdings SA Class A | Add +20.1% | 0.57% | +0.12 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +1.3% | 6.74% | −0.40 |
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 |