Moerus Capital Management LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Moerus Capital Management LLC reported 17 stock positions worth $272.4 million. Its top holding was Jefferies Financial (JEF) at 22.2% of the portfolio, followed by Wheaton Precious Metals (WPM, 17.8%) and Cameco (CCJ, 11.7%). Compared with Q2 2024, it sold out of 1, added to 1 and reduced 10. The biggest buy was Cameco (CCJ, shares +1%) and the biggest sale an exit from Tidewater (TDW).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $272.4M (Q3 2024)
- SEC Filing
- 0001398344-24-020707 ↗ filed Nov 14, 2024
Holdings Value
Holdings 17 stocks · $272.4M
| JEF Jefferies Financial Group Inc. | 22.22% | 983,288 | $60.5M | Reduce -8.1% |
| WPM Wheaton Precious Metals Corp. | 17.80% | 793,724 | $48.5M | Reduce -8.7% |
| CCJ Cameco Corp. | 11.70% | 667,067 | $31.9M | Add +0.5% |
| EFXT Enerflex Ltd. | 10.74% | 4,908,562 | $29.3M | Reduce -11.0% |
| NTR Nutrien Ltd. | 10.03% | 568,441 | $27.3M | Reduce -6.5% |
| DESP Despegar.com Corp. | 9.20% | 2,021,509 | $25.1M | Reduce -7.6% |
| ARCO Arcos Dorados Holdings Inc. Class A | 6.12% | 1,912,542 | $16.7M | Reduce -7.9% |
| BN Brookfield Corp. | 3.52% | 180,277 | $9.6M | No change |
| GGAL Grupo Financiero Galicia-ADR | 1.86% | 120,217 | $5.1M | Reduce -2.6% |
| DOUG Douglas Elliman Inc. | 1.67% | 2,490,811 | $4.6M | Reduce -5.0% |
| TECK Teck Resources Ltd.-CLS B | 1.33% | 69,190 | $3.6M | No change |
| CSW CSW Industrials Inc. | 1.15% | 8,565 | $3.1M | Reduce -23.4% |
| BAM Brookfield Asset Mgmt-A | 0.82% | 47,197 | $2.2M | No change |
| CSWC Capital Southwest Corp. | 0.76% | 82,097 | $2.1M | No change |
| CPA Copa Holdings SA Class A | 0.58% | 16,700 | $1.6M | No change |
| BMA Banco Macro SA-ADR | 0.49% | 20,895 | $1.3M | Reduce -29.3% |
| BNT Brookfield Wealth Solutions | 0.02% | 971 | $52K | No change |
Portfolio Sells Q2 2024 → Q3 2024
| TDW Tidewater Inc. | Sold out | 0.00% | −3.40 |
| DESP Despegar.com Corp. | Reduce -7.6% | 9.20% | −1.25 |
| NTR Nutrien Ltd. | Reduce -6.5% | 10.03% | −1.14 |
| ARCO Arcos Dorados Holdings Inc. Class A | Reduce -7.9% | 6.12% | −0.62 |
| BMA Banco Macro SA-ADR | Reduce -29.3% | 0.49% | −0.12 |
| EFXT Enerflex Ltd. | Reduce -11.0% | 10.74% | +0.00 |
| CSW CSW Industrials Inc. | Reduce -23.4% | 1.15% | +0.08 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -2.6% | 1.86% | +0.50 |
| DOUG Douglas Elliman Inc. | Reduce -5.0% | 1.67% | +0.58 |
| WPM Wheaton Precious Metals Corp. | Reduce -8.7% | 17.80% | +1.36 |
| JEF Jefferies Financial Group Inc. | Reduce -8.1% | 22.22% | +3.00 |
Portfolio Buys Q2 2024 → Q3 2024
| CCJ Cameco Corp. | Add +0.5% | 11.70% | −0.09 |
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 |