Moerus Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 13, 2025), Moerus Capital Management LLC reported 16 stock positions worth $274.0 million. Its top holding was Jefferies Financial (JEF) at 18.3% of the portfolio, followed by Enerflex (EFXT, 17.4%) and Wheaton Precious Metals (WPM, 14.7%). Compared with Q3 2024, it sold out of 1, added to 3 and reduced 11. The biggest buy was Nutrien (NTR, shares +13%) and the biggest sale Jefferies Financial (JEF, shares −35%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $274.0M (Q4 2024)
- SEC Filing
- 0001398344-25-002605 ↗ filed Feb 13, 2025
Holdings Value
Holdings 16 stocks · $274.0M
| JEF Jefferies Financial Group Inc. | 18.32% | 640,204 | $50.2M | Reduce -34.9% |
| EFXT Enerflex Ltd. | 17.42% | 4,796,705 | $47.7M | Reduce -2.3% |
| WPM Wheaton Precious Metals Corp. | 14.66% | 714,115 | $40.2M | Reduce -10.0% |
| DESP Despegar.com Corp. | 11.80% | 1,679,528 | $32.3M | Reduce -16.9% |
| CCJ Cameco Corp. | 11.63% | 620,008 | $31.9M | Reduce -7.0% |
| NTR Nutrien Ltd. | 10.46% | 640,502 | $28.7M | Add +12.7% |
| ARCO Arcos Dorados Holdings Inc. Class A | 5.64% | 2,122,675 | $15.5M | Add +11.0% |
| BN Brookfield Corp. | 3.30% | 157,151 | $9.0M | Reduce -12.8% |
| GGAL Grupo Financiero Galicia-ADR | 1.41% | 61,878 | $3.9M | Reduce -48.5% |
| DOUG Douglas Elliman Inc. | 1.32% | 2,163,109 | $3.6M | Reduce -13.2% |
| TECK Teck Resources Ltd.-CLS B | 1.09% | 73,712 | $3.0M | Add +6.5% |
| CSW CSW Industrials Inc. | 1.00% | 7,780 | $2.7M | Reduce -9.2% |
| BAM Brookfield Asset Mgmt-A | 0.82% | 41,366 | $2.2M | Reduce -12.3% |
| CSWC Capital Southwest Corp. | 0.59% | 73,983 | $1.6M | Reduce -9.9% |
| CPA Copa Holdings SA Class A | 0.54% | 16,700 | $1.5M | No change |
| BNT Brookfield Wealth Solutions | 0.02% | 971 | $56K | No change |
Portfolio Sells Q3 2024 → Q4 2024
| JEF Jefferies Financial Group Inc. | Reduce -34.9% | 18.32% | −3.90 |
| WPM Wheaton Precious Metals Corp. | Reduce -10.0% | 14.66% | −3.14 |
| BMA Banco Macro SA-ADR | Sold out | 0.00% | −0.49 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -48.5% | 1.41% | −0.45 |
| DOUG Douglas Elliman Inc. | Reduce -13.2% | 1.32% | −0.35 |
| BN Brookfield Corp. | Reduce -12.8% | 3.30% | −0.22 |
| CSWC Capital Southwest Corp. | Reduce -9.9% | 0.59% | −0.17 |
| CSW CSW Industrials Inc. | Reduce -9.2% | 1.00% | −0.15 |
| CCJ Cameco Corp. | Reduce -7.0% | 11.63% | −0.07 |
| BAM Brookfield Asset Mgmt-A | Reduce -12.3% | 0.82% | −0.00 |
| DESP Despegar.com Corp. | Reduce -16.9% | 11.80% | +2.60 |
| EFXT Enerflex Ltd. | Reduce -2.3% | 17.42% | +6.68 |
Portfolio Buys Q3 2024 → Q4 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 |