Moerus Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 13, 2025), Moerus Capital Management LLC reported 15 stock positions worth $223.6 million. Its top holding was Wheaton Precious Metals (WPM) at 24.6% of the portfolio, followed by Nutrien (NTR, 14.6%) and Jefferies Financial (JEF, 13.8%). Compared with Q4 2024, it opened 3 new positions, sold out of 4, added to 5 and reduced 2. The biggest buy was a new position in Banco Bradesco-ADR (BBD) and the biggest sale an exit from Enerflex (EFXT).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $223.6M (Q1 2025)
- SEC Filing
- 0001398344-25-009252 ↗ filed May 13, 2025
Holdings Value
Holdings 15 stocks · $223.6M
| WPM Wheaton Precious Metals Corp. | 24.63% | 709,192 | $55.1M | Reduce -0.7% |
| NTR Nutrien Ltd. | 14.64% | 658,953 | $32.7M | Add +2.9% |
| JEF Jefferies Financial Group Inc. | 13.76% | 574,253 | $30.8M | Reduce -10.3% |
| ARCO Arcos Dorados Holdings Inc. Class A | 12.81% | 3,552,013 | $28.6M | Add +67.3% |
| BBD Banco Bradesco-ADR | 12.24% | 12,274,580 | $27.4M | New |
| VAL Valaris Ltd. | 8.19% | 466,479 | $18.3M | New |
| BN Brookfield Corp. | 3.68% | 157,151 | $8.2M | No change |
| DOUG Douglas Elliman Inc. | 2.27% | 2,949,388 | $5.1M | Add +36.4% |
| TDW Tidewater Inc. | 1.93% | 102,229 | $4.3M | New |
| TECK Teck Resources Ltd.-CLS B | 1.88% | 115,062 | $4.2M | Add +56.1% |
| CPA Copa Holdings SA Class A | 1.30% | 31,321 | $2.9M | Add +87.5% |
| CSW CSW Industrials Inc. | 1.01% | 7,780 | $2.3M | No change |
| BAM Brookfield Asset Mgmt-A | 0.90% | 41,366 | $2.0M | No change |
| CSWC Capital Southwest Corp. | 0.74% | 73,983 | $1.7M | No change |
| BNT Brookfield Wealth Solutions | 0.02% | 971 | $51K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| EFXT Enerflex Ltd. | Sold out | 0.00% | −17.42 |
| DESP Despegar.com Corp. | Sold out | 0.00% | −11.80 |
| CCJ Cameco Corp. | Sold out | 0.00% | −11.63 |
| JEF Jefferies Financial Group Inc. | Reduce -10.3% | 13.76% | −4.56 |
| GGAL Grupo Financiero Galicia-ADR | Sold out | 0.00% | −1.41 |
| WPM Wheaton Precious Metals Corp. | Reduce -0.7% | 24.63% | +9.97 |
Portfolio Buys Q4 2024 → Q1 2025
| BBD Banco Bradesco-ADR | New | 12.24% | +12.24 |
| VAL Valaris Ltd. | New | 8.19% | +8.19 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +67.3% | 12.81% | +7.17 |
| NTR Nutrien Ltd. | Add +2.9% | 14.64% | +4.18 |
| TDW Tidewater Inc. | New | 1.93% | +1.93 |
| DOUG Douglas Elliman Inc. | Add +36.4% | 2.27% | +0.95 |
| TECK Teck Resources Ltd.-CLS B | Add +56.1% | 1.88% | +0.78 |
| CPA Copa Holdings SA Class A | Add +87.5% | 1.30% | +0.76 |
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 |