Moerus Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), Moerus Capital Management LLC reported 14 stock positions worth $234.3 million. Its top holding was Wheaton Precious Metals (WPM) at 18.7% of the portfolio, followed by Jefferies Financial (JEF, 15.5%) and Nutrien (NTR, 14.1%). Compared with Q1 2025, it sold out of 1, added to 4 and reduced 4. The biggest buy was Valaris (VAL, shares +52%) and the biggest sale Wheaton Precious Metals (WPM, shares −31%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $234.3M (Q2 2025)
- SEC Filing
- 0001398344-25-014907 ↗ filed Aug 11, 2025
Holdings Value
Holdings 14 stocks · $234.3M
| WPM Wheaton Precious Metals Corp. | 18.71% | 488,154 | $43.8M | Reduce -31.2% |
| JEF Jefferies Financial Group Inc. | 15.54% | 665,854 | $36.4M | Add +15.9% |
| NTR Nutrien Ltd. | 14.07% | 565,956 | $33.0M | Reduce -14.1% |
| BBD Banco Bradesco-ADR | 13.53% | 10,263,176 | $31.7M | Reduce -16.4% |
| VAL Valaris Ltd. | 12.72% | 707,701 | $29.8M | Add +51.7% |
| ARCO Arcos Dorados Holdings Inc. Class A | 11.20% | 3,327,551 | $26.3M | Reduce -6.3% |
| BN Brookfield Corp. | 4.15% | 157,151 | $9.7M | No change |
| DOUG Douglas Elliman Inc. | 3.12% | 3,150,025 | $7.3M | Add +6.8% |
| TECK Teck Resources Ltd.-CLS B | 2.31% | 134,062 | $5.4M | Add +16.5% |
| TDW Tidewater Inc. | 2.01% | 102,229 | $4.7M | No change |
| BAM Brookfield Asset Mgmt-A | 0.98% | 41,366 | $2.3M | No change |
| CSW CSW Industrials Inc. | 0.95% | 7,780 | $2.2M | No change |
| CSWC Capital Southwest Corp. | 0.70% | 73,983 | $1.6M | No change |
| BNT Brookfield Wealth Solutions | 0.03% | 971 | $60K | No change |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
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 |