Moerus Capital Management LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Moerus Capital Management LLC reported 13 stock positions worth $246.0 million. Its top holding was Wheaton Precious Metals (WPM) at 18.1% of the portfolio, followed by Jefferies Financial (JEF, 18.1%) and Nutrien (NTR, 14.2%). Compared with Q2 2025, it sold out of 1, added to 4 and reduced 3. The biggest buy was Jefferies Financial (JEF, shares +2%) and the biggest sale an exit from Teck Resources Ltd.-CLS B (TECK).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001742647
Portfolio Value
$246.0M (Q3 2025)
SEC Filing
0001398344-25-020817 ↗ filed Nov 13, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $319.0M Q1 2024 Q2 2024: $277.1M Q2 2024 Q3 2024: $272.4M Q3 2024 Q4 2024: $274.0M Q4 2024 Q1 2025: $223.6M Q1 2025 Q2 2025: $234.3M Q2 2025 Q3 2025: $246.0M $246.0M Q3 2025 Q4 2025: $231.9M Q4 2025 Q1 2026: $270.8M Q1 2026 Q2 2026: $224.4M Q2 2026

Holdings 13 stocks · $246.0M
WPM Wheaton Precious Metals Corp. 18.11% 398,347 $44.6M Reduce -18.4%
JEF Jefferies Financial Group Inc. 18.08% 679,843 $44.5M Add +2.1%
NTR Nutrien Ltd. 14.21% 595,621 $35.0M Add +5.2%
VAL Valaris Ltd. 14.03% 708,014 $34.5M Add +0.0%
BBD Banco Bradesco-ADR 14.02% 10,207,990 $34.5M Reduce -0.5%
ARCO Arcos Dorados Holdings Inc. Class A 9.14% 3,329,994 $22.5M Add +0.1%
BN Brookfield Corp. 4.38% 157,151 $10.8M No change
DOUG Douglas Elliman Inc. 3.40% 2,925,990 $8.4M Reduce -7.1%
TDW Tidewater Inc. 2.22% 102,229 $5.5M No change
BAM Brookfield Asset Mgmt-A 0.96% 41,366 $2.4M No change
CSW CSW Industrials Inc. 0.77% 7,780 $1.9M No change
CSWC Capital Southwest Corp. 0.66% 73,983 $1.6M No change
BNT Brookfield Wealth Solutions 0.03% 971 $67K No change

Portfolio Sells Q2 2025 → Q3 2025
TECK Teck Resources Ltd.-CLS B Sold out 0.00% −2.31
WPM Wheaton Precious Metals Corp. Reduce -18.4% 18.11% −0.60
DOUG Douglas Elliman Inc. Reduce -7.1% 3.40% +0.28
BBD Banco Bradesco-ADR Reduce -0.5% 14.02% +0.49

Portfolio Buys Q2 2025 → Q3 2025
JEF Jefferies Financial Group Inc. Add +2.1% 18.08% +2.54
VAL Valaris Ltd. Add +0.0% 14.03% +1.32
NTR Nutrien Ltd. Add +5.2% 14.21% +0.15
ARCO Arcos Dorados Holdings Inc. Class A Add +0.1% 9.14% −2.07

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 14$224.4MJEF, CNH, ARCO, BBD, WPM
Q1 2026 15$270.8MVAL, NTR, ARCO, JEF, WPM
Q4 2025 16$231.9MJEF, WPM, NTR, VAL, BBD
Q3 2025 13$246.0MWPM, JEF, NTR, VAL, BBD
Q2 2025 14$234.3MWPM, JEF, NTR, BBD, VAL
Q1 2025 15$223.6MWPM, NTR, JEF, ARCO, BBD
Q4 2024 16$274.0MJEF, EFXT, WPM, DESP, CCJ
Q3 2024 17$272.4MJEF, WPM, CCJ, EFXT, NTR
Q2 2024 18$277.1MJEF, WPM, CCJ, NTR, EFXT
Q1 2024 19$319.0MJEF, WPM, TDW, DESP, NTR