Moerus Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 12, 2026), Moerus Capital Management LLC reported 16 stock positions worth $231.9 million. Its top holding was Jefferies Financial (JEF) at 16.3% of the portfolio, followed by Wheaton Precious Metals (WPM, 15.6%) and Nutrien (NTR, 13.8%). Compared with Q3 2025, it opened 3 new positions, added to 1 and reduced 10. The biggest buy was a new position in Greenfire Resources (GFR) and the biggest sale Wheaton Precious Metals (WPM, shares −23%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $231.9M (Q4 2025)
- SEC Filing
- 0001398344-26-002850 ↗ filed Feb 12, 2026
Holdings Value
Holdings 16 stocks · $231.9M
| JEF Jefferies Financial Group Inc. | 16.29% | 609,721 | $37.8M | Reduce -10.3% |
| WPM Wheaton Precious Metals Corp. | 15.60% | 307,902 | $36.2M | Reduce -22.7% |
| NTR Nutrien Ltd. | 13.83% | 519,789 | $32.1M | Reduce -12.7% |
| VAL Valaris Ltd. | 13.21% | 607,897 | $30.6M | Reduce -14.1% |
| BBD Banco Bradesco-ADR | 11.92% | 8,303,820 | $27.7M | Reduce -18.6% |
| ARCO Arcos Dorados Holdings Inc. Class A | 11.26% | 3,556,906 | $26.1M | Add +6.8% |
| BN Brookfield Corp. | 4.51% | 227,939 | $10.5M | Reduce -3.3% |
| GFR Greenfire Resources Ltd. | 3.49% | 1,693,492 | $8.1M | New |
| DOUG Douglas Elliman Inc. | 2.99% | 2,925,990 | $6.9M | No change |
| TDW Tidewater Inc. | 2.23% | 102,229 | $5.2M | No change |
| NFGC New Found Gold Corp. | 2.16% | 1,692,643 | $5.0M | New |
| BAM Brookfield Asset Mgmt-A | 0.93% | 41,318 | $2.2M | Reduce -0.1% |
| CSW CSW Industrials Inc. | 0.87% | 6,847 | $2.0M | Reduce -12.0% |
| CSWC Capital Southwest Corp. | 0.59% | 61,698 | $1.4M | Reduce -16.6% |
| CVE Cenovus Energy Inc. | 0.09% | 12,377 | $209K | New |
| BNT Brookfield Wealth Solutions | 0.02% | 1,187 | $55K | Reduce -18.5% |
Portfolio Sells Q3 2025 → Q4 2025
| WPM Wheaton Precious Metals Corp. | Reduce -22.7% | 15.60% | −2.50 |
| BBD Banco Bradesco-ADR | Reduce -18.6% | 11.92% | −2.10 |
| JEF Jefferies Financial Group Inc. | Reduce -10.3% | 16.29% | −1.78 |
| VAL Valaris Ltd. | Reduce -14.1% | 13.21% | −0.82 |
| NTR Nutrien Ltd. | Reduce -12.7% | 13.83% | −0.38 |
| CSWC Capital Southwest Corp. | Reduce -16.6% | 0.59% | −0.07 |
| BAM Brookfield Asset Mgmt-A | Reduce -0.1% | 0.93% | −0.02 |
| BNT Brookfield Wealth Solutions | Reduce -18.5% | 0.02% | −0.00 |
| CSW CSW Industrials Inc. | Reduce -12.0% | 0.87% | +0.10 |
| BN Brookfield Corp. | Reduce -3.3% | 4.51% | +0.13 |
Portfolio Buys Q3 2025 → Q4 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 |