Moerus Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 14, 2026), Moerus Capital Management LLC reported 15 stock positions worth $270.8 million. Its top holding was Valaris (VAL) at 16.8% of the portfolio, followed by Nutrien (NTR, 16.7%) and Arcos Dorados Class A (ARCO, 13.0%). Compared with Q4 2025, it opened 1 new position, sold out of 2, added to 7 and reduced 2. The biggest buy was a new position in Grupo Financiero Galicia-ADR (GGAL) and the biggest sale Wheaton Precious Metals (WPM, shares −24%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001742647
- Portfolio Value
- $270.8M (Q1 2026)
- SEC Filing
- 0001398344-26-009117 ↗ filed May 14, 2026
Holdings Value
Holdings 15 stocks · $270.8M
| VAL Valaris Ltd. | 16.80% | 463,985 | $45.5M | Reduce -23.7% |
| NTR Nutrien Ltd. | 16.70% | 599,236 | $45.2M | Add +15.3% |
| ARCO Arcos Dorados Holdings Inc. Class A | 12.99% | 4,263,589 | $35.2M | Add +19.9% |
| JEF Jefferies Financial Group Inc. | 11.84% | 777,068 | $32.1M | Add +27.4% |
| WPM Wheaton Precious Metals Corp. | 11.35% | 234,645 | $30.7M | Reduce -23.8% |
| BBD Banco Bradesco-ADR | 11.33% | 8,407,720 | $30.7M | Add +1.3% |
| GFR Greenfire Resources Ltd. | 5.48% | 2,335,804 | $14.8M | Add +37.9% |
| BN Brookfield Corp. | 3.41% | 227,939 | $9.2M | No change |
| TDW Tidewater Inc. | 3.33% | 107,992 | $9.0M | Add +5.6% |
| GGAL Grupo Financiero Galicia-ADR | 3.02% | 175,098 | $8.2M | New |
| DOUG Douglas Elliman Inc. | 1.87% | 3,092,490 | $5.1M | Add +5.7% |
| BAM Brookfield Asset Mgmt-A | 0.68% | 41,318 | $1.8M | No change |
| CSW CSW Industrials Inc. | 0.66% | 6,847 | $1.8M | No change |
| CSWC Capital Southwest Corp. | 0.50% | 61,698 | $1.4M | No change |
| BNT Brookfield Wealth Solutions | 0.02% | 1,187 | $49K | No change |
Portfolio Sells Q4 2025 → Q1 2026
Portfolio Buys Q4 2025 → Q1 2026
| GGAL Grupo Financiero Galicia-ADR | New | 3.02% | +3.02 |
| NTR Nutrien Ltd. | Add +15.3% | 16.70% | +2.87 |
| GFR Greenfire Resources Ltd. | Add +37.9% | 5.48% | +2.00 |
| ARCO Arcos Dorados Holdings Inc. Class A | Add +19.9% | 12.99% | +1.73 |
| TDW Tidewater Inc. | Add +5.6% | 3.33% | +1.11 |
| BBD Banco Bradesco-ADR | Add +1.3% | 11.33% | −0.59 |
| DOUG Douglas Elliman Inc. | Add +5.7% | 1.87% | −1.12 |
| JEF Jefferies Financial Group Inc. | Add +27.4% | 11.84% | −4.45 |
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 |