Moerus Capital Management LLC
Moerus Capital Management LLC reported 14 US-listed holdings worth $224.4 million in its 13F for the quarter ended 30 June 2026, filed 13 August 2026. Its largest: Jefferies Financial Group Inc. (20.3%), CNH Industrial N.V. (18.5%) and Arcos Dorados Holdings Inc. (15.4%). Against the quarter before, it opened 1 position, added to 4, trimmed 4 and sold out of 2.
The 14 largest of its 14 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +47.2% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 1
- CNH Industrial N.V. CNH$41.6 million
Added to 4
- Jefferies Financial Group Inc. JEF+133,302 shares · +17%
- Grupo Financiero Galicia S A GGAL+71,389 shares · +41%
- Douglas Elliman Inc. Com DOUG+148,600 shares · +5%
- Arcos Dorados Holdings Inc. ARCO+11,690 shares · +0%
Trimmed 4
- Wheaton Precious Metals Corp. WPM-32,017 shares · -14%
- Tidewater Inc. TDW-25,741 shares · -24%
- Greenfire Res Ltd New GFR-103,527 shares · -4%
- Banco Bradesco S.A. BBD-77,998 shares · -1%
Sold out of 2
- Valaris Ltd. VAL$45.5 million last quarter
- Nutrien Ltd. NTR$45.2 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Jefferies Financial Group Inc. JEF | 910.4K | $45.5 million | 20.28% | +133.3K |
| CNH Industrial N.V. CNH | 3.7M | $41.6 million | 18.55% | new |
| Arcos Dorados Holdings Inc. ARCO | 4.3M | $34.5 million | 15.36% | +11.7K |
| Banco Bradesco S.A. BBD | 8.3M | $28.9 million | 12.88% | -78.0K |
| Wheaton Precious Metals Corp. WPM | 202.6K | $22.8 million | 10.14% | -32.0K |
| Greenfire Res Ltd New GFR | 2.2M | $12.6 million | 5.62% | -103.5K |
| Grupo Financiero Galicia S A GGAL | 246.5K | $12.3 million | 5.50% | +71.4K |
| Brookfield Corporation BN | 227.9K | $9.7 million | 4.33% | no change |
| Douglas Elliman Inc. Com DOUG | 3.2M | $5.7 million | 2.56% | +148.6K |
| Tidewater Inc. TDW | 82.3K | $5.5 million | 2.44% | -25.7K |
| CSW Industrials, Inc. CSW | 6.8K | $1.9 million | 0.85% | no change |
| Brookfield Asset Management Ltd. BAM | 41.3K | $1.9 million | 0.83% | no change |
| Capital Southwest Corp. CSWC | 61.7K | $1.5 million | 0.65% | no change |
| Brookfield Wealth Sol Ltd BNT | 1.2K | $50,637 | 0.02% | no change |