Q4 2025 · 13F-HR
Moerus Capital Management LLCholdings as filed
Filed 2026-02-12 · accession 0001398344-26-002850
$231.9M
Reported value
16
Positions
2025-12-31
Period end
The Brief · Moerus Capital Management LLC · Q4 2025
AI · grounded in 13F
Moerus Capital Management LLC established a new position in GFR worth $8.08M. The fund also initiated a new stake in NFGC for $5.01M and added to its holding in ARCO by 6.81%. On the sell side, the fund trimmed its position in WPM by 22.71%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 47233W109 | JEF | JEFFERIES FINANCIAL GROUP ORD | $37.8M | 16.3% | 609,721 | Common | SOLE |
| 962879102 | WPM | WHEATON PRECIOUS METALS ORD | $36.2M | 15.6% | 307,902 | Common | SOLE |
| 67077M108 | NTR | NUTRIEN ORD | $32.1M | 13.8% | 519,789 | Common | SOLE |
| G9460G101 | VAL | VALARIS ORD | $30.6M | 13.2% | 607,897 | Common | SOLE |
| 059460303 | BBD | BANCO BRADESCO ADR REPSTG 1 PRF | $27.7M | 11.9% | 8,303,820 | Common | SOLE |
| G0457F107 | ARCO | ARCOS DORADOS HOLDINGS CL A ORD | $26.1M | 11.3% | 3,556,906 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CL A ORD | $10.5M | 4.51% | 227,939 | Common | SOLE |
| 39525U107 | GFR | GREENFIRE RESOURCES ORD | $8.1M | 3.49% | 1,693,492 | Common | SOLE |
| 25961D105 | DOUG | DOUGLAS ELLIMAN ORD | $6.9M | 2.99% | 2,925,990 | Common | SOLE |
| 88642R109 | TDW | TIDEWATER ORD | $5.2M | 2.23% | 102,229 | Common | SOLE |
| 64440N103 | NFGC | NEW FOUND GOLD ORD | $5.0M | 2.16% | 1,692,643 | Common | SOLE |
| 113004105 | BAM | BROOKFIELD ASSET MNGMT CL A ORD | $2.2M | 0.93% | 41,318 | Common | SOLE |
| 126402106 | CSW | CSW INDUSTRIALS ORD | $2.0M | 0.87% | 6,847 | Common | SOLE |
| 140501107 | CSWC | CAPITAL SOUTHWEST ORD | $1.4M | 0.59% | 61,698 | Common | SOLE |
| 15135U109 | CVE | CENOVUS ENERGY ORD | $209,402 | 0.09% | 12,377 | Common | SOLE |
| G17434104 | BNT | BROOKFIELD WEALTH SOLUTIONS CL A ORD | $54,543 | 0.02% | 1,187 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.