Q1 2026 · 13F-HR
Moerus Capital Management LLCholdings as filed
Filed 2026-05-14 · accession 0001398344-26-009117
$270.8M
Reported value
15
Positions
2026-03-31
Period end
The Brief · Moerus Capital Management LLC · Q1 2026
AI · grounded in 13F
Moerus Capital Management LLC established a new position in GGAL valued at $8.18M. The fund closed its position in NFGC, resulting in a negative delta of $5.01M, and exited CVE. Additionally, the fund increased its holdings in GFR by 37.93% and ARCO by 19.87%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| G9460G101 | VAL | VALARIS ORD | $45.5M | 16.8% | 463,985 | Common | SOLE |
| 67077M108 | NTR | NUTRIEN ORD | $45.2M | 16.7% | 599,236 | Common | SOLE |
| G0457F107 | ARCO | ARCOS DORADOS HOLDINGS CL A ORD | $35.2M | 13.0% | 4,263,589 | Common | SOLE |
| 47233W109 | JEF | JEFFERIES FINANCIAL GROUP ORD | $32.1M | 11.8% | 777,068 | Common | SOLE |
| 962879102 | WPM | WHEATON PRECIOUS METALS ORD | $30.7M | 11.4% | 234,645 | Common | SOLE |
| 059460303 | BBD | BANCO BRADESCO ADR REPSTG 1 PRF | $30.7M | 11.3% | 8,407,720 | Common | SOLE |
| 39525U107 | GFR | GREENFIRE RESOURCES ORD | $14.8M | 5.48% | 2,335,804 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CL A ORD | $9.2M | 3.41% | 227,939 | Common | SOLE |
| 88642R109 | TDW | TIDEWATER ORD | $9.0M | 3.33% | 107,992 | Common | SOLE |
| 399909100 | GGAL | GRUPO FINANCIERO ADR REP 10 CL B ORD | $8.2M | 3.02% | 175,098 | Common | SOLE |
| 25961D105 | DOUG | DOUGLAS ELLIMAN ORD | $5.1M | 1.87% | 3,092,490 | Common | SOLE |
| 113004105 | BAM | BROOKFIELD ASSET MNGMT CL A ORD | $1.8M | 0.68% | 41,318 | Common | SOLE |
| 126402106 | CSW | CSW INDUSTRIALS ORD | $1.8M | 0.66% | 6,847 | Common | SOLE |
| 140501107 | CSWC | CAPITAL SOUTHWEST ORD | $1.4M | 0.50% | 61,698 | Common | SOLE |
| G17434104 | BNT | BROOKFIELD WEALTH SOLUTIONS CL A ORD | $49,142 | 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.