Institutional
Moerus Capital Management LLC
CIK 0001742647
$270.8M
Reported AUM
15
Positions
Q1 2026
Period
2026-05-14
Filed
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%.
Portfolio · Q1 2026
Top holdings
QoQ vs Q4 2025
| # | Stock | Issuer | Price | Day % | 1Y Gr. | 5Y Gr. | Value | % of book | Δ shares (QoQ) | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | VAL | VALARIS ORD | $88.54 | -4.70% | 112.79% | 226.72% | $45.5M | 16.80% | −143,912 | −23.7% |
| 2 | NTR | NUTRIEN ORD | $67.20 | -2.61% | 14.35% | 30.33% | $45.2M | 16.70% | +79,447 | +15.3% |
| 3 | ARCO | ARCOS DORADOS HOLDINGS CL A ORD | $8.20 | -0.73% | 12.63% | 50.63% | $35.2M | 12.99% | +706,683 | +19.9% |
| 4 | JEF | JEFFERIES FINANCIAL GROUP ORD | $55.69 | 0.81% | 9.39% | 104.05% | $32.1M | 11.84% | +167,347 | +27.4% |
| 5 | WPM | WHEATON PRECIOUS METALS ORD | $116.23 | -9.50% | 31.44% | 165.71% | $30.7M | 11.35% | −73,257 | −23.8% |
| 6 | BBD | BANCO BRADESCO ADR REPSTG 1 PRF | $3.36 | -0.88% | 21.19% | -0.83% | $30.7M | 11.33% | +103,900 | +1.3% |
| 7 | GFR | GREENFIRE RESOURCES ORD | $5.66 | -5.35% | 24.67% | -43.12% | $14.8M | 5.48% | +642,312 | +37.9% |
| 8 | BN | BROOKFIELD CL A ORD | $44.60 | -1.00% | 14.26% | 59.83% | $9.2M | 3.41% | — | HELD |
| 9 | TDW | TIDEWATER ORD | $72.48 | -2.42% | 66.89% | 540.28% | $9.0M | 3.33% | +5,763 | +5.6% |
| 10 | GGAL | GRUPO FINANCIERO ADR REP 10 CL B ORD | $47.81 | -1.67% | -8.91% | 694.11% | $8.2M | 3.02% | +175,098 | NEW |
| 11 | DOUG | DOUGLAS ELLIMAN ORD | $1.77 | -2.21% | -34.20% | -74.66% | $5.1M | 1.87% | +166,500 | +5.7% |
| 12 | BAM | BROOKFIELD ASSET MNGMT CL A ORD | $46.18 | -1.13% | -16.76% | 82.61% | $1.8M | 0.68% | — | HELD |
| 13 | CSW | CSW INDUSTRIALS ORD | $266.37 | -1.24% | -12.34% | 130.17% | $1.8M | 0.66% | — | HELD |
| 14 | CSWC | CAPITAL SOUTHWEST ORD | $23.21 | -1.44% | 25.90% | 62.37% | $1.4M | 0.50% | — | HELD |
| 15 | BNT | BROOKFIELD WEALTH SOLUTIONS CL A ORD | $44.43 | -1.16% | 13.93% | 27.68% | $49K | 0.02% | — | HELD |
| 16 | NFGC | NEW FOUND GOLD ORD | $1.62 | -13.37% | 8.72% | -79.98% | — | — | −1,692,643 | EXITED |
| 17 | CVE | CENOVUS ENERGY ORD | $28.22 | -5.27% | 112.04% | 275.61% | — | — | −12,377 | EXITED |
Source: SEC EDGAR · accession 0001398344-26-009117. 13F discloses long positions only — shorts, foreign equities, and options are excluded.