Moerus Capital Management LLC reported 14 positions worth $224.38M for the quarter ended Jun 30, 2026, down 17.1% on the prior quarter. It opened 1 new position, added to 4, trimmed 4 and exited 2. Its largest holding is Jefferies Financial Group Inc. at 20.3% of the portfolio.
Reported 13F market value at each quarter end. A change mixes trading with price moves in the positions held.
Dollar value of shares bought and sold each quarter, at that quarter’s price. It counts trading only, not price changes.
How many positions were opened, added to, trimmed or closed each quarter.
Share of reported value in each sector at every quarter end.
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| CNH CNH Industrial N.V. | +3.71M | – | $41.61M | 18.55% |
| JEF Jefferies Financial Group Inc. | +133.3K | +17.2% | $6.66M | 20.28% |
| GGAL Grupo Financiero Galicia Sa | +71.4K | +40.8% | $3.57M | 5.5% |
| DOUG Douglas Elliman Inc. | +148.6K | +4.8% | $263.02K | 2.56% |
| ARCO Arcos Dorados Holdings Inc. | +11.7K | +0.3% | $94.22K | 15.36% |
| Holding | Change | Change % | Trade Value | Weight |
|---|---|---|---|---|
| VAL Valaris Ltd | -464.0K | -100.0% | $45.49M | Exited |
| NTR Nutrien Ltd. | -599.2K | -100.0% | $45.22M | Exited |
| WPM Wheaton Precious Metals Corp. | -32.0K | -13.6% | $3.60M | 10.14% |
| TDW Tidewater Inc | -25.7K | -23.8% | $1.72M | 2.44% |
| GFR Greenfire Resources Ltd. | -103.5K | -4.4% | $584.87K | 5.62% |
| BBD Bank Bradesco | -78.0K | -0.9% | $270.65K | 12.88% |
| Holding | Shares | Trade Value | Weight |
|---|---|---|---|
| CNH CNH Industrial N.V. | +3.71M | $41.61M | 18.55% |
| # | Activity | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | JEF Jefferies Financial Group Inc. | Financial Services | 910.4K | $45.50M | 20.28% | +133.3K | +17.2% | Added | 0.43% |
| 2 | CNH CNH Industrial N.V. | Industrials | 3.71M | $41.61M | 18.55% | +3.71M | – | New | 0.3% |
| 3 | ARCO Arcos Dorados Holdings Inc. | Consumer Discretionary | 4.28M | $34.46M | 15.36% | +11.7K | +0.3% | Added | 2.03% |
| 4 | BBD Bank Bradesco | Financial Services | 8.33M | $28.90M | 12.88% | -78.0K | -0.9% | Reduced | 0.08% |
| 5 | WPM Wheaton Precious Metals Corp. | Financial Services | 202.6K | $22.76M | 10.14% | -32.0K | -13.6% | Reduced | 0.04% |
| 6 | GFR Greenfire Resources Ltd. | Energy | 2.23M | $12.61M | 5.62% | -103.5K | -4.4% | Reduced | 3.23% |
| 7 | GGAL Grupo Financiero Galicia Sa | Financial Services | 246.5K | $12.33M | 5.5% | +71.4K | +40.8% | Added | 0.02% |
| 8 | BN BROOKFIELD Corp | Financial Services | 227.9K | $9.71M | 4.33% | 0 | 0.0% | Unchanged | 0.01% |
| 9 | DOUG Douglas Elliman Inc. | Real Estate | 3.24M | $5.74M | 2.56% | +148.6K | +4.8% | Added | 3.57% |
| 10 | TDW Tidewater Inc | Energy | 82.3K | $5.48M | 2.44% | -25.7K | -23.8% | Reduced | 0.17% |
| 11 | CSW Csw Industrials, Inc. | Industrials | 6,847 | $1.91M | 0.849% | 0 | 0.0% | Unchanged | 0.04% |
| 12 | BAM Brookfield Asset Management Ltd. | Financial Services | 41.3K | $1.85M | 0.826% | 0 | 0.0% | Unchanged | 0% |
| 13 | CSWC Capital Southwest Corp | Financial Services | 61.7K | $1.47M | 0.654% | 0 | 0.0% | Unchanged | 0.1% |
| 14 | BNT Brookfield Wealth Solutions Ltd. | Financial Services | 1,187 | $50.64K | 0.023% | 0 | 0.0% | Unchanged | 0% |
Tip. Select a row to see that position’s full history at Moerus Capital Management.
As of its Q2 2026 13F filing, Moerus Capital Management LLC’s five largest positions were Jefferies Financial Group Inc. (JEF) at 20.3%, CNH Industrial N.V. (CNH) at 18.5%, Arcos Dorados Holdings Inc. (ARCO) at 15.4%, Bank Bradesco (BBD) at 12.9%, Wheaton Precious Metals Corp. (WPM) at 10.1% of the reported portfolio.
Moerus Capital Management LLC reported a 13F portfolio worth $224.38M across 14 positions for Q2 2026. That is down 17.1% from the previous quarter.
Its largest purchases by value were CNH Industrial N.V. ($41.61M), Jefferies Financial Group Inc. ($6.66M), Grupo Financiero Galicia Sa ($3.57M). It opened 1 new positions.
Its largest sales by value were Valaris Ltd ($45.49M), Nutrien Ltd. ($45.22M), Wheaton Precious Metals Corp. ($3.60M). It exited 2 positions entirely.
From the Form 13F-HR reports Moerus Capital Management LLC files with the SEC each quarter, within 45 days of quarter end. A 13F lists long positions in US-listed equities and options; it excludes short positions, cash, bonds and most non-US holdings.
13F data reflects long positions in US-listed equities and options as reported to the SEC up to 45 days after quarter end. It excludes short positions, cash, bonds and most non-US securities, so it is not a complete picture of a manager’s assets.