SEC 13F Intelligence

Managers / Q1 2026

Moerus Capital Management LLC

CIK 0001742647 · 307 WEST 38TH STREET, SUITE 2003, NEW YORK, NY, 10018 · 2124614088

Reported Value
$271M
Q1 2026
Positions
15
Filings on Record
39
2019–present window
Filed
May 14, 2026
original filing

Summary

Moerus Capital Management LLC reported $271M in U.S.-listed holdings across 15 positions for Q1 2026.

Its largest position, Valaris Ord, represents 16.8% of the portfolio.

Compared with Q4 2025, the fund opened 1 new position and exited 2.

Portfolio Metrics

Turnover
+8.0%
vs prior filed quarter
Top-10 Concentration
+96.3%
share of reported value
Largest Position
+16.8%
Valaris Ord
New / Exited
1 / 2
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $306MQ4 ’18Q1 ’19: $338MQ2 ’19: $322MQ3 ’19: $294MQ4 ’19: $309MQ4 ’19Q1 ’20: $205MQ2 ’20: $180MQ3 ’20: $205MQ4 ’20: $251MQ4 ’20Q1 ’21: $267MQ2 ’21: $218MQ3 ’21: $216MQ4 ’21: $230MQ4 ’21Q1 ’22: $361MQ2 ’22: $283MQ3 ’22: $235MQ4 ’22: $332MQ4 ’22Q1 ’23: $330MQ2 ’23: $342MQ3 ’23: $303MQ4 ’23: $332MQ4 ’23Q1 ’24: $319MQ2 ’24: $277MQ3 ’24: $272MQ4 ’24: $274MQ4 ’24Q1 ’25: $224MQ2 ’25: $234MQ3 ’25: $246MQ4 ’25: $232MQ4 ’25Q1 ’26: $271Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 55.8%Other: 29.8%ADR: 14.4%
  • Common Stock · 55.8% · $151M
  • Other · 29.8% · $81M
  • ADR · 14.4% · $39M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
GGALGRUPO FINANCIERO ADR REP 10 CL B ORDNEW+175.1K175.1K+$8M$8M
NFGNEW FOUND GOLD ORDSOLD OUT−1.69M0−$5M$0
CVECENOVUS ENERGY ORDSOLD OUT−12.4K0−$209,402$0
GFRGREENFIRE RESOURCES ORDADDED+642.3K2.34M+$7M$15M
JEFJEFFERIES FINANCIAL GROUP ORDADDED+167.3K777.1K−$6M$32M
WPMWHEATON PRECIOUS METALS ORDTRIMMED−73.3K234.6K−$5M$31M
VALARIS ORDTRIMMED−143.9K464.0K+$15M$45M
ARCOS DORADOS HOLDINGS CL A ORDADDED+706.7K4.26M+$9M$35M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

15 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VALARIS ORDCom16.80%$45M464.0K
2NTRNUTRIEN ORDhistory →Com16.70%$45M599.2K
3ARCOS DORADOS HOLDINGS CL A ORDCom12.99%$35M4.26M
4JEFJEFFERIES FINANCIAL GROUP ORDhistory →Com11.84%$32M777.1K
5WPMWHEATON PRECIOUS METALS ORDhistory →Com11.35%$31M234.6K
6BBDBANCO BRADESCO ADR REPSTG 1 PRFhistory →Com11.33%$31M8.41M
7GFRGREENFIRE RESOURCES ORDhistory →Com5.48%$15M2.34M
8BNBROOKFIELD CL A ORDhistory →Com3.41%$9M227.9K
9TDWTIDEWATER ORDhistory →Com3.33%$9M108.0K
10GGALGRUPO FINANCIERO ADR REP 10 CL B ORDhistory →Com3.02%$8M175.1K
11DOUGDOUGLAS ELLIMAN ORDhistory →Com1.87%$5M3.09M
12BAMBROOKFIELD ASSET MNGMT CL A ORDCom0.68%$2M41.3K
13CSWCSW INDUSTRIALS ORDCom0.66%$2M6.8K
14CSWCCAPITAL SOUTHWEST ORDCom0.50%$1M61.7K
15BROOKFIELD WEALTH SOLUTIONS CL A ORDCom0.02%$49,1421.2K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$271M15May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025$232M16Feb 12, 202613F-HRchanges · EDGAR ↗
Q3 2025$246M13Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$234M14Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025$224M15May 13, 202513F-HRchanges · EDGAR ↗
Q4 2024$274M16Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$272M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$277M18Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$319M19May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$332M17Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$303M17Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$342M16Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$330M15May 16, 202313F-HRchanges · EDGAR ↗
Q4 2022$332M16Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$235M14Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$283M13Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$361M13May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$230M13Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$216M13Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$218M14Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$267M13May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$251M13Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$205M13Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$180M12Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$205M14May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$309M15Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$294M15Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$322M15Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$338M15May 14, 201913F-HRchanges · EDGAR ↗
Q4 2018$306M16Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.