SEC 13F Intelligence

Managers / Q1 2022 · view latest →

Moerus Capital Management LLC

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

Reported Value
$361M
Q1 2022
Positions
13
Filings on Record
39
2019–present window
Filed
May 16, 2022
original filing

Summary

Moerus Capital Management LLC reported $361M in U.S.-listed holdings across 13 positions for Q1 2022.

Its largest position, NTR, represents 16.2% of the portfolio.

The book was largely unchanged from Q4 2021.

Portfolio Metrics

Turnover
+0.4%
vs prior filed quarter
Top-10 Concentration
+98.9%
share of reported value
Largest Position
+16.2%
Nutrien

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: 75.4%Other: 24.6%
  • Common Stock · 75.4% · $272M
  • Other · 24.6% · $89M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2021 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
JEFJEFFERIES FINANCIAL GROUP INADDED+290.0K880.5K+$6M$29M
WPMWHEATON PRECIOUS METALS CORPADDED+230.9K807.4K+$14M$38M
SPBSPECTRUM BRANDS HOLDINGS INCADDED+148.8K521.4K+$8M$46M
DESPEGAR.COM CORPADDED+554.6K2.19M+$11M$27M
COPA HOLDINGS SA-CLASS AADDED+4.2K18.0K+$364,000$2M
NTRNUTRIEN LTDADDED+130.2K562.0K+$26M$58M
CCOCAMECO CORPADDED+235.9K1.25M+$14M$36M
ARCOS DORADOS HOLDINGS INC-AADDED+1.03M6.03M+$20M$49M

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

Holdings — Q1 2022

13 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1NTRNUTRIEN LTDhistory →Com16.19%$58M562.0K
2TDWTIDEWATER INChistory →Com16.10%$58M2.67M
3ARCOS DORADOS HOLDINGS INC-ACom13.58%$49M6.03M
4SPBSPECTRUM BRANDS HOLDINGS INChistory →Com12.81%$46M521.4K
5WPMWHEATON PRECIOUS METALS CORPhistory →Com10.64%$38M807.4K
6CCOCAMECO CORPhistory →Com10.11%$36M1.25M
7JEFJEFFERIES FINANCIAL GROUP INhistory →Com8.01%$29M880.5K
8DESPEGAR.COM CORPCom7.39%$27M2.19M
9BROOKFIELD ASSET MANAGE-CL ACom3.21%$12M204.9K
10CSWCCAPITAL SOUTHWEST CORPCom0.84%$3M127.8K
11CSWCSW INDUSTRIALS INCCom0.68%$2M20.9K
12COPA HOLDINGS SA-CLASS ACom0.42%$2M18.0K
13BROOKFIELD ASSET MANAGEMEN-ACom0.02%$84,0001.5K

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 ↗.