Managers / Q2 2024 · view latest →
Moerus Capital Management LLC
CIK 0001742647 · 307 WEST 38TH STREET, SUITE 2003, NEW YORK, NY, 10018 · 2124614088
Summary
Moerus Capital Management LLC reported $277M in U.S.-listed holdings across 18 positions for Q2 2024.
Its largest position, JEF, represents 19.2% of the portfolio.
Compared with Q1 2024, the fund opened 0 new positions and exited 1.
Portfolio Metrics
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
Portfolio Composition
- Common Stock · 80.2% · $222M
- Other · 17.8% · $49M
- ADR · 2.0% · $5M
Quarter-over-Quarter Changes full breakdown →
vs Q1 2024 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| SPBSPECTRUM BRANDS HOLDINGS ORD | SOLD OUT | −335.5K | 0 | −$30M | $0 |
| DOUGDOUGLAS ELLIMAN ORD | ADDED | +1.30M | 2.62M | +$947,769 | $3M |
| TDWTIDEWATER ORD | TRIMMED | −286.3K | 98.9K | −$26M | $9M |
| EFXENERFLEX ORD | ADDED | +999.9K | 5.51M | +$3M | $30M |
| DESPEGAR COM ORD | TRIMMED | −615.5K | 2.19M | −$5M | $29M |
| COPA HOLDINGS CL A ORD | ADDED | +2.8K | 16.7K | +$141,474 | $2M |
| GGALGRUPO FINANCIERO ADR REP 10 CL B ORD | TRIMMED | −26.0K | 123.5K | −$26,222 | $4M |
| TECK/BTECK RESOURCES CL B ORD | ADDED | +7.8K | 69.2K | +$502,760 | $3M |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q2 2024
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | JEFJEFFERIES FINANCIAL GROUP ORDhistory → | Com | 19.22% | $53M | 1.07M |
| 2 | WPMWHEATON PRECIOUS METALS ORDhistory → | Com | 16.44% | $46M | 868.9K |
| 3 | CCOCAMECO ORDhistory → | Com | 11.79% | $33M | 663.7K |
| 4 | NTRNUTRIEN ORDhistory → | Com | 11.17% | $31M | 608.0K |
| 5 | EFXENERFLEX ORDhistory → | Com | 10.74% | $30M | 5.51M |
| 6 | DESPEGAR COM ORD | Com | 10.45% | $29M | 2.19M |
| 7 | ARCOS DORADOS HOLDINGS CL A ORD | Com | 6.74% | $19M | 2.08M |
| 8 | TDWTIDEWATER ORDhistory → | Com | 3.40% | $9M | 98.9K |
| 9 | BNBROOKFIELD CL A ORDhistory → | Com | 2.70% | $7M | 180.3K |
| 10 | GGALGRUPO FINANCIERO ADR REP 10 CL B ORDhistory → | Com | 1.36% | $4M | 123.5K |
| 11 | TECK/BTECK RESOURCES CL B ORDhistory → | Com | 1.20% | $3M | 69.2K |
| 12 | DOUGDOUGLAS ELLIMAN ORDhistory → | Com | 1.10% | $3M | 2.62M |
| 13 | CSWCSW INDUSTRIALS ORDhistory → | Com | 1.07% | $3M | 11.2K |
| 14 | CSWCCAPITAL SOUTHWEST ORD | Com | 0.77% | $2M | 82.1K |
| 15 | BAMBROOKFIELD ASSET MNGMT CL A ORD | Com | 0.65% | $2M | 47.2K |
| 16 | BMABANCO MACRO ADR REP TEN CL B ORD | Com | 0.61% | $2M | 29.6K |
| 17 | COPA HOLDINGS CL A ORD | Com | 0.57% | $2M | 16.7K |
| 18 | BROOKFIELD REINSRNC EX VOTN CL A ORD | Com | 0.01% | $40,384 | 971 |
Filing History
| Quarter | Reported Value | Positions | Filed | Type | Links |
|---|---|---|---|---|---|
| Q1 2026 | $271M | 15 | May 14, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q4 2025 | $232M | 16 | Feb 12, 2026 | 13F-HR | changes · EDGAR ↗ |
| Q3 2025 | $246M | 13 | Nov 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q2 2025 | $234M | 14 | Aug 11, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q1 2025 | $224M | 15 | May 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q4 2024 | $274M | 16 | Feb 13, 2025 | 13F-HR | changes · EDGAR ↗ |
| Q3 2024 | $272M | 17 | Nov 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q2 2024 | $277M | 18 | Aug 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q1 2024 | $319M | 19 | May 15, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q4 2023 | $332M | 17 | Feb 14, 2024 | 13F-HR | changes · EDGAR ↗ |
| Q3 2023 | $303M | 17 | Nov 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q2 2023 | $342M | 16 | Aug 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q1 2023 | $330M | 15 | May 16, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q4 2022 | $332M | 16 | Feb 14, 2023 | 13F-HR | changes · EDGAR ↗ |
| Q3 2022 | $235M | 14 | Nov 14, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q2 2022 | $283M | 13 | Aug 15, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q1 2022 | $361M | 13 | May 16, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q4 2021 | $230M | 13 | Feb 11, 2022 | 13F-HR | changes · EDGAR ↗ |
| Q3 2021 | $216M | 13 | Nov 15, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q2 2021 | $218M | 14 | Aug 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q1 2021 | $267M | 13 | May 17, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q4 2020 | $251M | 13 | Feb 16, 2021 | 13F-HR | changes · EDGAR ↗ |
| Q3 2020 | $205M | 13 | Nov 16, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q2 2020 | $180M | 12 | Aug 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q1 2020 | $205M | 14 | May 15, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q4 2019 | $309M | 15 | Feb 14, 2020 | 13F-HR | changes · EDGAR ↗ |
| Q3 2019 | $294M | 15 | Nov 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q2 2019 | $322M | 15 | Aug 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q1 2019 | $338M | 15 | May 14, 2019 | 13F-HR | changes · EDGAR ↗ |
| Q4 2018 | $306M | 16 | Feb 14, 2019 | 13F-HR | changes · 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 ↗.