Moerus Capital Management LLC Concentrated Active

Location: NEW YORK, NY

CIK: 0001742647 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 14, 2026

Total Value ($000): $270,752 (100.0% shares, 0.0% debt)

Holdings (15)

New Positions (1)

GGAL GRUPO FINANCIERO ADR REP 10 CL B ORD 3.0%

Value ($000) $8,179 Shares 175,098 Est. Cost $46.71 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GGAL	GRUPO FINANCIERO ADR REP 10 CL B ORD	175,098	$8,179	3.0%	$46.71	—	Com	399909100

Increased Positions (7)

NTR NUTRIEN ORD 16.7%

Value ($000) $45,218 (+40.9%) Shares 599,236 (+15.3%) Est. Cost $54.69 Unrealized +24.5%

ARCO ARCOS DORADOS HOLDINGS CL A ORD 13.0%

Value ($000) $35,175 (+34.7%) Shares 4,263,589 (+19.9%) Est. Cost $7.08 Unrealized +14.8%

GFR GREENFIRE RESOURCES ORD 5.5%

Value ($000) $14,838 (+83.6%) Shares 2,335,804 (+37.9%) Est. Cost $4.93 Unrealized +9.4%

JEF JEFFERIES FINANCIAL GROUP ORD 11.8%

Value ($000) $32,070 (-15.1%) Shares 777,068 (+27.4%) Est. Cost $34.00 Unrealized +73.0%

TDW TIDEWATER ORD 3.3%

Value ($000) $9,023 (+74.7%) Shares 107,992 (+5.6%) Est. Cost $50.49 Unrealized +26.9%

BBD BANCO BRADESCO ADR REPSTG 1 PRF 11.3%

Value ($000) $30,688 (+11.0%) Shares 8,407,720 (+1.3%) Est. Cost $2.25 Unrealized —

DOUG DOUGLAS ELLIMAN ORD 1.9%

Value ($000) $5,072 (-26.9%) Shares 3,092,490 (+5.7%) Est. Cost $1.77 Unrealized +43.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NTR	NUTRIEN ORD	599,236 (+15.3%)	$45,218 (+40.9%)	16.7%	$54.69	+24.5%	Com	67077M108
ARCO	ARCOS DORADOS HOLDINGS CL A ORD	4,263,589 (+19.9%)	$35,175 (+34.7%)	13.0%	$7.08	+14.8%	Com	G0457F107
GFR	GREENFIRE RESOURCES ORD	2,335,804 (+37.9%)	$14,838 (+83.6%)	5.5%	$4.93	+9.4%	Com	39525U107
JEF	JEFFERIES FINANCIAL GROUP ORD	777,068 (+27.4%)	$32,070 (-15.1%)	11.8%	$34.00	+73.0%	Com	47233W109
TDW	TIDEWATER ORD	107,992 (+5.6%)	$9,023 (+74.7%)	3.3%	$50.49	+26.9%	Com	88642R109
BBD	BANCO BRADESCO ADR REPSTG 1 PRF	8,407,720 (+1.3%)	$30,688 (+11.0%)	11.3%	$2.25	—	Com	059460303
DOUG	DOUGLAS ELLIMAN ORD	3,092,490 (+5.7%)	$5,072 (-26.9%)	1.9%	$1.77	+43.5%	Com	25961D105

Exited Positions (2)

NFGC NEW FOUND GOLD ORD 1.8%

Value ($000) $5,007 Shares 1,692,643 Est. Cost $2.45 Unrealized +20.8%

CVE CENOVUS ENERGY ORD 0.1%

Value ($000) $209 Shares 12,377 Est. Cost $17.37 Unrealized +12.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NFGC	NEW FOUND GOLD ORD	1,692,643	$5,007	1.8%	$2.45	+20.8%	—	64440N103
CVE	CENOVUS ENERGY ORD	12,377	$209	0.1%	$17.37	+12.9%	—	15135U109

Decreased Positions (2)

VAL VALARIS ORD 16.8%

Value ($000) $45,489 (+48.5%) Shares 463,985 (-23.7%) Est. Cost $41.08 Unrealized +64.7%

WPM WHEATON PRECIOUS METALS ORD 11.4%

Value ($000) $30,741 (-15.0%) Shares 234,645 (-23.8%) Est. Cost $35.64 Unrealized +292.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VAL	VALARIS ORD	463,985 (-23.7%)	$45,489 (+48.5%)	16.8%	$41.08	+64.7%	Com	G9460G101
WPM	WHEATON PRECIOUS METALS ORD	234,645 (-23.8%)	$30,741 (-15.0%)	11.4%	$35.64	+292.4%	Com	962879102

Unchanged Positions (5)

BN BROOKFIELD CL A ORD 3.4%

Value ($000) $9,225 Shares 227,939 Est. Cost $29.25 Unrealized +59.6%

BAM BROOKFIELD ASSET MNGMT CL A ORD 0.7%

Value ($000) $1,837 Shares 41,318 Est. Cost $27.10 Unrealized +89.9%

CSW CSW INDUSTRIALS ORD 0.7%

Value ($000) $1,784 Shares 6,847 Est. Cost $49.12 Unrealized +521.3%

BNT BROOKFIELD WEALTH SOLUTIONS CL A ORD 0.0%

Value ($000) $49 Shares 1,187 Est. Cost $33.91 Unrealized +38.2%

CSWC CAPITAL SOUTHWEST ORD 0.5%

Value ($000) $1,365 Shares 61,698 Est. Cost $8.64 Unrealized +164.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BN	BROOKFIELD CL A ORD	227,939	$9,225	3.4%	$29.25	+59.6%	Com	11271J107
BAM	BROOKFIELD ASSET MNGMT CL A ORD	41,318	$1,837	0.7%	$27.10	+89.9%	Com	113004105
CSW	CSW INDUSTRIALS ORD	6,847	$1,784	0.7%	$49.12	+521.3%	Com	126402106
BNT	BROOKFIELD WEALTH SOLUTIONS CL A ORD	1,187	$49	0.0%	$33.91	+38.2%	Com	G17434104
CSWC	CAPITAL SOUTHWEST ORD	61,698	$1,365	0.5%	$8.64	+164.4%	Com	140501107