Moerus Capital Management LLC Concentrated Active

Location: New York, NY

CIK: 0001742647 · Show all filings

Period: Q2 2026 (← Previous)

Filing Date: Aug 13, 2026

Total Value: $224M (100.0% shares, 0.0% debt)

Holdings (14)

New Positions (1)

CNH CNH INDUSTRIAL ORD 18.5%

Value $41.61M Shares 3,705,690 Est. Cost $11.23 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CNH	CNH INDUSTRIAL ORD	3,705,690	$41.61M	18.5%	$11.23	—	Com	N20944109

Increased Positions (3)

JEF JEFFERIES FINANCIAL GROUP ORD 20.3%

Value $45.5M (+41.9%) Shares 910,370 (+17.2%) Est. Cost $36.34 Unrealized —

GGAL GRUPO FINANCIERO ADR REP 10 CL B ORD 5.5%

Value $12.33M (+50.8%) Shares 246,487 (+40.8%) Est. Cost $47.67 Unrealized —

DOUG DOUGLAS ELLIMAN ORD 2.6%

Value $5.737M (+13.1%) Shares 3,241,090 (+4.8%) Est. Cost $1.77 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
JEF	JEFFERIES FINANCIAL GROUP ORD	910,370 (+17.2%)	$45.5M (+41.9%)	20.3%	$36.34	—	Com	47233W109
GGAL	GRUPO FINANCIERO ADR REP 10 CL B ORD	246,487 (+40.8%)	$12.33M (+50.8%)	5.5%	$47.67	—	Com	399909100
DOUG	DOUGLAS ELLIMAN ORD	3,241,090 (+4.8%)	$5.737M (+13.1%)	2.6%	$1.77	—	Com	25961D105

Exited Positions (2)

VAL VALARIS ORD 20.3%

Value $45.49M Shares 463,985 Est. Cost $41.08 Unrealized —

NTR NUTRIEN ORD 20.2%

Value $45.22M Shares 599,236 Est. Cost $54.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VAL	VALARIS ORD	463,985	$45.49M	20.3%	$41.08	—	—	G9460G101
NTR	NUTRIEN ORD	599,236	$45.22M	20.2%	$54.69	—	—	67077M108

Decreased Positions (3)

WPM WHEATON PRECIOUS METALS ORD 10.1%

Value $22.76M (-26.0%) Shares 202,628 (-13.6%) Est. Cost $35.64 Unrealized —

TDW TIDEWATER ORD 2.4%

Value $5.48M (-39.3%) Shares 82,251 (-23.8%) Est. Cost $50.49 Unrealized —

GFR GREENFIRE RESOURCES ORD 5.6%

Value $12.61M (-15.0%) Shares 2,232,277 (-4.4%) Est. Cost $4.93 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WPM	WHEATON PRECIOUS METALS ORD	202,628 (-13.6%)	$22.76M (-26.0%)	10.1%	$35.64	—	Com	962879102
TDW	TIDEWATER ORD	82,251 (-23.8%)	$5.48M (-39.3%)	2.4%	$50.49	—	Com	88642R109
GFR	GREENFIRE RESOURCES ORD	2,232,277 (-4.4%)	$12.61M (-15.0%)	5.6%	$4.93	—	Com	39525U107

Unchanged Positions (7)

BBD BANCO BRADESCO ADR REPSTG 1 PRF 12.9%

Value $28.9M Shares 8,329,722 Est. Cost $2.25 Unrealized —

ARCO ARCOS DORADOS HOLDINGS CL A ORD 15.4%

Value $34.46M Shares 4,275,279 Est. Cost $7.08 Unrealized —

BN BROOKFIELD CL A ORD 4.3%

Value $9.708M Shares 227,939 Est. Cost $29.25 Unrealized —

CSW CSW INDUSTRIALS ORD 0.8%

Value $1.906M Shares 6,847 Est. Cost $49.12 Unrealized —

CSWC CAPITAL SOUTHWEST ORD 0.7%

Value $1.467M Shares 61,698 Est. Cost $8.64 Unrealized —

BAM BROOKFIELD ASSET MNGMT CL A ORD 0.8%

Value $1.853M Shares 41,318 Est. Cost $27.10 Unrealized —

BNT BROOKFIELD WEALTH SOLUTIONS CL A ORD 0.0%

Value $50,637 Shares 1,187 Est. Cost $33.91 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BBD	BANCO BRADESCO ADR REPSTG 1 PRF	8,329,722	$28.9M	12.9%	$2.25	—	Com	059460303
ARCO	ARCOS DORADOS HOLDINGS CL A ORD	4,275,279	$34.46M	15.4%	$7.08	—	Com	G0457F107
BN	BROOKFIELD CL A ORD	227,939	$9.708M	4.3%	$29.25	—	Com	11271J107
CSW	CSW INDUSTRIALS ORD	6,847	$1.906M	0.8%	$49.12	—	Com	126402106
CSWC	CAPITAL SOUTHWEST ORD	61,698	$1.467M	0.7%	$8.64	—	Com	140501107
BAM	BROOKFIELD ASSET MNGMT CL A ORD	41,318	$1.853M	0.8%	$27.10	—	Com	113004105
BNT	BROOKFIELD WEALTH SOLUTIONS CL A ORD	1,187	$50,637	0.0%	$33.91	—	Com	G17434104