Moerus Capital Management LLC

All Holdings — 2025 Q4

AI Portfolio Summary
In 2025 Q4, Moerus Capital Management LLC maintained a portfolio of 16 distinct positions. The most significant new addition to the portfolio was GREENFIRE RESOURCES , which now represents 3.49% of the total fund value. They heavily accumulated shares in ARCOS DORADOS HOLDIN, increasing their position by 6.8%. The fund also reduced its exposure to WHEATON PRECIOUS MET by 22.7%.
PCA Score Concentration Risk
Risk ENB
Total Positions
16
Quarter
2025 Q4
Top Holding
JEF (16.3%)
Top 10 Concentration
95.3%
Turnover Rate
23.4%
Sector HHI
0.18
Items per page:
1-16 of 16
Stock History Sector / Type Port % Prev % Rank / Prev Conviction Change % Change Influence Shares Mkt Value Avg Cost Price Held 1st Owned Source Source Date Date Reported
JEF
JEFFERIES FINAN...
Financial Services 16.29% 18.08% #1 1
Prev: #2
6.5 -70,122 -10.3%
P
S
609,721 $37,784,410 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
WPM
WHEATON PRECIOU...
Basic Materials 15.60% 18.11% #2 1
Prev: #1
6.3 -90,445 -22.7%
P
S
307,902 $36,184,643 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NTR
NUTRIEN ORD
Basic Materials 13.83% 14.21% #3
Prev: #3
5.6 -75,832 -12.7%
P
S
519,789 $32,081,377 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
VAL
VALARIS ORD
Energy 13.21% 14.03% #4
Prev: #4
5.3 -100,117 -14.1%
P
S
607,897 $30,638,009 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
BBD
BANCO BRADESCO ...
Financial Services 11.92% 14.02% #5
Prev: #5
4.8 -1,904,170 -18.7%
P
S
8,303,820 $27,651,721 2025 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
ARCO
ARCOS DORADOS H...
Consumer Cyclical 11.26% 9.14% #6
Prev: #6
6.5 226,912 6.8%
P
S
3,556,906 $26,107,690 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BN
BROOKFIELD CL A...
Financial Services 4.51% 4.38% #7
Prev: #7
3.9 70,788 45.0%
P
S
227,939 $10,460,121 2022 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
GFR
GREENFIRE RESOU...
Energy 3.49% #8
Prev: #—
3.4 1,693,492 no change
NEW
1,693,492 $8,082,169 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
DOUG
DOUGLAS ELLIMAN...
Real Estate 2.99% 3.40% #9 1
Prev: #8
1.2 no change no change
P
S
2,925,990 $6,934,596 2024 Q1 13F Filing 2025-12-31 2026-02-14 (Est.)
TDW
TIDEWATER ORD
Energy 2.23% 2.22% #10 1
Prev: #9
0.9 no change no change
P
S
102,229 $5,163,587 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
NFGC
NEW FOUND GOLD ...
Basic Materials 2.16% #11
Prev: #—
2.9 1,692,643 no change
NEW
1,692,643 $5,007,199 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BAM
BROOKFIELD ASSE...
Financial Services 0.93% 0.96% #12 2
Prev: #10
0.4 -48 -0.1%
P
S
41,318 $2,164,650 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CSWI
CSW INDUSTRIALS...
Unknown 0.87% 0.77% #13 2
Prev: #11
0.4 -933 -12.0%
P
S
6,847 $2,009,800 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CSWC
CAPITAL SOUTHWE...
Financial Services 0.59% 0.66% #14 2
Prev: #12
0.3 -12,285 -16.6%
P
S
61,698 $1,366,611 2018 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
CVE
CENOVUS ENERGY ...
Energy 0.09% #15
Prev: #—
2.0 12,377 no change
NEW
12,377 $209,402 2025 Q4 13F Filing 2025-12-31 2026-02-14 (Est.)
BNT
BROOKFIELD WEAL...
Financial Services 0.02% 0.03% #16 3
Prev: #13
2.1 216 22.2%
P
S
1,187 $54,543 2024 Q3 13F Filing 2025-12-31 2026-02-14 (Est.)
Showing 1-16 of 16 holdings

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