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Moerus Capital Management LLC

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13F filer, CIK 1742647, NEW YORK, NY

Moerus Capital Management LLC reported $223,555,370 across 15 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-13. Its ten largest share positions make up 96.03% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-009252

Period
2025-03-31
Reported value
$224M
Holdings
15
Top 10 weight
96.03%
New
3
Sold out
4

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BBDnew+12,274,580$27.4M
VALnew+466,479$18.3M
ARCOadded+1,429,338$11.5M
TDWnew+102,229$4.32M
TECKadded+41,350$1.51M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
EFXTexited-4,796,705-$47.7M
DESPEGAR COM CORPexited-1,679,528-$32.3M
CCJexited-620,008-$31.9M
GGALexited-61,878-$3.86M
JEFreduced-65,951-$3.53M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001398344-25-009252, largest first. % of portfolio is the value over $223,555,370, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 793,724 shares; 2024Q4: 714,115 shares; 2025Q1: 709,192 shares 709,192$55.1M24.63%-4,923Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 568,441 shares; 2024Q4: 640,502 shares; 2025Q1: 658,953 shares 658,953$32.7M14.64%+18,451Timeline
JEFJEFFERIES FINANCIAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 983,288 shares; 2024Q4: 640,204 shares; 2025Q1: 574,253 shares 574,253$30.8M13.76%-65,951Timeline
ARCOARCOS DORADOS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,912,542 shares; 2024Q4: 2,122,675 shares; 2025Q1: 3,552,013 shares 3,552,013$28.6M12.81%+1,429,338Timeline
BBDBANCO BRADESCO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 12,274,580 shares 12,274,580$27.4M12.24%newTimeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 466,479 shares 466,479$18.3M8.19%newTimeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,277 shares; 2024Q4: 157,151 shares; 2025Q1: 157,151 shares 157,151$8.24M3.68%0Timeline
DOUGDOUGLAS ELLIMAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,490,811 shares; 2024Q4: 2,163,109 shares; 2025Q1: 2,949,388 shares 2,949,388$5.07M2.27%+786,279Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 102,229 shares 102,229$4.32M1.93%newTimeline
TECKTECK RESOURCES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,190 shares; 2024Q4: 73,712 shares; 2025Q1: 115,062 shares 115,062$4.19M1.88%+41,350Timeline
CPACOPA HOLDINGS SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 16,700 shares; 2024Q4: 16,700 shares; 2025Q1: 31,321 shares 31,321$2.9M1.3%+14,621Timeline
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,565 shares; 2024Q4: 7,780 shares; 2025Q1: 7,780 shares 7,780$2.27M1.01%0Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 47,197 shares; 2024Q4: 41,366 shares; 2025Q1: 41,366 shares 41,366$2M0.9%0Timeline
CSWCCAPITAL SOUTHWEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,097 shares; 2024Q4: 73,983 shares; 2025Q1: 73,983 shares 73,983$1.65M0.74%0Timeline
BNTBROOKFIELD WEALTH SOL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 971 shares; 2024Q4: 971 shares; 2025Q1: 971 shares 971$50.8K0.02%0Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
EFXTENERFLEX LTD4,796,705$47.7Mshares
DESPEGAR COM CORPDESPEGAR COM CORP1,679,528$32.3Mshares
CCJCAMECO CORP620,008$31.9Mshares
GGALGRUPO FINANCIERO GALICIA S.A61,878$3.86Mshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001398344-25-009252 base2025-05-13acceptance time not in the bulk data set