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Moerus Capital Management LLC

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13F filer, CIK 1742647, NEW YORK, NY

Moerus Capital Management LLC reported $246,031,090 across 13 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 98.55% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-25-020817

Period
2025-09-30
Reported value
$246M
Holdings
13
Top 10 weight
98.55%
New
0
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
NTRadded+29,665$1.74M
JEFadded+13,989$915K
ARCOadded+2,443$16.5K
VALadded+313$15.3K

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
WPMreduced-89,807-$10M
TECKexited-134,062-$5.41M
DOUGreduced-224,035-$641K
BBDreduced-55,186-$187K

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, Q3 2025

Share positions as resolved from 13F-HR 0001398344-25-020817, largest first. % of portfolio is the value over $246,031,090, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 793,724 shares; 2024Q4: 714,115 shares; 2025Q1: 709,192 shares; 2025Q2: 488,154 shares; 2025Q3: 398,347 shares 398,347$44.6M18.11%-89,807Timeline
JEFJEFFERIES FINANCIAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 983,288 shares; 2024Q4: 640,204 shares; 2025Q1: 574,253 shares; 2025Q2: 665,854 shares; 2025Q3: 679,843 shares 679,843$44.5M18.08%+13,989Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 568,441 shares; 2024Q4: 640,502 shares; 2025Q1: 658,953 shares; 2025Q2: 565,956 shares; 2025Q3: 595,621 shares 595,621$35M14.21%+29,665Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 466,479 shares; 2025Q2: 707,701 shares; 2025Q3: 708,014 shares 708,014$34.5M14.03%+313Timeline
BBDBANCO BRADESCO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 12,274,580 shares; 2025Q2: 10,263,176 shares; 2025Q3: 10,207,990 shares 10,207,990$34.5M14.02%-55,186Timeline
ARCOARCOS DORADOS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,912,542 shares; 2024Q4: 2,122,675 shares; 2025Q1: 3,552,013 shares; 2025Q2: 3,327,551 shares; 2025Q3: 3,329,994 shares 3,329,994$22.5M9.14%+2,443Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,277 shares; 2024Q4: 157,151 shares; 2025Q1: 157,151 shares; 2025Q2: 157,151 shares; 2025Q3: 157,151 shares 157,151$10.8M4.38%0Timeline
DOUGDOUGLAS ELLIMAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,490,811 shares; 2024Q4: 2,163,109 shares; 2025Q1: 2,949,388 shares; 2025Q2: 3,150,025 shares; 2025Q3: 2,925,990 shares 2,925,990$8.37M3.4%-224,035Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 102,229 shares; 2025Q2: 102,229 shares; 2025Q3: 102,229 shares 102,229$5.45M2.22%0Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 47,197 shares; 2024Q4: 41,366 shares; 2025Q1: 41,366 shares; 2025Q2: 41,366 shares; 2025Q3: 41,366 shares 41,366$2.36M0.96%0Timeline
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,565 shares; 2024Q4: 7,780 shares; 2025Q1: 7,780 shares; 2025Q2: 7,780 shares; 2025Q3: 7,780 shares 7,780$1.89M0.77%0Timeline
CSWCCAPITAL SOUTHWEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,097 shares; 2024Q4: 73,983 shares; 2025Q1: 73,983 shares; 2025Q2: 73,983 shares; 2025Q3: 73,983 shares 73,983$1.62M0.66%0Timeline
BNTBROOKFIELD WEALTH SOL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 971 shares; 2024Q4: 971 shares; 2025Q1: 971 shares; 2025Q2: 971 shares; 2025Q3: 971 shares 971$66.6K0.03%0Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
TECKTECK RESOURCES LTD134,062$5.41Mshares

How Q3 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 0001398344-25-020817 base2025-11-13acceptance time not in the bulk data set