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Moerus Capital Management LLC

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13F filer, CIK 1742647, NEW YORK, NY

Moerus Capital Management LLC reported $231,900,528 across 16 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-12. Its ten largest share positions make up 95.34% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-002850

Period
2025-12-31
Reported value
$232M
Holdings
16
Top 10 weight
95.34%
New
3
Sold out
0

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GFRnew+1,693,492$8.08M
NFGCnew+1,692,643$5.01M
BNadded+70,788$3.25M
ARCOadded+226,912$1.67M
CVEnew+12,377$209K

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-90,445-$10.6M
BBDreduced-1,904,170-$6.34M
VALreduced-100,117-$5.05M
NTRreduced-75,832-$4.68M
JEFreduced-70,122-$4.35M

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, Q4 2025

Share positions as resolved from 13F-HR 0001398344-26-002850, largest first. % of portfolio is the value over $231,900,528, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
JEFJEFFERIES FINANCIAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 983,288 shares; 2024Q4: 640,204 shares; 2025Q1: 574,253 shares; 2025Q2: 665,854 shares; 2025Q3: 679,843 shares; 2025Q4: 609,721 shares 609,721$37.8M16.29%-70,122Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 793,724 shares; 2024Q4: 714,115 shares; 2025Q1: 709,192 shares; 2025Q2: 488,154 shares; 2025Q3: 398,347 shares; 2025Q4: 307,902 shares 307,902$36.2M15.6%-90,445Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 568,441 shares; 2024Q4: 640,502 shares; 2025Q1: 658,953 shares; 2025Q2: 565,956 shares; 2025Q3: 595,621 shares; 2025Q4: 519,789 shares 519,789$32.1M13.83%-75,832Timeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 466,479 shares; 2025Q2: 707,701 shares; 2025Q3: 708,014 shares; 2025Q4: 607,897 shares 607,897$30.6M13.21%-100,117Timeline
BBDBANCO BRADESCO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 8,303,820 shares 8,303,820$27.7M11.92%-1,904,170Timeline
ARCOARCOS DORADOS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 3,556,906 shares 3,556,906$26.1M11.26%+226,912Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 180,277 shares; 2024Q4: 157,151 shares; 2025Q1: 157,151 shares; 2025Q2: 157,151 shares; 2025Q3: 157,151 shares; 2025Q4: 227,939 shares 227,939$10.5M4.51%+70,788Timeline
GFRGREENFIRE RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,693,492 shares 1,693,492$8.08M3.49%newTimeline
DOUGDOUGLAS ELLIMAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 2,925,990 shares 2,925,990$6.93M2.99%0Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 102,229 shares; 2025Q2: 102,229 shares; 2025Q3: 102,229 shares; 2025Q4: 102,229 shares 102,229$5.16M2.23%0Timeline
NFGCNEW FOUND GOLD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,692,643 shares 1,692,643$5.01M2.16%newTimeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 47,197 shares; 2024Q4: 41,366 shares; 2025Q1: 41,366 shares; 2025Q2: 41,366 shares; 2025Q3: 41,366 shares; 2025Q4: 41,318 shares 41,318$2.16M0.93%-48Timeline
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,565 shares; 2024Q4: 7,780 shares; 2025Q1: 7,780 shares; 2025Q2: 7,780 shares; 2025Q3: 7,780 shares; 2025Q4: 6,847 shares 6,847$2.01M0.87%-933Timeline
CSWCCAPITAL SOUTHWEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,097 shares; 2024Q4: 73,983 shares; 2025Q1: 73,983 shares; 2025Q2: 73,983 shares; 2025Q3: 73,983 shares; 2025Q4: 61,698 shares 61,698$1.37M0.59%-12,285Timeline
CVECENOVUS ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 12,377 shares 12,377$209K0.09%newTimeline
BNTBROOKFIELD WEALTH SOL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 971 shares; 2024Q4: 971 shares; 2025Q1: 971 shares; 2025Q2: 971 shares; 2025Q3: 971 shares; 2025Q4: 1,187 shares 1,187$54.5K0.02%+216Timeline

How Q4 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 0001398344-26-002850 base2026-02-12acceptance time not in the bulk data set