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Moerus Capital Management LLC

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13F filer, CIK 1742647, NEW YORK, NY

Moerus Capital Management LLC reported $270,751,770 across 15 holdings for the quarter ended 2026-03-31, in a 13F-HR filed 2026-05-14. Its ten largest share positions make up 96.27% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001398344-26-009117

Period
2026-03-31
Reported value
$271M
Holdings
15
Top 10 weight
96.27%
New
1
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
GGALnew+175,098$8.18M
JEFadded+167,347$6.91M
NTRadded+79,447$6M
ARCOadded+706,683$5.83M
GFRadded+642,312$4.08M

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
VALreduced-143,912-$14.1M
WPMreduced-73,257-$9.6M
NFGCexited-1,692,643-$5.01M
CVEexited-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.

Holdings, Q1 2026

Share positions as resolved from 13F-HR 0001398344-26-009117, largest first. % of portfolio is the value over $270,751,770, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
VALVALARIS LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 466,479 shares; 2025Q2: 707,701 shares; 2025Q3: 708,014 shares; 2025Q4: 607,897 shares; 2026Q1: 463,985 shares 463,985$45.5M16.8%-143,912Timeline
NTRNUTRIEN LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 599,236 shares 599,236$45.2M16.7%+79,447Timeline
ARCOARCOS DORADOS HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 4,263,589 shares 4,263,589$35.2M12.99%+706,683Timeline
JEFJEFFERIES FINANCIAL GROUP INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 777,068 shares 777,068$32.1M11.84%+167,347Timeline
WPMWHEATON PRECIOUS METALS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 234,645 shares 234,645$30.7M11.35%-73,257Timeline
BBDBANCO BRADESCO S AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 8,407,720 shares 8,407,720$30.7M11.33%+103,900Timeline
GFRGREENFIRE RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,693,492 shares; 2026Q1: 2,335,804 shares 2,335,804$14.8M5.48%+642,312Timeline
BNBROOKFIELD CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 227,939 shares 227,939$9.22M3.41%0Timeline
TDWTIDEWATER INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 102,229 shares; 2025Q2: 102,229 shares; 2025Q3: 102,229 shares; 2025Q4: 102,229 shares; 2026Q1: 107,992 shares 107,992$9.02M3.33%+5,763Timeline
GGALGRUPO FINANCIERO GALICIA S.AQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 120,217 shares; 2024Q4: 61,878 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: not reported; 2026Q1: 175,098 shares 175,098$8.18M3.02%newTimeline
DOUGDOUGLAS ELLIMAN INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 3,092,490 shares 3,092,490$5.07M1.87%+166,500Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 41,318 shares 41,318$1.84M0.68%0Timeline
CSWCSW INDUSTRIALS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 6,847 shares 6,847$1.78M0.66%0Timeline
CSWCCAPITAL SOUTHWEST CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2026Q1: 61,698 shares 61,698$1.36M0.5%0Timeline
BNTBROOKFIELD WEALTH SOL LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q2: restricted; 2024Q3: 971 shares; 2024Q4: 971 shares; 2025Q1: 971 shares; 2025Q2: 971 shares; 2025Q3: 971 shares; 2025Q4: 1,187 shares; 2026Q1: 1,187 shares 1,187$49.1K0.02%0Timeline

Sold out in Q1 2026

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

SecurityShares beforeValue beforeType
NFGCNEW FOUND GOLD CORP1,692,643$5.01Mshares
CVECENOVUS ENERGY INC12,377$209Kshares

How Q1 2026 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 0001398344-26-009117 base2026-05-14acceptance time not in the bulk data set