Moerus Capital Management LLC
Long book
$270.8M
Q1 2026
Positions
15
Top-10 weight
96%
concentration
Last quarter
-4.6%
SPY +14.8%
Turnover
18%
of book per quarter
Strategy in plain words
auto-generated from filingsMoerus Capital Management LLC is a concentrated fundamental stock-picker, running a $270.8M US long book across 15 positions.
The portfolio is extremely concentrated — the top 10 positions are almost the whole book. Turnover is modest: positions are typically held for years. Current anchor positions: VALARIS LTD, NUTRIEN LTD, ARCOS DORADOS HOLDINGS INC-A, JEFFERIES FINANCIAL GROUP IN, WHEATON PRECIOUS METALS CORP.
Over the last 9 quarters its long book ran on average 2.2pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+3.0%
Q2 2024
+10.7%
Q3 2024
+13.7%
Q4 2024
-5.8%
Q1 2025
+14.8%
Q2 2025
+11.5%
Q3 2025
+1.4%
Q4 2025
+15.1%
Q1 2026
-4.6%
Sector allocation
Energy 26%
Other 21%
Consumer discretionary 15%
Financials 15%
Materials 13%
Real estate 6%
Industrials 4%
Long book by quarter
What does Moerus Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| VAL VALARIS LTD | Energy | 464.0K | $45.5M | 16.8% | -23.7% |
| NTR NUTRIEN LTD | Other | 599.2K | $45.2M | 16.7% | +15.3% |
| ARCO ARCOS DORADOS HOLDINGS INC-A | Consumer discretionary | 4.3M | $35.2M | 13.0% | +19.9% |
| JEF JEFFERIES FINANCIAL GROUP IN | Financials | 777.1K | $32.1M | 11.8% | +27.4% |
| WPM WHEATON PRECIOUS METALS CORP | Materials | 234.6K | $30.7M | 11.4% | -23.8% |
| GFR GREENFIRE RESOURCES LTD | Energy | 2.3M | $14.8M | 5.5% | +37.9% |
| BN BROOKFIELD CORP | Real estate | 227.9K | $9.2M | 3.4% | Held |
| TDW TIDEWATER INC | Industrials | 108.0K | $9.0M | 3.3% | +5.6% |
| DOUG DOUGLAS ELLIMAN INC | Real estate | 3.1M | $5.1M | 1.9% | +5.7% |
| BAM BROOKFIELD ASSET MGMT-A | Financials | 41.3K | $1.8M | 0.7% | Held |
| CSW CSW INDUSTRIALS INC | Other | 6.8K | $1.8M | 0.7% | Held |
| CSWC CAPITAL SOUTHWEST CORP | — | 61.7K | $1.4M | 0.5% | Held |
| BNT BROOKFIELD WEALTH SOLUTIONS | Financials | 1.2K | $49K | 0.0% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 15 | $270.8M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 12, 2026 | 16 | $231.9M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 13, 2025 | 13 | $246.0M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 11, 2025 | 14 | $234.3M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 13, 2025 | 15 | $223.6M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 13, 2025 | 16 | $274.0M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 17 | $272.4M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 18 | $277.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 19 | $319.0M | canonical | SEC ↗ |
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