Moerus Capital Management
Amit WadhwaneyNEW YORK, NYfiles as Moerus Capital Management LLC
$224m in 14 US stocks at the end of 30 June 2026. The top 10 are 97.6% of the money. It changed about 35.6% of the portfolio this quarter.
Value
$224m
Stocks
14
Top 10 share
97.6%
Turnover
35.6%
What changed this quarter
New
Bought for the first time this quarter.
- CNH IndustrialCNH18.5% of the fund
Added
Bought more of a stock they already held.
- Jefferies Financial GroupJEF20.3% of the fund+17%
- Grupo Financiero Galicia S.AGGAL5.5% of the fund+41%
- Douglas EllimanDOUG2.6% of the fund+5%
Cut
Sold some of their stake.
- Wheaton Precious MetalsWPM10.1% of the fund-14%
- Greenfire ResourcesGFR5.6% of the fund-4%
- TidewaterTDW2.4% of the fund-24%
Sold out
Sold their entire stake.
- ValarisVAL-100%
- NutrienNTR-100%
Holdings
- Banco Bradesco S ABBD
- Share
- 12.9%
- Value
- $29m
- Shares
- 8,329,722
Held
- Wheaton Precious MetalsWPM
- Share
- 10.1%
- Value
- $23m
- Shares
- 202,628
-14%
- Greenfire ResourcesGFR
- Share
- 5.6%
- Value
- $13m
- Shares
- 2,232,277
-4%
- Grupo Financiero Galicia S.AGGAL
- Share
- 5.5%
- Value
- $12m
- Shares
- 246,487
+41%
- BrookfieldBN
- Share
- 4.3%
- Value
- $10m
- Shares
- 227,939
Held
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Jefferies Financial GroupJEF | 20.3% | $46m | 910,370 | +17% |
| CNH IndustrialCNH | 18.5% | $42m | 3,705,690 | New |
| Arcos Dorados HoldingsARCO | 15.4% | $34m | 4,275,279 | Held |
| Banco Bradesco S ABBD | 12.9% | $29m | 8,329,722 | Held |
| Wheaton Precious MetalsWPM | 10.1% | $23m | 202,628 | -14% |
| Greenfire ResourcesGFR | 5.6% | $13m | 2,232,277 | -4% |
| Grupo Financiero Galicia S.AGGAL | 5.5% | $12m | 246,487 | +41% |
| BrookfieldBN | 4.3% | $10m | 227,939 | Held |
| Douglas EllimanDOUG | 2.6% | $6m | 3,241,090 | +5% |
| TidewaterTDW | 2.4% | $5m | 82,251 | -24% |
| CSW IndustrialsCSW | 0.8% | $2m | 6,847 | Held |
| Brookfield Asset ManagementBAM | 0.8% | $2m | 41,318 | Held |
| Capital SouthwestCSWC | 0.7% | $1m | 61,698 | Held |
| Brookfield Wealth SolutionsBNT | <0.1% | $50,637 | 1,187 | Held |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 4.3% since 30 June 2025.
Where the money is
Financial services21.1%
Industrials21.0%
Retail & consumer15.4%
Materials11.0%
Real estate6.9%
Energy5.6%
Other19.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.