1y return+17.1%S&P 500 +20.9%
3y return+109.0%S&P 500 +68.5%
5y return+202.4%S&P 500 +74.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since December 31, 2018: $407 against $299 in the S&P 500.2
Moerus Capital Management LLCS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| JEFJefferies Financial Group Ord | $45.5M | 20.3% | +17.2% |
| Cnh Industrial OrdCUSIP N20944109 | $41.6M | 18.5% | New |
| Arcos Dorados Holdings Cl A OrdCUSIP G0457F107 | $34.5M | 15.4% | |
| BBDBanco Bradesco Adr Repstg 1 Prf | $28.9M | 12.9% | |
| WPMWheaton Precious Metals Ord | $22.8M | 10.1% | −13.6% |
| GFRGreenfire Resources Ord | $12.6M | 5.6% | −4.4% |
| GGALGrupo Financiero Adr Rep 10 Cl B Ord | $12.3M | 5.5% | +40.8% |
| BNBrookfield Cl A Ord | $9.7M | 4.3% | |
| DOUGDouglas Elliman Ord | $5.7M | 2.6% | +4.8% |
| TDWTidewater Ord | $5.5M | 2.4% | −23.8% |
| CSWCsw Industrials Ord | $1.9M | 0.8% | |
| BAMBrookfield Asset Mngmt Cl A Ord | $1.9M | 0.8% | |
| CSWCCapital Southwest Ord | $1.5M | 0.7% | |
| Brookfield Wealth Solutions Cl A OrdCUSIP G17434104 | $51K | 0.0% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| CSWCsw Industrials Ord | June 30, 2020 | +302.7% | $1.9M |
| JEFJefferies Financial Group Ord | June 30, 2020 | +221.4% | $45.5M |
| WPMWheaton Precious Metals Ord | June 30, 2020 | +155.1% | $22.8M |
| Arcos Dorados Holdings Cl A OrdCUSIP G0457F107 | June 30, 2020 | +92.4% | $34.5M |
| CSWCCapital Southwest Ord | June 30, 2020 | +76.3% | $1.5M |
| TDWTidewater Ord | March 31, 2025 | +57.6% | $5.5M |
| BAMBrookfield Asset Mngmt Cl A Ord | December 31, 2022 | +56.4% | $1.9M |
| BBDBanco Bradesco Adr Repstg 1 Prf | March 31, 2025 | +55.6% | $28.9M |
| BNBrookfield Cl A Ord | December 31, 2022 | +35.4% | $9.7M |
| GFRGreenfire Resources Ord | December 31, 2025 | +18.7% | $12.6M |
Sold off last quarter
- Valaris OrdCUSIP G9460G101 was $45.5M
- NTRNutrien Ord was $45.2M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | −7.7% | +14.8% |
| March 31, 2026 | +14.7% | −4.6% |
| December 31, 2025 | −0.3% | +2.4% |
| September 30, 2025 | +11.0% | +7.8% |
| June 30, 2025 | +13.9% | +10.5% |
| March 31, 2025 | −5.7% | −4.6% |
| December 31, 2024 | +17.1% | +2.1% |
| September 30, 2024 | +8.3% | +5.4% |
| June 30, 2024 | +3.3% | +4.0% |
| March 31, 2024 | +9.0% | +10.0% |
| December 31, 2023 | +10.2% | +11.2% |
| September 30, 2023 | +5.7% | −3.6% |
| June 30, 2023 | +11.4% | +8.3% |
| March 31, 2023 | +7.9% | +7.0% |
| December 31, 2022 | +18.1% | +7.1% |
| September 30, 2022 | −5.6% | −5.3% |
| June 30, 2022 | −17.8% | −16.5% |
| March 31, 2022 | +23.5% | −4.9% |
| December 31, 2021 | +3.8% | +10.7% |
| September 30, 2021 | +2.4% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Moerus Capital Management LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1742647&type=13F-HR&dateb=&owner=include&count=40CIK 1742647
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1742647/000139834426014276/Filed August 13, 2026 · accession 0001398344-26-014276