Q3 2025 · 13F-HR
Moerus Capital Management LLCholdings as filed
Filed 2025-11-13 · accession 0001398344-25-020817
$246.0M
Reported value
13
Positions
2025-09-30
Period end
The Brief · Moerus Capital Management LLC · Q3 2025
AI · grounded in 13F
Moerus Capital Management LLC established a new position in WPM valued at $44.6M. The fund also initiated new stakes in JEF for $44.5M and NTR for $35M. Additional new positions include VAL at $34.5M and BBD at $34.5M. The fund ended the period with 13 positions and total AUM of $246M.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 962879102 | WPM | WHEATON PRECIOUS METALS ORD | $44.6M | 18.1% | 398,347 | Common | SOLE |
| 47233W109 | JEF | JEFFERIES FINANCIAL GROUP ORD | $44.5M | 18.1% | 679,843 | Common | SOLE |
| 67077M108 | NTR | NUTRIEN ORD | $35.0M | 14.2% | 595,621 | Common | SOLE |
| G9460G101 | VAL | VALARIS ORD | $34.5M | 14.0% | 708,014 | Common | SOLE |
| 059460303 | BBD | BANCO BRADESCO ADR REPSTG 1 PRF | $34.5M | 14.0% | 10,207,990 | Common | SOLE |
| G0457F107 | ARCO | ARCOS DORADOS HOLDINGS CL A ORD | $22.5M | 9.14% | 3,329,994 | Common | SOLE |
| 11271J107 | BN | BROOKFIELD CL A ORD | $10.8M | 4.38% | 157,151 | Common | SOLE |
| 25961D105 | DOUG | DOUGLAS ELLIMAN ORD | $8.4M | 3.40% | 2,925,990 | Common | SOLE |
| 88642R109 | TDW | TIDEWATER ORD | $5.5M | 2.22% | 102,229 | Common | SOLE |
| 113004105 | BAM | BROOKFIELD ASSET MNGMT CL A ORD | $2.4M | 0.96% | 41,366 | Common | SOLE |
| 126402106 | CSW | CSW INDUSTRIALS ORD | $1.9M | 0.77% | 7,780 | Common | SOLE |
| 140501107 | CSWC | CAPITAL SOUTHWEST ORD | $1.6M | 0.66% | 73,983 | Common | SOLE |
| G17434104 | BNT | BROOKFIELD WEALTH SOLUTIONS CL A ORD | $66,552 | 0.03% | 971 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.