Moerus Capital Management
Moerus Capital Management
Period
Q1 2026
Portfolio Date
Mar 31, 2026
Stocks Held
15
Market Value
$270.8M
Holdings Value Trend
Q2 2024
Q3 2024
Q4 2024
Q1 2025
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Top 5 Holdings
1
V
$VAL
Valaris Limited
16.8%
% of Portfolio
Decreased 23.67%
2N
$NTR
Nutrien Ltd.
16.7%
% of Portfolio
Increased 15.28%
3A
$ARCO
Arcos Dorados Holdings Inc.
13.0%
% of Portfolio
Increased 19.87%
4J
$JEF
Jefferies Financial Group Inc.
11.8%
% of Portfolio
Increased 27.45%
5W
$WPM
Wheaton Precious Metals Corp.
11.3%
% of Portfolio
Decreased 23.79%
Historical Positions
| Symbol | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|
| VAL | 16.8% | 13.2% | 14.0% | 12.7% |
| NTR | 16.7% | 13.8% | 14.2% | 14.1% |
| ARCO | 13.0% | 11.3% | 9.1% | 11.2% |
| JEF | 11.8% | 16.3% | 18.1% | 15.5% |
| WPM | 11.3% | 15.6% | 18.1% | 18.7% |
| BBD | 11.3% | 11.9% | 14.0% | 13.5% |
| GFR | 5.5% | 3.5% | - | - |
| BN | 3.4% | 4.5% | 4.4% | 4.2% |
| TDW | 3.3% | 2.2% | 2.2% | 2.0% |
| GGAL | 3.0% | - | - | - |
Post-Filing Contributors
Price change since reported price, ranked by portfolio contribution
JEF+49.94%
ARCO+3.76%
BN+10.55%
Post-Filing Detractors
Price change since reported price, ranked by portfolio contribution
NTR-14.82%
VAL-15.29%
GFR-12.66%
WPM-3.94%
BBD-4.37%
Sector Analysis
Energy25.6%
Others0.0%
Materials28.1%
Financials30.8%
Industrials0.7%
Real Estate1.9%
Consumer Discretionary13.0%
Trading Summary
All Holdings
19131415
V
$VAL
16.8%
Decreased 23.67%
2N
$NTR
16.7%
Increased 15.28%
3A
$ARCO
13.0%
Increased 19.87%
4J
$JEF
11.8%
Increased 27.45%
5W
$WPM
11.3%
Decreased 23.79%
6B
$BBD
11.3%
Increased 1.25%
7G
$GFR
5.5%
Increased 37.93%
8B
$BN
3.4%
T
$TDW
3.3%
Increased 5.64%
10G
$GGAL
3.0%
New
11D
$DOUG
1.9%
Increased 5.69%
12B
$BAM
0.7%
C
$CSW
0.7%
C
$CSWC
0.5%
B
$BNT
0.0%