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Livermore
Livermore
ZHEN

Moerus Capital Management LLC

SEC CIK
0001742647
Latest filing
Aug 13, 2026

The latest 13F from Moerus Capital Management LLC covers Q2 2026 (filed Aug 13, 2026): 14 long positions worth $224.4M. The top 10 holdings make up 97.6% of the portfolio, and the largest is Jefferies Financial Group Inc. (JEF) at 20.3%. Livermore has 22 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
1
Est. +$41.6M
Added
4
Est. +$10.6M
Reduced
4
Est. −$6.17M
Sold out
2
Est. −$90.7M

Top 5 holdings

Share of this quarter's portfolio value

  1. JEFJefferies Financial Group Inc.
    20.3%$45.5MHistory
  2. CNHCNH Industrial N.V.
    18.5%$41.6MHistory
  3. ARCOArcos Dorados Holdings Inc.
    15.4%$34.5MHistory
  4. BBDBank Bradesco
    12.9%$28.9MHistory
  5. WPMWheaton Precious Metals Corp.
    10.1%$22.8MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. CNHCNH Industrial N.V.
    +$41.6MNewHistory
  2. JEFJefferies Financial Group Inc.
    +$6.66MAddedHistory
  3. GGALGrupo Financiero Galicia SA
    +$3.57MAddedHistory
  4. DOUGDouglas Elliman Inc.
    +$263.0KAddedHistory
  5. ARCOArcos Dorados Holdings Inc.
    +$94.2KAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. CNHCNH Industrial N.V.
    +18.55 pp0.0% → 18.5%History
  2. JEFJefferies Financial Group Inc.
    +8.43 pp11.8% → 20.3%History
  3. GGALGrupo Financiero Galicia SA
    +2.48 pp3.0% → 5.5%History
  4. ARCOArcos Dorados Holdings Inc.
    +2.37 pp13.0% → 15.4%History
  5. DOUGDouglas Elliman Inc.
    +0.68 pp1.9% → 2.6%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. VALValaris Ltd
    −$45.5MSold outHistory
  2. NTRNutrien Ltd.
    −$45.2MSold outHistory
  3. WPMWheaton Precious Metals Corp.
    −$3.60MReducedHistory
  4. TDWTidewater Inc
    −$1.72MReducedHistory
  5. GFRGreenfire Resources Ltd.
    −$584.9KReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. VALValaris Ltd
    −16.80 pp16.8% → 0.0%History
  2. NTRNutrien Ltd.
    −16.70 pp16.7% → 0.0%History
  3. WPMWheaton Precious Metals Corp.
    −1.21 pp11.4% → 10.1%History
  4. TDWTidewater Inc
    −0.89 pp3.3% → 2.4%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$224.4M
−$46.4M (−17.1%) vs. prior quarter
Positions
14
−1 vs. prior quarter
Top 10 concentration
97.6%
Top 10 as share of value
Turnover
21.1%
Q2 2026, one quarter
Average holding period
12.8 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $361.0M (Q1 2022)

Q1 2021: $267.2MQ2 2021: $217.7MQ3 2021: $215.6MQ4 2021: $229.8MQ1 2022: $361.0MQ2 2022: $283.5MQ3 2022: $235.2MQ4 2022: $332.4MQ1 2023: $330.4MQ2 2023: $341.6MQ3 2023: $303.0MQ4 2023: $332.2MQ1 2024: $319.0MQ2 2024: $277.1MQ3 2024: $272.4MQ4 2024: $274.0MQ1 2025: $223.6MQ2 2025: $234.3MQ3 2025: $246.0MQ4 2025: $231.9MQ1 2026: $270.8MQ2 2026: $224.4M
Q1 2021Q2 2026
13F filings of Moerus Capital Management LLC by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 13, 202614$224.4MJEFCNHARCOvs. Q1 2026SEC
Q1 2026May 14, 202615$270.8MVALNTRARCOvs. Q4 2025SEC
Q4 2025Feb 12, 202616$231.9MJEFWPMNTRvs. Q3 2025SEC
Q3 2025Nov 13, 202513$246.0MWPMJEFNTRvs. Q2 2025SEC
Q2 2025Aug 11, 202514$234.3MWPMJEFNTRvs. Q1 2025SEC
Q1 2025May 13, 202515$223.6MWPMNTRJEFvs. Q4 2024SEC
Q4 2024Feb 13, 202516$274.0MJEFEFXTWPMvs. Q3 2024SEC
Q3 2024Nov 14, 202417$272.4MJEFWPMCCJvs. Q2 2024SEC
Q2 2024Aug 14, 202418$277.1MJEFWPMCCJvs. Q1 2024SEC
Q1 2024May 15, 202419$319.0MJEFWPMTDWvs. Q4 2023SEC
Q4 2023Feb 14, 202417$332.2MJEFWPMSPBvs. Q3 2023SEC
Q3 2023Nov 14, 202317$303.0MJEFSPBTDWvs. Q2 2023SEC
Q2 2023Aug 14, 202316$341.6MSPBTDWJEFvs. Q1 2023SEC
Q1 2023May 16, 202315$330.4MTDWSPBWPMvs. Q4 2022SEC
Q4 2022Feb 14, 202316$332.4MTDWSPBJEFvs. Q3 2022SEC
Q3 2022Nov 14, 202214$235.2MTDWJEFARCOvs. Q2 2022SEC
Q2 2022Aug 15, 202213$283.5MTDWSPBARCOvs. Q1 2022SEC
Q1 2022May 16, 202213$361.0MNTRTDWARCOvs. Q4 2021SEC
Q4 2021Feb 11, 202213$229.8MSPBNTRARCOvs. Q3 2021SEC
Q3 2021Nov 15, 202113$215.6MSPBNTRTDWvs. Q2 2021SEC
Q2 2021Aug 16, 202114$217.7MSPBNTRARCOvs. Q1 2021SEC
Q1 2021May 17, 202113$267.2MSPBJEFNTR–SEC

13D and 13G filings

Companies where Moerus Capital Management LLC reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

Moerus Capital Management LLC does not currently report owning 5% or more of any company.

Latest filings

6 filings on file made by Moerus Capital Management LLC or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Moerus Capital Management LLC
CompanyFiled (ET)FormStakeChangeEvent dateFiling
Despegar.com, Corp.Common StockNov 14, 20249:00 AM ET13G/A2.60%2.02M shares–Below 5%Sep 30, 2024SEC
Despegar.com, Corp.Feb 14, 202413G/AOld format–––SEC
TDWTidewater IncFeb 14, 202313G/AOld format–––SEC
Despegar.com, Corp.Feb 14, 202313GOld format–New–SEC
TDWTidewater IncFeb 11, 202213G/AOld format–––SEC
TDWTidewater IncFeb 16, 202113G/AOld format–––SEC