Moerus Capital Management LLC

Q4 2025 13F-HR Holdings

Location
New York, NY
Holdings as of
12/31/2025
Date filed
2/12/2026
Form type
13F-HR
Num holdings
16
Total value ($000)
$231,901
Net value change ($000)
-14,130 (-5.7%)
New positions
3
Sold out positions
0
Turnover %
5.7%
Sector allocation + QoQ delta (equities-only)
Prev filing: 11/13/2025 Next filing: — SEC filing

Snapshot: Change Analysis

Compared to Q3 2025
Methodology: sector metrics are equities-only; instrument mix chart is ex-options; options exposure is shown separately. Why this matters.
Top Adds (Value $000, Stocks/ETFs)
GFR 8,082 NEW
NFGC 5,007 NEW
ARCO 3,631 16.2%
CVE 209 NEW
CSW 121 6.4%
Top Reduces (Value $000, Stocks/ETFs)
WPM -8,366 -18.8%
BBD -6,851 -19.9%
JEF -6,691 -15.0%
VAL -3,892 -11.3%
NTR -2,888 -8.3%
DOUG -1,433 -17.1%
BN -317 -2.9%
TDW -288 -5.3%
CSWC -250 -15.5%
BAM -190 -8.1%
Instrument mix + QoQ Δ (ex-options)
How this table is calculated: SEC VALUE ($000) is used as reported. For derivatives (PUT/CALL/WARRANT/RIGHT), SEC value represents reported underlying exposure, not premium cash paid/received. Column % is bucket-based: non-options share is calculated inside non-option total, options share is calculated inside options total. Details.
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Instrument:
Issuer Name Ticker Sector Industry Class History Value ($000) % Shares Shares Δ Shares Δ% Value Δ ($000) Value Δ% Principal Option Type