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MOERUS CAPITAL MANAGEMENT LLC

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NEW YORK NY Investment Advisor Hedge Fund
13F Summary

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Moerus Capital Management is based out of New York. Moerus Capital Management is a hedge fund with 9 clients and discretionary assets under management (AUM) of $768,788,723 (Form ADV from 2024-03-28). Their last reported 13F filing for Q3 2024 included $272,389,689 in managed 13F securities and a top 10 holdings concentration of 94.86%. Moerus Capital Management's largest holding is Jefferies Financial Group Inc with shares held of 983,288. Whalewisdom has at least 33 13F filings, and 5 13G filings
Business Description
Moerus Capital Management LLC, a Delaware limited liability company, was formed in February 2015 and began operations in September 2015. The firm is located in New York City and is owned by Amit Wadhwaney, the founding partner and Portfolio Manager, as well as minority owners Michael Campagna and John Mauro. Moerus offers advisory services, including opportunistic mandates that allow for flexibility in investment strategies across various geographies, industries, and asset classes. The firm's investment strategy focuses on less-followed holdings, such as mid-sized, smaller-capitalized, lesser known, or unpopular securities. Moerus also invests across the capital structure and in alternative asset classes, including distressed debt and special situations, to capitalize on opportunities unavailable to equity-only funds. The firm has implemented policies and procedures to address conflicts of interest and ensure equitable treatment of accounts with similar investment objectives. These procedures include regular performance comparisons, pro rata allocation of investment opportunities based on target weights, exposure levels, tax consequences, and stage of capital deployment, as well as price-averaging of aggregated client orders.
Investment Strategy
Moerus' investment advisory services generally aim to achieve long-term capital appreciation by investing in well-capitalized companies trading at substantial discounts to their intrinsic value. They primarily invest in stocks, bonds, foreign currencies, forward contracts, futures, and options, using a fundamental, opportunistic, and bottom-up value investing methodology. This approach typically results in a portfolio of high conviction core positions. Moerus has broad discretion in making investments for clients, and their investment strategies are speculative and entail substantial risks. They may offer any advisory services, engage in any investment strategy, and make any investment, including those not described in their brochure, subject to each client's investment objectives and guidelines. Clients should be prepared to bear a substantial loss of capital, as there is no assurance that the investment objective of the Adviser will be achieved.
Owners
  • WADHWANEY, AMIT, BHAGWANDAS - MANAGING MEMBER
  • SMITH, JULIE, ANN - CHIEF COMPLIANCE OFFICER, CFO
  • MAURO, JOHN, MICHAEL - PARTNER, RESEARCH ANALYST
  • CAMPAGNA, MICHAEL, R - PARTNER, RESEARCH ANALYST
  • Click on the Ownership/Private Fund Data tab for more details.
Other Contact Information
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2024-09-30

Top Buys (13F)

Name % Change
BNT Brookfield Wealth So 0.02%
CCJ Cameco Corp -0.09%

2024-09-30

Top Sells (13F)

Name % Change
TDW Tidewater Inc 3.4%
DESP Despegar.com Corp 1.25%
NTR Nutrien Ltd 1.14%
ARCO Arcos Dorados Holdin 0.62%
BMA Banco Macro S.A. 0.12%

2024-09-30

13F Holdings Summary

Name $ Change
JEF Jefferies Financial 22.22%
WPM Wheaton Precious Met 17.8%
CCJ Cameco Corp 11.7%
EFXT Enerflex Ltd 10.74%
NTR Nutrien Ltd 10.03%

2024-09-30

13F Activity

Market Value $272m, Prior: $277m
Inflows (Outflows) as % of Total MV (-10.9876)%
New Purchases 1 stocks
Added To 1 stocks
Sold out of 2 stocks
Reduced holdings in 10 stocks
Top 10 Holdings % 94.86%
Turnover %[1] 15.79%
Turnover Alt %[2] 0.08%
Time Held Top 20 14.4118 quarters
Time Held Top 10 15.2 quarters
Time Held All 14.41 quarters

[1]: Turnover is calculated by taking the # of new holdings (initial purchases) + the # of positions sold out of (not just reduced) divided by the total # of holdings for the quarter.

[2]: Alt Turnover is calculated by taking either the total MV of new purchases or the MV of securities sold, whichever is less, divided by the total MV of the fund.

2024-09-30

13F Sector Allocation Over Time

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2024-09-30

Analysis

Top 20 equal-weighted holdings. Performance numbers calculated through 2024-09-30

Portfolio Performance