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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exits like Cameco into fresh, deeply-discounted international opportunities."
The Moerus Worldwide Value Fund returned +20.21% (Institutional Class) in H1 2025, outperforming both the MSCI ACWI ex USA (+17.90%) and the MSCI ACWI (+10.05%). Strong performance was driven primarily by Materials (precious-metals holdings like Dundee Corp and Wheaton Precious Metals) and international Financials (UniCredit, HKEX, and Banco Bradesco). Despite trade tension volatility sparked by the Trump administration's tariff threats, Moerus maintained an active stance, initiating eight new positions (including Banco Bradesco, Midland Holdings, Travis Perkins, and Valaris) and re-entering former favorites like Tidewater and Edelweiss. To fund these additions and maintain valuation discipline, they eliminated seven positions that reached fair value or faced takeover caps, including Cameco, Despegar, ESR Group, and Grupo Financiero Galicia. The firm remains highly constructive on international deep value, highlighting decreased style-competition and the favorable risk-reward profile of pessimistic, asset-rich businesses compared to high-flying U.S. mega-caps.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Growth Outlook
Market outlook remains moderate conviction: The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Risk Appetite
Risk appetite posture is high conviction: The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Forward Guidance
Forward guidance signal: The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Language Signal
Tone analysis indicates high conviction language: The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Moerus Worldwide Value Fund generated an outstanding 20.21% return in H1 2025, capitalizing on tariff-induced market volatility to actively rotate capital from fully valued exi...
