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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 7, 2025 | Moerus Capital Management | 15.9% | 20.2% | 0388.HK, 1200.HK, 1821.HK, BBDO, CBD, CCO, CPA, CS.TO, DC.TO, DESP, DOUG, EDELWEISS.NS, EFX.TO, FIH.TO, GGAL, TDW, TPK.L, UCG.MI, VAL, WPM | Brazil, Hong Kong, international, Offshore Drilling, Precious Metals, tariffs, value, volatility | Fund focuses on investing in depressed and unpopular businesses at attractive prices, seeking opportunities where low expectations are priced in. Manager emphasizes buying quality businesses at unusually depressed valuations when skies seem darkest. | TDW VAL TPK LN BBD |
View |
| 2024 Q4 | Dec 31, 2024 | Moerus Capital Management | - | 16.0% | 0388.HK, 1821.HK, 1910.HK, AAL.L, ARCO, BAJAJHLDNG.NS, BMA, CBD, DESP, DGX, EFX.TO, GGAL, IDFCFIRSTB.NS, JEF, MEG.TO, NTCO, STAN.L, TID, TSGYO.IS, UCG.MI | Argentina, Banking, contrarian, fundamentals, Hong Kong, international, Turkey, value | Three of the Fund's five largest positive contributors came from Argentina, including Grupo Financiero Galicia, Despegar.com, and Banco Macro. The manager built positions in Argentine banks at discounted prices reflecting extreme pessimism from macro chaos, believing they were well-positioned as international players fled the market. Early signs of improvement under the Milei administration, including fiscal surplus and deceleration in inflation, drove strong performance. | View | |
| 2022 Q4 | Dec 31, 2022 | Moerus Capital Management | - | 13.3% | ARCO, BRX, DESP, EMAAR UH, GIVPY, IPCO CN, SPB, TDW, YRI SW | - | View | ||
| 2022 Q4 | Dec 2, 2023 | Emeth Value Capital | 0.0% | 6.9% | DESP | - | View | ||
| 2023 Q4 | Nov 30, 2023 | Moerus Capital Management | - | 16.5% | ARCO, DESP, HMSO.L, NTCO, SPB, TDW, TECK, UCG, WCM.TO, WOOD.L | Banking, Buybacks, Corporate Activity, energy, global, inflation, Latin America, value | Fund focuses on undervalued, asset-rich companies trading at discounted valuations. Manager emphasizes investing in depressed and unpopular businesses at attractive prices, avoiding mega-cap Growth stocks due to excessive price risk and stretched valuations. | View | |
| 2024 Q2 | Jun 30, 2024 | Moerus Capital Management | - | 7.9% | 0388.HK, ARCO, BSBR, CWP.AX, DESP, DOUG, EXO.MI, GGAL, HMSO.L, IPCO, JEF, MEG.TO, NTCO, PCAR3.SA, SPB, STAN.L, STNG, TDW, TECK, TSGYO.IS, UCG.MI, WED.TO | Argentina, Corporate Activity, emerging markets, real estate, Turkey, value | Argentina-based investments were the largest positive contributor to performance, led by Grupo Financiero Galicia and Despegar.com. The manager built positions during extreme economic chaos including currency devaluation and 200%+ inflation, viewing this as a rare opportunity similar to the early 2000s crisis. Recent encouraging signs include deceleration in inflation and fiscal surpluses under the Milei administration. | View | |
| 2023 Q2 | May 31, 2023 | Moerus Capital Management | - | 2.7% | AKER.OL, AUY, CCO, CFX.TO, CMW.AX, DESP, IPCO.TO, ITUB, JEF, LATAM, NN.AS, NTCO3.SA, NTR, PCAR3.SA, SPB, STAN.L, TDW, TECK, UCG.MI, WED.TO | Banking, Buybacks, energy, growth, inflation, Latin America, technology, value | Fund focuses on investing in depressed and unpopular businesses at attractive prices, avoiding popular mega-cap Growth stocks due to excessive valuations. Manager believes valuation and fundamentals will ultimately matter more in determining investment outcomes going forward. | View | |
| 2024 Q4 | Jan 20, 2025 | Greystone Capital | 0.5% | 19.2% | APOG, BELFB, DESP, FRAN, IVFH, LMB, NRP, SYZLF | Coal, Concentration, Distribution, Patience, royalties, small caps, value | Manager emphasizes small caps and microcaps are providing an excellent opportunity set for patient investors, largely remaining attractive due to current market environment favoring largest businesses. Portfolio consists of companies mostly outside major indices with zero S&P 500 holdings and just two Russell 2000 companies. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||