Moerus Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ARCOS DORADOS HOLDINGS CL A ORD	Com	G0457F107	18,683,865	2,075,985	SH		SOLE		2,009,350	0	66,635
BANCO MACRO ADR REP TEN CL B ORD	Com	05961W105	1,695,248	29,570	SH		SOLE		29,570	0	0
BROOKFIELD ASSET MNGMT CL A ORD	Com	113004105	1,795,846	47,197	SH		SOLE		47,197	0	0
BROOKFIELD CL A ORD	Com	11271J107	7,488,707	180,277	SH		SOLE		180,277	0	0
BROOKFIELD REINSRNC EX VOTN CL A ORD	Com	G16250105	40,384	971	SH		SOLE		971	0	0
CAMECO ORD	Com	13321L108	32,658,303	663,719	SH		SOLE		663,719	0	0
CAPITAL SOUTHWEST ORD	Com	140501107	2,141,911	82,097	SH		SOLE		82,097	0	0
COPA HOLDINGS CL A ORD	Com	P31076105	1,589,506	16,700	SH		SOLE		16,700	0	0
CSW INDUSTRIALS ORD	Com	126402106	2,968,288	11,188	SH		SOLE		11,188	0	0
DESPEGAR COM ORD	Com	G27358103	28,952,069	2,188,365	SH		SOLE		2,154,429	0	33,936
DOUGLAS ELLIMAN ORD	Com	25961D105	3,040,209	2,620,870	SH		SOLE		2,192,427	0	428,443
ENERFLEX ORD	Com	29269R105	29,751,292	5,514,672	SH		SOLE		5,382,771	0	131,901
GRUPO FINANCIERO ADR REP 10 CL B ORD	Com	399909100	3,773,610	123,482	SH		SOLE		123,482	0	0
JEFFERIES FINANCIAL GROUP ORD	Com	47233W109	53,254,346	1,070,224	SH		SOLE		1,070,224	0	0
NUTRIEN ORD	Com	67077M108	30,953,382	608,002	SH		SOLE		593,966	0	14,036
TECK RESOURCES CL B ORD	Com	878742204	3,314,201	69,190	SH		SOLE		69,190	0	0
TIDEWATER ORD	Com	88642R109	9,419,506	98,934	SH		SOLE		98,934	0	0
WHEATON PRECIOUS METALS ORD	Com	962879102	45,550,254	868,948	SH		SOLE		868,948	0	0