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Moerus Worldwide Fund highlights Transocean in deep-value stance
The fund cited Transocean’s offshore drilling exposure and referenced its all-stock agreement to acquire Valaris, alongside disclosed Q2 and first-half performance versus global benchmarks.
Moerus Capital Management LLC’s Moerus Worldwide Fund said it navigated a second quarter marked by a sharp rally in growth stocks as investor enthusiasm for artificial intelligence and technology surged, while money moved away from more traditional, value-oriented areas, according to its Q2 2026 investor letter highlighted by Yahoo Finance.
In that quarter, the Fund’s Institutional Class returned 0.1% in Q2, versus 14.5% for the MSCI ACWI ex USA and 14.9% for the MSCI ACWI. Over the first half, it returned 5.4%, compared with 13.7% and 11.3% for the two benchmarks, with underperformance tied largely to limited exposure to Information Technology as semiconductor and AI-related stocks rose, and weakness in Energy linked to declines in oil prices.
The letter pointed to energy-related investments that helped during the first half, and said it sees the widening gap between expensive AI-focused areas and neglected parts of the market as an opportunity. Moerus reiterated a long-term deep-value approach, aiming to invest in unpopular businesses and assets it believes trade at significant discounts to intrinsic value while using market volatility to find potential opportunities.
Yahoo Finance also noted that Moerus discussed Transocean Ltd. as part of its investment narrative, calling Transocean an offshore drilling contractor and connecting the discussion to Moerus’ agreement to acquire Valaris in an all-stock transaction. It said Transocean stock had a one-month return of 2.5%, traded in a 52-week range of $3.01 to $7.66, and closed around $5.85 per share on September 7, 2026, for a market capitalization of about $6.6 billion.