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Moerus Worldwide Fund points to CNH Industrial amid farm recovery thesis
The fund highlighted CNH Industrial N.V., noting shares closed around $14.40 on September 7, 2026 and the stock had a one-month return of 30.96%.
Moerus Capital Management LLC’s Moerus Worldwide Fund said it sees an opportunity in the large valuation gap between AI-focused areas and neglected parts of the market, while sticking to a deep-value approach that targets unpopular businesses and assets trading at discounts.
According to the firm’s second-quarter 2026 investor letter, the fund navigated a bifurcated environment where growth stocks rallied on AI and technology enthusiasm, while it lagged key international benchmarks due largely to limited exposure to information technology and weaker energy performance as oil prices declined. Its Institutional Class returned 0.14% in Q2, compared with 14.49% for the MSCI ACWI ex USA and 14.93% for the MSCI ACWI, and it reported a 5.37% first-half return versus 13.69% and 11.25% for the two benchmarks.
In that same letter, Moerus highlighted CNH Industrial N.V. as an example of its positioning, describing the company as a manufacturer and seller of specialized machines and services for the farming and construction industries. The article notes that CNH Industrial posted a one-month return of 30.96% and traded between $9.00 and $14.46 over the prior 52 weeks.
CNH Industrial shares closed at approximately $14.40 per share on September 7, 2026, with a market capitalization of about $22.02 billion, and Moerus said it initiated a position in H1 2026, according to the Q2 2026 investor letter referenced in the piece.