- Semi-Annual Shareholder Letter: Six Months Ended June 30, 2026 Moerus Worldwide Fund avoided richly valued AI-linked technology stocks and added depressed opportunities in U.K. housebuilding, agricultural equipment, Indian life insurance and chemicals. It exited Valaris after Transocean’s takeover bid, while arguing that energy, materials and consumer holdings retain long-term value despite market volatility. Six Months Ended June 30, 2026 AKAAF $8.7BANGPY $18BBTRW $6.1B
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