At the Value Invest New York 2026 conference, Amit Wadhwaney, Portfolio Manager and Co-Founding Partner at Moerus Capital Management, pitched a stock that most of the audience had probably written off: a Brazilian beauty conglomerate trading at an attractive price. Wadhwaney has spent more than 25 years researching opportunities across developed, emerging, and frontier markets, and his Moerus Worldwide Value Fund is built on buying businesses that are cheap because something has gone wrong, not because the business itself is broken.
He opened by outlining the Moerus approach: bottom-up, deep value, focused on capital protection. Cheapness alone isn’t enough. The business has to be durable, and the problems weighing on the stock price have to be temporary or fixable. Natura, he argued, checks both boxes.
A Brazilian beauty company that lost its way
Wadhwaney used the company’s story to walk through how empire-building through serial acquisitions can wreck a good business, and how unwinding those mistakes can create an opening for patient investors.
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