| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.7% | -5.2% | 5.4% |
| 2025 | 2024 |
|---|---|
| 5.4% | 16.0% |
Maran Capital delivered +5.4% net returns in 2025 despite a challenging -5.2% fourth quarter, maintaining solid long-term performance with ~10% annualized gross alpha versus Russell 2000 since inception. The concentrated portfolio focuses on asymmetric value opportunities in well-run, underleveraged companies trading below intrinsic value. Top holdings include Clarus Corp seeking asset sales to unlock value from brands trading at 0.35x revenue, Turning Point Brands capitalizing on explosive nicotine pouch market growth with guidance raised multiple times, Pure Cycle offering water rights and real estate exposure in Denver, Correios de Portugal delivering 21% CAGR growth in pan-Iberian logistics, and Horizon Kinetics providing inflation beneficiary exposure through energy, precious metals, and real estate investments. Key risks include concentration-driven volatility and illiquidity in smaller positions. Catalysts include corporate actions at Clarus and CTT, continued nicotine market expansion, and potential incentive fees from Horizon Kinetics private investments. The manager maintains 83% net exposure across concentrated positions while expressing optimism about the asymmetric portfolio profile entering 2026.
Concentrated value investing in inexpensive, well-run companies with little leverage, focusing on asymmetric risk/reward opportunities where downside is limited but upside potential is meaningful.
Manager expresses optimism entering 2026, stating he really likes the current portfolio and is excited about prospects. Believes current portfolio is very asymmetric with highly favorable reward/risk ratio.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 29 2026 | 2025 Q4 | APG, CLAR, CTT.LS, HKHC, PCYO, TPB | concentrated, inflation, Logistics, SmallCap, Tobacco, value, water |
CLAR HKHC PCYO TPB |
Manager focuses on concentrated investments in companies that are typically inexpensive, well-run, with little to no leverage. Portfolio demonstrates asymmetric risk/reward profiles with limited downside… |
| Oct 30 2025 | 2025 Q3 | - | catalysts, contrarian, fundamentals, small caps, Value Investing | - | The fund maintained a disciplined, contrarian approach, focusing on concentrated positions in underfollowed small and mid-cap names. Management emphasized patience amid speculative bubbles in AI… |
| Jul 23 2025 | 2025 Q2 | - | asymmetry, catalysts, Engagement, small caps, special situations | VTY LN | The letter focuses on special situations and small-cap inefficiencies as a fertile hunting ground for asymmetric risk-reward opportunities. Management emphasizes catalyst-driven investments, deep fundamental research,… |
| Apr 15 2025 | 2025 Q1 | - | - | - | - |
| Jan 28 2025 | 2024 Q4 | APG, C7T GR, CLAR, HKHC, TPB, VTY LN | - | - | - |
| Nov 2 2024 | 2024 Q3 | C7T GR, CLAR, HKHC, TPB, TPL, VTY LN | - | - | - |
| Aug 5 2024 | 2024 Q2 | CLAR, CTT, SLGDD, TPB, VTY LN | - | - | - |
| May 14 2024 | 2024 Q1 | APG, C7T GR, CLAR, SLGD, VTY LN | - | - | - |
| Jan 25 2024 | 2023 Q4 | C7T GR, CLAR, SLGD, VTY LN | - | - | - |
| Oct 31 2023 | 2023 Q3 | CLAR, CTTN MM, VTY LN | - | - | - |
| Jul 30 2023 | 2023 Q2 | APG, C7T GR, CDRE, CLAR | - | - | - |
| Apr 28 2023 | 2023 Q1 | DK, RNGR | - | - | - |
| Mar 2 2023 | 2022 Q4 | C7T GR, CLAR, VTY LN | - | - | - |
| Oct 28 2022 | 2022 Q3 | APG, C7T GR, CLAR | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
LogisticsDeutsche Post demonstrated resilience with strong performance following robust earnings despite tariff-related challenges, driven by robust pricing power and cost control. The diversified logistics company showcased the defensive characteristics of quality logistics operators in challenging environments. |
Pricing Power Cost Control Tariff Resilience Diversified Logistics Earnings |
TobaccoBAT represents a cornered resource through the intersection of brands, regulation and distribution. Regulatory barriers, licensing regimes and advertising restrictions create extraordinary barriers for new entrants, while incumbents retain rights to distribute, price and innovate within defined boundaries, transforming brand equity into a scarce economic asset. |
Regulation Barriers Distribution Brands Licensing | |
ValueManager emphasizes investing in controlled companies trading at significant discounts to NAV, with European holding companies showing discounts of 30-68%. The strategy focuses on securities mispricing where real value exists, contrasting with overvalued technology stocks. |
Discounts NAV Mispricing Undervalued Controlled | |
WaterBQE Water secured a landmark 20-year contract with the BC government to operate the Britannia Mine Water Treatment Plant, representing the largest operations agreement in company history for treating mine-impacted water. |
Water Treatment Mining Environmental Operations | |
| 2025 Q3 |
Small CapsThe fund invests in a portfolio of competitively advantaged small and medium-sized businesses, which remained out of favor for most of the quarter. The strategy of owning leading small-cap businesses has been the foundation since inception, delivering 354 basis points of annual outperformance over the benchmark since inception despite recent headwinds. |
Growth Outperformance Benchmark Russell Businesses |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic | |
| 2025 Q2 |
SpecialSituations |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 23, 2025 | Fund Letters | Dan Roller | VTY LN | Vistry Group PLC | Consumer Discretionary | Homebuilding | Bull | London Stock Exchange | buybacks, Capital-light, homebuilding, Partnerships, Roce, UK | Login |
| Jan 29, 2026 | Fund Letters | Dan Roller | CLAR | Clarus Corporation | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Brand Assets, Catalysts, net cash, Sum-of-the-Parts, undervaluation | Login |
| Jan 29, 2026 | Fund Letters | Dan Roller | HKHC | Horizon Kinetics Holding Corporation | Financials | Asset Management | Bull | NASDAQ | asset management, Incentive Fees, Inflation beneficiary, Optionality, valuation | Login |
| Jan 29, 2026 | Fund Letters | Dan Roller | PCYO | Pure Cycle Corporation | Real Estate | Real Estate Development | Bull | NASDAQ | inflation, Land value, Optionality, Real assets, Water Rights | Login |
| Jan 29, 2026 | Fund Letters | Dan Roller | TPB | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cash flow, growth inflection, market share, Nicotine pouches, Re-rating | Login |
| TICKER | COMMENTARY |
|---|---|
| APG | APi Group Corp. (APG), a leading provider of fire and life safety, security, elevator and escalator, and specialty services, was a top contributor in the SMID Cap strategy this quarter. APG delivered record third-quarter results, with revenues up 14% (10% organic) and Adjusted EBITDA +15%. The company continued to execute its inspection-first strategy, delivering its 21st consecutive quarter of double-digit inspection growth in North America. |
| CLAR | Clarus ended 2025 at $3.35/sh. It has 38.4 million shares outstanding, so its market capitalization was approximately $130 million. I think Clarus ended the year with around $35-40 million of net cash on its balance sheet, so its enterprise value was approximately $90-95 million. Clarus is trading for about 0.35x its annual revenue. I think these brands are worth at least 1x their revenue, if not substantially more. Even at 1x trailing revenue, Clarus would be valued at $7.50 per share. Clarus is seeking to sell both of its brands to unlock and maximize shareholder value. If it does, and if it gets the valuation I believe it warrants, its stock price could more than double. |
| CTT.LS | CTT has compounded at approximately a 21% CAGR over our holding period dating back to 2019, but I believe it remains cheap and asymmetric. CTT achieved its 2021-2025 goal of growing EBIT at a better than 15% CAGR. At its recent capital markets day, it guided for similar levels of EBIT growth to continue through 2028, which would take the Company's EBIT from ~€100 million to €175-195 million. At 12x EBIT, the core logistics business would be worth approximately €1.7 billion by 2028. The company could be worth €17+ per share in 2028, which meets our underwriting criteria of a three-year double or better. |
| HKHC | Horizon Kinetics appreciated over 400% from December 1, 2023 to year-end 2024, but then sold off by approximately one third in 2025. HKHC is an illiquid stock, and it doesn't take much trading volume to move the price. When it comes to what really matters—the fundamentals—HKHC is executing well and gives us exposure to a number of inflation beneficiary themes. As of 9/30/2025, Horizon had cash and investments on its balance sheet of approximately $384 million, or $20.63 per share. It had $10.4 billion of regulatory assets under management, on which it generated $16.1 million of operating income through the first nine months of 2025. |
| PCYO | We have owned shares in Pure Cycle for over five years and meaningfully increased our position in 2025. Between our main fund and our SPVs, we own just under 15% of the company. Pure Cycle is a Colorado-based real estate developer and water company. It is developing over 900 acres in the suburbs of the Denver metro area and holds approximately 30,000 acre-feet of water rights in the region. The company has a strong, net-cash balance sheet. PCYO is another inflation beneficiary holding given the long-lived, hard asset nature of its assets. I recently joined the Board of Directors of Pure Cycle and was appointed chair of a newly formed Strategy and Capital Allocation Committee. |
| TPB | TPB is trading at a high single-digit free cash flow yield. The nicotine pouch market has exploded, driving dramatic growth in TPB's business. TPB initially guided 2025 nicotine pouch sales to $60-80 million, then raised that to $80-95 million in March, $100-110 million in August, and $125-130 million in November. TPB could generate over $5.00 per share in earnings this year and $6.00+ next year as the market continues to grow. Looking out a few years, if TPB can garner 8% market share in a $12bn+ nicotine pouch market, it would generate approximately $1bn in sales. We think TPB could be worth $200-300 per share in the next few years. |
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