| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | 5.4% | 3% |
Maran Partners Fund returned +5.4% net in Q2 2026, bringing year-to-date returns to +3.0% net. Despite tepid short-term performance, the manager remains highly convicted, noting that holdings are making observable progress through self-help measures including exploring sales, evaluating strategic alternatives, and aggressive buybacks. The fund executed two notable special situation trades during the quarter: a bridge loan to a public company in the structurally underserved sub-$5 million credit market, and an IPO arbitrage involving SpaceX through a mutual fund that purchased shares at a 30% discount to the IPO price. Both trades generated attractive risk-adjusted returns with minimal risk. The portfolio remains concentrated in small and microcap companies, with top positions including Clarus, Horizon Kinetics Holding Corporation, Pure Cycle, and Turning Point Brands. Since inception, the fund has compounded at mid-teens net annualized rates with 9% annual gross alpha relative to the Russell 2000. The manager expects the unconventional approach to continue driving outperformance as catalysts play out and fundamental progress is recognized.
Maran Capital invests in small and microcap companies where stock prices diverge widely from fundamental values, taking advantage of mispricings through concentrated positions and special situation trades across the capital structure.
Manager remains enthusiastic about the portfolio and convicted in future prospects despite tepid year-to-date performance. Holdings are making specific, observable progress in growing and unlocking value through self-help measures. Manager expects the unconventional approach to continue driving outperformance as it has historically, with catalysts playing out and the market recognizing fundamental business progress. Future opportunities anticipated in sub-$5 million credit market given structural undersupply and the fund's competitive advantages.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Aug 4 2026 | 2026 Q2 | APG, CDRE, CLAR, CTT.LS, HKHC, PCYO, TPB | arbitrage, Event-Driven, Microcap, private credit, small caps, special situations, value | - | Maran Partners returned +5.4% net in Q2 2026 despite market headwinds, executing two high-conviction special situation trades: a bridge loan in the underserved small credit market and a SpaceX IPO arbitrage at a 30% discount. Core small and microcap holdings are actively unlocking value through sales processes and buybacks. The concentrated portfolio has generated mid-teens annualized returns since inception with 9% alpha versus Russell 2000. |
| Apr 21 2026 | 2026 Q1 | APG, CLAR, CTT.LS, HKCH, PCYO | AI, insurance, private credit, small caps, special situations, value | - | Maran Partners declined 2.3% in Q1 amid market volatility from AI disruption fears and geopolitical events. The fund used conservative positioning and cash reserves to opportunistically deploy capital, finding value in dislocated names. Special situations continue delivering strong risk-adjusted returns with meaningful progress across multiple positions. Long-term focus on market inefficiencies remains unchanged. |
| Jan 29 2026 | 2025 Q4 | APG, CLAR, CTT.LS, HKHC, PCYO, TPB | concentrated, inflation, Logistics, SmallCap, Tobacco, value, water |
CLAR HKHC PCYO TPB |
Maran Capital's concentrated value approach delivered +5.4% in 2025 through asymmetric opportunities in underleveraged, inexpensive companies. Portfolio highlights include Clarus seeking asset sales, Turning Point Brands riding nicotine pouch growth, and Correios de Portugal compounding at 21% CAGR. Manager maintains optimistic outlook on current positioning with favorable risk/reward dynamics across top holdings. |
| Oct 30 2025 | 2025 Q3 | CLAR, CTT.LS, HKHC, TPB | catalysts, concentrated, Quality, small caps, special situations, value | - | Maran Capital delivered +11.0% YTD returns through concentrated special situations investing in undervalued small-caps outside major indices. Manager maintains high return thresholds while avoiding market froth in trendy sectors. Recent weakness viewed as opportunity given attractive portfolio positioning and upcoming catalysts for core holdings including undisclosed new top-five position. |
| Jul 23 2025 | 2025 Q2 | CLAR, CTT.LS, HKHC, TPB | Asymmetric, catalysts, Conservative, Engagement, Quality, small caps, special situations, value | VTY LN | Maran Capital celebrates 10 years with strong Q2 performance (+9.4% net), demonstrating their thesis of applying institutional research to small cap value and special situations. The fund maintains conservative positioning with quality companies while generating returns through catalyst-driven, asymmetric opportunities. Small caps remain out of favor, creating attractive hunting grounds for continued value creation. |
| Apr 15 2025 | 2025 Q1 | APG, CLAR, CTT.LS, HKHC, TPB | Buybacks, Cash, Resilience, small cap, tariffs, value, volatility | - | Maran Capital significantly outperformed small caps in Q1 with conservative positioning in unlevered, cash-rich companies. Large cash position and fortress-like balance sheets provide defensive positioning amid tariff uncertainty and market volatility. Portfolio companies actively buying back shares while manager prepares to deploy capital into attractive opportunities created by market panic. |
| Jan 28 2025 | 2024 Q4 | APG, CLAR, CTT.LS, HKHC, TPB, VTY.L | activism, Europe, small caps, special situations, value | - | Maran Capital delivered 16% net returns in 2024 through concentrated small-cap value investing with activist engagement. The fund completed its first major activism success with SLGD generating 3.7x returns. Current focus includes APi Group with upcoming catalysts, deeply discounted Correios de Portugal sum-of-the-parts opportunity, and fortress balance sheet Clarus Corp trading at significant discount to private market value. |
| Nov 2 2024 | 2024 Q3 | AAPL, AMZN, CLAR, CTT.LS, GOOGL, HKHC, META, MSFT, NVDA, TPB, TPL, VTY.L | Concentration, conviction, long-term, Quality, small caps, value |
HKHC CLAR TPB |
Maran Capital delivered 1.0% net returns in Q3 through concentrated value investing in quality companies trading at significant discounts. Core holdings include Clarus Corp at substantial discount to private value, newly public Horizon Kinetics asset manager, and Turning Point Brands showing business momentum. Manager emphasizes long-term patience over index diversification. |
| Aug 5 2024 | 2024 Q2 | CLAR, CTT.LS, PM, SLGDD, TPB, VTY.L | Buybacks, Cannabis, Concentration, Homebuilders, small caps, Tobacco, value |
SLGDD TPB |
Concentrated small-cap value fund returned +4.4% in Q2, completing major Horizon Kinetics merger and re-entering Turning Point Brands. TPB offers compelling exposure to cannabis legalization and explosive nicotine pouch growth at attractive valuations. Multiple portfolio companies executing aggressive buybacks. Manager emphasizes volatility is normal market behavior, maintains long-term focus on asymmetric positions with limited downside risk. |
| May 14 2024 | 2024 Q1 | APG, CLAR, CTT.LS, DK, SLGD, VTY.L | Buybacks, Europe, growth, small caps, special situations, value |
APG CLAR CTT.LS VTY.L |
Maran Capital's concentrated value approach delivered 3.4% in Q1 through undervalued, growing companies with strong balance sheets. Top holdings show strong fundamentals with double-digit growth rates while trading at attractive valuations. Manager emphasizes positioning over prediction, maintaining unleveraged portfolio with cash optionality and multiple catalysts for value realization. |
| Jan 25 2024 | 2023 Q4 | APG, CLAR, CTT.LS, SLGD, VTY.L | Buybacks, Concentration, Europe, small caps, special situations, value |
CLAR CTT SLGD VTY.L |
Maran Capital delivered strong Q4 and full-year 2023 returns through concentrated small-cap value investing. The fund targets mispriced companies with catalysts, maintaining top positions in API Group, Clarus, CTT, Scott's Liquid Gold, and Vistry. Recent corporate actions including asset sales and mergers are unlocking value. The manager expects the entire portfolio to achieve three-year doubles or better. |
| Oct 31 2023 | 2023 Q3 | CLAR, CTT.LS, VTY.L | Buybacks, consumer, Outdoor, small caps, special situations, value |
CLAR VTY.L CTT.LS |
Small-cap value manager sees exceptional opportunity set following 17% Russell 2000 decline. Portfolio of concentrated holdings trades at extreme discounts to private market values with strong fundamentals intact. Key positions benefit from asset sales, corporate restructuring, and accretive buybacks. Manager underwrites entire portfolio for three-year doubles with some potential multi-baggers. |
| Jul 30 2023 | 2023 Q2 | APG, CDRE, CLAR, CTT.LS, VTY.L | Concentration, Homebuilders, small caps, special situations, value |
APG CDRE CLAR CTT.LS VTY.L |
Maran Partners Fund's concentrated value strategy continues generating alpha through investments in smaller, off-the-beaten-path companies. Despite market concentration in large tech, manager Dan Roller maintains conviction in current portfolio positioned as three-year doubles, including UK homebuilder Vistry and Portuguese conglomerate CTT executing value-unlocking catalysts. |
| Apr 28 2023 | 2023 Q1 | APG, CDRE, CTT.LS, DK, DKL, RNGR, VTY.L | catalysts, energy, small caps, special situations, value |
ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK RNGR |
Concentrated value fund targeting special situations with catalysts, particularly in energy. Key holding Delek US trades at significant discount to sum-of-parts value with management-driven unlock catalyst. Ranger Energy offers attractive oil services exposure with strong cash generation. Conservative positioning amid banking stress and market complacency while maintaining focus on fundamental opportunities. |
| Mar 2 2023 | 2022 Q4 | C7T GR, CLAR, VTY LN | - | - | |
| Oct 28 2022 | 2022 Q3 | APG, C7T GR, CLAR | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
Special SituationsManager executed two special situation trades during the quarter: a bridge loan to a public company (direct credit investment) and an IPO arbitrage trade involving SpaceX through a mutual fund. Both trades were opportunistic, event-driven, and generated attractive risk-adjusted returns. The manager emphasizes finding asymmetric, liquid, uncorrelated trades while waiting for catalysts in core holdings. |
Credit Arbitrage Event-Driven IPO |
Private CreditManager made first direct credit investment via a bridge loan to a public company, targeting sub-$5 million loan market which remains structurally underserved. The fund's competitive advantages include speed, flexibility, and ability to move without institutional constraints. Manager expects future opportunities in this space given market structure evolution and the fund's nimble positioning. |
Bridge Loans Direct Lending Underserved Markets | |
Small CapsPortfolio consists of small and microcap companies where stock prices can diverge widely from fundamental values. Manager notes that holdings are making specific, observable progress in growing and unlocking value through self-help measures like exploring sales, receiving unsolicited offers, and aggressive buybacks. Performance has compounded at mid-teens net annualized rates over the last decade-plus with 9% annual gross alpha relative to Russell 2000. |
Microcap Value Unlocking Alpha Generation | |
BuybacksCorreios de Portugal has been aggressively buying back shares at rates of over 1% of shares outstanding per month. Manager views this as a form of self-help that should help close the gap between stock price and fundamental value in small and microcap companies. |
Share Repurchases Capital Allocation | |
| 2026 Q1 |
AIAI represents a major technological leap with widespread long-term implications that requires meaningful study by all investors. While AI will create tremendous change and some software stocks declined on AI disruption fears, the associated stock price dislocation has created a worthwhile hunting ground for opportunities. |
Technology Disruption Software Innovation |
Private CreditThe market has experienced potential foreshocks in private credit with duration mismatches between assets and liabilities of many funds and BDCs. Some small runs on funds have occurred as liquidity demand outpaced availability, though issues don't appear to rise to systemic risk levels yet. |
Credit BDC Liquidity Duration | |
| 2025 Q4 |
AIAI infrastructure plays dominated 2025 returns, with 65% of Russell 2000's return coming from AI infrastructure. The manager questions whether this singular bet on five companies' data center CAPEX spending will persist, noting the market's extreme concentration around this theme. |
Infrastructure Data Centers CAPEX |
Small CapsSmall caps continued to underperform large caps in 2025's narrow market. The manager notes that small cap returns were dominated by AI infrastructure plays and speculative unprofitable companies, creating extreme bifurcation in performance. |
Russell 2000 Performance Underperformance | |
QualityQuality businesses trade at historically cheap multiples despite extreme valuation disparities between winners and losers reaching historic extremes. The manager sees this as creating opportunities for quality-focused investors. |
Valuation Multiples Cheap | |
| 2025 Q3 |
Special SituationsManager emphasizes systematic review of special situations including mergers, spin-offs, reverse-Morris Trust transactions, tenders, rights offerings, and various sources of corporate change that create potential for mis-valuation and catalysts. The approach involves studying regulatory filings and event-driven setups as they arise. |
Mergers Spin-offs Catalysts Event-driven Mispricing |
ValuePortfolio focuses on finding quality companies at attractive valuations, specifically seeking single digit PE stocks that are quality, growing, or can one day be loved. Manager targets companies with modest valuations combined with quality and growth characteristics, avoiding expensive high-multiple stocks. |
Low PE Quality Undervalued Attractive pricing Fair value | |
Small CapsTop five positions include companies not found in broad market indices like the S&P 500, focusing on smaller, less followed companies. The concentrated portfolio approach allows for deep research into smaller opportunities that may be overlooked by larger funds. |
Concentrated Non-index Overlooked Small companies Niche | |
| 2025 Q2 |
Small CapsThe small cap universe is out of favor and has underperformed over the last decade. It remains an attractive hunting ground with compelling opportunities for value creation through the manager's strategies. |
Russell 2000 Underperformance Opportunity Value Creation Hunting Ground |
ValueThe fund focuses on value investments frequently with catalysts, seeking asymmetric risk/reward opportunities in off-the-beaten-path, well researched, idiosyncratic positions rather than highly valued tech stocks. |
Asymmetric Catalysts Idiosyncratic Research Risk Reward | |
| 2025 Q1 |
ResiliencePortfolio positioned with fortress-like balance sheets, unlevered companies, and recession-resistant businesses. Manager emphasizes conservative positioning with large cash positions and companies with strong financial foundations to weather volatility. |
Cash Balance Sheet Defensive Conservative Fortress |
BuybacksMultiple portfolio companies actively repurchasing shares at lower prices, including APG, CLAR, CTT, TPB, and Vistry Group. Manager views this as positive capital allocation taking advantage of market volatility. |
Share Repurchase Capital Allocation Insider Alignment | |
Trade PolicyTariffs announced, paused, escalated with China, and deescalated for phones and electronics within two weeks. Manager notes consensus view that tariffs are stagflationary, creating higher inflation and slower growth while pressuring company profits. |
Tariffs Stagflation Policy Uncertainty China | |
Gold RoyaltiesPortfolio includes gold royalties as inflation beneficiaries, positioned as part of the hard assets allocation to protect against potential inflationary pressures from tariff policies. |
Inflation Hedge Hard Assets Royalties | |
| 2024 Q4 |
ActivismMaran completed its first major activism effort with SLGD merging with Horizon Kinetics, generating a 3.7x MOIC and 69% IRR. The firm frequently engages with companies through management conversations and formal board letters, with SLGD being their first board involvement. The experience expanded their capabilities and network for future activist approaches. |
Engagement Board Value Creation Catalysts Shareholder |
Special SituationsThe fund utilizes special situations and catalysts to help realize value, including a real estate liquidation expected to return 30-40% in 12-18 months. They recently exited another asset-based investment with excellent IRR after a short holding period. APi Group has upcoming catalysts including management compensation scheme maturity and potential business segment spin. |
Catalysts Liquidation Asset-based Spin-off Value Realization | |
Sum-of-partsCTT represents a prime sum-of-the-parts opportunity with distinct business segments including postal monopoly, express and parcels, financial services, and real estate. The manager provides detailed valuation breakdown showing potential fair value of €10-14 per share versus €5-6 trading range. Recent transactions with DHL and Cacesa highlight the value gap between segments. |
Valuation Segments Breakup Asset Value Conglomerate | |
| 2024 Q3 |
ValueManager emphasizes owning quality, growing companies trading at fractions of their fair values, specifically one-third to one-half of intrinsic value. Uses private market lens to evaluate public companies, highlighting significant discounts to private transaction values. |
Intrinsic Value Private Market Discount Fair Value Margin of Safety |
ConcentrationPortfolio maintains concentrated approach with top five positions representing core holdings. Manager prefers owning small group of well-researched companies rather than diversifying widely via indices containing expensive stocks. |
Concentrated Top Five Focus Research Quality | |
| 2024 Q2 |
TobaccoTurning Point Brands operates in the nicotine space with Stoker's oral tobacco and FRE nicotine pouches. The nicotine pouch market is experiencing explosive growth, with ZYN growing from 13 million cans in 2018 to 385 million in 2023. FRE has competitive advantages including PMTAs for higher dosage pouches that competitors lack. |
Nicotine Pouches Oral Tobacco ZYN FRE PMTAs |
CannabisZig Zag rolling papers benefit from the tailwind of cannabis legalization currently underway in the U.S. This provides a structural growth driver for Turning Point Brands' core business. |
Rolling Papers Legalization Zig Zag | |
BuybacksMultiple portfolio companies are executing share repurchase programs. CTT reduced share count from 150 million to 138 million since 2022 and announced a new €25 million buyback. TPB restarted its buyback after paying off debt and could repurchase up to one million shares annually. Vistry maintains a £250 million annual buyback pace. |
Share Repurchases Capital Allocation Share Count Reduction | |
HomebuildersVistry Group is positioned as the NVR of the U.K., with solid first-half results showing growing completions, revenues, and profits. The company is well-positioned to support the U.K. government's housing policies while maintaining strong capital returns to shareholders. |
UK Housing Completions Government Policy | |
VolatilityThe manager discusses recent market volatility and criticizes commentators who describe normal market movements as rare statistical events. He emphasizes that markets exist in extremistan with fat tails, not normal distributions, and that volatility should be expected rather than surprising. |
Fat Tails Extremistan Market Movements | |
| 2024 Q1 |
ValueManager emphasizes owning cheap stocks as hedge against market sell-offs. Portfolio companies may not screen cheap on trailing earnings due to various changes, but believes holdings are universally undervalued using correct methodologies including normalized earnings power, private market value, and asset value. |
Valuation Undervalued Cheap Normalized Earnings Private Market |
GrowthAs self-proclaimed value investor, manager prefers companies that are growing over those that aren't, just doesn't want to pay too much for expected growth. Portfolio companies have solid growth rates and outlooks across core and emerging business lines. |
Growth Earnings Growth Revenue Growth Business Expansion | |
BuybacksMany portfolio companies have good capital allocators actively buying back stock. Vistry is returning £1bn to shareholders via buybacks and dividends by 2026, over 25% of current enterprise value. Companies are reducing share counts over time. |
Share Repurchases Capital Allocation Share Count Reduction | |
| 2023 Q4 |
ValueThe fund focuses on finding mispricing in smaller cap stocks and off-the-beaten-path companies. The manager believes their portfolio is full of companies with wide moats, strong balance sheets, low valuations, large share buybacks, and high inside ownership. The concentrated approach targets asymmetric setups with multi-fold upside potential. |
Mispricing Asymmetric Concentrated Moats Undervalued |
BuybacksMultiple portfolio companies are actively repurchasing shares. Clarus has a history of opportunistic share repurchases and may take advantage of current stock prices once their asset sale closes. CTT has increased its pace of buybacks to one million shares per month on a base of approximately 140 million shares. |
Repurchases Opportunistic Capital Return Share Count Value Creation | |
Small CapsThe fund's strategy specifically targets smaller cap stocks as less efficient corners of the market where they can find an edge. The manager notes that small cap stocks have faced persistent headwinds but believes they are well positioned to benefit if these headwinds turn into tailwinds. |
Inefficiency Edge Headwinds Opportunity Positioning | |
| 2023 Q3 |
ValueManager emphasizes extremely cheap valuations across portfolio holdings, with stocks trading at significant discounts to private market values and normalized earnings. Multiple positions described as trading below reasonable fundamental metrics. |
Valuation Discount Cheap Undervalued Private Market |
BuybacksShare repurchases are a key characteristic across core holdings. Clarus has history of opportunistic buybacks and may utilize this tool again with 25% cash position. CTT continues daily share buyback execution. |
Share Repurchases Capital Return Opportunistic Accretive | |
Small CapsPortfolio focused on small-cap opportunities with Russell 2000 declining over 17% since July. Manager sees improved opportunity set in small-cap value despite recent underperformance versus large-cap stocks. |
Russell 2000 Small Cap Value Opportunity Set Underperformance | |
| 2023 Q2 |
ValueManager focuses on concentrated portfolio of deeply researched companies that are typically smaller, off the beaten path, and generally less expensive than the market as a whole. Seeking asymmetric risk-reward profiles with large margins of safety and catalysts via special situations. Believes current portfolio is poised to deliver attractive results with companies whose stock prices have not kept up with improving fundamentals. |
Value Special Situations Asymmetric Margins of Safety |
Small CapsFund has generated almost 7% annualized alpha relative to the Russell 2000 since inception. Portfolio consists of smaller, off the beaten path companies. Manager notes that while large tech stocks drove market returns in first half, the S&P 492 was approximately flat, highlighting the divergence between large and small cap performance. |
Small Caps Russell 2000 Alpha | |
HomebuildersUK homebuilder sector has been very out of favor due to high inflation and interest rate fears. Vistry Group has had industry-best performance showing growth where competitors have seen declines. Manager believes the stock could see multifold increase over investment horizon as profits grow 20%-plus annually, trading multiples expand, and share count shrinks through buybacks. |
Homebuilders UK Interest Rates | |
| 2023 Q1 |
Oil ServicesRanger Energy Services provides onshore domestic oil services helping E&Ps service their wells once drilled. The company is well-run, unlevered, and should stay busy as long as oil stays above $50-60/barrel. Trading at attractive valuations with strong free cash flow generation and share buyback potential. |
Oil Services Energy Free Cash Flow Buybacks |
RefinersDelek US Holdings owns four refineries along with gas stations and pipeline assets. The company appears significantly undervalued trading as a fifty-cent dollar with management focused on unlocking sum-of-the-parts value through strategic transactions and share repurchases. |
Refiners Sum of Parts Value Unlock Special Situations | |
Special SituationsManager continues to allocate time searching for special situations and asymmetric set-ups with catalysts, which have frequently been the source of both new core positions and shorter-term trades. Delek represents a key special situation with clear value unlock catalyst. |
Special Situations Catalysts Value Unlock Asymmetric |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| Oct 1, 2024 | Fund Letters | Maran Capital Management | HKHC | Horizon Kinetics Holding Corporation | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Investment Holding Company, Long Term Investing, merger, Public Listing, value investing | Login |
| Oct 1, 2024 | Fund Letters | Maran Capital Management | CLAR | Clarus Corp | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Asymmetric, Black Diamond, brand portfolio, Forced Selling, insider buying, net cash, Outdoor Equipment, Sum-of-the-Parts | Login |
| Oct 1, 2024 | Fund Letters | Maran Capital Management | TPB | Turning Point Brands | Consumer Staples | Tobacco | Bull | NYSE | market share gains, Oral Nicotine, secular tailwinds, Smokeless Tobacco, Smoking Accessories, Stokers, tobacco, Zig Zag | Login |
| Aug 1, 2024 | Fund Letters | Maran Capital Management | SLGDD | Horizon Kinetics Holding Corporation | Financials | Asset Management & Custody Banks | Bull | OTC | asset management, AUM, Board Position, contrarian, merger, net cash, value investing | Login |
| Aug 1, 2024 | Fund Letters | Maran Capital Management | TPB | Turning Point Brands | Consumer Staples | Tobacco | Bull | NYSE | Cannabis, growth, Nicotine pouches, PMTA, Regulatory Moat, Rolling Papers, Share Buybacks, tobacco, turnaround | Login |
| Apr 1, 2024 | Fund Letters | Maran Capital Management | APG | APi Group | Industrials | Commercial Services & Supplies | Bull | NYSE | Acquisitions, Buy and Build, EBITDA growth, Free Cash Flow, industrial services, recurring revenue, Safety Services | Login |
| Apr 1, 2024 | Fund Letters | Maran Capital Management | CLAR | Clarus Corp | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Asset Divestiture, Asymmetric Risk, brand portfolio, EBITDA growth, Fortress Balance Sheet, net cash, Outdoor Equipment | Login |
| Apr 1, 2024 | Fund Letters | Maran Capital Management | CTT.LS | Correios de Portugal | Industrials | Air Freight & Logistics | Bull | Euronext Lisbon | EBIT growth, Express Parcels, Portuguese Logistics, Real Estate Monetization, share repurchases, Sub-4x EBITDA, value creation | Login |
| Apr 1, 2024 | Fund Letters | Maran Capital Management | VTY.L | Vistry Group | Consumer Discretionary | Household Durables | Bull | London Stock Exchange | capital returns, earnings growth, NVR Comparison, Operating Profit Growth, Partnerships model, Share Buybacks, UK Housebuilder | Login |
| Jan 1, 2024 | Fund Letters | Maran Capital Management | CLAR | Clarus Corp | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Asset Divestiture, Balance Sheet Transformation, Catalyst-Driven, Outdoor Equipment, Share Buybacks, Special Situation, Undervalued Assets, Value | Login |
| Jan 1, 2024 | Fund Letters | Maran Capital Management | CTT | Correios de Portugal | Communication Services | Integrated Telecommunication Services | Bull | Euronext Lisbon | banking, European Value, Portuguese Conglomerate, Postal Services, Real Estate Monetization, Share Buybacks, Sum-of-parts, value unlock | Login |
| Jan 1, 2024 | Fund Letters | Maran Capital Management | SLGD | Scott's Liquid Gold-Inc. | Consumer Staples | Household Products | Bull | OTC | asset management, Balance Sheet Transformation, Board Involvement, Business Model Pivot, Horizon Kinetics, Special Situation, Strategic Merger, value creation | Login |
| Jan 1, 2024 | Fund Letters | Maran Capital Management | VTY.L | Vistry Group PLC | Consumer Discretionary | Homebuilding | Bull | London Stock Exchange | asset monetization, multiple expansion, operating leverage, Partnerships Business, Real Estate, Share Buybacks, UK Housebuilding, Value | Login |
| Oct 1, 2023 | Fund Letters | Maran Capital Management | CLAR | Clarus Corporation | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Asset Sale, Automotive Accessories, Catalyst, Climbing Gear, ESG, litigation, Outdoor Equipment, Share Buybacks, turnaround, Value | Login |
| Oct 1, 2023 | Fund Letters | Maran Capital Management | VTY.L | Vistry Group PLC | Consumer Discretionary | Homebuilding | Bull | London Stock Exchange | activist, capital allocation, debt reduction, housing associations, Partnerships, Real Estate, Share Buybacks, UK Homebuilder, value unlocking | Login |
| Oct 1, 2023 | Fund Letters | Maran Capital Management | CTT.LS | Correios de Portugal S.A. | Industrials | Air Freight & Logistics | Bull | Euronext Lisbon | arbitration, Banking Subsidiary, capital return, Hidden-Assets, Portuguese Postal, Real Estate, Share Buybacks, Sum-of-parts, Value | Login |
| Jul 1, 2023 | Fund Letters | Maran Capital Management | APG | APi Group | Industrials | Commercial Services & Supplies | Bull | NYSE | Building Services, COVID Resilient, Fire Protection, growth, HVAC, industrial services, Quality Business | Login |
| Jul 1, 2023 | Fund Letters | Maran Capital Management | CDRE | Cadre Holdings | Industrials | Aerospace & Defense | Bull | NYSE | Body Armor, Defense, First Responders, IPO Investment, margin expansion, Mission-Critical, recurring revenue | Login |
| Jul 1, 2023 | Fund Letters | Maran Capital Management | CLAR | Clarus Corp | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Ammunition, Asymmetric, Climbing Gear, Cyclical, Outdoor Equipment, Sum-of-parts, turnaround, Vehicle Accessories | Login |
| Jul 1, 2023 | Fund Letters | Maran Capital Management | CTT.LS | Correios de Portugal | Communication Services | Diversified Telecommunication Services | Bull | Euronext Lisbon | banking, Europe, Free Cash Flow, Portuguese Postal, Real Estate Monetization, Share Buybacks, Sum-of-parts, Value Catalyst | Login |
| Jul 1, 2023 | Fund Letters | Maran Capital Management | VTY.L | Vistry Group | Consumer Discretionary | Household Durables | Bull | London Stock Exchange | activist investor, affordable housing, asset-light, contrarian, Partnerships Business, Recession-resistant, Share Buybacks, UK Homebuilder | Login |
| Apr 1, 2023 | Fund Letters | Maran Capital Management | ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK | Delek US Holdings | Energy | Oil, Gas & Consumable Fuels | Bull | NYSE | Asset Divestiture, Catalyst-Driven, energy infrastructure, Master Limited Partnership, refining, share repurchase, Special Situation, Sum-of-the-Parts, value unlock | Login |
| Apr 1, 2023 | Fund Letters | Maran Capital Management | RNGR | Ranger Energy Services | Energy | Energy Equipment & Services | Bull | NYSE | cash generation, debt reduction, Energy Services, High insider ownership, Low float, oilfield services, Picks and shovels, share repurchase, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| CLAR | Clarus (CLAR) has hired bankers and is in the process of exploring the sale of both of its segments. Clarus believes its market value does not reflect the value of its brands (a view we obviously share) and is taking action to unlock this value. |
| CTT.LS | Correios de Portugal (CTT.LS) received an unsolicited offer for its bank and has hired advisors to evaluate it and other strategic alternatives. In the meantime, it has been aggressively buying back shares (recently, at rates of over 1% of shares outstanding per month). |
| HKHC | Our top five positions as of the end of the quarter were equity investments in Clarus Corp (CLAR), Horizon Kinetics Holding Corporation (HKHC), Pure Cycle Corporation (PCYO), Turning Point Brands (TPB), and the credit position described below. We even facilitated the initial listing of Horizon Kinetics Holding Corporation (HKHC) via its reverse merger with SLGD. |
| PCYO | Our top five positions as of the end of the quarter were equity investments in Clarus Corp (CLAR), Horizon Kinetics Holding Corporation (HKHC), Pure Cycle Corporation (PCYO), Turning Point Brands (TPB), and the credit position described below. |
| TPB | Our top five positions as of the end of the quarter were equity investments in Clarus Corp (CLAR), Horizon Kinetics Holding Corporation (HKHC), Pure Cycle Corporation (PCYO), Turning Point Brands (TPB), and the credit position described below. You may recall our Standard Diversified (SDI)/Turning Point Brands (TPB) parent-daughter merger arbitrage. |
| APG | You may remember the set-up that led to our investment in APi Group (APG): A sub-$1bn market cap, pre-uplisting, U.S. Pink Sheet-traded stock, by way of a U.K. de-SPAC. We still own this stock over a half decade later. |
| CDRE | We have invested in a few IPOs in a traditional manner, such as that of Cadre Holdings (CDRE) when it came public at $13 per share. We enjoyed seeing a number of you at our investor event in New York over the summer. It was great to introduce you to Warren Kanders, executive chairman of Clarus Corp and Cadre Holdings. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
