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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"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."
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.
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