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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Severe equity market dispersion beneath large-cap indices creates high-conviction special situation opportunities across unloved small caps and motivated-seller transactions featuring asymmetric risk-reward."
Maran Partners Fund posted a net return of +2.5% in the third quarter of 2026, bringing its year-to-date return to +5.6% net of all fees and expenses. In comparison, the headline S&P 500 rose approximately 2% driven primarily by an 11% advance in mega-cap technology companies, while the equal-weighted S&P fell moderately and the small-cap Russell 2000 dropped over 7%. The fund maintains a highly concentrated equity portfolio completely decoupled from large-cap benchmark constituents, emphasizing independent underwriting and downside protection. The manager highlights an environment characterized by extreme index dispersion, where the median stock is experiencing a bear market with more than 50% of S&P 500 stocks down at least 20% from their record highs. Capitalizing on structural liquidity voids, the partnership positions itself as a fast, flexible transaction counterparty to motivated institutional sellers compelled to unload assets due to concentration limits or mandate constraints. Portfolio activity was headlined by the purchase of deeply discounted convertible preferred stock in a growing, asset-light business from a forced seller at roughly 27 against par. Core holdings continue to advance toward concrete catalysts: Clarus is progressing through a strategic review to sell its operating units, Horizon Kinetics trades at a negative enterprise value that prices its core asset management franchise at zero, and APi Group approaches the year-end conversion of founder preferred shares that will clean up its capital structure.
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