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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q2 | Aug 5, 2024 | Maran Capital Management | 1.0% | 9.0% | CLAR, CTT, SLGDD, TPB, VTY LN | - | View | ||
| 2024 Q1 | May 14, 2024 | Maran Capital Management | 1.0% | 9.0% | APG, C7T GR, CLAR, SLGD, VTY LN | - | View | ||
| 2024 Q3 | Nov 2, 2024 | Maran Capital Management | 1.0% | 9.0% | C7T GR, CLAR, HKHC, TPB, TPL, VTY LN | - | View | ||
| 2024 Q3 | Oct 31, 2024 | Liberty Park Capital Management | 7.1% | 2.5% | AUR, CLAR, CLW, ENVX, ETD, INTT, ITI, KRNT, MEG, SWIM, XMTR | - | View | ||
| 2023 Q3 | Oct 31, 2023 | Maran Capital Management | 1.0% | 9.0% | CLAR, CTTN MM, VTY LN | - | View | ||
| 2022 Q3 | Oct 28, 2022 | Maran Capital Management | 1.0% | 9.0% | APG, C7T GR, CLAR | - | View | ||
| 2025 Q3 | Oct 16, 2025 | Laughing Water Capital | -1.0% | -2.7% | CLAR, LFCR, NN, PAR, THRY, VTY LN | fundamentals, mispricing, Patience, small caps, Value Investing | Laughing Water emphasizes patience and logic amid a market obsessed with AI and quantitative trading. The fund highlights long-term value creation across holdings such as Clarus, Lifecore, and NextNav, where operational and regulatory progress is ignored by short-term investors. Management sees improving fundamentals that will eventually translate into higher valuations as market sentiment normalizes. | VTY LN THRY US PAR US NN US LFCR US CLAR US |
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| 2025 Q4 | Jan 29, 2026 | Maran Capital Management | -5.2% | 0.0% | APG, CLAR, CTT.LS, HKHC, PCYO, TPB | concentrated, inflation, Logistics, SmallCap, Tobacco, value, water | 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 and meaningful upside potential. Examples include Clarus trading at 0.35x revenue and CTT achieving 21% CAGR despite remaining cheap. Turning Point Brands represents a major success story with nicotine pouch market explosion driving dramatic growth. TPB initially guided 2025 nicotine pouch sales to $60-80 million, then raised guidance multiple times to $125-130 million. The company could generate over $5 per share in earnings this year and $6+ next year as market continues growing. Pure Cycle Corporation is a Colorado-based real estate developer and water company holding approximately 30,000 acre-feet of water rights in the Denver metro region. The company represents an inflation beneficiary holding given the long-lived, hard asset nature of its water rights and real estate assets. Correios de Portugal owns a pan-Iberian logistics business that has compounded at approximately 21% CAGR since 2019. The company achieved its 2021-2025 goal of growing EBIT at better than 15% CAGR and guided for similar growth through 2028, taking EBIT from ~€100 million to €175-195 million. | TPB PCYO HKHC CLAR |
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| 2023 Q2 | Jul 30, 2023 | Maran Capital Management | 1.0% | 9.0% | APG, C7T GR, CDRE, CLAR | - | View | ||
| 2022 Q4 | Mar 2, 2023 | Maran Capital Management | 1.0% | 9.0% | C7T GR, CLAR, VTY LN | - | View | ||
| 2022 Q4 | Jan 31, 2023 | Greenhaven Road Capital | 15.0% | 12.0% | APG, CLAR, CLBT, ESTC, KKR, MGNT, PAR, PAT GR | - | View | ||
| 2024 Q4 | Jan 28, 2025 | Maran Capital Management | 6.4% | 16.0% | APG, C7T GR, CLAR, HKHC, TPB, VTY LN | - | View | ||
| 2023 Q4 | Jan 25, 2024 | Maran Capital Management | 1.0% | 9.0% | C7T GR, CLAR, SLGD, VTY LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Dan Roller | Clarus Corporation | Consumer Discretionary | Leisure Products | Bull | NASDAQ | Brand Assets, Catalysts, net cash, Sum-of-the-Parts, undervaluation | View Pitch |
| Jan 8, 2026 | Fund Letters | Matthew Sweeney | Clarus Corp. | Consumer Discretionary | Leisure Products | Bull | NASDAQ | brands, Options, Outdoor, restructuring, sale | View Pitch |
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||