CLAR

CLAR

CLAR

Letters With This Ticker

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.LS, PM, SLGDD, TPB, VTY.L	Buybacks, Cannabis, Concentration, Homebuilders, small caps, Tobacco, value	Turning 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.	TPB SLGDD	View
2025 Q2	Jul 23, 2025	Maran Capital Management	9.4%	9.5%	CLAR, CTT.LS, HKHC, TPB	Asymmetric, catalysts, Conservative, Engagement, Quality, small caps, special situations, value	The 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.	VTY LN	View
2025 Q2	Jul 21, 2025	Laughing Water Capital	13.1%	-	CDMO, CLAR, CTLP, GFL, HUBS, LFCR, NN, PAR, PLYA, SES.TO, THRY, VTY.L, WCN	Biotech, Buybacks, Canada, Oil Services, small caps, value, Waste management	SECURE Waste Infrastructure represents a transformation from cyclical oil services to recurring waste management with 80% of cash flows now recurring versus 60% previously cyclical. The company benefits from regulatory moats, geographic advantages, and stable demand from Western Canadian oil production. Management is aggressively repurchasing shares at attractive valuations.	VTY.L PAR NN LFCR SES.TO CLAR THRY VTY LN PAR NN LFCR SES CN CLAR	View
2024 Q1	May 14, 2024	Maran Capital Management	1.0%	9.0%	APG, CLAR, CTT.LS, DK, SLGD, VTY.L	Buybacks, Europe, growth, small caps, special situations, value	Manager 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.	VTY.L CTT.LS CLAR APG	View
2026 Q1	Apr 21, 2026	Maran Capital Management	-2.3%	-2.3%	APG, CLAR, CTT.LS, HKCH, PCYO	AI, insurance, private credit, small caps, special situations, value			View
2024 Q3	Nov 2, 2024	Maran Capital Management	1.0%	9.0%	AAPL, AMZN, CLAR, CTT.LS, GOOGL, HKHC, META, MSFT, NVDA, TPB, TPL, VTY.L	Concentration, conviction, long-term, Quality, small caps, value	Manager 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.	TPB CLAR HKHC	View
2024 Q3	Oct 31, 2024	Liberty Park Capital Management	7.1%	2.5%	AUR, BLN.TO, CGNX, CLAR, CLW, ENS, ENVX, ETD, GTLS, HQI, INTT, ITI, KRNT, LMB, MEG, NVEE, SWIM, THRY, XMTR, YOU	Election, Long/Short, Manufacturing, Rate Cuts, small caps, technology	Small cap equities were prime beneficiaries of the risk-on sentiment shift following Fed rate cuts and Trump assassination attempt. The fund focuses on small cap investments with Russell 2000 benchmark and weighted average market cap of $1.4 billion for Select Opportunities portfolio.	XMTR	View
2023 Q3	Oct 31, 2023	Maran Capital Management	1.0%	9.0%	CLAR, CTT.LS, VTY.L	Buybacks, consumer, Outdoor, small caps, special situations, value	Manager 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.	CTT.LS VTY.L CLAR	View
2025 Q3	Oct 30, 2025	Maran Capital Management	1.4%	11.0%	CLAR, CTT.LS, HKHC, TPB	catalysts, concentrated, Quality, small caps, special situations, value	Manager 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.		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, DISH, LFCR, NN, PAR, T, THRY, VTY.L	concentrated, fundamentals, Patience, Private Market, small caps, undervalued, value	Manager focuses on businesses trading below private market value with clear catalysts for value realization. Multiple portfolio companies are undergoing strategic reviews or have management incentivized to maximize shareholder value through potential sales.	VTY LN THRY US PAR US NN US LFCR US CLAR US	View
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	View
2023 Q2	Jul 31, 2023	Greenhaven Road Capital	15.0%	12.0%	APG, APPS, BNED, BUR.L, CLAR, CLBT, ESTC, HGTY, KKR, LFCR, PAR, PAT.DE, SPHR	catalysts, growth, long-term, small caps, SPACs, value	Multiple portfolio companies are former SPACs facing valuation compression despite business improvements. Manager believes SPAC stigma reduces over time as business quality becomes apparent, creating opportunity for multiple expansion.		View
2023 Q2	Jul 30, 2023	Maran Capital Management	1.0%	9.0%	APG, CDRE, CLAR, CTT.LS, VTY.L	Concentration, Homebuilders, small caps, special situations, value	Manager 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.	VTY.L CTT.LS CLAR CDRE APG	View
2025 Q1	Apr 15, 2025	Maran Capital Management	0.1%	0.1%	APG, CLAR, CTT.LS, HKHC, TPB	Buybacks, Cash, Resilience, small cap, tariffs, value, volatility	Portfolio 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.		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, CLAR, CTT.LS, HKHC, TPB, VTY.L	activism, Europe, small caps, special situations, value	Maran 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.		View
2023 Q4	Jan 25, 2024	Maran Capital Management	1.0%	9.0%	APG, CLAR, CTT.LS, SLGD, VTY.L	Buybacks, Concentration, Europe, small caps, special situations, value	The 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.	VTY.L SLGD CTT CLAR	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Maran Capital Management	Clarus Corp	Consumer Discretionary	Leisure Products	Bull	NASDAQ	Asset Divestiture, Balance Sheet Transformation, Catalyst-Driven, Outdoor Equipment, Share Buybacks, Special Situation, Undervalued Assets, Value	View Pitch
Apr 28, 2026	Fund Letters	Maran Capital Management	Clarus Corporation	Consumer Discretionary	Leisure Products	Bull	NASDAQ	Asset Sale, Automotive Accessories, Catalyst, Climbing Gear, ESG, litigation, Outdoor Equipment, Share Buybacks, turnaround, Value	View Pitch
Apr 28, 2026	Fund Letters	Maran Capital Management	Clarus Corp	Consumer Discretionary	Leisure Products	Bull	NASDAQ	Ammunition, Asymmetric, Climbing Gear, Cyclical, Outdoor Equipment, Sum-of-parts, turnaround, Vehicle Accessories	View Pitch
Apr 13, 2026	Fund Letters	Laughing Water Capital	Clarus Corp.	Consumer Discretionary	Leisure Products	Bull	NASDAQ	Asset Sale, brand value, Chairman Alignment, Consumer products, Outdoor Gear, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Maran Capital Management	Clarus Corp	Consumer Discretionary	Leisure Products	Bull	NASDAQ	Asset Divestiture, Asymmetric Risk, brand portfolio, EBITDA growth, Fortress Balance Sheet, net cash, Outdoor Equipment	View Pitch
Apr 13, 2026	Fund Letters	Maran Capital Management	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	View Pitch
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

BSD Shareholders of CLAR

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

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.

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