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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Aug 8, 2025 | GreenWood Investors | - | - | CTT.LS, LDO.MI, LTC-USD, MEIP, MSTR, UHR.SW | active ownership, crypto, defense, E-Commerce, Europe, Governance, Luxury, value | Leonardo's defense products including radars, lasers, sensors, jammers, helicopters and trainers are best-in-class and world leading. The company has launched a highly differentiated anti-missile defense system that will be in high demand for a decade due to geopolitical volatility. Defense spending tailwinds are expected to continue for at least a decade. | UHR SW |
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| 2024 Q2 | Aug 6, 2024 | GreenWood Investors | 0.0% | 16.6% | CTT.LS, LDO.MI, MEIP, ODET.PA, PDD, RACE, ROL, RTO.L | Biotechnology, Buybacks, defense, E-Commerce, Europe, Governance, value | Leonardo SpA is the largest contributor to performance, benefiting from increased defense spending driven by the Ukraine war and new normal lasting at least a decade. Italian government considering near-term orders that would eclipse total annual defense expenditures, with jumbo orders largely not included in the company's 5-year plan. | ODET.PA RTO.L PDD CTT.LS MEIP LDO.MI |
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| 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 |
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| 2025 Q2 | Aug 12, 2025 | Symmetry Invest | - | 15.6% | ADM.L, BUR.L, CTT.LS, FBD.L, GIG.OL, IAC, IWG.L, JDC.DE, PAR, PROT.OL, SHEL.CO | alpha, Europe, insurance, Long/Short, small caps, value | Manager focuses on cheap European small-cap stocks that experienced strong performance in early 2025 as investors recognized their undervaluation. Strategy involves buying undervalued companies and selling overvalued positions, exemplified by the GiG/Gentoo Media trade where they bought what others didn't want. | JDC.DE CTT.LS JDC GR PAR |
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| 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 |
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| 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 |
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| 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 Q4 | Dec 31, 2024 | Symmetry Invest | - | 9.6% | ACIC, ADM.L, CAT.ST, CTT.LS, FBD.IR, FREE.CO, G2M.L, IWG.L, JDC.DE, OGN.L, PAR, PROTCT.OL | dividends, Europe, insurance, Logistics, small caps, technology, value | Multiple insurance companies featured prominently including Admiral Group (UK car insurance), American Coastal Insurance (Florida property), FBD Holdings (Irish insurance), and Protector Forsikring (Nordic insurance). Manager emphasizes attractive valuations and strong dividend yields across the insurance sector. | 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 |
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| 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 |
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| 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 | |
| 2024 Q4 | Jan 7, 2025 | GreenWood Investors | 0.0% | 16.6% | AMZN, CTT.LS, FDX, LDO.MI, PDD, TPL, UPS | active ownership, defense, E-Commerce, Europe, Logistics, value | The fund is invested in CTT's parcel delivery business serving the under-penetrated Iberian e-commerce market, and PDD Holdings which has built an e-commerce platform with similar GMV to Amazon in one-third the time. E-commerce infrastructure services have significant runway as Iberian e-commerce remains under-penetrated as a portion of retail sales. | PDD CTT.LS LDO.MI TPL |
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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, 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 |
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| 2023 Q1 | Jun 27, 2023 | GreenWood Investors | 0.0% | 16.6% | CTT.LS, LDO.MI, MEIP, SFOR.L, VRNOF | activism, Coinvestment, global, Micro Cap, Owner Operators, value | Verano remains free-cash-flow positive despite onerous double taxation and continues organic expansion in regulated states. Manager optimistic about sector potential as Biden administration may de-schedule cannabis, eliminating double taxation and increasing Verano's free-cash-flow yield from 5.5% to over 15%. | MEIP Salesforce Inc VRNOF |
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| 2023 Q1 | Apr 28, 2023 | Maran Capital Management | 1.0% | 9.0% | APG, CDRE, CTT.LS, DK, DKL, RNGR, VTY.L | catalysts, energy, small caps, special situations, value | Ranger 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. | RNGR ACGL|APH|COO|CSGP|DKNG|GWRE|IDXX|IOT|IT|LPLA|MSCI|MTD|PCOR|ROP|TECH|VRSK |
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| 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 | |
| 2023 Q4 | Mar 2, 2024 | GreenWood Investors | 0.0% | 16.6% | BOL.PA, CTT.LS, LDO.MI, MEIP, NXE, PDD, RTO.L, UMG.AS | activism, defense, E-Commerce, Europe, Music, Owner-Operators, uranium, value | European Aerospace & Defense is having its moment, being very active. Europe's defense industry will likely experience a decade of tailwinds as the continent responds to its 9/11 moment that occurred in 2022. Leonardo is only just starting to hit its stride with substantial improvement potential. | 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 |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 28, 2026 | Fund Letters | Maran Capital Management | 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 | View Pitch |
| Apr 28, 2026 | Fund Letters | GreenWood Investors | CTT | Industrials | Air Freight & Logistics | Bull | Euronext Lisbon | Coinvestment, e-commerce, ESG, Iberia, Logistics, parcel delivery, Portugal, Share Buybacks | View Pitch |
| Apr 28, 2026 | Fund Letters | Maran Capital Management | 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 | View Pitch |
| Apr 13, 2026 | Fund Letters | Maran Capital Management | 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 | View Pitch |
| Apr 13, 2026 | Fund Letters | GreenWood Investors | CTT - Correios de Portugal | Industrials | Air Freight & Logistics | Bull | Euronext Lisbon | banking, board representation, e-commerce, financial services, Iberia, Portugal, Postal Services, share repurchases, Sum-of-parts, transformation | View Pitch |
| Apr 13, 2026 | Fund Letters | Symmetry Invest | CTT Portugal | Industrials | Air Freight & Logistics | Bull | Euronext Lisbon | acquisition, cash generation, e-commerce, Express Delivery, growth, Logistics, Portugal, Postal Services | View Pitch |
| Apr 13, 2026 | Fund Letters | GreenWood Investors | CTT - Correios de Portugal SA | Industrials | Air Freight & Logistics | Bull | Euronext Lisbon | Board Seat, Customs Clearance, DHL Partnership, e-commerce, Last Mile, Logistics, market consolidation, Parcel Lockers, Portugal, Spain | 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. | ||||||||