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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 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 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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| 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 | |
| 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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| 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 | |
| 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 |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Apr 13, 2026 | Fund Letters | Maran Capital Management | Horizon Kinetics Holding Corporation | Financials | Asset Management & Custody Banks | Bull | NASDAQ | asset management, Investment Holding Company, Long Term Investing, merger, Public Listing, value investing | View Pitch |
| Jan 30, 2026 | Fund Letters | Dan Roller | Horizon Kinetics Holding Corporation | Financials | Asset Management | Bull | NASDAQ | asset management, Incentive Fees, Inflation beneficiary, Optionality, valuation | 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. | ||||||||