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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 | ||
| 2025 Q2 | Aug 2, 2025 | Meridian Small Cap Growth Fund | 6.9% | - | AXGN, MIR, NPKI, PACK, TPB, VNOM | growth, Quality, Recurring Revenue, risk management, small caps | The letter highlights small-cap growth investing with an emphasis on quality, recurring revenue, and risk management. Management avoids high-beta speculation and prioritizes resilience during market drawdowns. Long-term returns are expected from steady execution and earnings growth. | VNOM AXGN PACK |
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| 2025 Q2 | Jul 18, 2025 | Seven Corners Capital | - | 11.0% | CART, GNW, PSH LN, RKT, SD, TPB | Discipline, Intrinsic Value, mispricing, Sentiment, valuation | The letter focuses on valuation discipline amid elevated market multiples and narrow leadership. Management argues that mispriced securities persist due to short-termism and sentiment-driven trading. Long-term intrinsic value remains the anchor for capital deployment. | RKT SD CART GNW TPB PSHZF |
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| 2024 Q1 | May 16, 2024 | Atai Capital Management | 6.5% | 4.4% | EG7 SS, TPB | - | View | ||
| 2024 Q4 | Feb 10, 2025 | Meridian Small Cap Growth Fund | 2.8% | 11.7% | ANGI, BYRN, MIR, SRI, TMDC, TPB | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Seven Corners Capital | - | 17.0% | CART, GNW, PSH LN, SD, TPB | - | View | ||
| 2024 Q4 | Dec 31, 2024 | Apis Deep Value Fund | 1.4% | 8.5% | 103590 KS, 2238 HK, 4046 JP, HNRG, PLUG, RCAT, SOON SW, TLN, TPB | - | View | ||
| 2024 Q3 | Nov 2, 2024 | Maran Capital Management | 1.0% | 9.0% | C7T GR, CLAR, HKHC, TPB, TPL, VTY LN | - | View | ||
| 2024 Q3 | Nov 1, 2024 | Seven Corners Capital | 14.0% | 0.0% | GNW, PSHD LN, RKT, SD, TPB | - | View | ||
| 2025 Q3 | Oct 24, 2025 | Meridian Small Cap Growth Fund | 4.2% | - | ALIT, CCSI, KEX, SPT, TPB, ZBIO | capital goods, healthcare, semiconductors, small caps, valuation | A quality-biased, lower-beta process lagged a speculative, momentum-led rally; managers avoided expensive capital-goods and speculative semis despite a powerful AI buildout. Healthcare overweight and underweights in capital goods hurt, but stock selection in consumer, comm services, and financials helped. They remain disciplined on durable growth at reasonable valuations. | CCSI ZENAS TPB KEX SPT ALIT ZD HALO MDGL ALGN SPT CCSI KEX SPT |
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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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| 2025 Q4 | Jan 21, 2026 | Meridian Growth Fund | -0.4% | -6.4% | ABT, CERT, CHDN, COO, DOCS, DT, EXAS, GFS, GMED, RELY, SAIC, TNDM, TPB, TRMB, VCYT | growth, healthcare, Medical Devices, Quality, small caps, technology | Healthcare was the portfolio's largest allocation and top-performing sector for the quarter, with the fund maintaining an overweight position. The manager views healthcare as undervalued relative to long-term fundamentals after lagging the broader market for four years. Several healthcare holdings contributed positively including medical device companies and diagnostics firms. The fund's investment approach emphasizes high-quality businesses with recurring revenue, sustainable competitive advantages, and strong balance sheets. However, the quarter saw relative outperformance by lower-quality stocks which created a modest headwind to performance given the portfolio's quality bias. The fund focuses on small-cap growth investments, benchmarked against the Russell 2500 Growth Index. Small caps delivered solid annual returns of 12.8% for the year, though below large-cap returns, with value outperforming growth in the quarter. | View | |
| 2025 Q4 | Jan 21, 2026 | Meridian Small Cap Growth Fund | 0.9% | 0.0% | ALKT, AMPL, AXGN, CCSI, CDNA, CERT, GPCR, KEX, RELY, TPB, VCYT, VNOM, ZNAS | Biotechnology, growth, healthcare, Quality, small caps, technology, value | Healthcare was the portfolio's largest allocation and top-performing sector for the quarter. The manager continues to view the sector as undervalued relative to long-term fundamentals, noting it has lagged the broader market over the last four years. Multiple biotech holdings contributed positively, including Structure Therapeutics with promising obesity therapy trials, Axogen with peripheral nerve regeneration technology, and Zenas BioPharma with autoimmune disease treatments in Phase 3 trials. The fund emphasizes investing in high-quality businesses with recurring revenue, sustainable competitive advantages, strong balance sheets, and clear visibility into sustainable earnings growth. This quality bias created a modest headwind during the quarter as lower-quality stocks outperformed. | ZBIO AXGN GPCR RELY CERT CCSI EXAS TNDM GMED RELY DOCS CERT |
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| 2025 Q4 | Jan 18, 2026 | Seven Corners Capital | 0.0% | 35.0% | ACT, CART, GNW, HHH, PSHZF, RKT, SD, TPB | concentrated, discount, energy, Mortgage, NAV, Tobacco, value | The portfolio demonstrates a value investing approach with concentrated positions in companies trading at discounts to intrinsic value. Holdings like PSHZF trade at significant discounts to NAV, while GNW trades at a discount to its sum-of-the-parts valuation. Turning Point Brands represents a significant position focused on smokeless tobacco products including Zig-Zag and Stoker's brands. The company's Modern Oral segment grew 627.6% year-over-year, with the FRE brand showing extremely high growth rates. Multiple holdings have mortgage exposure including Genworth Financial through its 80% ownership of Enact Holdings (private mortgage insurance) and Rocket Companies' mortgage origination and servicing business following acquisitions of Redfin and Mr Cooper. Sandridge Energy represents the largest energy holding, positioned for potential oil and natural gas price recovery. The thesis centers on secular decline in drilling combined with inflation supporting carbon-based energy prices going forward. | RKT SD CART GNW TPB PSHZF |
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| 2024 Q3 | Sep 30, 2024 | Meridian Small Cap Growth Fund | 6.2% | 0.0% | BYRN, EVRI, LZ, SEAT, SRI, TPB | - | View | ||
| 2024 Q2 | Jun 30, 2024 | Seven Corners Capital | 14.0% | 0.0% | GNW, PSHZF, RKT, SD, TPB | - | View | ||
| 2024 Q4 | Jan 28, 2025 | Maran Capital Management | 6.4% | 16.0% | APG, C7T GR, CLAR, HKHC, TPB, VTY LN | - | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| Jan 30, 2026 | Fund Letters | Dan Roller | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cash flow, growth inflection, market share, Nicotine pouches, Re-rating | View Pitch |
| Jan 21, 2026 | Fund Letters | Scott Klarquist | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Governance, growth, Smeless nicotine, tobacco | View Pitch |
| Jan 8, 2026 | Fund Letters | Scott Klarquist | Turning Point Brands, Inc. | Consumer Staples | Tobacco | Bull | New York Stock Exchange | cashflow, Consumerbrands, Nicotine, Secularshift, tobacco | View Pitch |
| Jan 8, 2026 | Value Investors Club | alcideholder | Turning Point Brands, Inc. | Financials | Banks | Bull | New York Stock Exchange | banking, Credit, Deposits, financial services, Interest rates, Lending | View Pitch |
| Nov 29, 2025 | Fund Letters | Chad Meade | Turning Point Brands Inc. | Consumer Staples | Tobacco Products | Bull | NYSE | Consumer products, growth, innovation, Margins, market share, Nicotine, profitability, tobacco | 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. | ||||||||