SLGD - Maran Capital Management LP Q1 2021 Letter

• Maran Capital is a value-driven, concentrated, long-term investment manager focusing on small-cap stocks and special situations because we believe these are the most inefficient corners of the market.
• In the first quarter of 2021, Maran Partners Fund returned +22.5%, net of all fees and expenses. Over the past five years, the partnership has compounded at a rate of +19.8%, net.
• At the end of the first quarter, our top five positions were, in alphabetical order, Clarus Corp, Pure Cycle, Scott’s Liquid Gold, Turning Point Brands, and one undisclosed position.
• After several years of patience, we took advantage of strength in one of our core (though below the top five) positions, exiting as it reached my estimate of intrinsic value.

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