CLAR - Maran Capital Management LP Q3 2020 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.
• Maran Partners Fund returned +13.6% in the third quarter, net of all fees and expenses, which brings its year-to-date return through three quarters to -1.3% net.
• At the end of the quarter, our top five positions were, Clarus (CLAR), Pure Cycle (PCYO), Scott’s Liquid Gold (SLGD), Whole Earth Brands (FREE), and one position that remains undisclosed.
• Several portfolio companies have made value-enhancing acquisitions in the past few months, while others have repurchased shares at compelling valuations.

For further details see: