CLAR - Maran Capital Management LP Q4 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 +14.8% in the fourth quarter, net of all fees and expenses, bringing its full year return for 2020 to +13.3% net.
• In 4Q, we raised our first co-investment SPV with several strategic investors to increase Maran’s ownership of Scott’s Liquid Gold to ~13%.
• At year-end, our top five positions were, in alphabetical order, Clarus, Pure Cycle, Scott’s Liquid Gold, Turning Point Brands, and one position that remains undisclosed.

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