AOUT - Maran Capital's Q3 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 third quarter of 2021, Maran Partners Fund returned -3.1%, net of all fees and expenses, which brings the year-to-date return to +48.3%, net.
• Over the past five years, the fund has compounded at the annualized rate of +22.2%, net of all fees and expenses.
• At the end of the third quarter, our top five positions were, in alphabetical order, Clarus Corp, Correios de Portugal, S.A., Pure Cycle Corp, Scott’s Liquid Gold, and Turning Point Brands.
• Crossroads Systems remains a core position, but it fell out of our top five following the payment of its large special dividend. Additional disclosed positions outside of the top five include American Outdoor Brands and Whole Earth Brands.

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