CTTOF - Maran Partners Fund Q4 2023 Letter

2024-01-27 20:15:00 ET

Summary

• 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 fourth quarter, Maran Partners Fund returned +13.4%, net of all fees and expenses, bringing the fund’s full-year 2023 return to +24.4%, net.
• Our strategy is to invest in smaller cap stocks, off the beaten path companies, and special situations because we believe these are frequently less efficient corners of the market where we can find an edge.

Dear Partners and Friends,

In the fourth quarter, Maran Partners Fund returned +13.4%, net of all fees and expenses, bringing the fund's full-year 2023 return to +24.4%, net. ¹ 2023 was a solid year for the partnership, but as I frequently like to remind you-following both good short-term results and bad-our concentrated approach means that we should expect volatility in our results. I remain focused on the long term and not on our results in any given month, quarter, or year....

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