- 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.
For further details see:
Maran Capital Management LP Q1 2021 Letter