Investment management company Maran Capital Management recently released its fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. In Q4, Maran Partners Fund returned +13.4%, net of all fees and expenses bringing the yearly return to +24.4%, net. 2023 was a solid year for the fund. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Maran Capital Management featured stocks such as Clarus Corporation (NASDAQ:CLAR) in the fourth quarter 2023 investor letter. Headquartered in Salt Lake City, Utah, Clarus Corporation (NASDAQ:CLAR) is an outdoor equipment and lifestyle products manufacturer. On February 1, 2024, Clarus Corporation (NASDAQ:CLAR) stock closed at $6.06 per share. The one-month return of Clarus Corporation (NASDAQ:CLAR) was -1.94%, and its shares lost 40.99% of their value over the last 52 weeks. Clarus Corporation (NASDAQ:CLAR) has a market capitalization of $231.185 million.
Maran Capital Management stated the following regarding Clarus Corporation (NASDAQ:CLAR) in its fourth quarter 2023 investor letter:
“Following the offer that Clarus Corporation (NASDAQ:CLAR) received from its chairman to purchase its Precision Sport segment for $160 million, Clarus ran a formal sales process, which resulted in an even better price. In late December, it entered into a definitive agreement to sell the segment for $175 million of gross cash proceeds to an unrelated financial buyer.
As a reminder, Clarus purchased the components of this segment for $110 million (~$80 million for Sierra in the summer of 2017 and ~$30 million for Barnes in late 2020). These businesses then generated approximately that entire purchase price in cash flow since, and Clarus is now selling the brands for $175 million. This was clearly a successful investment, with an IRR that we estimate was greater than 20% over six to seven years…” (Click here to read the full text)
Clarus Corporation (NASDAQ:CLAR) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Clarus Corporation (NASDAQ:CLAR) at the end of third quarter which was 13 in the previous quarter.
We discussed Clarus Corporation (NASDAQ:CLAR) in another article and shared Maran Capital Management’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
