Maran Capital 2018Q3 Investor Letter: Clarus Corp, Turning Point Brands

Dan Roller’s Maran Capital published its investor letter for the third quarter of 2018. The fund generated net returns of 17.3% through the September outperforming the S&P 500 index by about 7 percentage points. In 2017 Dan Roller was able to deliver net returns of 23.9%. Maran Capital is mostly a long fund that invests in tiny but promising stocks. Its top 5 stock holdings are Clarus Corp (CLAR), Biglari Holdings (BH), Atento (ATTO), Scheid Vineards (SVIN), and Turning Point Brands (TPB)....