Maran Capital Q2 Investor Letter

Maran Capital, a Denver-based value-driven investment management firm led by Dan Roller, recently published its Q2 Investor Letter (you can download a copy below).

The return of Maran Partners Fund was 5.6%, net of all fees and expenses. Year to date, the fund is up 3.3% net.

“While my concentrated approach means that returns will be lumpy, I am encouraged by the fact that, in general, our holdings trade at large discounts to intrinsic value, and their values continue to grow. I remain committed to first and foremost protecting, and then growing our capital in a world where many seem to be taking larger and larger risks. We own a portfolio of what I think are truly compelling, under-valued, off-the-beaten-path companies in a market that as a whole does not seem particularly cheap,”Roller said in the letter.

The fund’s top five positions were Clarus Corp., Biglari Holdings, Turning Point Brands, Scheid Vineyards, and Atento.

You can download the letter here.