- Q1 2026 Letter to Partners Maran Partners Fund used software and broader market dislocations to begin a small position in a cash-rich, free-cash-flow-generative company viewed as an AI fear casualty. The fund also reviews a delisting, an acquired uplisting candidate, and an insurance demutualization, arguing that patience and illiquidity can create special-situation opportunities. first quarter -2.3% HKHC $498M
- Founder’s Letter Maran Capital Management sets out a concentrated, value-oriented strategy focused on special situations, wide discounts to intrinsic value, active ownership and cash when high-conviction ideas are scarce. Dan Roller argues that permanent capital loss, rather than volatility or short-term benchmark divergence, is the central risk to avoid. 2Q 2015 — —
2 letters so far. We collect each new one as Maran Capital Management publishes it.
