Investor Letters

Letters through June 30, 2015

1 letter reporting on the period ending June 30, 2015, in each firm's own reckoning.

Maran Capital Management Founder’s Letter Maran Capital sets out a concentrated value strategy focused on securities trading well below intrinsic value, special situations and active ownership. Dan Roller argues that cash is preferable to overvalued holdings, prioritizes permanent-loss avoidance through intensive research, and commits to keeping the fund small. 2Q 2015 —