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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 26, 2026
Marram Investment Management generated a net return of +0.7% in the third quarter of 2026, advancing year-to-date net performance to +3.9%. Cumulative net return since the fund's January 2011 inception reached +637.5%, representing a +13.5% annualized net compound return. Portfolio posture remains deliberately conservative, marked by an elevated cash and cash equivalents allocation of 44% of net asset value yielding approximately 4% in interest and dividends. Positive quarterly contributions from Energy Infrastructure MLPs, Biopharma, and Large Financials were partially offset by softness across out-of-favor Payment Technology holdings. The investment team highlights an increasingly bifurcated macro environment characterized by heightened macroeconomic risk and speculative momentum-driven exuberance. As capital concentrates in artificial intelligence trades, liquidity has drained from unloved segments, creating cyclical discounts in residential construction and payment processing. The portfolio framework prioritizes patient opportunism, deploying capital into out-of-favor sectors with tangible asset backing while avoiding crowded momentum assets exhibiting deteriorating risk-reward profiles. Portfolio activity during the quarter centered on capital harvesting and contrarian deployment. Marram initiated an exit from its multi-year position in Williams Companies ($WMB) near $75 per share, citing full multiples and capital-intensive datacenter commitments, while halving its Paymentus ($PAY) allocation to 3% of NAV. Concurrently, the fund established a 7% NAV basket allocation in residential real estate through homebuilding ETFs and CoStar Group ($CSGP), while opportunistically scaling Paysafe ($PSFE) at high free cash flow yields.
Marram executes a strategy of patient opportunism by acquiring fundamentally sound, unloved assets at cyclically depressed valuations while preserving substantial interest-earning liquidity when bargains are scarce.
Marram anticipates ongoing market bifurcation as speculative capital in momentum trades eventually rotates into out-of-favor cyclical sectors, with patient cash deployed as securities reach targeted valuation thresholds.
Moderate Conviction Bullish
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