| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.7% | 2.7% | 3.2% |
Marram returned +2.7% net in Q2 2026 and +3.2% YTD, bringing since-inception annualized returns to +13.7%. The portfolio remains conservatively positioned with 47% cash amid high valuations and multiple macroeconomic risks including reversing profitability tailwinds, AI-driven business uncertainty, and speculative assumptions embedded in current prices. Energy infrastructure MLPs at 29% NAV remain a cornerstone holding given stable cash flows, reasonable valuations at ~10x cash flow, and inflation protection. Regional banks at 9% NAV have delivered 30%+ IRR since the March 2023 crisis purchases, though exposure has been prudently reduced due to expanded valuations and easing credit standards. Payment technology holdings at 8% NAV are down 23% YTD as capital rotates into AI and semiconductors, but the manager plans to add if prices decline further. Biopharma at 7% NAV positions for recovery in industry R&D spend from cyclical lows. The manager exited PayPal after CEO change broke the thesis and ICON plc after moat deterioration, while adding to Berkshire Hathaway. The strategy remains patient opportunism, with ample dry powder awaiting deployment at target Wishlist prices.
Marram employs a patient opportunism strategy, buying cheap assets when available and holding substantial cash when opportunities are scarce, while maintaining a diversified portfolio of cash-generating businesses purchased at attractive valuations with a long-term compounding focus.
Manager will continue adhering to patient opportunism strategy, focusing on expanding the Wishlist of businesses to own at target prices and waiting for those prices to be reached before deploying the 47% cash position. If Wishlist prices are not reached, the manager will wait. Research process continues with AI tools accelerating information gathering. Manager remains focused on what can be controlled rather than fixating on price movements outside of control.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 20 2026 | 2026 Q2 | BRK/B | Biotechnology, Cash Position, Energy Infrastructure, Patient Opportunism, payments, Regional Banks, risk management, value | - | Marram holds 47% cash amid elevated valuations and macro uncertainty, maintaining core positions in energy infrastructure MLPs, regional banks, payment technology, and biopharma. Energy infrastructure and banks have performed well, while payment names declined 23% YTD on valuation compression. Manager exited PayPal and ICON plc, added Berkshire Hathaway, and continues patient opportunism approach with substantial dry powder awaiting attractive entry points on expanded Wishlist. |
| Apr 15 2026 | 2026 Q1 | - | AI, cash flow, energy, financials, value, volatility | - | Marram maintains defensive positioning with 44% cash amid macro headwinds and AI uncertainty. Energy infrastructure at 28% NAV provides stable cash flows and inflation protection. The manager emphasizes current yields over uncertain growth, having reduced exposures and harvested gains. Strategy remains patient opportunism, waiting for attractive bargains to emerge from rising volatility. |
| Jan 20 2026 | 2025 Q4 | AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL | Banking, biopharma, cash flow, energy, payments, value | - | Marram returned 4.0% in 2025 despite strong business fundamentals across holdings. Payment technology companies show disconnect between operating performance and share prices, creating opportunity for patient capital. Energy infrastructure MLPs provide stable cash flows with inflation protection. Regional banks delivered strong returns but exposure reduced due to valuation expansion. Significant cash position maintained for future opportunities. |
| Oct 20 2025 | 2025 Q3 | FHN, FOUR, PYPL, RF | biopharma, Energy Infrastructure, financials, MLPs, payments, Regional Banks, technology |
PYPL FOUR PYPL FOUR |
Marram delivered +3.0% YTD returns through disciplined sector rotation, harvesting 31% IRR gains from regional banks while initiating biopharma exposure at cyclical lows. Despite payment technology headwinds, the concentrated portfolio maintains strong cash position for opportunistic deployment. Long-term focus on undervalued businesses with secular growth drivers continues driving wealth compounding for retirement and legacy purposes. |
| Jul 14 2025 | 2025 Q2 | FCNCA, PINS | Cash, energy, financials, MLPs, Opportunism, payments, technology, value | - | Marram's patient opportunism strategy delivered +2.4% YTD returns while maintaining 32% cash amid market exuberance. Core positions in regional banks, energy MLPs, and payments software offer compelling risk-adjusted returns. Despite Q2 volatility creating brief opportunities, widespread asset inflation keeps the manager selective, preserving capital for better entry points while collecting steady income. |
| Apr 18 2025 | 2025 Q1 | - | Cash, energy, financials, MLPs, Opportunistic, payments, technology, Trade Policy | - | Marram delivered resilient Q1 performance with 32% cash positioning ahead of market volatility. Core holdings in regional banks, energy infrastructure MLPs, and payments software are well-positioned for economic uncertainty. Recent trade policy disruptions validate the manager's prediction of near-term opportunities. Conservative balance sheets and ample liquidity enable selective buying at lower prices while avoiding direct trade policy exposure. |
| Jan 27 2025 | 2024 Q4 | - | Cash, energy, financials, MLPs, Opportunistic, payments, value | - | Marram delivered 19.3% returns in 2024 through concentrated positions in regional banks, energy MLPs, and payment technology, while maintaining 38% cash. The patient opportunistic strategy capitalizes on market dislocations, with current speculative behavior suggesting future opportunities ahead. The manager is expanding research into new sectors while maintaining discipline around valuation and risk-reward. |
| Oct 20 2024 | 2024 Q3 | CMA, COF, ENLC, KEY, OKE, PSFE | Banking, energy, financials, infrastructure, MLPs, Opportunism, payments, value | PSFE | Marram delivered 14.3% YTD returns through patient opportunism, harvesting major gains from regional banks and energy MLPs purchased during crisis periods. Cash now sits at 40% NAV earning 4% while awaiting the next fear-driven opportunity. Remaining concentrated positions in financials, energy infrastructure, and payments technology offer substantial upside with multi-year return targets of 2-3X. |
| Jul 15 2024 | 2024 Q2 | - | Energy Infrastructure, Fintech, MLPs, Opportunistic, payments, Regional Banks, value | - | Marram's opportunistic strategy delivered +5.7% YTD through concentrated positions in regional banks (37%), energy MLPs (26%), and payments technology (17%). Built during crisis periods at attractive valuations, the manager targets 2-3X returns over 4-5 years across core holdings while maintaining 20% cash for future opportunities. |
| Apr 30 2024 | 2024 Q1 | - | Banking, Crisis, energy, financials, infrastructure, MLPs, payments, value | - | Marram's concentrated value strategy delivered +7.6% in Q1 through opportunistic positioning in crisis-affected regional banks, stable energy infrastructure MLPs, and high-growth payment technology. The manager targets 2-3X returns over 4-5 years across core holdings while maintaining 22% cash for future opportunities. |
| Jan 22 2024 | 2023 Q4 | PSFE | Energy Infrastructure, Fintech, MLPs, Opportunistic, payments, Regional Banks, SPACs, value | - | Marram's patient opportunistic strategy delivered 12.9% returns in 2023 through concentrated exposure to undervalued regional banks, energy infrastructure MLPs, and emerging payment technology opportunities. Manager capitalized on March banking crisis to acquire regional banks at fire-sale prices, viewing AFS unrealized losses as future upside. Portfolio positioned for 2.0-2.5x returns over next four years. |
| Oct 23 2023 | 2023 Q3 | ET | Energy Infrastructure, MLPs, Patient Capital, Regional Banks, Rising Rates, value | - | Marram's patient opportunistic strategy delivered 2.2% YTD returns through concentrated positions in energy MLPs and regional banks. Rising rates create new opportunities in utilities and real estate while the manager maintains 22% cash earning 5%. Four portfolio buyouts totaling 15.3% NAV validate their undervaluation thesis. |
| Jul 14 2023 | 2023 Q2 | KLR, MGI, MMP, PAYA | Energy Infrastructure, Fintech, MLPs, Opportunistic, Regional Banks, SPACs, value | - | Marram's patient opportunism strategy deployed capital into regional banks during March banking crisis and maintains concentrated positions in energy infrastructure MLPs, fintech/payments, and SPAC investments. Recent merger activity in four holdings validates undervaluation thesis. Manager expects 2-3X returns from current positioning over next 3-5 years despite year-to-date underperformance versus S&P 500. |
| Apr 24 2023 | 2023 Q1 | CMA, FITB, KEY, RF | energy, Fintech, MLPs, Opportunistic, Regional Banks, SPACs, value | FITB | Marram capitalized on March banking crisis to significantly increase regional bank exposure at fire-sale prices, estimating 2-3X returns over 5 years from AFS loss reversals and multiple expansion. Portfolio diversified across energy MLPs, fintech growth stories, and mispriced SPACs. Cash deployment accelerated from 35% to 13% as opportunities emerged. Manager extremely bullish on multi-year return prospects. |
| Jan 15 2023 | 2022 Q4 | MGI, PAYA | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
MidstreamEnergy infrastructure MLPs remain a cornerstone allocation at 29% NAV, down from 42% peak in late-2021 due to harvested gains and M&A activity. Manager views the sector favorably given stable cash flows, conservative balance sheets, reasonable valuations at ~10x cash flow, generous distributions, and inflation protection. Favorable industry demand dynamics support the long-term thesis. |
Energy Infrastructure MLPs Cash Flow Inflation Protection |
Regional BanksLarge-cap financials allocation at 9% NAV, down from higher levels following the March 2023 banking crisis when the manager bought at fire-sale prices. Regional bank investments have returned 30%+ IRR since purchase. Manager continues to view the sector favorably long-term for its ability to generate steady 10%+ annual profits, but has prudently reduced exposure over the past 2 years due to reversed unrealized securities losses, expanded valuations, and gradual easing in credit underwriting standards. |
Regional Banks Banking Crisis Credit Standards Valuations | |
PaymentsPayment technology allocation at 8% NAV consists of growing businesses with favorable revenue tailwinds, cash profitability, and high incremental margins. Purchased at attractive prices expected to generate at least 3X return in 5 years. However, payment names are down 23% YTD as valuations compress due to capital rotation into AI and semiconductors. Manager exited PayPal after CEO firing broke the investment thesis, but plans to buy more of remaining holdings if prices move lower. |
Payment Technology Valuations Growth Capital Rotation | |
BiotechnologyBiopharma allocation at 7% NAV initiated as a diversified basket to benefit from recovery of industry R&D spend from cyclical lows. Manager takes a long-term view that society will continue to demand new drugs and health innovations including obesity treatments, next-generation vaccines, medical devices, and cosmetic enhancements. Sector has been out of favor due to political factors and lower industry R&D spend, but manager believes capital will return over time. |
Biopharma R&D Spend Drug Development Healthcare Innovation | |
AIManager has begun integrating AI tools into the research process to accelerate speed and depth of information gathering from primary sources. This has allowed expansion of the investment Wishlist at a faster pace, effectively setting more traps across the investment landscape. However, manager also flags that artificial intelligence is introducing broad, complex, and fast-moving uncertainty into business profit pools as a macroeconomic risk. |
AI Tools Research Process Business Uncertainty | |
Risk AppetitePortfolio remains conservatively positioned with 47% cash amid high valuations and macroeconomic risks. Manager favors a bird-in-hand approach preferring investments that generate meaningful current cash flow. Ample cash dry powder collecting ~4% interest while awaiting future deployment. Manager adheres to patient opportunism strategy, waiting for Wishlist prices to be reached rather than chasing current market levels. |
Cash Position Conservative Positioning Patient Opportunism Dry Powder | |
VolatilityManager highlights that elevated expectations applied to potentially less profitable and less predictable outcomes equate to a potent recipe for future volatility. The diversified basket approach and focus on reasonable prices and operating fundamentals has contributed to steady positive returns while avoiding extreme price swings observed in market indices. Manager views this as a satisfactory outcome given the risks avoided. |
Market Volatility Price Swings Risk Management | |
| 2026 Q1 |
AIAI represents both extraordinary opportunity and significant disruption, with transformational impacts occurring at unprecedented speed. The Sandwich Incident demonstrates AI's unpredictable advancement, introducing new systemic risks that prompted emergency meetings between Treasury, Federal Reserve, and major banks. |
Artificial Intelligence Technology Disruption Systemic Risk Innovation |
EnergyEnergy infrastructure remains a cornerstone holding at 28% NAV, benefiting from geopolitical strife, inflation recognition, and market reembrace of fossil fuels. MLPs offer stable cash flows, conservative balance sheets, reasonable valuations at 10x cash flow, and inflation protection. |
MLPs Infrastructure Fossil Fuels Cash Flow Inflation Protection | |
VolatilityThe quarter was marked by heightened equity volatility driven by Middle East instability affecting 25% of global energy supply, spiking energy prices, and downstream effects on inflation and corporate margins. High valuations combined with uncertain outcomes create a recipe for future market volatility. |
Market Volatility Geopolitical Risk Valuation Risk Uncertainty Price Swings | |
| 2025 Q4 |
AIAI has been the defining theme of market leadership in 2025, driving surge in data center capex and benefiting semis, electrical equipment, and tech hardware. AI data centers require enormous power, creating demand for solutions like Bloom Energy's fuel cells. AI theme reasserted dominance after NVIDIA's strong earnings in late November. |
Data Centers Semiconductors Power Infrastructure |
Energy TransitionPortfolio has largest exposure to Electrification theme within Industrials sector. First Solar benefits from thin-film CdTe technology offering better performance than traditional silicon panels and Trump Administration's bill driving US demand for non-China solar products. Clean energy solutions addressing data center power demands. |
Solar Electrification Clean Energy | |
BiotechnologyBiotech was a standout performer during the quarter, delivering its best quarter in five years. Performance driven by improving rate environment, easing regulation enabling more M&A, and excitement around AI's promise in driving efficiencies in drug discovery process. |
Drug Discovery M&A Regulation | |
AerospacePortfolio maintains conviction in Aerospace theme alongside Electrification within largest Industrials sector exposure. Rocket Lab operates in Launch Services and Space Systems, providing rides into orbit for small satellites and manufacturing spacecraft components. |
Space Launch Services Defense | |
| 2025 Q3 |
Energy InfrastructureMLPs remain a cornerstone allocation at 26% NAV, down from peak of 42% in late-2021 due to harvested gains and M&A activity. Investments made in early 2020 during commodity volatility have benefited from geopolitical strife, inflation, and renewed recognition of fossil fuel limitations driving revaluation. |
MLPs Pipelines Energy Infrastructure Cash Flow Inflation Protection |
Regional BanksLarge-Cap Financials allocation reduced from 37% to 18% NAV after capitalizing on March 2023 banking crisis fire-sale prices. Portfolio generated 31% IRR on average since March 2023, but manager is moderating exposure due to expanded valuations and easing credit underwriting standards. |
Regional Banks Banking Crisis Credit Standards Fire Sale IRR | |
PaymentsPayment Technology investments declined ~20% YTD creating performance drag, but manager views these as enduring long-term investments with exceptional upside potential. Built on modern technology stacks, positioned to benefit from secular digital transaction growth and inflation tailwinds. |
Digital Payments Technology Stack Operating Leverage Digital Transactions | |
BiopharmaNew 7% NAV basket allocation initiated during quarter targeting sector recovery from cyclical lows. Sector weighed down by political scrutiny, funding cuts, and regulatory uncertainty, but manager believes capital will return as society continues demanding health innovations and R&D spend reaccelerates. |
R&D Spend Clinical Trials Regulatory ETFs CRO | |
| 2025 Q2 |
Regional BanksLarge-Cap Financials represent 24% of portfolio allocation. Following the March 2023 banking crisis, the manager significantly increased exposure at fire-sale prices, distinguishing between HTM vs AFS securities unrealized losses. The AFS unrealized losses are viewed as a source of future upside as losses naturally reverse with time, with the basket estimated to generate ~2X returns in the next 3 years. |
Banking AFS HTM Crisis |
Energy InfrastructureMLPs represent 24% of portfolio allocation, focused on energy infrastructure companies with assets indispensable to modern society. Investments were made in early 2020 taking advantage of commodity price volatility and forced selling. The allocation peaked at 42% in late-2021 and has gradually declined due to harvested gains and M&A activity. |
MLPs Infrastructure Cash Flow Distributions | |
PaymentsPayments, Financial, and Technology Software businesses represent 20% of portfolio allocation. These are fast-growing businesses with favorable revenue tailwinds, operating in areas with vast untapped total addressable markets, generating cash profits and self-funding future growth. Purchased at attractive prices expected to generate at least 3X return in 5 years. |
Software Growth Cash Flow Technology | |
| 2025 Q1 |
Regional BanksFollowing the March 2023 banking crisis, the manager significantly increased exposure to large regional banks at fire-sale prices, capitalizing on market indiscriminate selling and the distinction between HTM vs AFS securities unrealized losses. The AFS unrealized losses are viewed as a source of future upside as they naturally reverse with time, with the basket estimated to generate ~2X returns in the next 3 years through AFS loss reversals, earnings yields, and valuation multiple expansion. |
Banking AFS HTM Crisis Valuation |
Energy InfrastructureEnergy infrastructure companies with indispensable assets were purchased in early 2020 at extremely low levels due to commodity volatility, forced selling, and uncertainty about fossil fuel demand. Geopolitical strife, inflation, and recognition of renewable energy limitations have led to market re-embracing of fossil fuels, lifting MLP prices. MLPs remain a cornerstone given favorable demand dynamics, stable cash flows, conservative balance sheets, reasonable valuations at ~10x Cash Flow, and generous distributions. |
MLPs Infrastructure Fossil Geopolitical Distributions | |
PaymentsFast-growing payments, financial, and technology software businesses operating in vast untapped markets, generating cash profits while actively reinvesting at high incremental margins and self-funding growth with minimal equity dilution. These investments were purchased at attractive prices expected to generate at least 3X returns in 5 years based on reasonable growth and margin assumptions, with allocation expected to increase as market volatility presents buying opportunities. |
Software Growth Margins Self-funding Volatility | |
Trade PolicyRecent trade policy announcements have injected unexpected uncertainty into the global and domestic economy, causing investors to sell assets and push prices lower. The manager notes they do not own investments with significant direct exposure to importing, offshore manufacturing, inventory-based retailing, or subprime consumer finance, positioning defensively against trade policy impacts. |
Uncertainty Global Manufacturing Defensive Exposure | |
| 2024 Q4 |
Regional BanksMarram significantly increased exposure to large regional banks during the March 2023 banking crisis at fire-sale prices. The manager distinguished between HTM vs AFS securities unrealized losses, viewing AFS losses as future upside potential. These investments have appreciated significantly and are estimated to generate approximately 1.5X returns over the next 3 years through AFS loss reversals, earnings yields, and multiple expansion. |
Banking Credit Financials Crisis Valuation |
Energy InfrastructureEnergy infrastructure MLPs represent 24% of NAV, purchased in early 2020 during commodity volatility and forced selling. The manager views these assets as indispensable to modern society with favorable demand dynamics, stable cash flows, conservative balance sheets, reasonable valuations at ~10x cash flow, and generous distributions. The allocation peaked at 42% in late 2021 and has declined due to harvested gains and M&A activity. |
MLPs Infrastructure Energy Cash Flow Distributions | |
PaymentsFast-growing payments and financial technology businesses operating in vast untapped markets, generating cash profits and reinvesting at high incremental margins. These investments were purchased at attractive prices expected to generate at least 3X returns over 5 years based on reasonable growth and margin assumptions. The allocation will increase over time as market volatility presents buying opportunities. |
FinTech Growth Technology Reinvestment Cash Flow | |
| 2024 Q3 |
Regional BanksFollowing the March 2023 banking crisis, the manager significantly increased exposure to large regional banks at fire-sale prices. The strategy focused on distinguishing between Held To Maturity versus Available For Sale securities unrealized losses, viewing AFS losses as future upside potential. The manager estimates this basket will generate approximately 2.0X returns in the next 3 years through AFS unrealized loss reversals, profitable earnings yields, and valuation multiple expansion. |
Banking Financial Crisis Unrealized Losses Valuation Recovery |
Energy InfrastructureEnergy infrastructure companies with assets indispensable to modern society, particularly Master Limited Partnerships. These investments were made in early 2020 during commodity price volatility and forced selling. Geopolitical strife, inflation, and increased recognition of renewable energy limitations have led to market reembrace of fossil fuels, lifting MLP prices. MLPs remain a cornerstone given favorable industry demand dynamics, stable cash flows, conservative balance sheets, reasonable valuations at approximately 10x Cash Flow, and generous cash distributions. |
MLPs Infrastructure Cash Flow Distributions Fossil Fuels | |
PaymentsFast-growing payments and financial technology businesses operating in areas with vast untapped total addressable markets, generating cash profits and actively reinvesting at high incremental margins. These investments were purchased at attractive prices expected to generate at least 3X return in 5 years based on reasonable topline growth and margin assumptions. The allocation will increase over time as market volatility presents buying opportunities. |
FinTech Growth Reinvestment Technology Cash Generation | |
| 2024 Q2 |
Regional BanksFollowing the March 2023 banking crisis, the manager significantly increased exposure to large regional banks at fire-sale prices. They view AFS unrealized losses as a source of future upside as losses naturally reverse with time, estimating 2.0X to 2.5X+ returns over the next 4 years through AFS unrealized loss reversals, profitable earnings yields, and valuation multiple expansion. |
Banking AFS HTM Crisis Valuation |
Energy InfrastructureEnergy infrastructure companies with assets indispensable to modern society, primarily MLPs purchased in early 2020 during commodity price volatility and forced selling. The diversified basket trades at 8% NOI, 12% Cash Flow Yield, and pays 6% dividends annually, supported by favorable industry demand dynamics, stable cash flows, conservative balance sheets, and reasonable valuations. |
MLPs Infrastructure Pipelines Dividends Cash Flow | |
PaymentsFast-growing payments and financial technology businesses with favorable revenue tailwinds, operating in vast untapped addressable markets, generating cash profits and actively reinvesting at high incremental margins. Purchased at attractive prices expected to generate at least 3X return in 5 years based on reasonable topline growth and margin assumptions. |
FinTech Growth Reinvestment Technology Margins | |
| 2024 Q1 |
Regional BanksFollowing the March 2023 banking crisis, the manager significantly increased exposure to large regional banks at fire-sale prices. They view AFS unrealized losses as a source of future upside as losses naturally reverse with time, estimating 2.0X to 2.5X+ returns over the next 4 years through AFS unrealized loss reversals, profitable earnings yields, and valuation multiple expansion. |
Banking Credit Financials Unrealized Losses Crisis |
Energy InfrastructureEnergy infrastructure companies with assets indispensable to modern society, primarily MLPs purchased in early 2020 during commodity price volatility and forced selling. The diversified basket trades at 8% NOI, 12% Cash Flow Yield, and pays 6% dividends annually, benefiting from favorable industry demand dynamics, stable cash flows, conservative balance sheets, and reasonable valuations. |
MLPs Infrastructure Energy Cash Flow Dividends | |
PaymentsFast-growing payments and financial technology businesses operating in areas with vast untapped total addressable markets, generating cash profits and actively reinvesting at high incremental margins. These investments were purchased at attractive prices expected to generate at least 3X return in 5 years based on reasonable topline growth and margin assumptions. |
FinTech Growth Technology Reinvestment TAM | |
| 2023 Q4 |
Regional BanksManager significantly increased exposure to large regional banks during March 2023 banking crisis at fire-sale prices. Current market sentiment fails to distinguish between HTM vs AFS securities unrealized losses, creating opportunity. AFS unrealized losses viewed as source of future upside as they naturally reverse with time. |
Banking Credit Interest Rates Valuations Crisis |
Energy InfrastructureMLPs with assets indispensable to modern society function. Geopolitical strife, inflation, and recognition of renewable energy limitations led market participants to reembrace fossil fuels. Cash flows unaffected by rising rates due to investment grade companies with long-term fixed debt. |
MLPs Infrastructure Energy Inflation Geopolitical | |
PaymentsLong overdue technological advances finally happening in US payment systems to replace 50-year-old infrastructure. Industry undergoing significant technological change with confused market participants and high shareholder turnover creating price volatility and opportunities for both challengers and incumbents. |
FinTech Technology Innovation Disruption Infrastructure | |
SPACsManager wound down SPAC basket despite positive outcome with KLR selling to Tata Communications. Quality of SPAC businesses and management teams fell short of expectations with significant information asymmetry from original insiders. Time requirements not commensurate with potential reward. |
SPACs Quality Management Information Asymmetry | |
| 2023 Q3 |
Regional BanksFollowing the March 2023 banking crisis, the manager significantly increased exposure to large regional banks at fire-sale prices. They view AFS unrealized losses as a source of future upside as losses reverse with time, estimating 2.0X to 3.5X+ returns over 5 years from AFS reversals, earnings yields, and multiple expansion. |
Banking Credit Financials Value Crisis |
Energy InfrastructureThe portfolio maintains a 33% allocation to MLPs, purchased during 2020 commodity volatility at extremely low levels. These investment-grade companies have fixed-rate debt, inflation protection clauses, and cash flows unaffected by rising rates. The basket trades at 8% NOI, 13% cash flow yield, and pays 6% dividends annually. |
MLPs Infrastructure Energy Inflation Yield | |
SPACsThe fund holds profitable businesses tainted by SPAC association and mispriced due to forced selling. This represents a 2% NAV allocation targeting companies trading below intrinsic value due to negative sentiment around the SPAC structure. |
SPACs Mispricing Value Sentiment | |
RatesRising interest rates are forcing market participants to re-examine hurdle rate requirements. With risk-free cash earning 5% and medium-duration bonds providing 7%, the manager questions what minimum return equities should provide. This creates opportunities in rate-sensitive sectors like utilities and real estate. |
Interest Rates Hurdle Rates Opportunity Valuation | |
| 2023 Q2 |
Regional BanksIn March 2023, deployed large sums of capital into regional banks at fire-sale prices during banking crisis. Current market sentiment does not distinguish between HTM vs AFS securities unrealized losses, presenting unique opportunity. Estimates combination of AFS unrealized loss reversals, profitable earnings yields, and valuation multiple expansion will generate 2.0X to 3.5X+ cost in next 5 years. |
Banking Crisis Unrealized Losses Valuation Fire Sale |
Energy InfrastructureDiversified basket of MLPs trades at 9% NOI and 15% Cash Flow Yield, paying dividends averaging 8% per year. Took advantage in early 2020 of commodity price volatility, forced selling, and uncertainty related to long-term demand of fossil fuels which drove prices to extremely low levels. Recent headlines on global energy shortages are stark reminders of how fossil fuels remain critical to modern society. |
MLPs Energy Infrastructure Dividends Fossil Fuels | |
SPACsProfitable and decent businesses, tainted by their SPAC association and mispriced due to forced-selling. Estimates diversified basket of SPAC common equities and warrants could return 3X+ investment in next 3-5 years. Recent merger activity highlights undervalued nature and economic desirability of investments. |
SPACs Mispriced Warrants Merger Activity Undervalued | |
FinTechInvestments in fast-growing payments & fintechs with favorable revenue tail winds, operating in areas with large and untapped total addressable markets, generating cash profits, actively reinvesting profits back into business at high incremental margins. Purchased at attractive prices that should generate at least 3X return in 5 years based on reasonable topline growth & margin assumptions. |
Payments FinTech Growth Reinvestment Cash Profits | |
| 2023 Q1 |
Regional BanksManager significantly increased exposure to large regional banks from 11% to 24% NAV following March banking crisis, viewing fire-sale prices as compelling opportunity. Selected banks with high floating rate loans, stable deposit bases, and substantial AFS unrealized losses that will reverse over time. Estimates 2.0X to 3.5X returns over next 5 years from combination of AFS loss reversals, profitable earnings yields, and valuation multiple expansion. |
Regional Banks AFS Banking Crisis Fire Sale Unrealized Losses |
SPACsPortfolio maintains 8% NAV allocation to SPAC common equity and warrants, viewing them as profitable businesses mispriced due to forced selling and SPAC association stigma. Manager estimates this diversified basket could return 3X+ investment over next 3-5 years. |
SPACs Warrants Forced Selling Mispricing | |
EnergyLargest allocation at 40% NAV to energy infrastructure MLPs, purchased at extremely low levels in early 2020 during commodity volatility. Current basket trades at 9% NOI and 15% cash flow yield with 8% annual dividends, viewed as attractively priced with significant future upside potential given critical role of fossil fuels in modern society. |
MLPs Energy Infrastructure Fossil Fuels Dividends | |
FinTech10% NAV allocation to fast-growing payments and fintech businesses with favorable revenue tailwinds, operating in large untapped markets while generating cash profits and reinvesting at high incremental margins. Purchased at attractive prices expected to generate at least 3X return in 5 years based on reasonable growth and margin assumptions. |
FinTech Payments Growth Reinvestment |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 24, 2023 | Fund Letters | Marram Investment Management | FITB | Fifth Third Bancorp | Financials | Regional Banks | Bull | NASDAQ | AFS Unrealized Losses, Banking Crisis, Book Value, contrarian, dividend yield, financials, Fire-sale Prices, floating-rate loans, regional banks, Value | Login |
| Oct 20, 2025 | Fund Letters | Vivian Y. Chen | PYPL | PayPal Holdings Inc. | Financials | Transaction & Payment Processing Services | Bull | NASDAQ | cost discipline, digital payments, Fintech, growth, Margins, scale, valuation | Login |
| Oct 20, 2025 | Fund Letters | Vivian Y. Chen | FOUR | Shift4 Payments Inc. | Information Technology | Transaction & Payment Processing Services | Bull | NYSE | e-commerce, Fintech, hospitality, Margins, market share, Payments, valuation | Login |
| Oct 20, 2025 | Fund Letters | Vivian Y. Chen | PYPL | PayPal Holdings Inc. | Financials | Transaction & Payment Processing Services | Bull | NASDAQ | cost discipline, digital payments, Fintech, growth, Margins, scale, valuation | Login |
| Oct 20, 2025 | Fund Letters | Vivian Y. Chen | FOUR | Shift4 Payments Inc. | Information Technology | Transaction & Payment Processing Services | Bull | NYSE | e-commerce, Fintech, hospitality, Margins, market share, Payments, valuation | Login |
| Oct 20, 2024 | Fund Letters | Marram Investment Management | PSFE | PaySafe | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | Ad Valorem, contrarian, Fintech, Free Cash Flow, high leverage, hospitality, inflation hedge, Online-Gaming, payment processing, retail, SPAC, Travel, warrants | Login |
| TICKER | COMMENTARY |
|---|---|
| BRK.B | We purchased more shares of Berkshire Hathaway, increasing our investment to 5.5% NAV. Berkshire owns a portfolio of businesses, selected by two of the greatest investment minds in the past century for their durable competitive moats and inflationary pricing power. The company has recently begun repurchasing its own shares again, a signal that management sees value at current prices. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
