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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% NAV) and locking in regional bank gains."
Marram Investment Management's portfolio returned +4.0% net of fees in 2025, bringing its cumulative return since inception to +609.7% (+14.0% annualized). The manager highlighted a major market disconnect in payment technology, where share prices fell despite continued per-share profit growth. Marram rebalanced this segment, exiting billing digitizers (AVDX, BILL) and trimming PSFE to concentrate in higher-conviction holdings: PayPal (PYPL), Shift4 (FOUR), and Paymentus (PAY). Conversely, the fund trimmed regional banking exposure (FITB) due to expanding valuations and easing underwriting standards. In energy infrastructure, Marram initiated a position in ONEOK (OKE) and added to Plains All American (PAA/PAGP) during an October pullback. The portfolio concluded the period with 35% in Cash & Cash Equivalents yielding ~4%, positioning the fund for flexible, opportunistic future deployment.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Growth Outlook
Market outlook remains above average conviction: Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Risk Appetite
Risk appetite posture is above average conviction: Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Forward Guidance
Forward guidance signal: Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Language Signal
Tone analysis indicates high conviction language: Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
Time Horizon
Investment time horizon reflects a high conviction orientation. Marram generated +4.0% in 2025, taking advantage of a market disconnect to concentrate capital into high-conviction payment technology stocks while holding a high cash buffer (35% ...
