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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Marram Investment Management. This analysis is provided for institutional research purposes only and is not investment advice.
"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."
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.
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