PSFE

PSFE

PSFE

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 21, 2025	Renaissance Investment Management – International Small Cap Equity	-	-	8252.T, ATAT, BBY.L, CLS, FINV, IFS, MITFY, NOMD, OMAB, PLYA, PSFE, SIMO, TIGO, TMVWY, VLRS	AI, China, Dollar, Europe, infrastructure, international, small cap, Trade Policy	International markets navigated significant trade tensions between the US and China, including Liberation Day tariffs followed by a ninety-day pause. Trade uncertainty may cause businesses to delay investments and capex, weighing on global growth in the second half of the year.	BBY LN CLS CN	View
2024 Q3	Oct 20, 2024	Marram Investment Management	8.1%	14.3%	CMA, COF, ENLC, KEY, OKE, PSFE	Banking, energy, financials, infrastructure, MLPs, Opportunism, payments, value	Following 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.	PSFE	View
2025 Q4	Jan 21, 2026	Renaissance Investment Management – International Small Cap Equity	0.0%	0.0%	0696.HK, 4536.T, ARIS.TO, DCBO, EFXT, ERO, GLNG, IMOS, KLBN4.SA, NOMD.L, PSFE, PTXKY, RDWR, TMVWY, TSEM, TTVSY	AI, China, Copper, gold, international, Mining, semiconductors, small cap	Gold rose 64% in 2025, its best year since 1979, driven by concerns over Federal Reserve independence, U.S. government deficit, geopolitical tensions, and central banks diversifying from U.S. dollar-based assets. Precious metals are viewed as dollar and inflation hedges. Copper had a strong year as supply disruptions at major mines continued. Demand is expected to rise in 2026 as copper is a key component in electrification push, maintaining imbalanced supply/demand and upward price pressure. Chinese technology companies with AI exposure performed well during the year. Tower Semiconductor benefited from accelerating AI demand, with strong momentum in RF infrastructure and silicon photonics businesses where customer demand far outpaces current supply. Chinese stocks performed well, particularly technology companies with AI exposure. However, hopes for economic growth acceleration failed to materialize as meaningful stimulus follow-through did not occur. Government officials have signaled further stimulus in 2026 with more proactive fiscal policy.	ARIS CN PSFE TSEM	View
2025 Q4	Jan 20, 2026	Pernas Research	4.8%	54.3%	ADBE, APLD, CARD.L, CELH, META, NKE, PSFE, SEMR, STX	AI, defense, Mean reversion, small caps, technology, value	AI represents a consequential technological shift reshaping business and consumer behaviors. The AI-driven capex cycle is expected to persist over the next 12-16 months. The manager sees a barbell opportunity in owning clear AI winners alongside companies mislabeled as AI losers. Smaller-cap companies offer outsized opportunity due to their ability to pivot quickly in a period of rapidly increasing dynamism. Over the past two years, multi-baggers among smaller-cap names have been roughly double the 20-year average due to their organizational flexibility. The definition of defense is expanding beyond traditional military applications. Robotics, AI, cybersecurity, and data infrastructure are now central components of national security as the peace dividend and security provided by Pax Americana are eroding.		View
2025 Q4	Jan 20, 2026	Marram Investment Management	0.0%	4.0%	AVDX, BILL, FITB, FOUR, OKE, PAA, PAGP, PAY, PSFE, PYPL	Banking, biopharma, cash flow, energy, payments, value	Payment technology businesses experiencing disconnect between operating fundamentals and share price performance. Companies continue to compound value per share despite valuation compression and shareholder turnover. Manager rebalanced allocation by exiting some positions and concentrating in higher-conviction holdings at lower prices. Energy infrastructure companies with indispensable assets benefiting from geopolitical strife, inflation, and increased recognition of renewable energy limitations. MLPs remain cornerstone allocation with favorable industry demand dynamics, stable cash flows, conservative balance sheets, and inflation protection. Large regional banks purchased during March 2023 banking crisis at fire-sale prices have generated 30%+ IRR. Manager continues to view sector favorably for steady 10%+ annual profits but has prudently moderated exposure due to expanded valuations and gradually easing credit underwriting standards. Sector out of favor due to political factors leading to lower industry R&D spend. Manager believes society will continue to need new drugs and health innovations, expecting capital to return and R&D spend to reaccelerate. Initiated diversified basket allocation via ETFs and service-based businesses.		View
2023 Q4	Jan 22, 2024	Marram Investment Management	8.1%	14.3%	PSFE	Energy Infrastructure, Fintech, MLPs, Opportunistic, payments, Regional Banks, SPACs, value	Manager 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.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 13, 2026	Fund Letters	Marram Investment Management	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	View Pitch
Jan 24, 2026	Fund Letters	Michael E. Schroer	Paysafe Limited	Financials	Transaction & Payment Processing Services	Bear	New York Stock Exchange	Fintech, growth, Margins, Payments, Regulation	View Pitch

BSD Shareholders of PSFE

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: