Marram Investment Management's second-quarter 2026 investor letter reports a +2.7% portfolio return (net of fees), resulting in a year-to-date return of +3.2%. A copy of the letter can be downloaded here. Cumulatively, since inception, the firm has achieved a +632.4% return and a +13.7% annualized return, net of fees. Positive contributions came from MLP Energy Infrastructure, Large Financials, and Biopharma, while Payment Technology investments detracted from performance. The firm emphasizes reasonable pricing and strong fundamentals, aiming for consistent returns while mitigating price volatility, addressing the challenges posed by high valuations and macroeconomic risks.
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