Marram Investment Management, an outsourced long-term investment solutions provider, released its fourth-quarter investor letter. A copy of the letter can be downloaded here. The Portfolio returned +4.0% (net) in 2025 and a cumulative return of 609.7% since its inception. The year reflects a notable divergence between market prices and business performance, but the firm evaluates the progress based on long-term profit metrics rather than short-term market fluctuations. Large Financials, MLP Energy Infrastructure, and Biopharma contributed positively to the performance, while Payment Technology holdings lagged the performance by 4% despite continued growth in per-share profits. The firm believes that operating leverage and appropriate capital allocation position these businesses to provide sustained free cash flow per share growth and exceptional upside potential over the long term. Please review the Fund’s top five holdings to gain insights into their key selections for 2025.
In its fourth-quarter 2025 investor letter, Marram Investment Management highlighted stocks like PayPal Holdings, Inc. (NASDAQ:PYPL). PayPal Holdings, Inc. (NASDAQ:PYPL) is a leading technology platform that provides digital payment solutions for merchants and consumers. On March 20, 2026, PayPal Holdings, Inc. (NASDAQ:PYPL) stock closed at $44.01 per share. One-month return of PayPal Holdings, Inc. (NASDAQ:PYPL) was -0.09%, and its shares lost 37.99% over the past 52 weeks. PayPal Holdings, Inc. (NASDAQ:PYPL) has a market capitalization of $41.18 billion.
Marram Investment Management stated the following regarding PayPal Holdings, Inc. (NASDAQ:PYPL) in its fourth quarter 2025 investor letter:
“The payment technology sector is currently experiencing a disconnect between operating fundamentals and share price performance. Investor fear of near-term growth deceleration has resulted in valuation compression and shareholder turnover, even as these businesses continue to compound value on a per-share basis. To illustrate this divergence, below we summarize recent operating progress alongside market performance for PayPal Holdings, Inc. (NASDAQ:PYPL).
PayPal (PYPL), over the past 3 years: • Revenue per share increased +42%, or +12% annualized. • Free Cash Flow per share increased +54%, or +15% annualized. • Share Price declined -37% over the past year. PayPal, a virtual payment tool, was created to support the fledging ecommerce sector in the 1990s. It was built during the Internet Boom by a list of now-familiar Silicon Valley personalities1: Peter Thiel, Elon Musk, Max Levchin, David Sacks, and Reid Hoffman. eBay acquired it in 2002 and spun it out in 2015. From 2013-2023, the previous CEO binged on acquisitions (but failed to integrate them) while neglecting to reinvest and build new products to retain and attract customers. This left a gap in the competitive landscape quickly filled by a new generation of competitors (ApplePay, Stripe, Shopify, Adyen, Block, etc.)…” (Click here to read the full text)
PayPal Holdings, Inc. (NASDAQ:PYPL) is not on our list of 40 Most Popular Stocks Among Hedge Funds Heading Into 2026. According to our database, 78 hedge fund portfolios held PayPal Holdings, Inc. (NASDAQ:PYPL) at the end of the fourth quarter, compared to 86 in the previous quarter. While we acknowledge the risk and potential of PayPal Holdings, Inc. (NASDAQ:PYPL) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PayPal Holdings, Inc. (NASDAQ:PYPL) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered PayPal Holdings, Inc. (NASDAQ:PYPL) and shared Artisan Value Fund’s views on the company. In addition, please check out our hedge fund investor letters Q4 2025 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
