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...
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