Marram Investment Management: Navigating Q2 2025 with Strategic Acumen and Enduring Conviction

The second quarter of 2025 proved to be another period of robust market performance, yet it was notably characterized by the continued dominance of a handful of mega-cap technology companies, often dubbed the 'Magnificent Seven'. While these giants propelled major indices to new heights, Marram Investment Management maintained its steadfast commitment to identifying exceptional, often overlooked, opportunities beyond the immediate spotlight.

Our Q2 2025 letter delves into this dynamic landscape, reaffirming our value-driven approach and the significant potential we see in our carefully curated portfolio.

During a quarter where market breadth remained somewhat narrow, our portfolio’s performance stood as a testament to the fundamental strength and strategic positioning of our holdings.

We take pride in our ability to uncover and invest in high-quality businesses that, while perhaps not capturing daily headlines, are demonstrably compounding value over the long term. This quarter's results underscore the resilience and intrinsic value embedded within companies chosen through rigorous analysis and a patient investment horizon.

A core tenet of our strategy involves seeking out companies with strong competitive advantages, robust financial health, and visionary management teams focused on sustainable growth.

This quarter, we saw compelling developments in several key positions, validating our deep-dive research and our conviction in their future prospects. These are businesses that are not merely reacting to market trends but are actively shaping their industries and expanding their economic moats.

Among our noteworthy holdings, Booking Holdings (BKNG) continues to impress.

Despite its size, Booking behaves like a dynamic startup, constantly innovating and expanding its reach. We believe the market underappreciates its sophisticated technology platform, its global brand recognition, and its robust cash flow generation. Their ongoing investments in artificial intelligence and direct booking channels are set to further solidify their leadership position in the travel industry, positioning them for sustained growth even as consumer travel patterns evolve.

BWX Technologies (BWXT), a leader in nuclear components and services, also merits attention.

Operating in a sector crucial for national security and energy independence, BWXT possesses unparalleled expertise and a unique market position. The increasing global focus on clean energy and advanced nuclear technology provides a powerful tailwind for BWXT, making it a compelling long-term investment.

Their strong backlog and essential services ensure consistent revenue streams and predictable growth.

Furthermore, our investment in Evolution AB (EVO) reflects our confidence in the future of online entertainment. As a pioneer in live casino solutions, Evolution dominates a rapidly expanding market with superior technology and operational excellence.

Their innovative game offerings and strategic acquisitions continue to drive impressive user engagement and market share growth. We view Evolution as a high-quality growth company that benefits from structural shifts in consumer behavior towards digital entertainment, with substantial runway ahead.

Looking forward, while we acknowledge the ever-present macroeconomic uncertainties, our focus remains on the enduring principles of value investing.

We are committed to meticulously analyzing businesses, understanding their intrinsic worth, and investing with a long-term perspective. We believe that a diversified portfolio of truly outstanding companies, acquired at sensible prices, offers the most reliable pathway to capital appreciation and wealth preservation, irrespective of short-term market volatility.

We extend our sincere gratitude for your continued trust and partnership as we navigate these markets together.