Letters by company
Marex Group Ltd
7 letters discussing MRX. Everything written about it on this site is on its ticker page.
- Stone Sentinel Capital Risk before reward: Q226 letter to partners Stone Sentinel Capital argues that unpopular stocks offer lower expectations and greater downside protection than crowded AI beneficiaries, whose capital spending may outrun sustainable demand. The portfolio added Marex on its clearing-market advantages, while retaining Ascentech and Protasco despite market skepticism over their operating results and valuations. Year-to-date as of June 30 2026 MRX $5BAMZN $2.7TGOOGL $4.2T
- Artisan Partners Artisan Small Cap Fund Quarterly Commentary Artisan Small Cap Fund reduced AI-infrastructure exposure, harvesting Twist Bioscience, Modine and Lattice Semiconductor while retaining concentrated holdings in differentiated franchises. The portfolio initiated Glaukos, 10x Genomics and Manhattan Associates, added Weatherford and Vita Coco, and exited Ionis, ServiceTitan and Birkenstock after thesis setbacks. Q3 2026 BIRK $5.4BCOCO $3.4BGKOS $9.7B
- Forager Funds Management Annual Report June 2026 Forager argues that the AI capital-spending boom has become a sector-specific bubble while neglected software and value businesses offer better prospective value. The firm sold Fiserv after its turnaround failed, exited richly valued Comfort Systems and Zegona, added to selected Japanese software holdings, and retained conviction in operating progress at companies including Cuscal and IDP Education. 2026 financial year 5038 $222MAMA $157MBVS $994M
- Night Watch Investment Management Q2 2026 Update Night Watch added FUTU aggressively, initiated Booking.com and Adyen, and trimmed exposure to cyclical memory beneficiaries as AI-related valuations rose. The firm argues that Dutch employment-tax rules limit stock-based compensation at internationally oriented companies, while Watches of Switzerland is resuming its Rolex-led consolidation playbook after US tariff relief. Q2 2026 WOSG $2.2BADYEY $33BBKNG $123B
- Praetorian Capital Q1 2026 Investor Letter Praetorian Capital retained a core book of inflation beneficiaries, volatility and exchange-volume exposures while trimming event-driven equities to preserve dry powder amid uncertainty over Hormuz. The fund argues Marex can compound through commodity-market volatility and consolidation, while building positions in emerging markets, precious-metals beneficiaries, St. Joe and refiners. Q1 2026 JOE $3.8BMRX $5B
- Stone Sentinel Capital Pitch, know, invest: Q326 letter to partners Stone Sentinel Capital argues that compelling AI narratives and specialist knowledge cannot substitute for risk controls, updating and room for error. It sold Ascentech after reassessing revenue quality and governance, retains Marex and Protasco, and initiated Chien Kuo Construction for its contractor operations, customer-deposit investment float and asset-backed valuation. Q326 5515 $315M3565 $142M
- Praetorian Capital Q2 2026 Investor Letter Praetorian Capital doubled down on positions benefiting from its “Feudalism” framework while reducing exposure to real-GDP-linked businesses and using refiners as a hedge. It halted its event-driven book for the summer, shifted AI thinking toward second-order beneficiaries, and bought stakes in Lincoln Educational Services and Universal Technical Institute to capture worker reskilling demand. Q2 2026 JOE $3.8BLINC $710MMNGGF $0.5M
