Ranmore Global Equity

A true global value fund which has delivered in many different market environments, Ranmore Global Equity is significantly differentiated from the market and its peers and may be a useful diversifier in portfolios. The fund has a mixture of holdings in global companies of all sizes. Unlike other value strategies, momentum and technical factors are important parts of the investment process.

Print this note / Save to PDF

Quick Access

Our Opinion
Fund Manager
Key Facts
Fund Performance
Risk
Company Description
Investment process
ESG

Our Opinion

In a world where the number of value managers available to investors has started to dwindle, Ranmore stands out like a shining star. Ranmore has delivered excellent returns over a very long time period. Performance has been particularly impressive considering its value style and bias in favour of mid and smaller companies, which have generally struggled in recent years. We think this fund is a hidden gem and should be a big consideration for those looking to add in some value exposure to balance out their portfolios.

Fund Manager

Expand

Fund Manager

Close

Sean Peche, Fund manager Sean Peche has more than 25 years’ experience in financial markets. In 1999, he joined Decillion Capital as a founding member and co-managed the BigRock fund, a South African-based hedge fund. In 2003, he joined Orbis Investment Advisory as an equity analyst before leaving in 2008 to establish Ranmore. He is a Chartered Accountant and a CFA charterholder. He is also CEO of Ranmore and the largest shareholder in the business.

Sean Peche, Fund manager Sean Peche has more than 25 years’ experience in financial markets. In 1999, he joined Decillion Capital as a founding member and co-managed the BigRock fund, a South African-based hedge fund. In 2003, he joined Orbis Investment Advisory as an equity analyst before leaving in 2008 to establish Ranmore. He is a Chartered Accountant and a CFA charterholder. He is also CEO of Ranmore and the largest shareholder in the business.

Read More

Key Facts

Asset type Equity

Annual Income (Historic) -

Sector Global

Gearing-

Fund Size-

Fund Manager Start Date 8 Oct 2008

Ongoing Charges Figure (OCF) -

Annual Management Charge (AMC) -

Fund Performance

Expand

Risk

Ranmore is a stylistic fund with a value bias. This, combined with its ability to invest across the market-cap spectrum, means its performance is likely to differ greatly from the broader equity market. The fund is likely to suffer prolonged periods of underperformance when its style is out of favour. However, this fund may prove a useful diversifier as part of a wider portfolio, since there are only a few good global value funds still available in the market. The fund proved its value in 2022 when the wider market struggled as tech and growth equities went out of favour. This fund benefited from a rotation into value stocks during that period. 

Read more
Back
Risk: 8

Company Description

Ranmore is a boutique investment house which believes in offering genuine active management and good value for investors. They believe that all investors should invest on the same terms. The business was founded in 2008 and this global portfolio is the only one available to investors.

Read more
Back

Fund Performance

Close

Risk

Close

Ranmore is a stylistic fund with a value bias. This, combined with its ability to invest across the market-cap spectrum, means its performance is likely to differ greatly from the broader equity market. The fund is likely to suffer prolonged periods of underperformance when its style is out of favour. However, this fund may prove a useful diversifier as part of a wider portfolio, since there are only a few good global value funds still available in the market. The fund proved its value in 2022 when the wider market struggled as tech and growth equities went out of favour. This fund benefited from a rotation into value stocks during that period. 

Company Description

Close

Ranmore is a boutique investment house which believes in offering genuine active management and good value for investors. They believe that all investors should invest on the same terms. The business was founded in 2008 and this global portfolio is the only one available to investors.

Investment process

The fund applies a research-driven, stock-picking methodology, which targets companies with some or all of the following characteristics:

- An above-average return on assets
- A history of generating free cash flow
- Strong balance sheets
- Are forecasted to grow earnings over the medium to long term
- Attractive valuations – suggesting the potential for further growth

The team believe management is important, but they don’t believe in meeting the management teams - they can judge everything from the performance they have delivered. As value managers, they are naturally cautious of well-liked or overhyped investments, as well as businesses with high levels of debt.

Unlike some value strategies, this fund does not have the single goal of buying cheap stocks and waiting for them to re-rate. The team also targets stable businesses they believe are improving. Momentum and technicals are an important factor for them and they also have a high turnover. The team are not afraid of trading stocks and believe good managers should be doing so more often. The team also believe that one of the biggest dangers for value investors is to invest too early. They are also willing to admit their mistakes quickly and address them.

Risk

Ranmore is a stylistic fund with a value bias. This, combined with its ability to invest across the market-cap spectrum, means its performance is likely to differ greatly from the broader equity market. The fund is likely to suffer prolonged periods of underperformance when its style is out of favour. However, this fund may prove a useful diversifier as part of a wider portfolio, since there are only a few good global value funds still available in the market. The fund proved its value in 2022 when the wider market struggled as tech and growth equities went out of favour. This fund benefited from a rotation into value stocks during that period. 

ESG

ESG - Limited
The primary ESG focus of the fund is in regard to social and governance factors. They target sustainable businesses that are behaving well, and are unlikely to invest in damaging businesses, such as tobacco. They pay very close attention to management remuneration. Overall, they prefer to follow their own ethics rather than following a prescriptive set of rules.

Related Insights

The information, data, analyses, and opinions contained herein (1) include the proprietary information of FundCalibre, (2) may not be copied or redistributed without prior permission, (3) do not constitute investment advice offered by FundCalibre, (4) are provided solely for informational purposes and therefore are not an offer to buy or sell a fund, and (5) are not warranted to be correct, complete, or accurate. FundCalibre shall not be responsible for any trading decisions, damages, or other losses resulting from, or related to, this information, data, analyses, or opinions or their use. The Elite Fund rating is subjective in nature and reflects FundCalibre’s current expectations of future events/behaviour as they relate to a particular fund. Because such events/behaviour may turn out to be different than expected, FundCalibre does not guarantee that a fund will perform in line with its FundCalibre benchmark. Likewise, the Elite Fund rating should not be seen as any sort of guarantee or assessment of the creditworthiness of a fund nor of its underlying securities and should not be used as the sole basis for making any investment decision. FundCalibre disclaims any responsibility for trading decisions, damages or other losses resulting from any use of the Elite Fund rating. All performance data, as well as fund size, OCF, AMC, annual income (historic), share price discount or premium, is sourced directly from FE Analytics, and will change periodically.