Its fund manager, Sean Peche, has a track record in picking winners that have helped the fund beat the S & P 500 over the past two years without owning any of the so-called " Magnificent Seven " technology stocks.
The fund manager identified the U.S.-listed Perion Network as its worst-performing stock investment of the year.
As an Israeli company not included in major stock indices, the Ranmore fund manager believed it might be undervalued due to reduced investor attention.
The Ranmore fund manager noted that the company's cash reserves, which stood at $188 million at the end of 2023, provided some protection against further losses.
Despite the setback with Perion Network, Peche remains optimistic about other investments.
Persons:
Sean Peche, Peche, Bing, CNBC's Silvia Amaro, Perion, Microsoft's Bing, PERI 1Y, Macron
Organizations:
Global Equity Fund, Network, Microsoft, Perion, Nippon
Locations:
U.S, France