What the fund aims to do (and how)
Ranmore Global Equity is an actively managed, Ireland-domiciled UCITS fund that seeks to outperform the MSCI World Index and deliver capital growth over the medium to long term. It pursues this via bottom-up, value-oriented stock-picking, looking for cash-generative businesses trading at undemanding valuations. Unlike many global peers that hug the index, Ranmore runs with a very high active share (~98%), meaning the portfolio is built from conviction ideas rather than benchmark replicas.
The fund is benchmarked to MSCI World but deliberately different: it holds fewer U.S. stocks than the index and more in markets where the team believes valuations are attractive (Japan, parts of Europe, selected emerging/developed crossover names). Portfolio valuation metrics illustrate this: the fund’s forward P/E ~7.8x versus ~18.1x for MSCI World; P/B ~1.0 vs ~3.4 for the index; and a forward dividend yield ~3.5% vs ~2.1% for the benchmark, underscoring its value tilt.
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Who’s behind it
Ranmore is led by Sean Peche, founder of Ranmore Fund Management (2008). Peche began his career in South Africa in the late 1990s, co-managed hedge funds in London, and later joined Orbis Investment Advisory before launching Ranmore. He is a CFA charterholder and brings a stock-picker’s discipline, scrutinising cash flows, balance-sheet strength and entry price, to a global remit.
Operationally, the fund is an Irish-domiciled UCITS plc regulated by the Central Bank of Ireland with daily dealing. Service providers include Apex Fund Services (administrator) and Société Générale (depositary). Total expense ratio for the USD investor class is about 1.11%, with no performance fee; Ranmore discloses transaction costs and an all-in “total investment charge” framework, which is refreshingly transparent.
Portfolio construction & current positioning
Ranmore typically runs a concentrated portfolio of global equities (top-10 around a quarter of assets), diversified by industry and country but united by valuation discipline. As at the March 2025 factsheet, the top holdings included Petrobras, Associated British Foods, Mattel, Tesco, Shinhan Financial Group, Alphabet, TV Asahi, Molson Coors, Sally Beauty, and KB Financial, a mix that highlights both the value bias and the willingness to own under-researched or out-of-favour names alongside selective quality growth.
Geographically, the fund recently had 18% North America vs ~74% in the index, with Europe (~27%), Japan (~13%) and Asia ex-Japan (~21%) much more prominent than in MSCI World. This is a deliberately contrarian allocation reflecting where Ranmore sees the best risk-adjusted opportunities today. Sector exposures also diverge: Consumer Discretionary, Staples, and Financials feature more than in the index, while Information Technology is far lower again, consistent with the value tilt and avoidance of crowded “Magnificent 7” trades.
| Sector | Ranmore (%) | Category Average (%) |
|---|---|---|
| Consumer Cyclical | 25.81% | 9.59% |
| Financial Services | 16.86% | 11.85% |
| Consumer Defensive | 13.78% | 4.96% |
| Communication Services | 9.14% | 6.65% |
| Industrials | 7.68% | 15.37% |
| Healthcare | 5.94% | 10.76% |
| Basic Materials | 5.49% | 3.86% |
| Energy | 4.69% | 2.02% |
| Technology | 3.17% | 24.73% |
Independent coverage echoes this picture. FundCalibre, for instance, highlights Ranmore’s minimal exposure to the “Mag 7”, its unusual (but researched) stock mix, and the fund’s strong five-year standing in its sector while holding just ~17% in the U.S. (vs ~73% for MSCI World), illustrating how different the portfolio is from mainstream global funds.
Performance: has the approach worked?
| Period (to 22 Aug 2025) | Annual Return (GBP Acc)** |
|---|---|
| 2020–21 | +16.69% |
| 2021–22 | +17.09% |
| 2022–23 | +20.24% |
| 2023–24 | +19.00% |
| 2024–25 | +32.25% |
| Year-on-Year Return (GBP Acc, to Aug 22) | Value |
|---|---|
| 2020–21 | +16.69% |
| 2021–22 | +17.09% |
| 2022–23 | +20.24% |
| 2023–24 | +19.00% |
| 2024–25 | +32.25% |
On Ranmore’s own monthly factsheet (USD class, to March 2025), the fund shows top-quartile results versus its Morningstar global large-cap blend peer group across multiple time frames: 1, 2, 3, 5, 10 years and since launch and the classic “$100 since 2008” chart reads roughly $493 for Ranmore versus $383 for MSCI World (to 31/03/2025). The best rolling 12-month return is ~74% and the worst ~-18% give a flavour of upside/downside through cycles. The fund also holds an overall 5-star Morningstar rating for the USD investor class. As always, past performance is not a guide to future returns, but the long record is notable.
External platforms corroborate the recent strength. Interactive Investor repeatedly placed Ranmore in its Top 10 most-bought funds in June and July 2025, noting it as a value fund with a far lower portfolio P/E than MSCI World and top-quartile rankings over 1, 3, 5 and 10 years. Trustnet articles have also called it out among the few global equity funds making money in tougher market phases, linking resilience to valuation discipline.
For a sterling-based snapshot, Hargreaves Lansdown’s page for the GBP accumulation class shows a run of positive 12-month periods into 2025 (to August year-ends), which is consistent with the fund’s recent trend, albeit you should always compare like-for-like share classes and dates.
Why the returns have looked different to peers
Two things mainly explain Ranmore’s distinctive return path:
- Valuation spread & style cycle. With the U.S. mega-caps trading at premium multiples, Ranmore’s decision to fish in cheaper pools (Europe/Japan/selected cyclicals and “old economy” names) has periodically delivered strong relative returns, especially in phases where leadership broadens beyond a handful of tech giants. The portfolio’s low P/E, reasonable dividend yield and balance-sheet focus all contribute to downside mitigation in choppier markets.
- High active share. By building a portfolio that looks little like the index, Ranmore increases the probability of meaningful alpha but also the dispersion around index-tracking outcomes. When their thesis works (e.g., re-rating of Japan value, recovery plays in Europe, or idiosyncratic stock catalysts), relative performance can be very strong; when the market rewards expensive growth at any price, the fund can lag. The track record suggests more of the former over full cycles so far.
Fees & structure
Costs are competitive for a concentrated boutique global equity strategy: the TER around 1.11% on the USD investor share class (OCF ~1.13% for 2024), no performance fee, and transparent disclosure of transaction costs (~0.37–0.40% over recent periods) and an indicative total investment charge (~1.51%). Multiple currency classes (USD/GBP/EUR) are available, and the GBP and EUR classes are unhedged.
What the fund owns today (examples)
Recent top positions (by March 2025) paint the philosophy clearly:
- Consumer & staples: Associated British Foods and Tesco defensive cash-generators with restructuring/operational upside.
- Media & Japan value: TV Asahi, an asset-backed Japanese broadcaster benefiting from governance reform tailwinds.
- Selective U.S. cyclicals: Mattel, Molson Coors, Sally Beauty brand assets with self-help potential, bought at reasonable prices.
- Financials outside the U.S.: Shinhan Financial and KB Financial in Korea, banks with improving shareholder returns and cheap valuations.
- Energy: Petrobras is controversial but cash-rich, with capital return potential (position sized within risk controls).
- Quality growth at a price: Alphabet is one of the few mega-caps Ranmore will own, reflecting a reasonable valuation versus cash flow.
Third-party holdings snapshots (FT / Yahoo) broadly corroborate this diversified, value-tilted list and show the top-10 weight ~25–26% concentrated but not extreme.
| Company | Approx. Weight (%) |
|---|---|
| Mattel Inc | 2.82% |
| Tesco PLC | 2.78% |
| Shinhan Financial Group (South Korea) | 2.68% |
| Petrobras | 2.61% |
| Associated British Foods | 2.51% |
| B&M European Value Retail SA | 2.47% |
| KB Financial Group (South Korea) | 2.45% |
| TV Asahi Holdings (Japan) | 2.43% |
| EasyJet PLC | 2.41% |
| Alphabet Inc | 2.39% |
| Total Top 10 | 25.56% |
How it compares to other global equity funds
- Versus growth-oriented giants (e.g., Fundsmith/quality growth peers): Ranmore runs lower valuations, higher active share, and much lower U.S. exposure. That has helped when market leadership broadened in 2023–2025 and when quality growth saw valuation headwinds. Conversely, in a narrow, U.S.-mega-cap-led rally, value can lag. (General peer characteristics noted here; always check each fund’s documents directly.)
- Versus index-trackers (MSCI World ETFs): Ranmore is a purist’s stock-picker alternative to cap-weighted global beta. Expect meaningful tracking error, which is the point. Its long-term record (and recent awards such as LSEG Lipper 2024 “Best Fund Over 3 Years – Equity Global”) indicate risk-adjusted outperformance versus peers, but you must be comfortable with deviations from MSCI World.
- Versus other value-tilted global funds: What differentiates Ranmore is the breadth of its hunting ground (Japan, Korea, UK mid/large caps, selective LatAm), the willingness to own unpopular but improving franchises, and a disciplined sell/rotation policy as catalysts play out. Trustnet and Interactive Investor repeatedly flag Ranmore among a small set of value-centric funds that have delivered across 1/3/5/10-year windows, a rare feat in a decade dominated by U.S. growth.
Risk considerations
- Style risk: A pronounced value bias means periods of underperformance if markets again reward expensive growth or if cyclical exposures de-rate.
- Geographic and currency risk: With lower U.S. weight and greater non-USD exposure (including unhedged GBP/EUR classes), currency moves can amplify or reduce returns relative to a USD benchmark.
- Concentration & liquidity: A focused portfolio and off-benchmark positions can magnify stock-specific outcomes. Ranmore discloses turnover and transaction costs transparently; investors should expect active trading when value gaps close. (See portfolio turnover snapshots in public filings and data services.).
Why has Ranmore become so popular?
A few converging drivers:
- Performance with principle. Investors have sought active funds that beat peers without chasing the same seven U.S. stocks. Ranmore’s consistent, top-quartile outcomes across multiple periods and recognition such as the LSEG Lipper award validate its process.
- Valuation case resonates. As concerns about index concentration and high U.S. multiples grew, Ranmore’s 8–9x forward P/E portfolio offered a compelling “margin of safety” narrative, echoed by platforms like Interactive Investor that showcased its much lower portfolio multiple than MSCI World.
- Distinct portfolio & clear communication. The holdings list is intuitively different (Japan broadcasters, UK staples, Korean banks, select U.S. turnarounds), and the team’s factsheets/commentary are unusually plain-spoken about what they own and why. Investors value that transparency, alongside clear fee disclosure.
- Platform traction. Featuring repeatedly in top-10 most-bought fund lists on UK platforms has created a positive feedback loop, exposing a broader retail audience to a boutique manager with a long record.
Bottom line: who might this suit?
Ranmore Global Equity is best suited to investors who:
- Want truly active global equity exposure with high active share and a deep value tilt;
- Are comfortable with performance that can diverge meaningfully from MSCI World (both ways) over shorter periods;
- Prefer transparent, research-driven stock selection and a disciplined valuation framework; and
- Seek a complement or counterweight to U.S. mega-cap heavy portfolios.
Those seeking a smoother, index-like ride or a growth-at-any-price style may find other funds a better behavioural fit. But for allocators looking to diversify style, reduce index concentration risk, and own a manager with a repeatable value process, Ranmore is a credible, award-winning option with the rare combination of long history, current relevance, and clear differentiation.
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Henry Temple-Baxter
Henry Temple-Baxter is the founder of Investments for Expats and is CISI Level 4 qualified. A long-term expat himself, he has lived and worked in Kuala Lumpur, Beijing, Bangkok, Hong Kong and Ho Chi Minh City. He set up the firm in 2018 to give UK expats fee-only, transparent advice on pensions, tax and investing abroad.
This guide is general information, not personal advice. Tax rules can change and their effect depends on your circumstances. Capital at risk.
