Sean Peche, manager at Ranmore Fund Management, is deliberately avoiding the artificial intelligence craze and focusing on undervalued stocks instead. His portfolio includes four holdings: Chinese insurer Ping An Insurance, offering a 6% dividend yield and trading below book value in Hong Kong; U.S. group Comcast, whose shares have declined about 16% over the past year amid a spin-off of its media assets; British company Diageo (Guinness, Johnnie Walker), undergoing a $1 billion restructuring under its new CEO; and Chinese tech giant Tencent, whose earnings have tripled while the share price remains similar to 2018 levels. Peche favors Asian technology companies, where the costs of running AI models are a fraction of those in the United States.
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