The Ranmore global equity fund, managed by Andrew Lapping, chief investment officer of U.K.-based Ranmore Funds, has delivered a 150% return over the past five years. Despite maintaining a significantly underweight position in U.S. stocks, holding as little as 15% recently compared to a neutral weighting of around two thirds, the fund has outperformed. Lapping, a value investor, sees opportunity in beaten-down software stocks rather than the broader U.S. market. His contrarian approach has proven successful despite holding minimal exposure to the world’s largest equity market.
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