Sean Peche used a recent appearance on CNBC to lay out four holdings he considers priced below their fair value, at a moment when broad indexes keep rewarding momentum over fundamentals.
The Ranmore Fund’s portfolio manager skipped the enthusiasm around Chinese robotics developer UniTree’s initial public offering, pointing instead to mispriced cash flows in sectors investors have largely written off.
His four picks span Chinese insurance, American telecoms, British spirits, and Chinese technology firms, he argues, generate durable earnings despite being abandoned by momentum-driven capital.
The common thread is timing: buying assets precisely when they have fallen out of favor – running counter to a market still chasing AI-linked growth stories. Here are Peche’s top four picks.
Ping An Insurance
Ping An Insurance sits among Ranmore’s ten largest holdings, a bet on a company Peche considers mispriced relative to its scale.
Despite ranking among the world’s largest insurers, the stock trades out of favor on its Hong Kong listing, sitting below book value while yielding close to 6%.
Most global peers command a premium to book value and offer smaller payouts.
Peche’s case rests on that gap: a growing Chinese insurance market attached to a share price that undervalues the business, at a yield few competitors match.
Comcast
Comcast stock has fallen roughly 16 percent over the past year and remains below its 2021 peak, even after a recent rebound off lows.
The company spun off most of its cable news operations, including CNBC, at the start of this year, and in June announced plans to shed further media assets to focus on cable, wireless, and business services.
What keeps Ranmore invested is the durability underneath that decline: annuity-like income, sticky customer base, strong free cash flow, and management Peche rates as savvy rather than a business in structural decline.
Diageo
Diageo has absorbed one of the steeper share-price declines in Ranmore’s portfolio, tied to broader concern over falling alcohol consumption.
Peche argues that narrative is incomplete: Guinness continues to grow, and its zero-alcohol variant is gaining share in a category less crowded than mainstream lager.
Chief Executive Dave Lewis, who took over at the start of 2026, has launched a $1 billion restructuring that Peche credits to a proven cost-cutting record.
Recent divestments, an East African brewing business and a stake in an Indian cricket franchise, register as portfolio discipline rather than retreat.
Tencent
Tencent rounds out the list, a position Ranmore has built at roughly the same share price the stock traded at in 2018, even as earnings have roughly tripled since.
The group spans cloud computing, gaming, and the WeChat messaging platform.
Peche’s broader thesis rests on cost structure: running artificial intelligence infrastructure costs materially less in China, where power and infrastructure expenses run lower, while domestic technology firms show greater capital discipline than their American counterparts.
That combination leaves Tencent, in his assessment, well positioned as the buildout continues.
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