Independent. Aligned. Experienced.
Founded in 2008, Ranmore is a value-driven global equity fund built on research, discipline, and alignment with our investors. We focus on a single fund, choosing simplicity and excellence over complexity.
Independent
No conflicts of interest
Aligned
We invest alongside you
Experienced
Since 2008
Our Principles
From how we invest to how we treat people, we stick to a clear set of values that keep us focused, aligned, and accountable.
One Fund Focus
We manage a single fund, allowing us to stay fully focused on one goal—growing and protecting your capital without distraction.
Fixed Fee Structure
We charge a simple, flat fee. No performance fees or hidden costs—just transparent, aligned incentives.
Shared Alignment
We invest our own savings in the Fund, right alongside our clients. This ensures our incentives are aligned and decisions are made with shared outcomes in mind.
Pooled Structure
We manage a single pooled fund so all investors share costs fairly. This keeps things simple, scalable, and focused on delivering long-term value.
Small Team
We keep our team intentionally small. This builds trust, improves communication, and ensures we stay focused on managing the Fund.
Mutual Respect
We treat our clients and team the way we’d want to be treated—fairly, honestly, and with care. It’s a core principle of how we operate.
Approach
Our Philosophy
RFM applies a disciplined, value-focused approach to identify undervalued businesses across global markets.
We invest like astute businesspeople: analysing long-term cash flows, assessing normal earnings, and calculating both upside and downside to determine fair value.
We avoid overleveraged companies, steer clear of popular narratives and crowded trades, don’t rely on macro forecasts or meeting management and pay very little attention to benchmarks and portfolio turnover.
Led by co-invested managers Sean Peche (Founder & CEO) and Andrew Lapping (CIO), our small team focuses on disciplined investing to achieve real returns and staying fully aligned with our clients.
- Invest around the world guided by value, not the crowd or benchmark
- Invest like astute business people
- Analyse the long-term cash flow stream
- Calculate "normal earnings" and fair value
- Want management "on our side"
- Avoid over-leveraged businesses
- Invest alongside clients
- Don't meet company management – we don't want biases
- Have a small team – more efficient decision-making
- Ignore fund turnover – our focus is returns
- Only manage one fund
- No segregated accounts
Investment Team
Sean Peche
Sean’s investment career began in South Africa in 1997 when he joined Old Mutual Asset Management as an equity analyst. In 1999, he joined Decillion Capital as one of its founding members and co-managed the successful BigRock Fund, a South African-based hedge fund.
Andrew Lapping
Andrew began his investment career at Allan Gray Ltd in 2001. He became a Fixed Interest Portfolio Manager in 2005 and Equity Portfolio Manager in 2008 before being promoted to Chief Investment Officer in 2015.
Hiren Soni
Hiren began his analyst career in 2010 following the completion of his MBA. He has a particular interest in technology stocks. Hiren holds the CFA charterholder qualification.
Thembani Mathevula
Thembani joined Ranmore in 2022, initially as an intern while studying Financial planning at the University of Johannesburg
Josphat Ncube
Josphat joined Ranmore in 2021, working closely with Sean as a technical analyst.
Blake Carter
Michael Stock
Michael joined Ranmore in 2026 as an Equity Analyst. Previously, he worked as an Analyst at Aberdeen in the Multi‑Asset and Alternative Investment Solutions team. Before that, he was at Lane Clark & Peacock. Michael is a CFA charterholder and holds both a Master’s and a Bachelor’s degree from Durham University.
Andrew El
Andrew joined Ranmore in April 2026 as an Equity Analyst. He holds a First-Class degree in Economics from the University of Warwick. Before joining, he completed a summer internship in real estate private equity.
Support & Operations
Hywel Bevan
Hywel joined Ranmore in 2014. He previously obtained the Associate Chartered Accountant (ACA) qualification while working at PricewaterhouseCoopers and holds a BSc in Business Administration from Cardiff University.
Joelene Swanepoel
Joe joined Ranmore in 2008, having previously spent six years at Allied Irish Bank (GB) in various back office operations. She holds a BSc from the University of Cape Town and the Investment Management Certificate.
Joseph Burke
Joseph joined Ranmore on a contracted basis from Complyport in October 2025. He has extensive compliance experience from across the industry working with Complyport for 5 years working closely with clients on all their Compliance needs.
Patrick Berton
Prior to joining Ranmore Patrick headed up distribution at Neptune Investment Management for 14 years. He had previous positions at HSBC Asset Management, Schroders and Touche Remnant.
Bianca Walker
Bianca joined Ranmore in August 2024 after relocating to the UK from South Africa. She holds a BCom Honours degree and completed a commercial internship in Cape Town following her studies.
Nicholas Williams
Nic joined Ranmore as an Investment Operations Administrator in August 2025. Born and raised in Cape Town, he completed a BCom in Actuarial Science before relocating to London to pursue a career in finance.
Our Process
Disciplined. Independent. Rational.
We invest in cash-generating businesses that are undervalued. We don’t invest in market hype.
We scour global equity markets for businesses with a history—and potential future—of strong cash flow generation, trading at reasonable valuations. Once we identify potential investments, we assess the business model, industry, and management’s track record to estimate future cash generation. This, combined with a fair valuation multiple, drives our investment decisions.
Our investment process is methodical and rooted in fundamental analysis. We assess each company’s cash flow potential, industry dynamics, financial health, and management quality. By focusing on the true worth and understanding the risks and opportunities, we aim to make sound, data-driven investment decisions—not emotional ones. If new information challenges our valuation, we’re quick to re-evaluate and move on.
We believe diversification is key to managing uncertainty. Instead of making concentrated bets, we spread our investments across a broad range of companies and sectors. Smaller position sizes help reduce the impact of unexpected setbacks.
We invest in businesses run by management teams with a history of sound capital allocation and shareholder alignment. We don’t rely on flashy presentations—instead, we assess their track record. We look for leaders who act like owners, not just employees, and who are focused on building long-term value, not short-term gains.
We believe diversification is key to managing uncertainty. Instead of making concentrated bets, we spread our investments across a broad range of companies and sectors. Smaller position sizes help reduce the impact of unexpected setbacks.
The Morningstar Rating is an assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.
FE fundinfo Crown Fund Ratings enable investors to distinguish between funds that are strongly outperforming their benchmark from those that are not. The top 10% of funds will be awarded five FE fundinfo Crowns, the next 15% receiving four Crowns and each of the remaining three quartiles will be given three, two and one Crown respectively.
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