The manager of a $9.6 billion Lazard Asset Management fund used the July plunge in Samsung Electronics Co. to add the stock to her portfolio for the first time in more than a year. The fund, which has been beating 93% of its peers, capitalized on the downturn in memory chips to buy shares at a discount. The move reflects a long-term bullish view on Samsung’s fundamentals despite the rout.

The manager, who oversees the global equity strategy, sees the dip as a buying opportunity for a company with strong cash flow and market leadership. The fund’s outperformance has been driven by disciplined stock selection during volatile markets. Adding Samsung, a bellwether in tech, may further bolster returns as the memory sector stabilizes.

Industry analysts note that the memory rout may be temporary, with demand for AI and data centers driving future growth. The fund’s position sizing and timing highlight its contrarian approach. The July addition marks a strategic shift after a year of underweighting the stock.

The manager’s confidence in Samsung’s recovery aligns with the fund’s track record of identifying value in downturns. The memory rout, which saw Samsung shares drop nearly 15% in July, created an entry point for patient investors. The fund’s performance relative to peers underscores its resilience in a challenging tech landscape.