ODP stock was down 23% to $14.86 Wednesday, at one point hitting a 52-week low of $13.44. It is down more than 70% over the past year. The company's pivot includes expanding beyond office supplies.

The year after Cercano Management was spun out of Microsoft Corp. co-founder Paul Allen’s family office in late 2021, its US stocks portfolio had a 17% weighting to the US software giant.