Monatlicher Kommentar Multi-Asset – März 2026 (nur auf Englisch verfügbar)
RAM Global Multi-Asset Fund
The month of March marked a sharp inflection point for global markets, as a dramatic escalation of the US-Iran conflict abruptly displaced economic fundamentals as the dominant driver of asset prices. The effective closure of the Strait of Hormuz and damage to Gulf energy infrastructure sent Brent crude surging over 60%, its sharpest monthly gain since the 1970s. The energy disruption reignited inflation fears, with eurozone headline inflation rebounding, while central banks held rates steady but struck a hawkish tone, closing the door on near-term easing. Risk assets sold off broadly. European and Asian equities were the most hit due to the consequences of higher energy prices mainly. Credit spreads widened across Investment Grade and High Yield segments. DM government bond yields surged, with market participants integrating renewed inflationary pressures. The USD rallied as higher real yields made the greenback the dominant haven asset, while precious metals fell sharply amid crowded positioning and dollar strength.
Diversified Equities were the largest source of portfolio losses, as the broad risk-off environment hit exposures across regions and market capitalisations. The Single Name Equity book also detracted, amplifying the negative contribution from the Traditional Equity sleeve. Traditional Fixed Income was also a drag, as the sharp rise in yields weighed on duration, though lower credit spread involvement, and the carry effect limited the negative contribution. Within Liquid Alternatives, performance was mixed but marginally positive – Fixed Income Long/Short and Multi-Strategy generated positive contributions, while Equity Long/Short, Macro Systematic, and Event Driven each detracted modestly as the speed of the selloff limited alpha generation. Risk Reducing strategies made a positive contribution, with options-based and outright hedges posting gains, partly offset by the DM curve steepener strategy.
For a complete overview of the strategy, please refer to the PRIIPs KID available under https://www.ram-ai.com/en/systematic-funds/global-multi-asset
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The RAM Global Multi-Asset Fund is a sub-fund of RAM (Lux) Systematic Funds (the 'Fund'), a SICAV incorporated under Luxemburg law and constituting an OPCVM in accordance with EC Council Directive of 13 July 2009 (DIR 2009/65/EC). Past performance is not a guide to current or future results.
This marketing document is only provided for information purposes to professional clients, and it does not constitute an offer, investment advice or a solicitation to subscribe shares in any jurisdiction where such an offer or solicitation would not be authorised or it would be unlawful. In particular, the Funds are not offered for sale in the United States or its territories and possessions, nor to any US Person (citizens or residents of the United States of America).
This document is confidential and is intended only for the use of the person to whom it was delivered; it may not be reproduced or distributed. There is no guarantee that the holdings shown will be held in the future. The investment described concerns the acquisition of shares in the Sub-Funds and not in a specific underlying asset.
Past performance is not a guide to current or future results. There is no guarantee to get back the full amount invested. The performance data do not take into account fees and expenses charged on subscription and redemption of shares nor any taxes that may be levied. As a subscription fee calculation example, if an investor invests EUR 1000 in a fund with a subscription fee of 5%, the investor will pay to his financial intermediary EUR 50.00 on the investment amount, resulting with a subscribed amount of EUR 950.00 in fund shares. In addition, potential account keeping costs (by investor’s custodian) may reduce the performance. Some shares in the Sub-Funds apply a performance fee. Leverage intensifies the risk of potential increased losses or returns.
RAM Active Investments may decide to terminate the marketing arrangement in place in any given country in accordance with Article 93a of Directive 2009/65/EC.
Changes in exchange rates may cause the NAV per share in the investor's base currency to fluctuate.
Particular attention is paid to the contents of this document but no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof.
Prior to any transaction, clients should check whether it is suited to their personal situation, and analyse the specific risks incurred, especially financial, legal and tax risks, and consult professional advisers if necessary. Please note that the share classes mentioned in this document may not be registered in your country of domicile.
Please refer to the Key Investor Information Document and prospectus with special attention to the risk warnings before investing. This Sub-Fund is classified as art.8 SFDR For further information on ESG, please refer to https://www.ram-ai.com/en/regulatory-information and the relevant Sub-Fund webpage.
The prospectus, constitutive documents and financial reports are available in English and French while PRIIPs KID are available in the relevant local languages. These documents can be obtained, free of charge, from the SICAVs’ and Management Company’s head office and www.ram-ai.com, its representative and distributor in Switzerland, RAM Active Investments S.A. and the relevant local representatives in the distribution countries.
Issued in Switzerland by RAM Active Investments S.A. which is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). Issued in the European Union and the EEA by the authorised and regulated Management Company, Mediobanca Management Company SA, 2 Boulevard de la Foire 1528 Luxembourg, Grand Duchy of Luxembourg.
Swiss representative: Swiss Paying Agent:
RAM Active Investments S.A. CACEIS Bank, Montrouge, succursale de Nyon/Suisse
Rue du Rhône 8 Route de Signy 35
CH-1204 Genève CH-1260 Nyon
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