Multi-Asset Monthly Comment - March 2024

RAM Global Multi-Asset

The sentiment towards risk remained positive in March. While core inflation data surprised on the upside in the US, a stable job market and consumer confidence carried more weight in the balance. In Europe, the industrial sector contracted further and even the services sector exhibited signs of weakness. Elsewhere, the BoJ ended its negative interest rate policy, but the impact on financial markets was contained due to effective communication and a well-maintained dovish stance over the past months. Deflationary concerns eased somehow in China after the release of a stronger-than-expected consumer price index. Against this backdrop, global equities closed the month in positive territory, with some of the US Tech names catching their breath. In fixed income, both IG and HY credit spreads tightened and Developed Markets (DM)’ interest rate curves experienced a small downward shift. Gold prices delivered a robust single digit performance, likely bolstered by central bank gold reserve expansions and expectations of lower real interest rates. 

Traditional assets brought the largest positive contribution over the month. Single Name Equities stood out, delivering strong gains thanks to Emerging Markets/EU Tech and Energy sector exposures. Within the Diversified Equity book, returns were driven by Quality/Value tilted exposures in the climate-related and the shareholder retribution themes. The Tactical Fixed Income category also contributed positively, primarily driven by the exposures in DM IG and EU HY names. Macro Systematic and Equity Market Neutral exposures in the Alternative bucket contributed the most as these strategies benefitted from the positioning in FX/fixed income and the short equity book respectively. Finally, Risk Reducing strategies managed to generate a positive performance over the month, with equity downside mitigation exposures being slightly positive despite a lower volatility environment and the gold-related exposure posting a positive performance.¹ For a complete overview on the performance please refer to the PRIIPs KID and factsheet.

¹ Past performance is no guarantee of future returns.

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Important Information

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.
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Please refer to the Key Investor Information Document and prospectus with special attention to the risk warnings before investing. 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.
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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, RAM Active Investments (Europe) S.A., 51 av. John F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg.
The source of the above-mentioned information (except if stated otherwise) is RAM Active Investments and the date of reference is the date of this document.