Multi-Asset Monthly Comment - June 2024

RAM Global Multi-Asset

Sentiment in financial markets remained positive in June, though dispersion was observed among regions and asset classes. Macroeconomic data in developed markets showed some signs of deceleration in global activity but not enough to derail the Goldilocks narrative. On the inflation front, developments were rather encouraging. From a regional perspective, Europe suffered outflows as political risk increased following elections, with France being at the centre of attention. In the US, the first presidential debate turned in favour of Donald Trump, and the weakness in the Chinese recovery continued to feed a lack of interest from investors. Global equities posted gains driven by US Tech names, while European stocks ended the month in negative territory. Credit indices in developed markets posted a positive return, mainly thanks to the interest rate effect. Finally, oil prices recouped most of the prior month's decline, and gold was slightly up after enduring some volatility due to China halting its purchases of the precious metal.

In June, Tactical Fixed Income exposures provided the largest positive contribution to the portfolio, benefitting from a combination of favourable inflation news and heightened demand for safe-haven assets. In the Alternative investments bucket, Equity Market Neutral strategies continued to capitalise on the repricing of the short book, as more companies are vulnerable to higher interest rates. Additionally, Fixed Income Long/Short strategies delivered positive results through careful credit selection. Within Traditional Equities, US Tech names outperformed, while European all-cap, equity income, and China Tech exposures reduced overall gains. Risk Reducing strategies showed mixed results, with European exposures adding to performance, whereas US exposures detracted due to lower equity volatility. 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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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).
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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.
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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, Mediobanca Management Company SA, 2 Boulevard de la Foire 1528 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.