December 2019 - Conflicting signals between macroeconomic fundamentals and risk asset prices encourage a tactical approach - Tactical Fund Manager's Comments

13 January 2020

Clement Perrette, David Fung, Gilles Pradère

  • 2019 was characterized by conflicting signals between macroeconomic fundamentals and risk asset prices; once again central banks omnipresence weighted more in the balance and acted as a tailwind for financial markets
  • Going into 2020, we observe tight valuations in many areas of the fixed income market, hence our tactical approach currently
  • We continue to lock profits where the upside becomes limited and build new positions/strategies when we deem being properly compensated on a risk/reward basis

The below table illustrates the current positioning of the RAM Global Bond Total Return Fund. The risk level, ranging from 0 to 5, provides with an indication of the risk by strategy, with 5 being the maximum level of risk that can be taken in line with the investment philosophy of the fund.

GBTR Positioning Grid

Direct access per fund to our latest Fund Manager's Comments:  

Global Bond Total Return 

Asia Bond Total Return