Commentaries

12 August 2020

Emmanuel Hauptmann

RAM Active Investments  RAM (Lux) Systematic Funds - European Equities Maxime Botti Partner & Senior Systematic Equity Fund Manager

The RAM (Lux) Systematic Funds – European Equities Fund went down in July as signs of a second wave of COVID19 built up in Europe while we are still assessing the long-term impact of the first wave on our economies with very negative Q2 GDP numbers. Our strategies fared well in this uncertain environment. Our Momentum and Low Risk books, skewed respectively towards tech/e-commerce and non-cyclical sectors currently, contributed very positively. Our Value strategies also outperformed the broad market despite more book-based Value being hurt last month, with strong picks of Scandinavian industrial companies namely.

The fund is overall overweight Communication Services, IT and Industrials, with a bias towards Sweden there, while still underweight Consumer Staples, Energy and Banks relative to the benchmark.

*Source: RAM Active Investments