Commentaries

12 August 2020

Emmanuel Hauptmann

RAM Active Investments  RAM (Lux) Systematic Funds - North American Equities Maxime Botti Partner & Senior Systematic Equity Fund Manage

US Equities went sharply up in July, boosted by strong performance of mega-cap Tech and consumer Discretionary companies against a backdrop of record low Treasury yields. The RAM (Lux) Systematic Funds - North American Equities Fund progressed by 3.8% net of fees over the month, lagging the index, suffering from underweights in the benchmark heavyweights Apple and Amazon, as well as from overweight positions in more attractively valued IT and Healthcare companies.

The fund’s largest relative overweight is in the Healthcare sector, as selective names in the sector exhibits both attractive growth and valuation characteristics, as well as an overweight to the IT sector. Financials is the largest current underweight position, with close to inexistent banking sector exposure in the fund.

Source: RAM Active Investments