12 August 2020

Emmanuel Hauptmann

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

European Equities went down in July after signs of a second wave of COVID19 starting in Europe as we are still assessing the long-term impact of the first wave on our economies after very negative Q2 GDP numbers. Our strategies fared well in this uncertain environment thanks to high return dispersion. Our Long Momentum and Low Risk books, skewed respectively towards tech/e-commerce and non-cyclical sectors currently, contributed very positively. Our Long 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 Short single-names book also posted positive alpha, with good UK Low-Quality and Machine Learning strategy picks.

The RAM (Lux) Systematic Funds - Long/Short European Equities Fund is overall net Long Health Care and IT while net Short on Energy and Banks. At a geographical level, the largest net longs are Scandinavian countries, Sweden being the fund’s largest net Long, while the fund has net Short positions on France and the UK.

Source: RAM Active Investments.