Commentaries

12 August 2020

Emmanuel Hauptmann

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

Emerging Equities were strongly up in July against a backdrop of weak USD, with Mega Cap Tech companies leading the way up. The RAM (Lux) Systematic Funds - Long/Short Emerging Market Equities Fund was up 2.4% over the month, recouping some of the first half drawdown, thanks to strong alpha of our selection in IT and Industrials on both sides of the book. Our multi-faceted Machine Learning book was the fund’s best contributor this month, while we were negatively impacted by our Long Income picks. Strong performance came from the fund’s Long Large Cap selection, significantly outperforming the market, while Mid & Small Cap selections haven’t recovered the alpha lost over the first half of the year yet; our Longs there remain well below market returns year-to-date.

The Fund is net Long Consumer Staples and IT while net Short Energy and Consumer Discretionary The largest net Long country exposure remains Taiwan, while the fund is still significantly net Short Brazil.

Source: RAM Active Investments.