Commentaries

11 September 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 (Class-IP EUR net of fee*) posted a performance of 5.09% vs +2.94% for the MSCI Europe TRN€ Index.

Dovish statements by the Fed targeting employment and growth rather than inflation contributed to a boost of Equity markets and supported strong Momentum performance everywhere. In Europe, it particularly benefited our fund that outperformed the market in August. The Fund benefited from the strong performance of our Momentum engines that found attractive picks in Sweden and United Kingdom. The level of outperformance of our growth picks more than balanced the Value picks in our book. The style remains out-of-favor there, with no end in sight to the global hunt for top-line growth and the next disruptor. The fund remains away of the Energy sector, while finding number of opportunities in the Health Care and Information Technology sectors. Looking at Market Cap segments in Europe, we continue to see an interesting recovery of the Small/Mid Cap segment after it lagged significantly in the first half. Our allocation to small/mid caps hence contributed positively to the fund relative performance.

*Source: RAM Active Investments