Commentaries

11 September 2020

Emmanuel Hauptmann

The RAM (Lux) Systematic Funds - Global Sustainable Income Fund (Class-PI USD net of fee*) posted a performance of 3.22% vs +3.27% for the MSCI World High Dividend Yield TRN$.

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 the US, despite the high concentration of returns in the market, illustrated by Apple and Tesla’s formidable upsides, the fund did behave in line with the market. The fund benefited from our underweight in US Utilities and from a significant overweigh in the Information Technology sector. We would like also to underline that thanks to our ESG bias, we have been able to avoid some highly polluting companies within the Energy sector and one shipping companies that suffered significantly in August. Over the month, the fund reduced its exposure to Hong Kong in favor of the United States and out of Healthcare in favor of Materials. In such an uncertain environment, our longer-term sustainable exposure makes more than ever sense despite what appears to be the unlimited central bank intervention.

Source: RAM Active Investments.