11 September 2020

Emmanuel Hauptmann

The RAM (Lux) Systematic Funds - Stable Climate Global Equities Fund (Class-PI USD net of fee*) posted a performance of 5.76% vs +6.68% for the MSCI World Index TRN$.

The good performance of the fund’s best-in-class ESG selection in Europe and Asia was not enough to offset the performance lag from our underweight positions in Apple and Tesla, both names’ stock prices being boosted by speculation around their stock splits’ announcements.
The fund still holds large number of Health-Care companies, which combine very strong respect of ESG standards and appealing valuation and growth dynamics. High scope 3 emissions make most Energy companies unable to make it into the portfolio while selective firms among chemicals but also metals producers with strong ESG integration explain our overweight to the Materials sector. Finally, over the month, we saw a re-allocation out of Information Technology into Materials. On the country level, we saw an increase in weight of our German selection at the expense of United Kingdom.

Source: RAM Active Investments.