12 October 2020

Emmanuel Hauptmann

RAM Active Investments  RAM (Lux) Systematic Funds - North American Equities Maxime Botti Partner & Senior Systematic Equity Fund Manage

The RAM (Lux) Systematic Funds - North American Equities Fund (Class-PI USD net of fee*) posted a performance of -2.54% vs-3.82% for the MSCI North America Index TRN$.

The fund outperformed on the market downside, as the Tech selection of the fund was resilient in the wake of more COVID worries in the markets. Our diversified and selective approach has paid off in September thanks to good selection in the consumer discretionary and IT sectors, where we continued to maintain an underweight to the most overvalued names. Furthermore, the overweight to Health-Care in the fund helped reduce volatility and makes the fund well positioned for potentially more COVID-related market volatility. The fund remains strongly underweight on the financials sector.

Over the month, we mainly saw an increase of our Financials underweight in favour of Consumer discretionary where we started to reduce our underweight.

Source: RAM Active Investments