13 November 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 –2.83% in a down market –2.66% for the MSCI North America TRN$ Index over the month.

In October, the fund underperformed on the market downside, despite the Tech selection of the fund being resilient in the wake of more COVID worries by the market and uncertainties surrounding the US election and the potential explosive situation that could result from it. We particularly benefited from a good selection in the consumer discretionary and IT sectors, an underweight to the most overvalued names there helped the fund outperform.

Over the month, we reduced our allocation to Consumer Discretionary and Information Technology sectors in favor to Consumer Staples, particularly in names within Food & beverage, and Health-Care. We believe that our overweight to Health-Care 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.


Source: RAM Active Investments