Commentaries

13 November 2020

Emmanuel Hauptmann

RAM (LUX) SYSTEMATIC FUNDS – LONG/SHORT GLOBAL EQUITIES

The RAM (Lux) Systematic Funds - Global Equities Fund (Class-PI USD net of fee*) posted a performance of -0.14%, only slightly reducing our positive YTD performance to 1.16%.
In October, Global Equities corrected over the month amidst a worsening of the second wave of Covid and disappointing Tech results, not to mention uncertainties surrounding the US election and the potential explosive situation that could result from it. The fund was flat for the month, as MSCI World went down more than 3%, providing positive decorrelation over the last months. The Long book outperformed on the market downside thanks to good selection in Asia, HK and South Korea standing out particularly. On the long side, our Long Machine Learning engine was the best performance contributor last month, still well positioned for more volatility in the wake of the COVID crisis. On the short side, our short engines had mixed contribution over the month, central bank interventions globally maintaining valuations at very high levels in that tail-end of the market. After an excellent quarter this summer, we continue to see enormous reserve of opportunities to benefit from thanks to our Beta Neutral approach, particularly in this uncertain environment.

Source: RAM Active Investments.