14 January 2021

Emmanuel Hauptmann

RAM Active Investments RAM (Lux) Systematic Funds - Long/Short European Equities Maxime Botti Partner & Senior Systematic Equity Fund Manager

The RAM (Lux) Systematic Funds - Long/Short European Equities Fund (Class-I EUR net of fee*) was up 0.76% last month.

The risk-on move in the market has continued to prevail in December, with central bank interventions and vaccine optimism being the main reasons. The RAM (Lux) Long/Short European Equities Fund behave well last month, mainly thanks to the positive contribution from the Long book. Shorts continued to cost in December to cap the worst year for our Short book since inception of the Fund. With some segments of the market exhibiting extremely high valuations, Health Care and airline-related stocks extended their upside in the Short book amidst a very speculative price action. The Fund ended the year down, hurt by the extreme outlier events of 2020 from the March pandemic spread, through the June rotation and the November vaccine-led rebound. In December, the good performance of our Momentum, Value and ML engines in the Long book helped offset the drag of our Shorts. The best picks last month were found in Sweden, with stocks selected in the Consumer Discretionary and Financials sectors contributing the most.

Source: RAM Active Investments.