Commentaries

12 March 2021

Emmanuel Hauptmann

RAM Active Investments RAM (Lux) Systematic Funds -Emerging Markets Equities

The RAM (Lux) Systematic Funds - Emerging Markets Equities Fund (Class-PI USD net of fee) was up 3.11% in February vs 0.76% for the MSCI Emerging Makets TRN$.

The fund significantly outperformed Emerging Markets over the month, all the outperformance being generated in the market downside at the end of the month. The fund strong diversification and exposure into under the radar opportunities within Small and Mid Caps helped significantly during the downside at the end of the month. The fund’s GARP Momentum strategy is capturing strong dispersion in the market, particularly in the lower market cap segments, and was the main performance driver. The fund’s strong ESG and Quality biases should help the fund further differentiate in more volatile Emerging Markets, while we expect our Small and Mid-Cap selections to do very well if flows come back in favour of more active and less concentrated Equity selections after years of ETF and Mega-Cap funds’ growth.

Over the month, the fund increased slightly its exposure in Taiwan, Malaysia at the expense of China + Hong Kong and South Korea.

Source: RAM Active Investments