Commentaries

13 April 2021

Emmanuel Hauptmann

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

The RAM (Lux) Systematic Funds - European Equities Fund (Class-IP EUR net of fee*)was up 7.57% in March vs 6.47% for the MSCI Europe TRN€.

European Equities marched higher in March on the back of strong economic numbers out of the US. The continued increase of US yields put more pressure on Growth stocks, the rotation into Value accelerating during the month. Our Value and Machine Learning engines performed strongly over the month, helping the fund outperform the MSCI Europe TRN index, while our Momentum and Low Risk engines were slightly lagging behind.

Strong picks in Consumer stocks were among the best performance drivers, while an underweight to the lagging Oil & Gas industry and to Credit Suisse, hurt by the Archegos Capital blowup, both added to the relative performance. The fund remains overweight Industrials and Consumer Discretionary while underweight Banks, Pharmaceuticals and Oil & Gas. Over the month, the fund reduced its allocation to Germany (now an underweight), in favor of Netherland Denmark.

Source: RAM Active Investments