Commentaries

10 May 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*) posted a performance of 3.70% in April, while the MSCI Europe TRN€ Index returned 2.07%.

The upside of European Equities continued into April on the back of strong US Q1 earnings and positive global economic indicators. Our Value and Machine Learning engines kept benefiting from the recovery of undervalued companies in the universe, while our Momentum engines contributed also nicely on the upside, capturing well the recovery trends. The Low Risk book ended up just slightly ahead of the market, generating positive alpha over the month too. All market cap segments in the fund outperformed the broad market, with our Small and Mid-Cap picks the most positive in the selection. UK health-care and German industrial names in the fund were among the top contributors over the month. The fund’s largest sector overweight position remains in Industrials, where valuation dispersion is still compelling, while good earnings momentum led to an increase of our allocation to Materials.

Source: RAM Active Investments