Commentaries

10 May 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) posted a performance of +5.04% vs +2.49% for the MSCI Emerging Markets TRN$ Index.

The strong recovery of undervalued names across Emerging Markets continued, the fund out-performing again significantly in April, being up around twice as much as the MSCI Emerging Markets TRN$ Index. All our alpha engines performed strongly, our GARP-Momentum strategies taking the lead across our alpha engines, with very strong contribution from our Small Cap selection last month. The best stock picks within the book were in Taiwan and Hong-Kong, with outstanding contribution from some of our technology and industrial selections there. The strategies still favor Taiwan which presents a large number of attractively valued Growth opportunities, while being underweight US-listed China heavyweights. Over the month, the main allocation changes were found in Communication services where we increased our underweight. The fund maintains an overweight position in Financials, a high number of Asian banking and brokerage companies being selected, as well as in Industrials and Consumer Staples.

Source: RAM Active Investments