Commentaries

10 June 2021

Valentin Betrix

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*) posted a performance of 2.86%.

The fund continues to see strong recovery of alpha as the valuation dispersion in the market remains high after the return divergences of the last few years. Both sides of the book contributed to a strong increase of the fund last month as return dispersion persists within sectors. Our Machine Learning engines contributed the most across Long and Short books, while Long Momentum and Value picks kept performing strongly. The Long Low Risk book was the sole detractor of alpha over the month as low beta names were shunned by investors over the month. Short picks across market cap segments were the best contributors, the names shorted in our Mid and Small Cap selections finishing down over the month. The fund retains a large net Long Industrials exposure, by far the largest gross exposure also, a net long in the Investment Banking and Brokerage industry while being net Short Biotech.

Source: RAM Active Investments.