10 June 2021

Nicolas Jamet

The RAM (Lux) Systematic Funds - Stable Climate Global Equities Fund (Class-PI USD net of fee*) was up 3.37% in May.

As return dispersion continued at both extra and intra-sector levels, the fund was rightly positioned to benefit from equity market upside, thanks to robust fundamentals and an attractive valuation profile. Sector exposure stayed relatively steady, with only a small increase in Financials allocations that became our second highest sector allocation after healthcare.  The Carbon Risk of the portfolio has slightly decreased in May with a Carbon Intensity around 31TCO2/$M SALES (77% lower than Global equities). 70% of the holdings are ranked AA or AAA by MSCI, 26% have a positive ESG trend and 4% have a negative trend. This results in a strong overall portfolio ESG Quality Score of 9.64/10.  Low carbon companies performed in line with the market, while ESG leaders slightly outperformed.

Source: RAM Active Investments.