Commentaries

12 July 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*) slightly underperformed in June -1.57% vs 1.70% for the MSCI Europe TRN€ Index, while since the beginning of the year the fund continues to outperform, +19.89% vs 15.35%.

European Equities kept their march higher despite a more hawkish Fed at the beginning of June. The Fed change of stance on current inflation risks led to profit-taking in Equities and some reversal of prior months’ Value out-performance of Growth. The fund was up over the month close to keeping pace with the benchmark despite the Value reversal, as Momentum engines contributed positively to the book, illustrating once again the benefit of our blend of alpha engines. Good picks in the shipping industry and within Health-Care stocks contributed very positively to the performance of our Momentum selections. The fund increased allocation to Financials, reducing our underweight to the sectors, as more insurance names came into our alpha selection, while our IT overweight went back to neutral over the month.

Source: RAM Active Investments