12 July 2021

Nicolas Jamet

The RAM (Lux) Systematic Funds - Stable Climate Global Equities Fund (Class-PI USD net of fee*) was up 1.11% in June which brings Q2 performance to 7.96%.

Global equity market sentiment was dominated by the fear of COVID-19 delta variant, leading to a setback in the Value Vs Growth reversal that was initiated few months ago. We observed strong sector return dispersion, with IT sector up almost 7%, while other sectors such as Materials and Financials ended up the month in negative territories. Sector allocation of the fund remained relatively stable, with only a slight increase in IT exposure VS a decrease in Industrials. The Carbon Risk of the portfolio continues to be extremely low with a carbon intensity of 30.1T CO2/$M SALES (77% lower than Global equities). Close to 70% of the holdings are ranked AA or AAA by MSCI, 19% have a positive ESG trend and only 6% have a negative trend. This result in an overall portfolio ESG Quality Score of 8.87/10. ESG leaders performed in line with the market, while Low carbon companies slightly underperformed.

Source: RAM Active Investments.