Commentaries

12 August 2021

Nicolas Jamet

The RAM (Lux) Systematic Funds - Stable Climate Global Equities Fund (Class-PI USD net of fee*) was up 3.32% in July as valuation and return dispersions remain high and favourable for stock picking.

Global Equities kept their march higher despite a resurgence of COVID uncertainty as cases rise across geographies. Market favoured low volatility names, which also helped the performance of the fund. Top Sector allocation of the fund has changed over the last month, from Healthcare to Financials. Other sector exposures remained relatively stable. The Carbon Risk of the portfolio continues to be extremely low, and decreased slightly with a carbon intensity of 28.4TCO2/$M SALES (78% lower than Global equities). More than 70% of the holdings are ranked AA or AAA by MSCI, 22% have a positive ESG trend and only 2% have a negative trend. This result in an overall portfolio ESG Quality Score of 9.58/10. ESG leaders and Low carbon companies outperformed the main indices by around 50bps.

Source: RAM Active Investments.