Commentaires mensuels Actions Systématiques – Mai 2026 (en anglais uniquement)

RAM Emerging Markets Equities

The RAM (Lux) Systematic Funds - Emerging Markets fund (hereinafter ‘the Fund’) (Class-IP USD net of fee*) returned -1.05% in June, outperforming its benchmark, the MSCI Emerging Markets Index, which declined -1.41%. The month marked a modest consolidation after May's 9.7% rally, as the AI-hardware trade showed its first signs of fatigue.

The correction was most acute in South Korea, where the Korea Composite Stock Price Index (KOSPI) fell 10% June 23rd on signs of slowing High Bandwidth Memory 4 (HBM4) demand, hitting Samsung Electronics and SK Hynix, which together represent an outsized share of the index. Taiwan faces a similar concentration risk, with TSMC alone accounting for more than 40% of the Taiwan Stock Exchange (TAIEX), a degree of single-stock dependence the strategy's diversified, quality-oriented approach is deliberately built to prevent. Factor dispersion was extreme over the month, with Momentum leading while Quality names and Small Caps lagged.

The selection in Taiwan was the top contributor over the month, with good picks in Thailand contributing positively also.

In terms of sector positioning, Consumer Staples remained the top overweight.

The fund increased its exposure to Consumer Discretionary while trimming Information Technology, by far the largest underweight versus MSCI Emerging Markets today.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, UK, IT, NL, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed with reference to a benchmark. While the product compares its performance against the Index, it does not try to replicate this benchmark and freely selects the securities that it invests in. The deviation with this benchmark can be significant.

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RAM European Market Neutral Equity

The RAM (Lux) Systematic Funds – European Market Neutral Equity fund (Class-I EUR net of fee*) returned +0.62% in June, as global equities saw some profit-taking on the US Tech thematic, MSCI World equities ending the month down while MSCI Europe Index advanced 3%.

Beneath the European market's advance, factor dispersion was extreme on a long/short basis, with Quality leading and large rotations in momentum over the month. The fund proved resilient in the face of a short squeeze late in the month, cushioned by a recovery of the statistical-arbitrage book, which added a positive contribution and underscored the benefit of running two complementary engines.

The systematic-fundamental book navigated the environment well: gains on the short side more than offset a drag from the longs. Germany, the UK and the Netherlands led, driven by Industrials and semiconductor longs. Consumer staples shorts contributed positively, with a short position in Ocado adding value in the UK. Norway detracted as a long position in Yara weighed negatively. Large caps in the book were the main positive contributor; mid-caps detracted modestly.

At the latest rebalancing, the fund raised its net-long bias in Materials, Consumer Staples and Information Technology, reducing it in Communication Services, Consumer Discretionary and Industrials.

*Note: I EUR share class currently registered in LU, AT, CH, DE, ES, FR, UK, IT, NL, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

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RAM European Equities

The RAM (Lux) Systematic Funds – European Equities fund (Class I EUR net of fee*) declined -0.88% in June 2026, underperforming its benchmark, the MSCI Europe Index, which rose +3.02%. European equities advanced as a US-Iran ceasefire framework signed mid-month unwound the war premium, pulling Brent back near $73 and softening euro-area inflation to 2.8% (from 3.2%), even as the ECB delivered a surprise 25bp hike to 2.25% on 11 June.

Technology led the recovery amid renewed AI optimism, with ASML, Infineon and STMicroelectronics gaining into month-end. Factor dispersion was extreme, with Quality (+0.34%) and Momentum (-0.33%) leading while Low Size (-6.15%) and Low Volatility (-2.04%) lagged. Netherlands (-1.04%) detracted most, driven by ASML Holding NV (-0.76%), which also made semiconductors the principal drag within Information Technology (-1.09%), offset by Consumer Discretionary (+0.35%); Norway (-0.74%) and Spain (-0.54%, Pharma Mar) also weighed, while Austria (+0.13%, AT&S) and Germany (+0.12%) contributed.

In its latest rebalancing, the fund increased Information Technology, Financials and Consumer Staples while reducing Health Care and Industrials.

*Note: I EUR share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, UK, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its performance against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

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RAM Global Equity Low Carbon

The RAM (Lux) Systematic Funds – Global Equity Low Carbon Fund (hereinafter the ‘Fund’) (Class-PI USD net of fee*) gained +0.04% in June 2026, while the global equity market fell -0.72%. The move reflected a hawkish rate outlook against easing Middle East tensions: on 17 June the Fed held 3.50-3.75% and erased its 2026 cut signal, while on 11 June the ECB hiked 25 bp to 2.25%; U.S. May CPI came in at 4.17% yoy with energy up 23.5% on Hormuz disruption. Factor dispersion was extreme, Momentum (+7.41%) and Low Size (+2.29%) leading while Low Volatility (+0.09%) and Value (+0.35%) lagged. Relative to the market, the United States (+1.56%), Germany (+0.27%) and Australia (+0.14%) helped most, while France (-0.20%), Switzerland (-0.28%) and Netherlands (-0.31%) detracted; within the U.S., Health Care (+0.76%) led on Cardinal Health (+0.32%), whereas Industrials (-0.67%) lagged as Industrial Machinery (-0.39%), Booz Allen Hamilton (-0.29%) and Nextpower (-0.27%) weighed, and Cboe Global Markets (-0.53%) drove Financials (-0.40%) lower.

In its latest rebalancing, the fund added to Communication Services, Information Technology and Real Estate while trimming Health Care, Financials and Industrials.

*Note: PI USD share class currently registered in LU, AT, BE, FI, UK, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

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RAM Global Equity Income

The RAM (Lux) Global Equity Income Fund (hereinafter the ‘Fund’) (Class-IP USD net of fee*) gained +0.22% in June 2026, in line with its benchmark, the MSCI World High Dividend Yield, which rose +0.22%. The MSCI World Index returned -0.72% as investors digested a hawkish rate outlook against easing Middle East tensions; the Fed held 3.50-3.75% at Chair Warsh's first FOMC on 17 June and erased its 2026 cut signal, while the ECB hiked 25bp to 2.25%, its first since 2023, after May HICP at 3.2%. Factor dispersion was extreme, with Momentum (+7.41%) and Low Size (+2.29%) leading while Low Volatility (+0.09%) and Value (+0.35%) lagged. By country, the United States (+1.24%) led, helped by Grindr and Cardinal Health, with Ireland (+0.33%) also positive; Japan (-0.36%), Switzerland (-0.20%) and Hong Kong (-0.20%) detracted. Financials (+0.97%) and Energy (+0.35%) led, with Information Technology (-0.65%) the principal drag through packaged software (Amdocs) and Pharmaceuticals: Major weighing on Health Care. In its latest rebalancing, the fund increased Energy, Communication Services and Consumer Discretionary while reducing Health Care, Utilities and Materials.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

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RAM Global Market Neutral Equity

The RAM (Lux) Global Market Neutral Equity Fund (Class-PI USD net of fee*) returned +0.63% in June, while the MSCI World fell ‑0.69%; a positive absolute return as equities gave back a little of the quarter's surge.

The backdrop turned more supportive through the quarter (the Middle East conflict de-escalating, oil falling and consensus 2026 global earnings growth revised up to c.27.6%) while central banks stayed hawkish.

In developed markets, growth beat value and small caps edged ahead over the quarter, though value and defensives led in June.

In this context, the Fund returned +2.58% in Q2 2026.

The systematic fundamental book was positive in June on strong IT selection: both longs and shorts worked as cheaper names caught up with the momentum leaders, a welcome unwind of the crowding.

The main detractor was long selection in Communication Services, the market's weakest sector on the month.

The statistical arbitrage book outperformed, up just above +2% on the month, recovering its May give-back from the short squeeze in US IT (semiconductors, telecom equipment, network security).

The Fund is net long IT and Industrials, net short Consumer Discretionary and Materials.

*Note: PI USD share class currently registered in LU, CH, DE, DK, ES, FI, UK, IT, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.