Commentaires mensuels Multi-Asset – Mai 2026 (en anglais uniquement)
RAM Global Multi-Asset Fund
May delivered a striking divergence between persistent geopolitical strain and buoyant financial markets. Brent crude remained elevated above $100 per barrel for most of the month as the Strait of Hormuz disruption continued, keeping inflation expectations firmly to the upside Q1 GDP data confirmed a growing transatlantic divergence, with the US expanding at a 1.6% annualised rate, a rebound from the prior quarter's 0.5%, while the eurozone economy barely grew, weighed down by energy costs, weak domestic demand, and persistent structural headwinds. Kevin Warsh was sworn in as the new Federal Reserve Chair, with rates held steady and markets increasingly pricing in the possibility of a hike later in 2026. Risk assets surged, with most equity indices reaching new all-time highs underpinned by exceptional Q1 earnings growth and continued AI-driven capital expenditure. Fixed income delivered modest positive returns as credit spreads tightened on the back of solid corporate fundamentals, while government bond yields experienced divergent moves across the US and Europe. The USD strengthened modestly against major peers, and precious metals consolidated as the prospect of a more hawkish policy stance weighed on non-yielding assets.
Traditional strategies were the primary positive contributor, with the equity book accounting for the bulk of gains. Within equities, the Diversified sleeve led the way, driven by strength in US tech-related exposures, while European allocations underperformed. Emerging Markets all-cap exposures added further gains. The Single Name Equity book detracted, with European and Asian value/quality exposures weighing the most on performance. Fixed Income made a limited but positive contribution, consistent with defensive positioning in high-quality bonds. Alternative strategies were a drag overall, masking divergence underneath. Fixed Income Long/Short was the standout contributor, while European Equity Market Neutral weighed most on the sleeve, with Multi-Strategy and Event Driven also detracting marginally. Risk Reducing strategies endured losses as volatility compression and rising equity markets reduced the value of hedging positions.
For a complete overview of the strategy, please refer to the PRIIPs KID available under https://ram-ai.com/funds/shareclass/lu1739554647
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The RAM Global Multi-Asset Fund is a sub-fund of RAM (Lux) Systematic Funds (the 'Fund'), a SICAV incorporated under Luxemburg law and constituting an OPCVM in accordance with EC Council Directive of 13 July 2009 (DIR 2009/65/EC). Past performance is not a guide to current or future results.
This marketing document is only provided for information purposes to professional clients, and it does not constitute an offer, investment advice or a solicitation to subscribe shares in any jurisdiction where such an offer or solicitation would not be authorised or it would be unlawful. In particular, the Funds are not offered for sale in the United States or its territories and possessions, nor to any US Person (citizens or residents of the United States of America).
This document is confidential and is intended only for the use of the person to whom it was delivered; it may not be reproduced or distributed. There is no guarantee that the holdings shown will be held in the future. The investment described concerns the acquisition of shares in the Sub-Funds and not in a specific underlying asset.
Past performance is not a guide to current or future results. There is no guarantee to get back the full amount invested. The performance data do not take into account fees and expenses charged on subscription and redemption of shares nor any taxes that may be levied. As a subscription fee calculation example, if an investor invests EUR 1000 in a fund with a subscription fee of 5%, the investor will pay to his financial intermediary EUR 50.00 on the investment amount, resulting with a subscribed amount of EUR 950.00 in fund shares. In addition, potential account keeping costs (by investor’s custodian) may reduce the performance. Some shares in the Sub-Funds apply a performance fee. Leverage intensifies the risk of potential increased losses or returns.
RAM Active Investments may decide to terminate the marketing arrangement in place in any given country in accordance with Article 93a of Directive 2009/65/EC.
Changes in exchange rates may cause the NAV per share in the investor's base currency to fluctuate.
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Prior to any transaction, clients should check whether it is suited to their personal situation, and analyse the specific risks incurred, especially financial, legal and tax risks, and consult professional advisers if necessary. Please note that the share classes mentioned in this document may not be registered in your country of domicile.
Please refer to the Key Investor Information Document and prospectus with special attention to the risk warnings before investing. This Sub-Fund is classified as art.8 SFDR For further information on ESG, please refer to https://www.ram-ai.com/en/regulatory-information and the relevant Sub-Fund webpage.
The prospectus, constitutive documents and financial reports are available in English and French while PRIIPs KID are available in the relevant local languages. These documents can be obtained, free of charge, from the SICAVs’ and Management Company’s head office and www.ram-ai.com, its representative and distributor in Switzerland, RAM Active Investments S.A. and the relevant local representatives in the distribution countries.
Issued in Switzerland by RAM Active Investments S.A. which is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). Issued in the European Union and the EEA by the authorised and regulated Management Company, Mediobanca Management Company SA, 2 Boulevard de la Foire 1528 Luxembourg, Grand Duchy of Luxembourg.
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RAM Active Investments S.A. CACEIS Bank, Montrouge, succursale de Nyon/Suisse
Rue du Rhône 8 Route de Signy 35
CH-1204 Genève CH-1260 Nyon
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