Commentaires mensuels Multi-Asset – Avril 2026 (en anglais uniquement)
RAM Global Multi-Asset Fund
In April, headlines were driven by ongoing geopolitical turmoil in the Middle East and corporate earnings announcements. The Strait of Hormuz remained severely disrupted, pushing Brent crude above USD 110 per barrel by month-end. However, intermittent ceasefire efforts and diplomatic progress between the US and Iran fueled optimism that the peak of the energy shock might be nearing its end. The IMF downgraded its global growth forecast for 2026 to 3.1%, citing the conflict's drag on activity and renewed inflationary pressures. Amid heightened inflation, both the Fed and the ECB held rates steady, though the Fed's meeting reflected growing internal divisions over the policy path. Risk assets rallied sharply, with the S&P 500 posting its best monthly gain since November 2020 and hitting a new all-time high. Meanwhile, EM indices were powered by extraordinary gains in Taiwan and South Korea, driven by the AI semiconductor supply chain. Credit spreads tightened over the month as the risk-on tone dominated. Government bond yields ended the month broadly higher across the curve on the back of persistent inflation concerns. The USD weakened, while gold and silver gave up the gains made in the first part of the month.
Single Name Equities delivered strong gains, with both DM and EM exposures benefiting from the broad-based risk-on rally, led by the technology-driven rebound across Asia and the US. The Diversified Equity book also contributed positively, underperforming though the broader market performance due to the climate-related and global equity income themes notably. Traditional Fixed Income brought limited positive contribution due to the bias towards DM government and quality corporate bonds. Within Liquid Alternatives, performance was positive across most strategies, with Equity Market Neutral and Fixed Income Long/Short generating the largest contribution, supported by favorable dispersion in the rally. Event Driven and Macro Systematic also added, while Multi-Strategy detracted from performance. Risk Reducing strategies were a drag, as equity downside mitigation exposures suffered heavily from the sharp decline in volatility.
For a complete overview of the strategy, please refer to the PRIIPs KID available under https://www.ram-ai.com/en/systematic-funds/global-multi-asset
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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).
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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.
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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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