Commentaires mensuels Multi-Asset – Mai 2026 (en anglais uniquement)
RAM Global Multi-Asset Fund
The month of June was marked by renewed geopolitical turbulence as the fragile US-Iran ceasefire repeatedly buckled under fresh hostilities, with both sides exchanging strikes near the Strait of Hormuz before agreeing to resume negotiations. Brent crude spiked sharply on each flare-up before easing back as talks resumed, while gold extended its slide to print its worst quarterly performance on record. The new Fed leadership took center stage, with Kevin Warsh's first FOMC meeting reinforcing market expectations for a more restrictive policy path. The Bank of Japan delivered a widely expected hike, which failed to prevent the yen from sliding toward 40-year lows despite continued intervention. At the ECB's Sintra forum, President Lagarde defended the June hike as data-driven while signaling no near-term reversal. Global equities showed diverging results in June, as US tech indices experienced a decline due to mega-cap sector rotation. Meanwhile, European and selected Asian markets remained resilient, with semiconductor-fueled gains pushing indices higher. Credit spreads remained broadly well-behaved despite the volatility, government bond yields edged lower on the Hormuz reopening, and the Dollar Index held firm at multi-month highs given the relatively resilient tenor of the US economy.
Gains were concentrated in Traditional strategies, where the equity allocation drove the bulk of the positive contribution. Within equities, the Diversified sleeve was the standout performer, benefitting from strength in equity income exposures and the climate theme focusing on low carbon emitters with strong fundamentals, while exposure to Developed Markets Single Names lagged, dragged down by US tech and EU names related to the electrification theme. A smaller but positive contribution came from Emerging Markets positioning. Fixed Income added incrementally to returns, reflecting the performance of developed market government and IG corporate holdings. Liquid Alternatives also contributed positively, with Equity Market Neutral doing most of the heavy lifting, complemented by gains from Multi-Strategy, Event Driven, and Fixed Income Long/Short exposures. The Risk Reducing sleeve was the main detractor over the period, as hedges implemented through options proved largely ineffective in an environment of broadly contained volatility, which limited the payoff from these 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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