Commentaires mensuels Multi-Asset – Mai 2026 (en anglais uniquement)
RAM Global Multi-Asset Fund
Oil prices rebounded sharply in July after renewed US-Iran hostilities escalated, with fresh strikes near the Strait of Hormuz reigniting energy supply fears. The FOMC held the interest rates steady for a fifth consecutive meeting, yet the tone was hawkish, with Chair Warsh reiterating the Fed's firm commitment to its 2% inflation target and warning that persistently high inflation would create pressure to raise rates, while three dissenting regional Fed presidents favoured an immediate quarter-point increase. Treasury yields surged at the long end, with the 30-year reaching its highest level since 2007. Credit spreads, however, remained remarkably contained, supported by resilient corporate fundamentals and robust earnings. Global equities delivered mixed results, with strength is some European markets offsetting weakness in technology-heavy US and Asian benchmarks. The Dollar Index eased against major currencies, while gold partially recovered from June's steep decline.
Gains were concentrated in Traditional strategies, where the equity allocation was the primary driver of positive performance. The Diversified sleeve led the way, with broad Developed Markets exposures, biased towards companies with strong free cash flow generation and healthy balance sheets, delivering the strongest contribution. The Emerging Markets all-cap exposure also held up well in a market where AI-related stocks endured heavy losses. The Single Name Equity book detracted, with weakness most pronounced in US Tech names, partially offset by strong gains in EU defensive allocations. Fixed Income weighed on returns, driven mainly by a negative interest rate effect. Alternative strategies were a drag overall, with Equity Market Neutral the primary detractor within the sleeve, while Multi-Strategy and Event Driven contributed positively. In the Risk Reducing category, negative contribution stemmed from option-based hedges, while outright equity index futures exposures partially cushioned the overall drag.
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.
Particular attention is paid to the contents of this document but no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof.
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.
Swiss representative: Swiss Paying Agent:
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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