Multi-Asset Monthly Comment - November 2025
RAM Global Multi-Asset Fund
Weaker economic data, central banks’ policy and geopolitical uncertaintydrove risk assets lower in the first weeks of November. Sentiment reversed inthe late part of the month with a clarification of the Fed path, restoredconfidence in the Russia-Ukraine peace process, and AI-related companiesreaffirming resilient growth. Headline inflation in Europe declined more thanexpected, supporting the ECB’s path toward rate stability, while the UK’s newtax increases signaled a tighter fiscal stance. In Asia, rising price pressuresin Japan increased the likelihood of further BoJ tightening, whereas China’sindustrial sector weakened again despite targeted policy support. Globalequities managed to post gains, led by European and Japanese stocks, while USan Emerging Markets indices ended down due to the selloff of Tech heavyweightsmainly. Credit markets delivered positive returns with Investment Grade and HighYield spreads tightening across regions. US treasury yield curve shifted loweras investors priced in a more dovish monetary policy outlook. In commodities,energy prices moderated further, while precious metals continued their ascent.
Equities were the primarysource of gains, led by Developed Markets (DM) positions in the Single NameEquity book, where large cap technology names and select European value anddefensive stocks performed well. Diversified Equity exposures also contributed,with income and sustainability-focused themes providing the largest returnswithin that segment. Traditional Fixed Income contributed positively, as DMinterest rate curve steepeners, government bonds, and high quality creditbenefitted from a supportive backdrop of falling yields and tighter spreads.Within Alternatives, Equity Market Neutral and Fixed Income Long/Shortstrategies generated steady gains, while Macro Systematic and Event-Drivenexposures had limited impact. In the Risk Reducing sleeve, option strategiesdetracted, though this was more than offset by gains realised from outrighthedging positions.
For a complete overview of thestrategy, please refer to the PRIIPs KID available underhttps://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.
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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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