What does this synthetic indicator mean?
- The value of the share may be subject to high variations and consequently the risk of loss and the opportunity of gain may be high.
- The risk category has been determined on the basis of historical data and may not be a reliable indication of the future risk profile. The risk and reward category shown does not necessarily remain unchanged and the categorisation of the fund may shift over time.
- The lowest category does not mean a risk-free investment.
- Repayment of the initial investment is not guaranteed.
Market Risk
- This is a general risk that affects investments of all types. Changes in the prices of transferable securities and other instruments are mainly determined by changes in the financial markets and by economic developments affecting issuers, which are themselves affected by the general situation of the global economy and by the economic and political conditions prevailing in their countries.
Which materially relevant risks are not adequately captured by the synthetic indicator?
- For detail information please refer to the PRIIPS document available above.
Alpha
Alpha is the difference between the performance of the fund and its expected performance given its market sensitivity or Beta. Alpha is used as a measure of value added by a fund manager. A positive alpha indicates that a fund has performed better than its Beta, systematic risk exposure, would predict. Alpha is the intercept value derived from the single-factor (market index) regression defined to calculate Beta.
Beta
Beta is defined as a fund’s sensitivity to market movements and is used to evaluate systematic risk. Beta is a measure of the linear relationship over time, the slope, of the fund’s returns and those of the benchmark. Beta is computed by regressing the fund’s excess returns over the risk-free rate against the excess returns of the benchmark over the risk-free rate. A beta greater than 1 means that the fund tends to amplify market movements, when it amortizes them when beta is lower than 1, suggesting a more defensive behavior.
Max Drawdown
Max Drawdown is a downside risk analytic that measures the worst period of peak-to-valley performance of the fund, regardless of whether or not the drawdown consisted of consecutive observations of negative performance. It represents the maximum loss that an investor could have incurred during the period.
Sharpe
Sharpe Ratio is a Risk/Return measure of the annualized fund's returns in excess of the risk free rate to the annualized standard deviation of these returns. The higher the ratio, the better is the fund, since it will have delivered a higher marginal return per unit of risk, represented by the volatility. A negative Sharpe ratio only indicates that a risk-free asset would have performed better than the fund.
SRRI
The SRRI represents the risk and return profile as presented in the Key Investor Information Document (KIID). The lowest category does not imply the investment is risk free. The SRRI is not guaranteed and may change over time.
Volatility
Amplitude of the variation of the price/of the value of a security, a sub-fund, a market or an index, measuring the importance of risk over a given period. Volatility is calculated through the standard deviation obtained through calculating the square root of the variance. Variance being the average of the squared differences of deviations from the mean.The higher the volatility, the riskier the security, the sub-fund may be.
Swing Pricing
Swing pricing refers to a process for adjusting a fund’s net asset value (NAV) to effectively pass on transaction and market impact costs stemming from net capital activity (i.e., flows into or out of the fund) to the investors associated with that activity during the life of a fund, excluding ramp-up period or termination.
High-Water Mark
This is the highest net asset value (NAV) that a fund has reached and for which a performance fee was paid.
Using a high-water mark prevents the fund manager from receiving any performance fees on downside outperformance. It also means that investors do not end up paying performance fees more than once for the same increase in their fund's NAV (which is something that could otherwise happen in a fluctuating or sideways market).
The main objective of the RAM (LUX) SYSTEMATIC FUNDS – EMERGING MARKETS EQUITIES sub-fund is to facilitate shareholders’ access to the emerging or developing financial markets while seeking long-term capital appreciation. Investors’ attention is drawn to the fact that the management style follows a systematic and disciplined selection and investment process.
At least two-thirds of the sub-fund will be invested without restrictions in terms of sector allocation, directly or indirectly through derivative instruments, in shares of companies that have their registered office or that carry out the majority of their business or that are listed in emerging or developing countries, whether in Latin America, Asia (excluding Japan), Eastern Europe, the Middle East or Africa. If the market in an emerging or developing country cannot be considered as regulated, investments in this market are limited to 10% of net assets of the sub-fund. For the remaining third of net assets, the sub-fund may also invest in shares in companies from countries other than those listed above. Benchmark: The portfolio is actively managed with reference to a benchmark. While the product compares its performance against the MSCI Daily TR Net Emerging Markets (NDUEEGF Index), it does not try to replicate this benchmark and freely selects the securities that it invests in. The deviation with this benchmark can be significant. The sub-fund is classified as Article 8 under the SFDR regulation and is designed to achieve lower carbon intensity compared to the benchmark.
(1) Past performance is not a reliable indicator of future performance. Performance is net of fees.
(2) The index refers to the MSCI Emerging Markets TRN USD (the index is converted in the currency of the share class for currencies different from the reference currency of the fund)
(3) For reactivated share classes the performance is shown from the date of reactivation and not the share class launch date.
We recommend that you contact your usual financial adviser, who will be able to help you to:
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Whenever you instruct your bank, your financial adviser or any other intermediary to carry out a transaction involving one of the RAM Active Investments sub-funds, we recommend that you read the sub-fund’s legal documents and identify the ISINs of the sub-funds/share classes that interest you ahead of time so that you can discuss them with your financial adviser directly. You will find these codes on the sub-funds’ factsheets (and other legal documents), and on the website.
EMERGING MARKETS EQUITIES
L-EUR
Potentially lower reward
Potentially higher reward
Objectives & Investments Policy
Evolution of the nav
Performance
Share Class
Fund Information