Fixed Income Monthly Comments - September 2026

Strata Credit Fund

During September, credit markets softened as higher government bond yields, geopolitical tension and rising energy prices weighed on sentiment. European high yield experienced greater dispersion, with lower-rated credits, rate-sensitive sectors and French risk underperforming. The macroeconomic backdrop remained challenging. Resilient US growth and a balanced labour market supported a higher rate floor, while inflation moderated only gradually. The Federal Reserve raised rates and retained a tightening bias, while European policy expectations became more hawkish amid persistent energy-related inflation concerns.

Progress towards reopening the Strait of Hormuz and stabilising energy markets could support rates and credit sentiment. Conversely, renewed geopolitical escalation, persistently high oil prices and further increases in government bond yields could place additional pressure on weaker issuers and rate-sensitive sectors.

Against this backdrop, the Fund maintained a selective approach while adjusting its hedges. Sector allocations remained broadly unchanged and elected to maintain a defensive positioning given the ongoing volatility. Portfolio construction remains focused on balancing carry with downside protection and retaining flexibility as dispersion increases. Our conviction remains that disciplined security selection, active hedging and rigorous fundamental analysis are essential as macro volatility and issuer-specific outcomes become increasingly important.

Global Bond Total Return

September 2026 was characterised by a broad-based sell-off in global sovereign bond markets as investors recalibrated their macroeconomic expectations. The US 10-year Treasury yield rose significantly over the month, briefly breaking above 5.3 percent to reach multi-year highs. In Europe, government bond markets followed a similar trajectory, with the German 10-year Bund yield increasing notably to approach 3.6 percent. In the corporate bond market, global investment grade credit spreads widened modestly amid shifting risk sentiment and elevated supply. In foreign exchange markets, the US dollar strengthened against major peers, pushing the EUR/USD exchange rate down to multi-month lows near the 1.13 level.

At the portfolio level, rates was the main detractor as the sharp rise in global yields caused a duration drag. Credit was a small detractor, directly reflecting the modest widening of investment grade spreads during the month. Conversely, FX contributed positively, driven by our exposure benefiting from the broad strengthening of the US dollar. In terms of portfolio activity, we continued to switch some of our GBP duration into USD duration. Following these adjustments, overall duration is now above 5.5 years.

At month-end, the RAM (Lux) Tactical Funds – Global Bond Total Return Fund’s (Class B USD*) maintained a duration of 5.6 years, an average credit quality of AA- and a portfolio yield of 5.9%.**

*The performance is gross of management fees and operational costs (0.60% management fee and 0.40% of operational costs, for a TER of approximately 1%). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

** Credit Rating: a parameter used by banks and lending institutions to determine whether an applicant is deserving of the confidence necessary for the granting of a loan. This parameter makes it possible to measure the risk of consumer default and determine the economic conditions applicable to consumers. The highest rating is indicated by the letters AAA — the indication of highest financial security. This is followed by AA, A, BBB, BB, etc. The lowest credit rating corresponds to the letter C, identifying a high risk of financial default.

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Legal Disclaimer

The Strata Credit Fund is a Sub-Fund of RAM (Lux) Tactical Funds II, a Luxembourg SICAV with registered office: 14, Boulevard Royal L-2449 Luxembourg, approved by the CSSF and constituting a UCITS (Directive 2009/65/EC). The sub-fund STRATA CREDIT FUND was created in the RAM (LUX) Tactical Funds II SICAV to receive the PALLADIUM FCP – RAM Mediobanca Strata UCITS Credit Fund sub-fund. The transfer was effective on 30th May 2024.

Please note that the performance shown reflects periods before the Sub-Fund’s transfer and was achieved under different regulatory and operational conditions, which may no longer apply. Notwithstanding this, the performance is based on investment objectives and policies that have not materially changed following the sub-fund's transfer and is attributable to investment objectives, policies, restrictions, and strategies that are compliant with UCITS regulations. The investment management function remains consistent, with no changes to the team responsible for managing the fund after the transfer. Importantly, there has been no material change in the level of fees charged to investors as a result of this transfer. For further information, please refer to the Prospectus.

The RAM (Lux) Tactical Funds – Global Bond Total Return is a Sub-Fund of RAM (Lux) Tactical Funds a Luxembourg SICAV with registered office: 14, Boulevard Royal L-2449 Luxembourg, approved by the CSSF and constituting a UCITS (Directive 2009/65/EC).

Please note that the share classes mentioned in this document may not be registered in your country of domicile.

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-Fund 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-Fund apply a performance fee. Leverage intensifies the risk of potential increased losses or returns.

The Management Company 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 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, section "Sustainability-related disclosures".

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 S.A. 2 Boulevard de la Foire, 1528, Luxembourg, Grand Duchy of Luxembourg.

The source of the above-mentioned information (except if stated otherwise) is RAM Active Investments and the date of reference is the date of this document.

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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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