Fixed Income Monthly Comments - April 2026

‍Strata Credit Fund

April was still dominated by geopolitical risk and a sharp repricing in rates. Uncertainty around the Middle East conflict with disruption risks still in focus kept sentiment cautious, yet credit markets remained orderly and partially recover from the sharp widening witnessed during March. Rates volatility increased as markets shifted to a more hawkish path in Europe and a more cautious outlook in the US, tightening financial conditions at the margin. A key theme into the coming months is whether this mix of geopolitics, rates repricing and private credit concerns translates into wider dispersion and more attractive entry points for fundamentally resilient credits.

The fund is navigating this environment with a prudent, flexible stance. We remain highly selective and are keeping ample liquidity on hand to preserve flexibility. The portfolio is deliberately barbelled – carrying an above-average cash buffer alongside primarily short-dated exposures – and we continue to use hedges to help cushion the portfolio during volatility. Consistent with our strategy, we maintain a fundamentally driven, bottom-up credit approach diversified across multiple sectors. Active risk management remains central to our philosophy, with tactical hedging and disciplined position sizing helping to navigate changing market conditions.

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Global Bond Total Return

The macroeconomic environment in April 2026 was shaped by persistent inflationary pressures, resilient economic data, and intermittent geopolitical noise, which collectively prompted investors to temper their expectations for near-term central bank easing. Consequently, global sovereign rates adjusted slightly upward. The US 10-year Treasury yield rose over the month, moving from approximately 4.32% at the end of March to close near 4.37%. Similarly, the German 10-year Bund yield edged higher, climbing from 3% to finish the month around 3.03%. In currency markets, the US dollar softened, with the EUR/USD exchange rate climbing from 1.155 at the start of the month to approximately 1.173 by month-end. Within corporate debt, global investment grade credit spreads experienced strong tightening due to risk-on equity market, helped by a very resilient earnings season.

At the portfolio level, performance for April was positive, driven predominantly by our credit allocation. Credit was the main contributor, accounting for more than 70% of the positive performance, as robust carry and healthy issuer fundamentals helped spreads to tighten. Notably, despite the headwind of rising government bond yields—which ordinarily introduces a small duration drag—the rate component still delivered a small positive contribution. Finally, FX positioning also provided a small positive contribution, aligning well with the broader USD weakness and EUR strength observed during the month.

In terms of positioning, no portfolio adjustments were made during the month of April. We maintained our high-conviction stance and allowed the portfolio to season without intervention, keeping overall duration close to a 5-year high. This reflects our view that current yield levels offer a compelling long-term anchor, allowing us to look past short-term market noise.

At month-end, the RAM (Lux) Tactical Funds – Global Bond Total Return Fund’s (Class B USD*) maintained a duration of 5.4 years, an average credit quality of AA-, and a yield of 5.3%.**

*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%). Past performance is not a reliable indicator of future returns.

** Credit Rating: is 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. This is the indication of highest financial security. This is followed by: AA, A, BBB, BB, etc. The lowest credit rating corresponds to the letter C. This letter identifies a high risk of financial default and is a figure taken into great consideration by each lending institution.

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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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