Multi-Asset Monthly Comment - February 2026

‍RAM Global Multi-Asset Fund

Financial markets entered February on a more cautious footing, as the global macro backdrop shifted toward greater differentiation. Economic activity held up across most regions, though mounting concerns over AI capital misallocation, tariff policy uncertainty, and geopolitical tensions added complexity to the outlook. Inflation dynamics diverged notably, with eurozone headline inflation falling below ECB target while price pressures remained stickier elsewhere, keeping central banks in a watchful mode. Consumer and business sentiment showed increasing dispersion across regions, with pockets of softness emerging alongside continued resilience in activity indicators. Risk assets delivered mixed but broadly positive return – EU, Emerging Markets (EM) and Japanese equities outperformed, while US equities lagged as technology and growth sectors faced renewed headwinds. Credit spreads widened modestly across IG and HY segments overall, reflecting sector specific concerns. Developed Markets (DM) government bond yields declined overall as investors sought quality assets amid rising uncertainty, the Dollar Index appreciated against major currencies, while precious metals extended their rally on sustained safe-haven demand.

Diversified Equities were the primary driver of portfolio gains over the month, with EU and EM all-cap exposures benefitting from the rotation away from US Tech names. The Single Name Equity book detracted, as weakness in US and EM AI-related positions outweighed strong gains generated by the EU electrification theme. Traditional Fixed Income contributed positively, supported by carry and favourable rate dynamics. DM curve steepener exposures added further gains. Within Liquid Alternatives, performance was positive across the board, with Equity Long/Short seeing strong contributions from both the long and short books, alongside gains in Fixed Income Long/Short and Macro Systematic strategies. Risk-reducing strategies were a net drag, as gains from outright exposures were more than offset by losses in option-based positions.

For a complete overview of the strategy, please refer to the PRIIPs KID available under https://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.

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).

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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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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.

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